Air T (AIRT) 10-K 13 Oct 17 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2017	May 31, 2017	Sep. 30, 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
Entity Public Float			$ 26,783
Document Type	10-K
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Revenues:
Operating Revenues	$ 148,471,659	$ 148,211,938
Operating Expenses:
Overnight air cargo	61,661,072	59,587,142
Ground equipment sales	24,350,264	38,060,345
Ground support services	25,089,412	20,752,753
Printing equipment and maintenance	9,490,906	3,611,024
Commercial jet engines and parts	4,501,030
Leasing	49,460
Research and development	1,042,496	777,942
General and administrative	22,180,477	18,139,830
Depreciation, amortization and impairment	3,181,845	1,257,207
Loss (gain) on sale of property and equipment	25,470	(5,968)
	151,572,432	142,180,275
Operating Income (Loss)	(3,100,773)	6,031,663
Non-operating Income (Loss):
Gain on sale of marketable securities	576,162	49,720
Foreign currency gain, net	286,596	79,654
Other-than-temporary impairment losses on investments	(2,755,318)
Other investment income, net	1,345,798	73,115
Interest expense and other	(571,651)	(80,743)
	(1,118,413)	121,746
Income (Loss) Before Income Taxes	(4,219,186)	6,153,409
Income Taxes	725,000	2,395,452
Net Income (Loss)	(4,944,186)	3,757,957
Net Loss Attributable to Non-controlling Interests	1,730,647	655,953
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ (3,213,539)	$ 4,413,910
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ (1.51)	$ 1.86
Diluted (in dollars per share)	$ (1.51)	$ 1.84
Weighted Average Shares Outstanding:
Basic (in shares)	2,125,224	2,372,527
Diluted (in shares)	2,125,224	2,396,824
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 69,558,334	$ 68,226,891
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	31,447,408	51,175,818
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	30,453,246	24,834,616
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	9,019,155	3,954,797
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	7,455,797
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 537,719	$ 19,816

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	$ (4,944,186)	$ 3,757,957
Other Comprehensive Loss:
Foreign currency translation loss	(309,680)	(78,004)
Unrealized net gains (losses) on marketable securities	(1,779,017)	23,182
Tax effect of unrealized net (gains) losses on marketable securities	640,446	(8,346)
Total unrealized net gain (loss) on marketable securities, net of tax	(1,138,571)	14,836
Reclassification of other-than-temporary impairment losses on investments, net of gains on sale of marketable securities, included in income (loss) before income taxes	2,179,155	49,720
Tax effect of reclassification	(784,446)	(17,899)
Reclassification adjustment, net of tax	1,394,709	31,821
Total Other Comprehensive Loss	(53,542)	(31,347)
Total Comprehensive Income (Loss)	(4,997,728)	3,726,610
Comprehensive Loss Attributable to Non-controlling Interests	1,712,660	681,694
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ (3,285,068)	$ 4,408,304

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Current Assets:
Cash and cash equivalents (Delphax $328,327 and $249,528)*	$ 2,763,365	$ 5,345,455
Marketable securities	2,130,544	4,944,572
Restricted cash	890,369	820,651
Accounts receivable, less allowance for doubtful accounts of $979,000 and $426,000 (Delphax $1,728,411 and $1,433,494)*	18,923,787	12,303,128
Notes and other receivables-current	2,297,007	592,721
Income tax receivable	402,688	719,899
Inventories, net (Delphax $1,941,729 and $4,642,298)*	19,778,843	12,274,104
Deferred Tax Assets, Net of Valuation Allowance, Current		291,000
Prepaid expenses and other (Delphax $932,794 and $1,034,067)*	1,672,475	1,668,004
Total Current Assets	48,859,078	38,959,534
Investments in available-for-sale securities	2,463,123	4,711,343
Property and equipment, net (Delphax $8,007 and $625,684)*	5,324,488	4,577,774
Cash surrender value of life insurance policies	2,251,450	2,100,057
Notes and other receivables-long-term	66,771	103,996
Deferred income taxes	204,000
Other assets (Delphax $0 and $26,020)*	371,975	317,528
Intangible assets	1,376,699	1,109,112
Goodwill (Delphax $0 and $275,408)*	4,417,605	275,408
Total Assets	65,335,189	52,154,752
Current Liabilities:
Accounts payable (Delphax $2,482,578 and $1,684,802)*	11,571,156	7,003,660
Income tax payable (Delphax $11,312 and $11,312)*		11,312
Accrued expenses (Delphax $3,602,162 and $1,926,340)*	8,672,815	6,842,874
Short-term debt (Delphax $0 and $1,859,300)*	25,000	1,859,300
Total Current Liabilities	20,268,971	15,717,146
Long-term debt (Delphax $0 and $4,835)*	18,412,521	4,835
Deferred income taxes	8,000	546,000
Other non-current liabilities (Delphax $0 and $606,358)*	3,039,402	615,241
Total Liabilities	41,728,894	16,883,222
Redeemable non-controlling interest	1,443,901
Commitments and contingencies (Notes 8, 11, and 22)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding at March 31, 2017, 2,372,527 shares issued and outstanding at March 31, 2016	510,696	593,131
Additional paid-in capital	4,205,536	4,956,171
Retained earnings	18,461,347	28,821,825
Accumulated other comprehensive loss	(212,047)	(140,519)
Total Air T, Inc. Stockholders' Equity	22,965,532	34,230,608
Non-controlling Interests	(803,138)	1,040,922
Total Equity	22,162,394	35,271,530
Total Liabilities and Equity	$ 65,335,189	$ 52,154,752

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)		Mar. 31, 2017	Mar. 31, 2016
Cash and cash equivalents		$ 2,763,365	$ 5,345,455
Allowance for doubtful accounts		979,000	426,000
Accounts receivable		18,923,787	12,303,128
Inventories		19,778,843	12,274,104
Prepaid expenses and other		1,672,475	1,668,004
Property and equipment, net		5,324,488	4,577,774
Other Assets		371,975	317,528
Intangible assets		1,376,699	1,109,112
Goodwill		4,417,605	275,408
Accounts payable		11,571,156	7,003,660
Income tax payable			11,312
Accrued expenses		8,672,815	6,842,874
Short-term debt		25,000	1,859,300
Long-term debt		18,412,521	4,835
Other non-current liabilities		$ 3,039,402	$ 615,241
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, authorized (in shares)		50,000	50,000
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25
Common stock, authorized (in shares)		4,000,000	4,000,000
Common stock, issued (in shares)		2,042,789	2,372,527
Common stock, outstanding (in shares)		2,042,789	2,372,527
Delphax [Member]
Cash and cash equivalents	[1]	$ 328,327	$ 249,528
Accounts receivable	[1]	1,728,411	1,433,494
Inventories	[1]	1,941,729	4,642,298
Prepaid expenses and other	[1]	932,794	1,034,067
Property and equipment, net	[1]	8,007	625,684
Other Assets	[1]	0	26,020
Intangible assets		0	1,109,112
Goodwill	[1]	0	275,408
Accounts payable	[1]	2,482,578	1,684,802
Income tax payable	[1]	11,312	11,312
Accrued expenses	[1]	3,602,162	1,926,340
Short-term debt	[1]	0	1,859,300
Long-term debt	[1]	0	4,835
Other non-current liabilities	[1]	$ 0	$ 606,358
[1]	Amounts related to Delphax as of March 31, 2017 and 2016, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (4,944,186)	$ 3,757,957
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Gain on sale of marketable securities		(576,162)	(49,720)
Loss (gain) on sale of property and equipment		25,470	(5,968)
Change in inventory reserves		2,188,192	(945,354)
Change in accounts receivable reserves		194,286	482,915
Depreciation, amortization and impairment		3,181,845	1,257,207
Change in cash surrender value of life insurance		(151,393)	(109,386)
Deferred income taxes		(659,000)	90,484
Warranty reserve		(15,173)	140,768
Other-than-temporary impairment loss on investments		2,755,318
Compensation expense related to stock options			29,334
Change in operating assets and liabilities:
Accounts receivable		(5,524,446)	(1,530,289)
Notes receivable and other non-trade receivables		(1,600,290)	119,889
Inventories		(7,845,801)	(877,993)
Prepaid expenses and other assets		(129,532)	(422,547)
Accounts payable		4,146,921	605,940
Accrued expenses		1,618,100	1,217,786
Income taxes payable/ receivable		306,900	(524,900)
Non-current liabilities		(525,143)	(21,606)
Total adjustments		(2,609,908)	(543,440)
Net cash (used in) provided by operating activities		(7,554,094)	3,214,517
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(2,719,369)	(4,481,030)
Proceeds from sale of marketable securities		6,002,601	226,759
Business combinations, net of cash acquired		(4,573,700)	78,000
Capital expenditures		(2,346,431)	(1,246,071)
Proceeds from sale of property and equipment		6,281	200,634
Increase in restricted cash		(69,718)	(44,298)
Net cash used in investing activities		(3,700,336)	(5,266,006)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		68,275,140	14,296,108
Payments on line of credit		(49,805,658)	(19,302,273)
Stock repurchase		(7,917,009)
Proceeds from funding of lease			7,428
Net cash provided by (used in) financing activities		8,688,338	(5,993,746)
Effect of foreign currency exchange rates on cash and cash equivalents		(15,998)	1,923
NET DECREASE IN CASH AND CASH EQUIVALENTS		(2,582,090)	(8,043,312)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		5,345,455	13,388,767
CASH AND CASH EQUIVALENTS AT END OF YEAR		2,763,365	5,345,455
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers		272,622	1,288,474
Non-controlling interests in acquired business		1,312,501	1,712,935
Acquired business earnout contracts and payable		3,016,667
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		298,150	47,052
Income taxes		1,092,679	2,827,000
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		5,387,338	1,832,600
Payments on line of credit		(7,251,473)	(2,827,609)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	[1]	249,528
CASH AND CASH EQUIVALENTS AT END OF YEAR	[1]	$ 328,327	$ 249,528
[1]	Amounts related to Delphax as of March 31, 2017 and 2016, respectively.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]		Total
Balance (in shares) at Mar. 31, 2015		2,372,527
Balance at Mar. 31, 2015		$ 593,131	$ 4,929,090	$ 24,407,915	$ (134,913)			$ 29,795,223
Initial consolidation of Delphax						1,712,935		1,712,935
Net income (loss)				4,413,910		(655,953)		3,757,957
Net change from marketable securities, net of tax					46,657			46,657
Foreign currency translation loss					(52,263)	(25,741)		(78,004)
Funding on residual sharing agreements			7,428					7,428
Stock-based compensation			19,653			9,681		29,334
Balance (in shares) at Mar. 31, 2016		2,372,527
Balance at Mar. 31, 2016		$ 593,131	4,956,171	28,821,825	(140,519)	1,040,922		35,271,530
Net income (loss)								(4,944,186)
Net change from marketable securities, net of tax					256,139		[1]	256,139
Foreign currency translation loss					(327,667)	17,987	[1]	(309,680)
Stock-based compensation			(63,000)				[1]	(63,000)
Balance (in shares) at Mar. 31, 2017		2,042,789
Repurchase of common stock (in shares)		(329,738)
Repurchase of common stock		$ (82,435)	(687,635)	(7,146,939)			[1]	(7,917,009)
Net loss*	[1]			(3,213,539)		(1,862,047)		(5,075,586)
Balance at Mar. 31, 2017		$ 510,696	$ 4,205,536	$ 18,461,347	$ (212,047)	$ (803,138)	[1]	$ 22,162,394
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation $131,400

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parentheticals)	12 Months Ended
	Mar. 31, 2017USD ($)
Retained Earnings [Member] | Contrail Aviation Support LLC. [Member]
Net income (loss) attributable to redeemable noncontrolling interest	$ 131,400

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, Contrail Aviation and Delphax. All intercompany transactions and balances have been eliminated in consolidation. Reclassifications - Certain prior period amounts have been reclassified to conform with the current period presentation. Such reclassifications had no Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates. Concentration of Credit Risk – The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company ’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16 Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three Foreign Exchange - Delphax, which is headquartered in the United States, has subsidiaries in Canada, France, and the United Kingdom. The functional currency of the Delphax’s Canadian subsidiary is the U.S. dollar, whereas the functional currency of Delphax’s subsidiaries in France and the United Kingdom is the Euro and Pound Sterling, respectively. The balance sheets of foreign operations with a functional currency of other than the U.S. dollar are translated to U.S. dollars using rates of exchange as of the applicable balance sheet date. The statements of income (loss) items of foreign operations are translated to U.S. dollar using average rates of exchange for the applicable period. The gains and losses resulting from translation of the financial statements of Delphax’s foreign operations are recorded within the accumulated other comprehensive income (loss) and non-controlling interests categories of the Company’s consolidated equity. Goodwill - Goodwill reflects the excess of the purchase consideration in business combinations over the estimated fair value of identifiable net assets acquired. Goodwill is not Business Combinations - The Company accounts for business combinations in accordance with FASB Codification Section 805 805” 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may ’s acquisition of interests in Delphax, the Company had two first no first 2017 second first 2017 second two Income statement activity of an acquired business is reflected within the Company ’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs may ’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received. Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not The Company tests goodwill for impairment at least once annually. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company is permitted to first not 50 not not not first second first ’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second second Intangible Assets - Amortizable intangible assets consist of acquired patents, tradenames, customer relationships, and other finite-lived identifiable intangibles. Such intangibles are initially recorded at fair value and subsequently subject to amortization. Amortization is recorded using the straight-line method over the estimated useful lives of the assets. In accordance with the applicable accounting guidance, the Company evaluates the recoverability of amortizable intangible assets whenever events occur that indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the asset is unrecoverable by estimating the sum of the future cash flows expected to result from the asset, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge must be recognized based on the estimated fair value of the asset. The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Tradenames 5 Certification 5 Non-compete 5 Patents 9 Customer relationships 10 Attribution of net Income or Loss of Partially-Owned Consolidated Entities - In the case of Delphax, we determined that the attribution of net income or loss should be based on consideration of all of Air T’s investments in Delphax and its subsidiary, Delphax Canada Technologies Canada Limited (“Delphax Canada”). Our investment in the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% ’s net losses are attributed first 67% /33% 67% 33% 8, January 6, 2017, The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis. In the case of Contrail Aviation, we concluded that an attribution methodology based solely on equity ownership percentages was appropriate. Marketable Securities – In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities Inventories – Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost (determined by use of the first first may not one Property and Equipment – Property and equipment is stated initially at cost, or fair value if purchased as part of a business combination or, in the case of equipment under capital leases, the present value of future lease payments. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Equipment leased to customers is depreciated using an accelerated method. Useful lives range from three seven ten The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may estimated undiscounted cash flows from those assets, the Company then will write-down the value of the assets by such excess. Asset Retirement Obligation - Under the terms of a lease for a manufacturing facility in Canada, Delphax is responsible for restoring the leased property to its original condition, normal wear and tear excepted. The Company’s accounting for the acquisition of Delphax reflects an estimated asset retirement obligation (“ARO”) liability for this matter of approximately $560,000. March 31, 2017 2016 March 31, 2017 no November 24, 2015 March 31, 2017 Restricted Cash — Restricted cash consists of cash held by SAIC as statutory capital reserves and cash collateral securing SAIC’s participation in certain reinsurance pools. Revenue Recognition – The Company recognizes revenue when it is earned. This occurs when services have been rendered or products are shipped to the customer in accordance with the terms of an agreement of sale, there is a fixed or determinable selling price, title and risk of loss have been transferred, and collectability is reasonably assured. Revenues from our Overnight Air Cargo segment are generally recognized as flight operation and maintenance services are provided or, in the case of certain pass-through costs for things like maintenance parts and fuel, as the Company incurs the related expenditure. Within the Company’s Ground Equipment Sales segment, revenue is generally recognized at the time the related equipment has been shipped to the customer and risk of loss has been transferred. In the case of certain contracts with the U.S. Government or related prime contractors, the Company applies contract accounting and uses either the percentage-of-completion or completed contract method, as appropriate. Revenues of our Ground Support Services segment are generally recognized as the contracted services are completed. Substantially all Printing Equipment and Maintenance segment revenues are recognized upon product shipment, which is generally when transfer to the customer of loss occurs. Service revenue is recognized upon completion of services. Similarly, Commercial Jet Engines and Parts segment revenues are recognized upon shipment of parts and transfer of loss or, as applicable, upon completion of services. Leasing revenues are recognized consistent with contract terms and are generally recognized on a straight-line basis due to the operating lease classification of the underlying leases. Although infrequent, the Company does occasionally enter into customer arrangements that involve the delivery of multiple elements. For any such arrangements, the Company applies the applicable accounting guidance in order to identify the individual accounting elements and to determine the most appropriate revenue recognition model for such elements. We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 605 45, Principal Agent Considerations. Operating Expenses Reimbursed by Customer – The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income (loss). These pass-through costs totaled $23,379,000 $24,632,000 March 31, 2017 2016, Stock Based Compensation – The Company has maintained a stock option plan for the benefit of certain eligible employees and directors of the Company, though no may The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. Warranty Reserves – The Company warranties its ground equipment products for up to a three 90 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. A valuation allowance against net deferred tax assets is recorded when it is more likely than not not current and noncurrent in the consolidated balance sheets. The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not not 50% Research and Development Costs – All research and development costs are expensed as incurred. The research and development costs for the fiscal year 2017 $1,042,000 $778,000 2016. R edeemable Non- C ontrolling I nterest 8 fifth third not March 31, 2017 not no first two not Going Concern - The Company applies Codification section 205 40 Presentation of Financial Statements – Going Concern March 31, 2017. one

Note 2 - Net Earnings Per Commo

Note 2 - Net Earnings Per Common Share	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	2. EARNINGS PER COMMON SHARE Basic earnings per share has been 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 stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The dilutive effect of options was excluded in fiscal 2017 March 31, 2016 The computation of earnings per common share is as follows: Year Ended March 31, 2017 2016 Net earnings attributable to Air T, Inc. Stockholders $ (3,213,539 ) $ 4,413,910 Earnings Per Share: Basic $ (1.51 ) $ 1.86 Diluted $ (1.51 ) $ 1.84 Weighted Average Shares Outstanding: Basic 2,125,224 2,372,527 Diluted 2,125,224 2,396,824

Note 3 - Investments in Securit

Note 3 - Investments in Securities	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. INVESTMENTS IN SECURITIES Marketa ble securities at March 31, 2017 $4,594,000, $4,331,000, $279,000 $16,000. March 31, 2016 $9,656,000, $9,791,000, $422,000 $557,000. 12 March 31, 2017 $441,000 $2,771,000, $5,903,000 $163,000, March 31, 2016). March 31, 2017, none 12 12 March 31, 2016 $4,711,000 $395,000, $576,000 $50,000 March 31, 2017 March 31, 2016, At March 31, 2017, 1.65 14% March 31, 2015. June 30, 2016 March 31, 2017 ’s cost basis in the Insignia investment was lowered from $4,711,000 $3,604,000 June 30, 2016 $2,068,000 March 31, 2017 $2,643,000. January 6, 2017, $0.70 March 31, 2017. fourth 2017 $112,000 12

Note 4 - Inventories

Note 4 - Inventories	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. INVENTORIES Inventor ies consisted of the following: Year Ended March 31, 2017 2016 Ground support service parts $ 2,447,395 $ 1,566,694 Ground equipment manufacturing: Raw materials 1,452,201 1,549,810 Work in process 832,635 408,213 Finished goods 10,001,193 4,328,812 Printing equipment and maintenance: Raw materials 3,325,142 3,319,939 Work in process 324,949 759,446 Finished goods 790,345 562,912 Commercial jet engines and parts 3,407,339 - Total inventories 22,581,199 12,495,826 Reserves (2,802,356 ) (221,722 ) Total, net of reserves $ 19,778,843 $ 12,274,104

Note 5 - Property and Equipment

Note 5 - Property and Equipment	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. PROPERTY AND EQUIPMENT Property and equipm ent consisted of the following: Year Ended March 31, 2017 2016 Furniture, fixtures and improvements $ 8,377,988 $ 5,559,885 Construction in progress 1,335,333 - Equipment leased to customers 272,622 2,898,639 9,985,943 8,458,524 Less accumulated depreciation (4,661,455 ) (3,880,750 ) Property and equipment, net $ 5,324,488 $ 4,577,774

Note 6 - Intangible Assets and

Note 6 - Intangible Assets and Goodwill	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. INTANGIBLE ASSETS AND GOODWILL Amortizable i ntangible assets consisted of the following: Year Ended March 31, 2017 2016 Tradenames $ 442,000 $ 120,000 Customer relationships 751,000 - Non-compete 69,700 - Certification 47,000 - Patents 1,090,000 1,090,000 Software 420,360 - Other 22,242 - 2,842,302 1,210,000 Less accumulated amortization and impairment (1,465,603 ) (100,888 ) Intangible assets, net $ 1,376,699 $ 1,109,112 Amortizati on expense was approximately $105,000 2017 $51,000 8 March 31, 2017 $1,110,000 $50,000 8 Annual future amortization expense for these intangible assets for the five Year ending March 31, 2018 $ 350,146 2019 268,021 2020 162,840 2021 162,840 2022 101,422 Goodwill consisted of the following: Year Ended March 31, 2017 2016 Goodwill, at original cost $ 4,793,013 $ 375,408 4,793,013 375,408 Less accumulated impairment (375,408 ) (100,000 ) Goodwill, net of impairment $ 4,417,605 $ 275,408 The Company recorded goodwill of approximately $375,000 8 March 31, 2016 $100,000 $275,000 June 30, 2016. The Company undertook as of March 31, 2017 no

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. ACCRUED EXPENSES Accrued expenses consisted of the following: Year Ended March 31, 2017 2016 Salaries, wages and related items $ 5,398,877 $ 3,288,169 Profit sharing 413,522 1,769,261 Health insurance 423,680 353,825 Warranty reserves 164,240 266,455 Asset retirement obligation 562,500 562,500 Claims reserve 308,528 - Taxes 508,615 353,825 Other deposits 325,000 - Other 567,853 248,839 Total $ 8,672,815 $ 6,842,874 Product warranty reserve activity is as follows: Year Ended March 31, 2017 2016 Beginning Balance $ 266,455 $ 231,803 Amounts charged to expense (15,173 ) 140,768 Actual warranty costs paid (87,042 ) (166,916 ) Delphax acquisition - 60,800 Ending Balance $ 164,240 $ 266,455

Note 8 - Acquisitions

Note 8 - Acquisitions	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	8. ACQUISITIONS Acquisitions of Interests in Delphax Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 ( November 24, 2015 ( $2,500,000 $500,000 thereunder, and cancellation of, a 90 October 2, 2015 $1,050,000 43,000 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%. November 24, 2017. Interest in kind is to be paid monthly, while interest payable in cash is to be paid quarterly. The Senior Subordinated Note is guaranteed by Delphax and is secured by security interests granted by Delphax and Delphax Canada in their respective inventories, equipment, accounts receivable, cash, deposit accounts, contract rights and other specified property, as well as a pledge by Delphax of the outstanding capital stock of its subsidiaries, including Delphax Canada. Pursuant to the terms of a subordination agreement (the "Subordination Agreement") entered into on October 2, 2015 . Each share of Series B Preferred Stock is convertible into 100 no No 38% 31% Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Series B Preferred Stock and interests in the Warrant sufficient to permit it to acquire up to 50% 50% ● holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement with respect to) three June 1, 2016 four ● without the written consent or waiver of the Company, Delphax may not Pursuant to the provision described above, beginning on November 24, 2015, three seven The Warrant expires on November 24, 2021. In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must first may 0.95 20 one As a result of the above transactions, the Company determined that it had obtained control over Delphax and it included Delphax in its consolidated financial statements beginning on November 24, 2015. See Note 9. The following table summarizes the fair values of consolidated Delphax assets and liabilities as of the Closing Date: November 24, 2015 ASSETS Cash and cash equivalents $ 586,061 Accounts receivable 1,740,210 Inventories 3,972,802 Other current assets 693,590 Property and equipment 722,714 Intangible assets - trade name 120,000 Intangible assets - patents 1,090,000 Goodwill 375,408 Total assets $ 9,300,785 LIABILITIES Accounts payable $ 1,663,199 Accrued expenses 1,949,522 Income tax payable 11,312 Debt 3,313,317 Other long-term liabilities 650,500 Total liabilities $ 7,587,850 Net Assets $ 1,712,935 The Company determined that it was reasonable to use the price which it paid for its equity interest as the basis for estimating the total fair value of Delphax ’s equity as of November 24, 2015 $1,050,000 $2,500,000, not Delphax ’s debt immediately prior to the acquisition included approximately $508,000 90 not The Company has finalized its Delphax acquisition accounting. Direct costs relating to the above transactions of $110,000 March 31, 2016, Pro forma financial information is not not ’s consolidated financial statements. On January 6, 2017, third $7.0 ect to a borrowing base of North American accounts receivable and inventory, including obligations, if any, to fund future borrowings under the Delphax Senior Credit Agreement. In connection with this transaction, the Company paid to such third $1.26 $7.0 $2.5 100% $500,000, 2.5% $25,000 $50,000 January 6, 2017, no January 6, 2017, January 6, 2017, 10.5% 18%, no January 6, 2017, May 31, 2017 $141,000. March 31, 2017, not first six 2017. Events of default under the Delphax Senior Credit Agreement persisted. On July 13, 2017, August 10, 2017, roperty and rights to undertakings of Delphax Canada. The Company foreclosed as a secured creditor with respect to amounts owed to it by Delphax Canada under the Delphax Senior Credit Agreement. The Company provided notice of its intent to foreclose to Delphax Canada and its secured creditors and shareholder on July 26, 2017. July 26, 2017 $1,510,000. August 8, 2017, not August 10, 2017, The intercompany balances under the Delphax Senior Credit Agreement and Senior Subordinated Note as of March 31, 2017 of interest expense arising under the Senior Subordinated Note and, since January 6, 2017 As further discussed in Note 9, June 30, 2016 June 30, 2016 not not Acquisition of Interests in Contrail Aviation On July 18, 2016 ( ’s IC-DISC subsidiary and certain other specified excluded assets. Pursuant to the Asset Purchase Agreement, Contrail Aviation also assumed certain liabilities of the Seller. Prior to this acquisition, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines and 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. The acquisition consideration consisted of (i) $4,033,368 21% In addition to the net assets of the seller, beginning equity of Contrail included cash of approximately $904,000. Pursuant to the Asset Purchase Agreement, Contrail Aviation agreed to pay as contingent additional deferred consideration up to a maximum of $1,500,000 $3,000,000 (i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no (ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, $2,000,000, 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 $2,900,000, March 31, 2017. $2.1 first $1,000,000, October 2017. On the Contrail Closing Date, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”) permitting, at any time after the fifth ’s equity membership interests in Contrail Aviation at a price to be agreed upon, or failing such an agreement to be determined pursuant to third The following t able summarizes the fair values of assets acquired and liabilities assumed by Contrail Aviation as of the Contrail Closing Date: July 18, 2016 ASSETS Accounts receivable $ 1,357,499 Inventories 2,118,475 Prepaid expenses 30,121 Property and equipment 33,095 Intangible assets - non-compete 69,700 Intangible assets - tradename 322,000 Intangible assets - certification 47,000 Intangible assets - customer relationship 451,000 Goodwill 4,227,205 Total assets $ 8,656,095 LIABILITIES Accounts payable $ 366,575 Accrued expenses 43,652 Earnout liability 2,900,000 Total liabilities $ 3,310,227 Net Assets $ 5,345,868 The Company ’s purchase accounting reflects the estimated net fair value of the Seller’s assets acquired and liabilities assumed as of the Contrail Closing Date. Purchase accounting also reflects the Company’s current estimate that the Earnout Payments will be due at the above-specified maximum level. The Contrail Closing Date balance sheet information disclosed above reflects the present value of such estimated Earnout Payments. The Company has finalized its Contrail Aviation acquisition accounting. The Put/Call Option specifies a fair value strike price as of the exercise date. As such, the Company assigned no ’s equity membership interests in Contrail Aviation, the Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying March 31, 2017 not July 18, 2016 March 31, 2017. not Pro forma financial information is not not ’s consolidated financial statements. Amortization expense associated with the acquired intangible assets totaled approximately $93,000 July 18, 2017 March 31, 2017. Other Acquisitions On October 3, 2016, 100% s of Jet Yard, from the holder thereof. The cash purchase price was $15,000 no 145 48.5 2014, June 2016 May 2046 30 2.6 may 90 $27,000, first seven $152,000 five three March 2017 B777 300 first 2021. March 31, 2017 not The acquired Jet Yard business is included in the Company ’s commercial jet engine segment. The Company has finalized its Jet Yard acquisition accounting. Pursuant to an Asset Purchase Agreement signed on October 31, 2016, October 1, 2016, $400,000. $100,000 30 $100,000 $16,667 November 1, 2016. $100,000 may twelve September 30, 2017. $700,000. No $200,000 $300,000, $200,000 no Amortization expense associated with the acquired intangible a ssets was approximately $13,000 October 31, 2016 March 31, 2017. The acquired D&D business is operated by GAS and included in the Company ’s ground support services segment. The Company has finalized its D&D acquisition accounting. Pro forma financial information is not not ’s consolidated financial statements.

Note 9 - Variable Interest Enti

Note 9 - Variable Interest Entities	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	9. VARIABLE INTEREST ENTITIES A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 - Consolidation ● the power to direct the activities that most significantly impact the economic performance of the VIE; and ● the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. As described in Note 8 , the Company acquired Delphax Series B Preferred Stock, loaned funds to Delphax, and acquired the Warrant. In accordance with ASC 810, November 24, 2015. 810, 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. ’s determination, the Company assigned considerable weight to both 1 June 1, 2016 four 2 June 1, 2016. November 24, 2015, Refer to Note 8 The following table sets forth the carrying values of Delphax ’s assets and liabilities as of March 31, 2017 2016: March 31, 2017 March 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 328,327 $ 249,528 Accounts receivable, net 2,036,221 1,433,494 Inventories, net 1,941,729 4,642,298 Other current assets 1,145,274 1,034,067 Total current assets 5,451,551 7,359,387 Property and equipment, net 8,007 625,684 Intangible assets, net - 1,109,112 Goodwill - 275,408 Other assets - 26,020 Total assets $ 5,459,558 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,482,578 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 3,627,162 1,926,340 Short-term debt 4,714,257 4,435,572 Total current liabilities 10,835,309 8,058,026 Long-term debt - 4,835 Other long-term liabilities - 606,358 Total liabilities $ 10,835,309 $ 8,669,219 Net assets $ (5,375,751 ) $ 726,392 The short-term debt include amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of March 31, 2017, $2,889,000 $2,576,000 March 31, 2016) $1,873,000. $388,000 $76,000 2017 2016 $112,000, 2017. The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax ’s creditors do not Delphax ’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 March 31, 2017. The following table sets forth the revenue and expenses of Delphax that are included in the Company ’s consolidated statements of income (loss) and comprehensive income (loss) for the years ended March 31, 2017 2016: March 31, 2017 March 31, 2016 Operating revenues $ 9,809,997 $ 3,954,797 Operating expenses: Cost of sales 10,090,073 3,611,024 General and administrative 2,876,132 1,218,564 Research and development 1,042,496 777,942 Depreciation, amortization and impairment 1,738,819 313,893 15,747,520 5,921,423 Operating loss (5,937,523 ) (1,966,626 ) Non-operating expense, net (361,098 ) (21,111 ) Loss before income taxes (6,298,621 ) (1,987,737 ) Income taxes - - Net loss $ (6,298,621 ) $ (1,987,737 ) Non-operating expense, net, includes intercompany interest expense of approximately $424,000 March 31, 2017 $76,000 March 31, 2016. ’s accompanying consolidated statements of income (loss) and comprehensive income (loss) for the years ended March 31, 2017 2016, As disclosed in the Company ’s Form 10 June 30, 2016, first not 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. The Company also recorded a partial impairment of Delphax related long-lived tangible assets. Furthermore, there was an assessment regarding whether, at June 30, 2016, $5,610,000, June 30, 2016. no June 30, 2016 March 31, 2017. The Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. The Company recorded goodwill of approximately $375,000 March 31, 2016 $100,000 $275,000 June 30, 2016. Intangible assets of Delphax had a net book value of approximately $1.4 March 31, 2016. June 30, 2016, The Company estimated and recorded a tradename and patent impairment charge related to Delphax in the amount of approximately $1,385,000 June 30, 2016. $50,000 2016. The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax ’s business outlook and alternative courses of action. During the quarter ended June 30, 2016, 2017, 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 8, 67% 33% ’s net losses are attributed first 67%/33% 67%/33% The effect of interest expense arising under the Senior Subordinated Note and, since January 6, 2017, As a result of the application of the above-described attribution methodology, for the fiscal years ended March 31, 2017 2016, 30% 33%,

Note 10 - Financing Arrangement

Note 10 - Financing Arrangements	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	10. FINANCING ARRANGEMENTS As of March 31, 2017, $25.0 $500,000. March 31, 2017, CSA, GGS, GAS, Jet Yard, and ATGL was permitted to make borrowings. Borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one 1.50% 2.00% 0.15%. may August 29, 2017 April 1, 2019. 24 March 31, 2017. Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first The agreement governing the Revolving Credit Facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of their business, enter into certain operating leases, and make certain capital expenditures. The credit agreement governing the Revolving Credit Facility also contains financial covenants, including a minimum consolidated tangible net worth of $18.0 March 31, 2017, 50% 1.35 1.0, 1.50 1.0 March 31, 2017 1.75 1.0 not June 30, 2017, September 30, 2017 December 31, 2017), 3.5 1.0, no $5,000,000 not March 31, 2017, December 31, 2016 September 30, 2016 not June 30, 2017 one $17,908,000 March 31, 2017. At March 31, 2017, one 200 one March 31, 2017 0.98%. March 31, 2017. In connection with and upon consummation of the Contrail Aviation acquisition in July 2016, $12,000,000 75% $9,000,000 80% March 31, 2017 3.2 $0 one 2.80%, January 2018. first $1,600,000, The Contrail Credit Agreement contained affirmative and negative covenants, including covenants that restricted 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 contained 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 March 31, 2017, Delphax, through its Canadian subsidiary, Delphax Canada, maintains a debt facility pursuant to a Senior Credit Agreement (the “Delphax Senior Credit Agreement”). The obligations of Delphax Canada under the Delphax Senior Credit Agreement are guaranteed by Delphax. Prior to January 6, 2017, $7.0 third ’s North American assets. The Delphax Senior Credit Agreement expires in November 2018 September 1, 2016, 0.5% September 9, 2016. The intercompany balance under the Delphax Senior Credit Agreement as of March 31, 2017, January 6, 2017, Pursuant to an Assignment and Acceptance Agreement dated January 6, 2017 January 6, 2017 $1.26 $7.0 $2.5 100% $500,000, 2.5% $25,000 $50,000 January 6, 2017, no elphax Senior Credit Agreement. As of March 31, 2017, e borrowings of approximately $1,873,000 March 31, 2017, not March 31, 2017 Notwithstanding the existence of these events of default, the Company permitted additional borrowings under the Delphax Senior Credit Agreement to, among other things, fund a final production run by Delphax Canada of consumable products for its legacy printing systems, which production run was primarily completed over the first six 2017. Events of default under the Delphax Senior Credit Agreement persisted. On July 13, 2017, August 10, 2017, July 26, 2017. July 26, 2017 $1,510,000. August 8, 2017, not August 10, 2017, On October 31, 2016, MAC, GGS, CSA, GAS, ATGL, Jet Yard and Stratus Aero entered into a Loan Agreement dated as of October 31, 2016, ( $1,480,000 may October 2017. November 2016. 25 November 2017, October 2026. March 31, 2017, $562,000. Estimated repayments/maturities of long-term debt as of March 31, 2017 $25,000 2018, $17,968,000 2019, $60,000 2020 2022, $295,000

Note 11 - Lease Arrangements

Note 11 - Lease Arrangements	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments Disclosure [Text Block]	11. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases property used for its corporate offices from a company controlled by certain of the Company’s former officers and directors. The lease for this facility provides for monthly rent of $14,862 January 31, 2018, may three two January 31, 2024. July 2017 not The Company leases approximately 53,000 66,000 January 2023, four five GGS leases its production facility under an agreement that extends through August 2019. GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one March 2021. Delphax Canada leased its production facility in Mississauga, Ontario under an agreement extending through August 2018. $384,000 $288,000 March 31, 2017 9 24. Delphax has office space in the United Kingdom under an operating lease that extends through January 201 8. £62,400 $78,000 March 31, 2017 A newly organized subsidiary of Air T leases 12,206 August 1, 2017 July 31, 2020. $94,600 first $97,000 third Contrail Aviation leases a 21,000 July 17, 2021, five $13,000 (see Note 23 Jet Yard leases approximately 48.5 May 2046 30 2.6 may 90 ’ notice). The lease provides for an initial annual rent of $27,000, first seven $152,000 five three March 2017 B777 300 first 2021. not At March 31, 2017 , future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2017 one Year ended March 31, 2018 $ 3,256,000 2019 2,076,000 2020 1,453,000 2021 842,000 2022 725,000 Thereafter 5,103,000 Total minimum lease payments $ 13,455,000 The Company ’s rent expense excluding Delphax for operating leases totaled approximately $3,872,000 $3,038,000 2017 2016, $289,000 and $178,000 in fiscal 2017 2016, March 31, 2017 $391,000 $226,000 November 24, 2015 March 31, 2016.

Note 12 - Equipment Leased to C

Note 12 - Equipment Leased to Customers	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	12. EQUIPMENT LEASED TO CUSTOMERS The Company leases equipment to thi rd parties. Delphax leased a printer to a third June 2015. June 30, 2016. March 31, 2017, Year ended March 31, 2018 $ 131,160 2019 131,160 2020 131,160 2021 131,160 2022 21,860 Thereafter - Total minimum lease payments $ 546,500

Note 13 - Fair Value of Financi

Note 13 - Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one three Level 1: Level 2: not Level 3: no The following consolidated balance sheet items are measured at fair value: Fair Value Measurements at March 31, 2017 2016 Marketable securities (Level 1) $ 4,593,667 $ 9,655,915 Acquisition contingent consideration obligations (Level 3) $ 3,023,031 $ - Redeemable Non-Controlling Interest (Level 3) $ 1,443,901 $ - There was no March 31, 2017 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable , notes receivable and accounts payable approximate their fair value at March 31, 2017 2016.

Note 14 - Air T, Inc. Stockhold

Note 14 - Air T, Inc. Stockholders' Equity	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. AIR T, INC. STOCKHOLDERS’ EQUITY The authorized capital structure of Air T, Inc. includes 4,000,000 $0.25 May 2014, On May 14, 2014, 750,000 ’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b 18, In addition to common stock, the Company may 50,000 $1.00 one A total of 5,000 5,000 3,000 On December 14, 2014, one of the Company. The Rights were governed by a Rights Agreement (the “Rights Agreement”) dated as of December 15, 2014. September 26, 2016, 5:00 December 26, 2017 5:00 September 26, 2016. September 26, 2016, 5:00 December 26, 2017 5:00 September 26, 2016 ( September 26, 2016 On July 1, 2016, 329,738 $0.25 $24.01 $7,917,009. thirty 30 Pursuant to the terms of the Securities Purchase Agreement, for a period of four ’ relationship with the Company. The Common Stock was retired upon repurchase. The accompanying consolidated statement of equity for the year ended March 31, 2017

Note 15 - Employee and Non-empl

Note 15 - Employee and Non-employee Stock Options	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	15. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in 2005, 256,000 100% March 31, 2016, no may 40,000 one third first one There was no compensation expense related to Air T, Inc. stock options for the years ended March 31, 2017 2016. March 31, 2017, no There were no March 31, 2017 March 31, 2016. As of March 31, 2017, 36,000 options expired. In order to remove the deferred tax asset related to these stock options, a decrease of $63,000 In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company ’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted 1.2 $0.33 Option activity , which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2015 46,000 $ 8.68 2.87 $ 732,000 Granted - - Exercised - - Forfeited (6,000 ) 8.29 Repurchased - - Outstanding at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 Granted - - Exercised - - Forfeited (30,000 ) 8.29 Repurchased - - Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Exercisable at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000

Note 16 - Major Customer

Note 16 - Major Customer	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	16. MAJOR CUSTOMER Approximately 47% 46% 2017 2016, 15% 24% March 31, 2017 2016,

Note 17 - Income Taxes

Note 17 - Income Taxes	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	17. INCOME TAXES The components of income tax expense were as follows: Year Ended March 31, 2017 2016 Current: Federal $ 1,124,000 $ 1,817,000 State 128,000 316,000 Foreign 132,000 171,000 Total current 1,384,000 2,304,000 Deferred: Federal (592,000 ) 152,000 State (67,000 ) (61,000 ) Total deferred (659,000 ) 91,000 Total $ 725,000 $ 2,395,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 34% Year Ended March 31, 2017 2016 Expected Federal income tax expense U.S. statutory rate $ (1,434,000 ) 34.0 % $ 2,092,000 34.0 % State income taxes, net of Federal benefit 40,000 -0.9 % 169,000 2.7 % Permanent differences, other 156,000 -3.7 % 47,000 0.8 % Dividend received deduction (302,000 ) 7.2 % - 0.0 % Section 831(b) benefit (281,000 ) 6.7 % (316,000 ) -5.1 % Change in valuation allowance 3,868,000 -91.8 % 557,000 9.0 % Domestic production activities deductions (64,000 ) 1.5 % (193,000 ) -3.1 % Income attributable to minority interest - Contrail Aviation (45,000 ) 1.1 % - 0.0 % Deferred benefit for outside basis difference recorded on Delphax CFC's (1,015,000 ) 24.1 % - 0.0 % Deferred state income taxes, net of Federal benefit for Delphax (102,000 ) 2.4 % - 0.0 % Other differences, net (96,000 ) 2.3 % 39,000 0.6 % Income tax expense $ 725,000 -17.1 % $ 2,395,000 38.9 % Delphax, which generated losses for the periods ended March 31, 2017 March 31, 2016 not $3,212,000 $557,000 Deferred tax assets and liabilities consisted of the following as of March 31: Year Ended March 31, 2017 2016 Inventory reserves $ 785,000 $ 504,000 Accrued vacation 475,000 439,000 Stock option compensation 108,000 141,000 Property and equipment 169,000 - Warranty reserve 39,000 74,000 Accounts and notes receivable reserve 290,000 181,000 Employee severance reserve 460,000 - Net operating loss carryforwards 6,461,000 5,353,000 Federal/Canadian tax credits 4,648,000 4,784,000 263A inventory capitalization 10,000 60,000 Unrealized gains/losses and outside basis difference for CFC's 1,995,000 - Intangibles 43,000 - Other 78,000 112,000 Total deferred tax assets 15,561,000 11,648,000 Deferred revenue (35,000 ) (52,000 ) Prepaid expenses (505,000 ) (563,000 ) Property and equipment - (70,000 ) Intangibles - (388,000 ) Gain on marketable securities (OCI) (94,000 ) - Outside basis difference (34,000 ) - Total deferred tax liabilities (668,000 ) (1,073,000 ) Net deferred tax asset (liability) $ 14,893,000 $ 10,575,000 Less valuation allowance (14,698,000 ) (10,830,000 ) Net deferred tax asset (liability) after valuation allowance $ 195,000 $ (255,000 ) The deferred tax items are reported on a net current and non-current basis in the accompanying fiscal 2017 2016 The Company accounts for uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. The Company has analyzed filing positions in all of the federal, state and international jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The periods subject to examination for the Company ’s federal return are the fiscal 2013 2015 2012 2015 March 31, 2017 2016, not not twelve It is the Company ’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2017 2016, not March 31, 2017 2016. As described in Note 8, November 24, 2015, 38%, three no 2012. Delphax maintains a September 30 September 30, 2016, $6.3 $13.2 earch and development credit carryforwards of $4.3 2023. $311,000 no not 382. 382 $2.9 8, 10, 24. The provisions of ASC 740 not 14.0 March 31, 2017 10.8 March 31, 2016. ’s determination that a full valuation allowance should be established against Delphax’s net deferred tax assets.

Note 18 - Employee Benefits

Note 18 - Employee Benefits	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	18. EMPLOYEE BENEFITS The Company has a 401 1165 immediately eligible to participate in the Plans. The Company’s contribution to the Plans for the years ended March 31, 2017 2016 $529,000 $376,000, The Company, in each of the past three 2017 2016 $390,000 $1,748,000, In addition, Delphax has a defined contribution salary deferral plan covering substantially all U.S. employees under Section 401 lphax contributes an amount equal to 50% 6% three no 2017 $15,000 November 24, 2015 March 31, 2016. 401 2017. Delphax also has a defined contribution plan covering substantially all Canadian employees. Canadian employees contribute 2% 3% 4% two The contribution made by Delphax during the fiscal year 2017 $78,000 $41,000 November 24, 2015 March 31, 2016.

Note 19 - Quarterly Financial I

Note 19 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter 2017 Operating Revenues $ 30,493 $ 38,523 $ 35,769 $ 43,687 Operating Income (Loss) (7,073 ) 1,022 $ 1,639 1,311 Net Income (Loss) Attributable to Air T, Inc Stockholders (5,751 ) 1,084 1,220 233 Basic Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 Diluted Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 3,890 (2,314 ) Net Income (Loss) Attributable to Air T, Inc Stockholders (736 ) 3,794 2,726 (1,370 ) Basic Earnings (Loss) per share (0.31 ) 1.60 1.15 (0.57 ) Diluted Earnings (Loss) per share (0.31 ) 1.58 1.14 (0.57 ) During the quarter ended June 30, 2016, ’s new élan printer system also did not 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. In addition, results for the quarter ended June 30, 2016 $1,502,000 ’s investment in marketable securities of Insignia Systems, Inc. (“Insignia”). While the Company does not twelve June 30, 2016 one

Note 20 - Geographical Informat

Note 20 - Geographical Information	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	20. GEOGRAPHICAL INFORMATION Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the followi ng table as of March 31, 2017 March 31, 2016: March 31, March 31, 2017 2016 United States, the Company ’s country of domicile $ 5,323,471 $ 4,544,050 Foreign 1,017 33,724 Total property and equipment, net $ 5,324,488 $ 4,577,774 Total revenue, located in the United States, the Company ’s Country of domicile, and outside the United States is summarized in the following table as of March 31, 2017 March 31, 2016: March 31, March 31, 2017 2016 United States, the Company ’s country of domicile $ 135,257,659 $ 141,010,279 Foreign 13,214,000 7,201,659 Total revenue $ 148,471,659 $ 148,211,938

Note 21 - Segment Information

Note 21 - Segment Information	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	21. SEGMENT INFORMATION The Company has six business segments. The overnight air cargo segment, composed of the Company’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, composed 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, composed 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 composed of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning November 24, 2015. July 2016, October 2016, 100% March 31, 2017, may third December 31, 2015. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income. For the fiscal year ended March 31, 2017, Segment data is summarized as follows: Year Ended March 31, 2017 2016 Operating Revenues: Overnight Air Cargo $ 69,558,334 $ 68,226,891 Ground Equipment Sales: Domestic 26,922,009 45,417,216 International 4,284,000 6,000,000 Total Ground Equipment Sales 31,206,009 51,417,216 Ground Support Services 30,453,246 24,834,616 Printing Equipment and Maintenance Domestic 5,653,997 2,753,138 International 4,156,000 1,201,659 Total Printing Equipment and Maintenance 9,809,997 3,954,797 Commercial Jet Engines and Parts: Domestic 2,688,902 - International 4,774,000 - Total Commercial Jet Engines 7,462,902 - Leasing 537,719 19,816 Corporate 1,136,311 1,068,240 Intercompany (1,692,859 ) (1,309,638 ) Total $ 148,471,659 $ 148,211,938 Operating Income (Loss): Overnight Air Cargo $ 2,723,933 $ 3,283,495 Ground Equipment Sales 2,378,812 6,486,846 Ground Support Services (500,712 ) (1,035,929 ) Printing Equipment and Maintenance (5,937,522 ) (1,966,626 ) Commercial Jet Engines and Parts 534,762 - Leasing 422,913 2,192 Corporate (2,787,760 ) (647,888 ) Intercompany 64,801 (90,427 ) Total $ (3,100,773 ) $ 6,031,663 Capital Expenditures: Overnight Air Cargo $ 95,270 $ 92,707 Ground Equipment Sales 21,766 341,124 Ground Support Services 465,718 520,243 Printing Equipment and Maintenance 9,927 16,438 Commercial Jet Engines and Parts 60,104 - Leasing 3,070,037 241,398 Corporate 1,690,109 275,559 Intercompany (3,066,500 ) (241,398 ) Total $ 2,346,431 $ 1,246,071 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 124,793 $ 138,639 Ground Equipment Sales 597,240 518,013 Ground Support Services 383,963 224,878 Printing Equipment and Maintenance 1,738,819 313,893 Commercial Jet Engines and Parts 109,807 - Leasing 247,323 8,724 Corporate 174,510 53,060 Intercompany (194,610 ) - Total $ 3,181,845 $ 1,257,207 The elimination of intercompany revenues is related to the sale of two fiscal year 2017,

Note 22 - Commitments and Conti

Note 22 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	22. COMMITMENTS AND CONTINGENCIES The Company is involved in various other legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not In July 2016, ursuant to the Asset Purchase Agreement, Contrail Aviation agreed to pay as contingent additional deferred consideration up to a maximum of $1,500,000 $3,000,000 (i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no (ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, $2,000,000, 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 The company has estimated its liability with respect to the Earnout Payment of $2,900,000, March 31, 2017. $2.1 first $1,000,000, October 2017. On the Contrail Closing Date, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”) permitting, at any time after the fifth ’s equity membership interests in Contrail Aviation at a price to be agreed upon, or failing such an agreement to be determined pursuant to third O n October 31, 2016, October 1, 2016, $400,000, $100,000 30 $100,000 $16,667 November 1, 2016. $100,000 may twelve September 30, 2017. In June 2016, $1.9 Construction was completed and the Company relocated its corporate offices to this facility in July 2017. $178,000. There are currently no

Note 23 - Related Party Matters

Note 23 - Related Party Matters	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	23. RELATED PARTY MATTERS Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018, may three two January 31, 2024. The Company does not July 31, 2017. During the fiscal year ended March 31, 2016, two $401,250. third $1,000 1% March 31, 2017 1% Contrail A viation leases its corporate and operating facilities at Verona, Wisconsin from Cohen Kuhn Properties, LLC, a corporation whose stock is owned equally by Mr. Joseph Kuhn, Chief Executive Officer of Contrail Aviation, and Mrs. Miriam Kuhn, Chief Financial Officer of Contrail Aviation. The facility consists of approximately 21,000 $111,189 July 18, 2016 March 31, 2017. June 30, 2021, five no third

Note 24 - Subsequent Events

Note 24 - Subsequent Events	12 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	24. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued. On May 2, 2017 May 31, 2017, 145 $2,400,000. Following the acquisition, AirCo is included in the commercial jet engines and parts segment of the Company’s operations. On May 2, 2017, Company’s $25.0 $2,400,000 May 1, 2018, $200,000 June 1, 2017. 25 not June 30, 2017, September 30, 2017 December 31, 2017. On May 5, 2017, in Note 10. $15,000,000, not not one 3.00%. The obligations of Contrail Aviation under the Contrail Loan Agreement are secured by a first the Company, with such guaranty limited in amount to a maximum of $1,600,000, 2.0 1.0, not $3,500,000, 1.1 1.0, The Contrail Loan Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, if both Contrail Aviation ’s current chief executive officer and chief financial officer cease to oversee day-to-day operations of Contrail Aviation, cross-default to other debt, bankruptcy and other insolvency events, actual or asserted invalidity of loan documentation, or material adverse changes in Contrail Aviation’s financial condition. The Contrail Loan Agreement provides that all loan proceeds are to be used solely for Contrail Aviation’s business operations, unless specifically consented to the contrary by lender in writing. On June 7, 2017, ’s SAIC subsidiary invested $500,000 40% 60% Pursuant to a Fifth Amendment and Waiver Agreement effective as of June 28, 2017 0.25% second March 31, 2017 March 31, 2017 not June 30, 2017 . Pursuant to a 2017 August 3, 2017 March 31, 2017 120 65% On August 29, 2017, August 29, 2017 ( April 1, 2018 April 1, 2019, January 1, 2016 June 30, 2017, June 30, 2017 March 31, 2017 June 30, 2017 Pursuant to a Seventh Amendment and Waiver Agreement effective as of October 6, 2017 ( March 31, 2017, December 31, 2016 March 31, 2017 In light of persisting events of default under the Delphax Senior Credit Agreement, on July 13, 2017, August 10, 2017, July 26, 2017. July 26, 2017 $1,510,000. August 8, 2017, not August 10, 2017, A newly organized subsidiary of Air T leases 12,206 August 1, 2017 July 31, 2020. $94,600 first $97,000 third The lease of production facilities in Mississauga, Ontario by Delphax Canada has been terminated effective upon removal of the property foreclosed upon by Air T.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation – The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, Contrail Aviation and Delphax. All intercompany transactions and balances have been eliminated in consolidation.
Reclassification, Policy [Policy Text Block]	Reclassifications - Certain prior period amounts have been reclassified to conform with the current period presentation. Such reclassifications had no
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. Actual results could differ from those estimates.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk – The Company’s potential exposure to concentrations of credit risk consists of trade accounts and notes receivable, and bank deposits. Accounts receivable are normally due within 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company ’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents – Cash equivalents consist of liquid investments with maturities of three
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Exchange - Delphax, which is headquartered in the United States, has subsidiaries in Canada, France, and the United Kingdom. The functional currency of the Delphax’s Canadian subsidiary is the U.S. dollar, whereas the functional currency of Delphax’s subsidiaries in France and the United Kingdom is the Euro and Pound Sterling, respectively. The balance sheets of foreign operations with a functional currency of other than the U.S. dollar are translated to U.S. dollars using rates of exchange as of the applicable balance sheet date. The statements of income (loss) items of foreign operations are translated to U.S. dollar using average rates of exchange for the applicable period. The gains and losses resulting from translation of the financial statements of Delphax’s foreign operations are recorded within the accumulated other comprehensive income (loss) and non-controlling interests categories of the Company’s consolidated equity.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill - Goodwill reflects the excess of the purchase consideration in business combinations over the estimated fair value of identifiable net assets acquired. Goodwill is not
Business Combinations Policy [Policy Text Block]	Business Combinations - The Company accounts for business combinations in accordance with FASB Codification Section 805 805” 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may ’s acquisition of interests in Delphax, the Company had two first no first 2017 second first 2017 second two Income statement activity of an acquired business is reflected within the Company ’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs may ’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received. Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not The Company tests goodwill for impairment at least once annually. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company is permitted to first not 50 not not not first second first ’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second second
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets - Amortizable intangible assets consist of acquired patents, tradenames, customer relationships, and other finite-lived identifiable intangibles. Such intangibles are initially recorded at fair value and subsequently subject to amortization. Amortization is recorded using the straight-line method over the estimated useful lives of the assets. In accordance with the applicable accounting guidance, the Company evaluates the recoverability of amortizable intangible assets whenever events occur that indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the asset is unrecoverable by estimating the sum of the future cash flows expected to result from the asset, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge must be recognized based on the estimated fair value of the asset. The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Tradenames 5 Certification 5 Non-compete 5 Patents 9 Customer relationship 10
Marketable Securities, Policy [Policy Text Block]	Marketable Securities – In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities
Inventory, Policy [Policy Text Block]	Inventories – Inventories related to the Company’s manufacturing and service operations are carried at the lower of cost (determined by use of the first first may not one
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment – Property and equipment is stated initially at cost, or fair value if purchased as part of a business combination or, in the case of equipment under capital leases, the present value of future lease payments. Depreciation and amortization are provided on a straight-line basis over the asset’s useful life. Equipment leased to customers is depreciated using an accelerated method. Useful lives range from three seven ten The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may estimated undiscounted cash flows from those assets, the Company then will write-down the value of the assets by such excess.
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligation - Under the terms of a lease for a manufacturing facility in Canada, Delphax is responsible for restoring the leased property to its original condition, normal wear and tear excepted. The Company’s accounting for the acquisition of Delphax reflects an estimated asset retirement obligation (“ARO”) liability for this matter of approximately $560,000. March 31, 2017 2016 March 31, 2017 no November 24, 2015 March 31, 2017
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash — Restricted cash consists of cash held by SAIC as statutory capital reserves and cash collateral securing SAIC’s participation in certain reinsurance pools.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition – The Company recognizes revenue when it is earned. This occurs when services have been rendered or products are shipped to the customer in accordance with the terms of an agreement of sale, there is a fixed or determinable selling price, title and risk of loss have been transferred, and collectability is reasonably assured. Revenues from our Overnight Air Cargo segment are generally recognized as flight operation and maintenance services are provided or, in the case of certain pass-through costs for things like maintenance parts and fuel, as the Company incurs the related expenditure. Within the Company’s Ground Equipment Sales segment, revenue is generally recognized at the time the related equipment has been shipped to the customer and risk of loss has been transferred. In the case of certain contracts with the U.S. Government or related prime contractors, the Company applies contract accounting and uses either the percentage-of-completion or completed contract method, as appropriate. Revenues of our Ground Support Services segment are generally recognized as the contracted services are completed. Substantially all Printing Equipment and Maintenance segment revenues are recognized upon product shipment, which is generally when transfer to the customer of loss occurs. Service revenue is recognized upon completion of services. Similarly, Commercial Jet Engines and Parts segment revenues are recognized upon shipment of parts and transfer of loss or, as applicable, upon completion of services. Leasing revenues are recognized consistent with contract terms and are generally recognized on a straight-line basis due to the operating lease classification of the underlying leases. Although infrequent, the Company does occasionally enter into customer arrangements that involve the delivery of multiple elements. For any such arrangements, the Company applies the applicable accounting guidance in order to identify the individual accounting elements and to determine the most appropriate revenue recognition model for such elements. We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 605 45, Principal Agent Considerations.
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	Operating Expenses Reimbursed by Customer – The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income (loss). These pass-through costs totaled $23,379,000 $24,632,000 March 31, 2017 2016,
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Based Compensation – The Company has maintained a stock option plan for the benefit of certain eligible employees and directors of the Company, though no may The Company recognizes compensation expense on stock options based on their fair values over the requisite service period. The compensation cost we record for these awards is based on their fair value on the date of grant. The Company uses the Black Scholes option-pricing model as its method for valuing stock options. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense.
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves – The Company warranties its ground equipment products for up to a three 90
Income Tax, Policy [Policy Text Block]	Income Taxes – Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded when it is more likely than not not current and noncurrent in the consolidated balance sheets. The Company recognizes the benefit of a tax position taken on a tax return, if that position is more likely than not not 50%
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs – All research and development costs are expensed as incurred. The research and development costs for the fiscal year 2017 $1,042,000 $778,000 2016.
Redeemable Noncontrolling Interest Policy [Policy Text Block]	R edeemable Non- C ontrolling I nterest 8 fifth third not March 31, 2017 not no first two not
Substantial Doubt about Going Concern [Policy Text Block]	Going Concern - The Company applies Codification section 205 40 Presentation of Financial Statements – Going Concern March 31, 2017. one
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Attribution of net Income or Loss of Partially-Owned Consolidated Entities - In the case of Delphax, we determined that the attribution of net income or loss should be based on consideration of all of Air T’s investments in Delphax and its subsidiary, Delphax Canada Technologies Canada Limited (“Delphax Canada”). Our investment in the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% ’s net losses are attributed first 67% /33% 67% 33% 8, January 6, 2017,

Note 1 - Summary of Significa34

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Finite-Lived Intangible Asset Useful Lives [Table Text Block]	Years Software 3 Tradenames 5 Certification 5 Non-compete 5 Patents 9 Customer relationships 10

Note 2 - Net Earnings Per Com35

Note 2 - Net Earnings Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2017 2016 Net earnings attributable to Air T, Inc. Stockholders $ (3,213,539 ) $ 4,413,910 Earnings Per Share: Basic $ (1.51 ) $ 1.86 Diluted $ (1.51 ) $ 1.84 Weighted Average Shares Outstanding: Basic 2,125,224 2,372,527 Diluted 2,125,224 2,396,824

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Year Ended March 31, 2017 2016 Ground support service parts $ 2,447,395 $ 1,566,694 Ground equipment manufacturing: Raw materials 1,452,201 1,549,810 Work in process 832,635 408,213 Finished goods 10,001,193 4,328,812 Printing equipment and maintenance: Raw materials 3,325,142 3,319,939 Work in process 324,949 759,446 Finished goods 790,345 562,912 Commercial jet engines and parts 3,407,339 - Total inventories 22,581,199 12,495,826 Reserves (2,802,356 ) (221,722 ) Total, net of reserves $ 19,778,843 $ 12,274,104

Note 5 - Property and Equipme37

Note 5 - Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	Year Ended March 31, 2017 2016 Furniture, fixtures and improvements $ 8,377,988 $ 5,559,885 Construction in progress 1,335,333 - Equipment leased to customers 272,622 2,898,639 9,985,943 8,458,524 Less accumulated depreciation (4,661,455 ) (3,880,750 ) Property and equipment, net $ 5,324,488 $ 4,577,774

Note 6 - Intangible Assets an38

Note 6 - Intangible Assets and Goodwill (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Year Ended March 31, 2017 2016 Tradenames $ 442,000 $ 120,000 Customer relationships 751,000 - Non-compete 69,700 - Certification 47,000 - Patents 1,090,000 1,090,000 Software 420,360 - Other 22,242 - 2,842,302 1,210,000 Less accumulated amortization and impairment (1,465,603 ) (100,888 ) Intangible assets, net $ 1,376,699 $ 1,109,112
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Year ending March 31, 2018 $ 350,146 2019 268,021 2020 162,840 2021 162,840 2022 101,422
Schedule of Goodwill [Table Text Block]	Year Ended March 31, 2017 2016 Goodwill, at original cost $ 4,793,013 $ 375,408 4,793,013 375,408 Less accumulated impairment (375,408 ) (100,000 ) Goodwill, net of impairment $ 4,417,605 $ 275,408

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	Year Ended March 31, 2017 2016 Salaries, wages and related items $ 5,398,877 $ 3,288,169 Profit sharing 413,522 1,769,261 Health insurance 423,680 353,825 Warranty reserves 164,240 266,455 Asset retirement obligation 562,500 562,500 Claims reserve 308,528 - Taxes 508,615 353,825 Other deposits 325,000 - Other 567,853 248,839 Total $ 8,672,815 $ 6,842,874
Schedule of Product Warranty Liability [Table Text Block]	Year Ended March 31, 2017 2016 Beginning Balance $ 266,455 $ 231,803 Amounts charged to expense (15,173 ) 140,768 Actual warranty costs paid (87,042 ) (166,916 ) Delphax acquisition - 60,800 Ending Balance $ 164,240 $ 266,455

Note 8 - Acquisitions (Tables)

Note 8 - Acquisitions (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	November 24, 2015 ASSETS Cash and cash equivalents $ 586,061 Accounts receivable 1,740,210 Inventories 3,972,802 Other current assets 693,590 Property and equipment 722,714 Intangible assets - trade name 120,000 Intangible assets - patents 1,090,000 Goodwill 375,408 Total assets $ 9,300,785 LIABILITIES Accounts payable $ 1,663,199 Accrued expenses 1,949,522 Income tax payable 11,312 Debt 3,313,317 Other long-term liabilities 650,500 Total liabilities $ 7,587,850 Net Assets $ 1,712,935
Contrail Aviation Inc. [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	July 18, 2016 ASSETS Accounts receivable $ 1,357,499 Inventories 2,118,475 Prepaid expenses 30,121 Property and equipment 33,095 Intangible assets - non-compete 69,700 Intangible assets - tradename 322,000 Intangible assets - certification 47,000 Intangible assets - customer relationship 451,000 Goodwill 4,227,205 Total assets $ 8,656,095 LIABILITIES Accounts payable $ 366,575 Accrued expenses 43,652 Earnout liability 2,900,000 Total liabilities $ 3,310,227 Net Assets $ 5,345,868

Note 9 - Variable Interest En41

Note 9 - Variable Interest Entities (Tables) - Delphax [Member]	12 Months Ended
	Mar. 31, 2017
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, 2017 March 31, 2016 ASSETS Current assets: Cash and cash equivalents $ 328,327 $ 249,528 Accounts receivable, net 2,036,221 1,433,494 Inventories, net 1,941,729 4,642,298 Other current assets 1,145,274 1,034,067 Total current assets 5,451,551 7,359,387 Property and equipment, net 8,007 625,684 Intangible assets, net - 1,109,112 Goodwill - 275,408 Other assets - 26,020 Total assets $ 5,459,558 $ 9,395,611 LIABILITIES Current liabilities: Accounts payable $ 2,482,578 $ 1,684,802 Income tax payable 11,312 11,312 Accrued expenses 3,627,162 1,926,340 Short-term debt 4,714,257 4,435,572 Total current liabilities 10,835,309 8,058,026 Long-term debt - 4,835 Other long-term liabilities - 606,358 Total liabilities $ 10,835,309 $ 8,669,219 Net assets $ (5,375,751 ) $ 726,392
Condensed Income Statement [Table Text Block]	March 31, 2017 March 31, 2016 Operating revenues $ 9,809,997 $ 3,954,797 Operating expenses: Cost of sales 10,090,073 3,611,024 General and administrative 2,876,132 1,218,564 Research and development 1,042,496 777,942 Depreciation, amortization and impairment 1,738,819 313,893 15,747,520 5,921,423 Operating loss (5,937,523 ) (1,966,626 ) Non-operating expense, net (361,098 ) (21,111 ) Loss before income taxes (6,298,621 ) (1,987,737 ) Income taxes - - Net loss $ (6,298,621 ) $ (1,987,737 )

Note 11 - Lease Arrangements (T

Note 11 - Lease Arrangements (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ended March 31, 2018 $ 3,256,000 2019 2,076,000 2020 1,453,000 2021 842,000 2022 725,000 Thereafter 5,103,000 Total minimum lease payments $ 13,455,000

Note 12 - Equipment Leased to43

Note 12 - Equipment Leased to Customers (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Receivables from Leased Asset [Table Text Block]	Year ended March 31, 2018 $ 131,160 2019 131,160 2020 131,160 2021 131,160 2022 21,860 Thereafter - Total minimum lease payments $ 546,500

Note 13 - Fair Value of Finan44

Note 13 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at March 31, 2017 2016 Marketable securities (Level 1) $ 4,593,667 $ 9,655,915 Acquisition contingent consideration obligations (Level 3) $ 3,023,031 $ - Redeemable Non-Controlling Interest (Level 3) $ 1,443,901 $ -

Note 15 - Employee and Non-em45

Note 15 - Employee and Non-employee Stock Options (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2015 46,000 $ 8.68 2.87 $ 732,000 Granted - - Exercised - - Forfeited (6,000 ) 8.29 Repurchased - - Outstanding at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 Granted - - Exercised - - Forfeited (30,000 ) 8.29 Repurchased - - Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Exercisable at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000

Note 17 - Income Taxes (Tables)

Note 17 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2017 2016 Current: Federal $ 1,124,000 $ 1,817,000 State 128,000 316,000 Foreign 132,000 171,000 Total current 1,384,000 2,304,000 Deferred: Federal (592,000 ) 152,000 State (67,000 ) (61,000 ) Total deferred (659,000 ) 91,000 Total $ 725,000 $ 2,395,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2017 2016 Expected Federal income tax expense U.S. statutory rate $ (1,434,000 ) 34.0 % $ 2,092,000 34.0 % State income taxes, net of Federal benefit 40,000 -0.9 % 169,000 2.7 % Permanent differences, other 156,000 -3.7 % 47,000 0.8 % Dividend received deduction (302,000 ) 7.2 % - 0.0 % Section 831(b) benefit (281,000 ) 6.7 % (316,000 ) -5.1 % Change in valuation allowance 3,868,000 -91.8 % 557,000 9.0 % Domestic production activities deductions (64,000 ) 1.5 % (193,000 ) -3.1 % Income attributable to minority interest - Contrail Aviation (45,000 ) 1.1 % - 0.0 % Deferred benefit for outside basis difference recorded on Delphax CFC's (1,015,000 ) 24.1 % - 0.0 % Deferred state income taxes, net of Federal benefit for Delphax (102,000 ) 2.4 % - 0.0 % Other differences, net (96,000 ) 2.3 % 39,000 0.6 % Income tax expense $ 725,000 -17.1 % $ 2,395,000 38.9 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Year Ended March 31, 2017 2016 Inventory reserves $ 785,000 $ 504,000 Accrued vacation 475,000 439,000 Stock option compensation 108,000 141,000 Property and equipment 169,000 - Warranty reserve 39,000 74,000 Accounts and notes receivable reserve 290,000 181,000 Employee severance reserve 460,000 - Net operating loss carryforwards 6,461,000 5,353,000 Federal/Canadian tax credits 4,648,000 4,784,000 263A inventory capitalization 10,000 60,000 Unrealized gains/losses and outside basis difference for CFC's 1,995,000 - Intangibles 43,000 - Other 78,000 112,000 Total deferred tax assets 15,561,000 11,648,000 Deferred revenue (35,000 ) (52,000 ) Prepaid expenses (505,000 ) (563,000 ) Property and equipment - (70,000 ) Intangibles - (388,000 ) Gain on marketable securities (OCI) (94,000 ) - Outside basis difference (34,000 ) - Total deferred tax liabilities (668,000 ) (1,073,000 ) Net deferred tax asset (liability) $ 14,893,000 $ 10,575,000 Less valuation allowance (14,698,000 ) (10,830,000 ) Net deferred tax asset (liability) after valuation allowance $ 195,000 $ (255,000 )

Note 19 - Quarterly Financial47

Note 19 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Quarter Quarter Quarter Quarter 2017 Operating Revenues $ 30,493 $ 38,523 $ 35,769 $ 43,687 Operating Income (Loss) (7,073 ) 1,022 $ 1,639 1,311 Net Income (Loss) Attributable to Air T, Inc Stockholders (5,751 ) 1,084 1,220 233 Basic Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 Diluted Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 2016 Operating Revenues $ 22,359 $ 44,654 $ 46,619 $ 34,581 Operating Income (Loss) (1,049 ) 5,505 3,890 (2,314 ) Net Income (Loss) Attributable to Air T, Inc Stockholders (736 ) 3,794 2,726 (1,370 ) Basic Earnings (Loss) per share (0.31 ) 1.60 1.15 (0.57 ) Diluted Earnings (Loss) per share (0.31 ) 1.58 1.14 (0.57 )

Note 20 - Geographical Inform48

Note 20 - Geographical Information (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, March 31, 2017 2016 United States, the Company ’s country of domicile $ 5,323,471 $ 4,544,050 Foreign 1,017 33,724 Total property and equipment, net $ 5,324,488 $ 4,577,774
Revenue from External Customers by Geographic Areas [Table Text Block]	March 31, March 31, 2017 2016 United States, the Company ’s country of domicile $ 135,257,659 $ 141,010,279 Foreign 13,214,000 7,201,659 Total revenue $ 148,471,659 $ 148,211,938

Note 21 - Segment Information (

Note 21 - Segment Information (Tables)	12 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2017 2016 Operating Revenues: Overnight Air Cargo $ 69,558,334 $ 68,226,891 Ground Equipment Sales: Domestic 26,922,009 45,417,216 International 4,284,000 6,000,000 Total Ground Equipment Sales 31,206,009 51,417,216 Ground Support Services 30,453,246 24,834,616 Printing Equipment and Maintenance Domestic 5,653,997 2,753,138 International 4,156,000 1,201,659 Total Printing Equipment and Maintenance 9,809,997 3,954,797 Commercial Jet Engines and Parts: Domestic 2,688,902 - International 4,774,000 - Total Commercial Jet Engines 7,462,902 - Leasing 537,719 19,816 Corporate 1,136,311 1,068,240 Intercompany (1,692,859 ) (1,309,638 ) Total $ 148,471,659 $ 148,211,938 Operating Income (Loss): Overnight Air Cargo $ 2,723,933 $ 3,283,495 Ground Equipment Sales 2,378,812 6,486,846 Ground Support Services (500,712 ) (1,035,929 ) Printing Equipment and Maintenance (5,937,522 ) (1,966,626 ) Commercial Jet Engines and Parts 534,762 - Leasing 422,913 2,192 Corporate (2,787,760 ) (647,888 ) Intercompany 64,801 (90,427 ) Total $ (3,100,773 ) $ 6,031,663 Capital Expenditures: Overnight Air Cargo $ 95,270 $ 92,707 Ground Equipment Sales 21,766 341,124 Ground Support Services 465,718 520,243 Printing Equipment and Maintenance 9,927 16,438 Commercial Jet Engines and Parts 60,104 - Leasing 3,070,037 241,398 Corporate 1,690,109 275,559 Intercompany (3,066,500 ) (241,398 ) Total $ 2,346,431 $ 1,246,071 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 124,793 $ 138,639 Ground Equipment Sales 597,240 518,013 Ground Support Services 383,963 224,878 Printing Equipment and Maintenance 1,738,819 313,893 Commercial Jet Engines and Parts 109,807 - Leasing 247,323 8,724 Corporate 174,510 53,060 Intercompany (194,610 ) - Total $ 3,181,845 $ 1,257,207

Note 1 - Summary of Significa50

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounts Receivable Payment Terms	30 days
Warranty Term on Ground Equipment Products	3 years
Research and Development Expense	$ 1,042,496	$ 777,942
Equipment Leased to Other Party [Member]
Property, Plant and Equipment, Useful Life	10 years
Delphax [Member]
Asset Retirement Obligation	$ 560,000
Delphax [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Delphax [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent	67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests	33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage	33.00%	30.00%
Overnight Air Cargo [Member]
Number of Major Customers	1
Cargo and Freight Revenue	$ 23,379,000	$ 24,632,000

Note 1 - Summary of Significa51

Note 1 - Summary of Significant Accounting Policies - Amortization Lives of Intangible Assets (Details)	12 Months Ended
	Mar. 31, 2017
Computer Software, Intangible Asset [Member]
Intangible asset, useful life (Year)	3 years
Trade Names [Member]
Intangible asset, useful life (Year)	5 years
Certification Marks [Member]
Intangible asset, useful life (Year)	5 years
Noncompete Agreements [Member]
Intangible asset, useful life (Year)	5 years
Patents [Member]
Intangible asset, useful life (Year)	9 years
Customer Relationships [Member]
Intangible asset, useful life (Year)	10 years

Note 2 - Net Earnings Per Com52

Note 2 - Net Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Net earnings attributable to Air T, Inc. Stockholders	$ 233,000	$ 1,220,000	$ 1,084,000	$ (5,751,000)	$ (1,370,000)	$ 2,726,000	$ 3,794,000	$ (736,000)	$ (3,213,539)	$ 4,413,910
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ (0.57)	$ 1.15	$ 1.60	$ (0.31)	$ (1.51)	$ 1.86
Diluted (in dollars per share)	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ (0.57)	$ 1.14	$ 1.58	$ (0.31)	$ (1.51)	$ 1.84
Weighted Average Shares Outstanding:
Basic (in shares)									2,125,224	2,372,527
Diluted (in shares)									2,125,224	2,396,824

Note 3 - Investments in Secur53

Note 3 - Investments in Securities (Details Textual) - USD ($) $ / shares in Units, shares in Thousands	Jan. 06, 2017	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016	Jun. 29, 2016
Marketable Securities		$ 4,594,000	$ 4,594,000	$ 9,656,000
Available-for-sale Securities, Amortized Cost Basis		4,331,000	4,331,000	9,791,000
Available-for-sale Securities, Gross Unrealized Gain			279,000	422,000
Available-for-sale Securities, Gross Unrealized Loss			16,000	557,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		441,000	441,000	5,903,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss			2,771,000	163,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value		0	0	4,711,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss				395,000
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments			576,162	$ 49,720
Insignia [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.70
Insignia [Member]
Available-for-sale Securities, Amortized Cost Basis		$ 2,068,000	$ 2,068,000		$ 3,604,000	$ 4,711,000
Available-for-sale Securities, Number of Shares		1,650	1,650
Available-for-sale Securities, Ownership Percentage		14.00%	14.00%
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities		$ 112,000	$ 2,643,000

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Ground support service parts	$ 2,447,395	$ 1,566,694
Inventory Gross	22,581,199	12,495,826
Reserves	(2,802,356)	(221,722)
Total, net of reserves	19,778,843	12,274,104
Ground Equipment Manufacturing [Member]
Raw materials	1,452,201	1,549,810
Work in process	832,635	408,213
Finished goods	10,001,193	4,328,812
Printing Equipment and Maintenance [Member]
Raw materials	3,325,142	3,319,939
Work in process	324,949	759,446
Finished goods	790,345	562,912
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 3,407,339

Note 5 - Property and Equipme55

Note 5 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Property and equipment, gross	$ 9,985,943	$ 8,458,524
Less accumulated depreciation	(4,661,455)	(3,880,750)
Property and equipment, net	5,324,488	4,577,774
Furniture and Fixtures [Member]
Property and equipment, gross	8,377,988	5,559,885
Construction in Progress [Member]
Property and equipment, gross	1,335,333
Equipment Leased to Other Party [Member]
Property and equipment, gross	$ 272,622	$ 2,898,639

Note 6 - Intangible Assets an56

Note 6 - Intangible Assets and Goodwill (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Nov. 24, 2015
Amortization of Intangible Assets		$ 105,000	$ 51,000
Goodwill		4,417,605	275,408
Goodwill, Impairment Loss	$ 275,000		100,000
Delphax [Member]
Goodwill				$ 375,408
Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived		$ 1,110,000	$ 50,000

Note 6 - Intangible Assets an57

Note 6 - Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Intangible assets, gross	$ 2,842,302	$ 1,210,000
Less accumulated amortization and impairment	(1,465,603)	(100,888)
Intangible assets, net	1,376,699	1,109,112
Trade Names [Member]
Intangible assets, gross	442,000	120,000
Customer Relationships [Member]
Intangible assets, gross	751,000
Noncompete Agreements [Member]
Intangible assets, gross	69,700
Certification Marks [Member]
Intangible assets, gross	47,000
Patents [Member]
Intangible assets, gross	1,090,000	1,090,000
Computer Software, Intangible Asset [Member]
Intangible assets, gross	420,360
Other Intangible Assets [Member]
Intangible assets, gross	$ 22,242

Note 6 - Intangible Assets an58

Note 6 - Intangible Assets and Goodwill - Future Amortization of Intangible Assets (Details)	Mar. 31, 2017USD ($)
2,018	$ 350,146
2,019	268,021
2,020	162,840
2,021	162,840
2,022	$ 101,422

Note 6 - Intangible Assets an59

Note 6 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Goodwill, at original cost	$ 4,793,013	$ 375,408
Less accumulated impairment	(375,408)	(100,000)
Goodwill, net of impairment	$ 4,417,605	$ 275,408

Note 7 - Accrued Expenses - Sum

Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Salaries, wages and related items	$ 5,398,877	$ 3,288,169
Profit sharing	413,522	1,769,261
Health insurance	423,680	353,825
Warranty reserves	164,240	266,455
Asset retirement obligation	562,500	562,500
Claims reserve	308,528
Taxes	508,615	353,825
Other deposits	325,000
Other	567,853	248,839
Total	$ 8,672,815	$ 6,842,874

Note 7 - Accrued Expenses - Pro

Note 7 - Accrued Expenses - Product Warranty Reserves (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Beginning Balance	$ 266,455	$ 231,803
Amounts charged to expense	(15,173)	140,768
Actual warranty costs paid	(87,042)	(166,916)
Delphax acquisition		60,800
Ending Balance	$ 164,240	$ 266,455

Note 8 - Acquisitions (Details

Note 8 - Acquisitions (Details Textual)	Jan. 06, 2017USD ($)	Oct. 03, 2016USD ($)a	Jul. 18, 2016USD ($)	Nov. 24, 2015USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jul. 26, 2017USD ($)	Jan. 05, 2017USD ($)
Amortization of Intangible Assets							$ 105,000	$ 51,000
Goodwill					$ 4,417,605	$ 4,417,605	4,417,605	275,408
Deferred Tax Assets, Net of Valuation Allowance, Current								291,000
Delphax [Member]
Repayments of Long-term Lines of Credit	$ 1,260,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000									$ 7,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Purchase Orders from Customers	100.00%
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Purchase Orders Included in Borrowing Base	$ 500,000
Line of Credit Facility, Interest Rate at Period End	2.50%
Delphax [Member] | Delphax Canada [Member] | Subsequent Event [Member]
Financing Receivable, Net									$ 1,510,000
Delphax [Member] | Upon Execution of the Amendment [Member]
Line of Credit Facility, Commitment Fee Amount	$ 25,000
Delphax [Member] | Upon Repayment in Full of All Loans Under the Senior Credit Agreement [Member]
Line of Credit Facility, Commitment Fee Amount	$ 50,000
Delphax [Member]
Payments to Acquire Businesses, Gross				$ 1,050,000
Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price				0.95
Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period				20 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				$ 3,313,317
Business Combination, Acquisition Related Costs								$ 110,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 586,061
Business Acquisition, Percentage of Voting Interests Acquired				38.00%
Goodwill				$ 375,408
Delphax [Member] | Series B Preferred Stock of Delphax [Member]
Business Combination, Shares Acquired | shares				43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants | shares				95,600
Business Combination, Warrants Acquired, Exercise Price Per Share | $ / shares				$ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion | shares				100
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion				38.00%
Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion and Issuance of All Shares Reserved for Issuance Under Employee Stock Option Plans				31.00%
Percentage of Preferred Stock Initially Purchasable under Warrant Permitted to Acquire				50.00%
Shares of Preferred Stock Acquired in Connection With the Exercise of the Warrant as a Percentage of the Number of Preferred Shares Initially Purchasable under the Warrant				50.00%
Contrail Aviation Inc. [Member]
Business Combination, Contingent Consideration Arrangement, EBITDA During Earnout Period						2,100,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Respect Earnout Period						1,000,000
Goodwill			$ 4,227,205
Contrail Aviation Inc. [Member] | Other Noncurrent Liabilities [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment			2,900,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member]
Payments to Acquire Businesses, Gross			$ 4,033,368
Business combination, Equity Interests in Acquiree, Percentage			21.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents			$ 904,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year			1,500,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			3,000,000
Amortization of Intangible Assets						$ 93,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 1 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment			0
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 1 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			1,500,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment			$ 1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier			2
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			$ 1,500,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 2 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			2,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment			1,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			2,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 3 [Member] | Maximum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			4,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 4 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment			1,500,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 4 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			4,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 5 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			15,000,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment			3,000,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | EBITDA Range 5 [Member] | Minimum [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold			$ 15,000,000
Jet Yard, LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Jet Yard, LLC [Member] | Contrail Aviation Support LLC. [Member]
Payments to Acquire Businesses, Gross		$ 15,000
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Jet Yard, LLC [Member] | Contrail Aviation Support LLC. [Member] | Lease Contract with Pinal Country, Arizona [Member]
Area of Total Facility | a		48.5
Lessee, Operating Lease, Renewal Term		30 years
Area of Lease Facility | a		2.6
Operating Lease, Lessee, Initial Annual Rent, Amount		$ 27,000
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount		$ 152,000
Operating Lease, Lessee, Annual Rent, Increase Percentage		5.00%
Operating Lease, Lessee, Annual Rent Increase, Incremental Period		3 years
Jet Yard, LLC [Member] | Global Aviation Partners Llc and Global Aviation Service [Member]
Payments to Acquire Businesses, Gross		$ 400,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		100,000
Amortization of Intangible Assets					$ 13,000
Payments to Acquire Business, Additional Payment After Closing, Amount		100,000
Payments to Acquire Business, Final Payment, Payable		100,000
Payments to Acquire Business, Final Payment, Payable, Monthly Installments, Amount		16,667
Business Combination, Consideration Transferred		700,000
Business Combination, Consideration Transferred, Liabilities Incurred		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tangible Assets		200,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		300,000
Goodwill		200,000
Deferred Tax Assets, Net of Valuation Allowance, Current		$ 0
Five Year Senior Subordinated Promissory Note [Member] | Delphax [Member]
Debt Instrument, Face Amount				$ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage				8.50%
Delphax 90-Day Senior Subordinated Note [Member] | Delphax [Member]
Debt Instrument, Cancellation, Outstanding Principal Surrendered				$ 500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				$ 508,000
Senior Notes [Member] | Delphax Canada [Member]
Debt Instrument, Interest Rate, Stated Percentage	18.00%									10.50%
Line of Credit Facility, Forbearance Fee Amount	$ 141,000

Note 8 - Acquisitions - Fair Va

Note 8 - Acquisitions - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Nov. 24, 2015
ASSETS
Goodwill	$ 4,417,605	$ 275,408
Delphax [Member]
ASSETS
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and 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
Intangible assets			120,000
Delphax [Member] | Patents [Member]
ASSETS
Intangible assets			1,090,000
Intangible assets			$ 1,090,000

Note 8 - Acquisitions - Assets

Note 8 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)	Mar. 31, 2017	Jul. 18, 2016	Mar. 31, 2016
ASSETS
Goodwill	$ 4,417,605		$ 275,408
Contrail Aviation Inc. [Member]
ASSETS
Goodwill		$ 4,227,205
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member]
ASSETS
Accounts receivable		1,357,499
Inventories		2,118,475
Prepaid expenses		30,121
Property and equipment		33,095
Total assets		8,656,095
LIABILITIES
Accounts payable		366,575
Accrued expenses		43,652
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability		2,900,000
Total liabilities		3,310,227
Net Assets		5,345,868
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Noncompete Agreements [Member]
ASSETS
Intangible assets		69,700
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Trade Names [Member]
ASSETS
Intangible assets		322,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Certification Marks [Member]
ASSETS
Intangible assets		47,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Customer Relationships [Member]
ASSETS
Intangible assets		$ 451,000

Note 9 - Variable Interest En65

Note 9 - Variable Interest Entities (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Nov. 24, 2016
Short-term Debt		$ 25,000	$ 1,859,300
Goodwill		$ 4,417,605	275,408
Goodwill, Impairment Loss	$ 275,000		$ 100,000
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent		67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests		33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage		33.00%	30.00%
Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived		$ 1,110,000	$ 50,000
Delphax [Member]
Goodwill				$ 375,000
Goodwill, Impairment Loss	275,000		100,000
Delphax [Member] | Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived	1,385,000		50,000
Delphax [Member]
Severance Costs	5,610,000
Intangible Assets, Net (Including Goodwill)			1,400,000
Impairment of Intangible Assets, Finite-lived	$ 1,385,000
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt		2,889,000	2,576,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current		388,000	76,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt		1,873,000
Delphax [Member] | Delphax Senior Debt [Member]
Short-term Debt		112,000
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member]
Interest Expense		$ 424,000	$ 76,000

Note 9 - Variable Interest En66

Note 9 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Cash and cash equivalents	$ 2,763,365	$ 5,345,455	$ 13,388,767
Accounts receivable, net	18,923,787	12,303,128
Inventories, net	19,778,843	12,274,104
Other current assets	1,672,475	1,668,004
Total current assets	48,859,078	38,959,534
Property and equipment, net	5,324,488	4,577,774
Intangible assets, net	1,376,699	1,109,112
Goodwill	4,417,605	275,408
Other assets	371,975	317,528
Total assets	65,335,189	52,154,752
Accounts payable	11,571,156	7,003,660
Income tax payable		11,312
Accrued expenses	8,672,815	6,842,874
Short-term Debt	25,000	1,859,300
Total current liabilities	20,268,971	15,717,146
Long-term debt	18,412,521	4,835
Other long-term liabilities	3,039,402	615,241
Total liabilities	41,728,894	16,883,222
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	328,327	249,528
Accounts receivable, net	2,036,221	1,433,494
Inventories, net	1,941,729	4,642,298
Other current assets	1,145,274	1,034,067
Total current assets	5,451,551	7,359,387
Property and equipment, net	8,007	625,684
Intangible assets, net		1,109,112
Goodwill		275,408
Other assets		26,020
Total assets	5,459,558	9,395,611
Accounts payable	2,482,578	1,684,802
Income tax payable	11,312	11,312
Accrued expenses	3,627,162	1,926,340
Short-term Debt	4,714,257	4,435,572
Total current liabilities	10,835,309	8,058,026
Long-term debt		4,835
Other long-term liabilities		606,358
Total liabilities	10,835,309	8,669,219
Net assets	$ (5,375,751)	$ 726,392

Note 9 - Variable Interest En67

Note 9 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 148,471,659	$ 148,211,938
General and administrative									22,180,477	18,139,830
Research and Development Expense									1,042,496	777,942
Depreciation, amortization and impairment									3,181,845	1,257,207
									151,572,432	142,180,275
Operating loss	$ 1,311,000	$ 1,639,000	$ 1,022,000	$ (7,073,000)	$ (2,314,000)	$ 3,890,000	$ 5,505,000	$ (1,049,000)	(3,100,773)	6,031,663
Non-operating expense, net									(1,118,413)	121,746
Loss before income taxes									(4,219,186)	6,153,409
Income taxes									725,000	2,395,452
Net loss									(4,944,186)	3,757,957
Delphax [Member]
Revenues									9,809,997	3,954,797
Cost of sales									10,090,073	3,611,024
General and administrative									2,876,132	1,218,564
Research and Development Expense									1,042,496	777,942
Depreciation, amortization and impairment									1,738,819	313,893
									15,747,520	5,921,423
Operating loss									(5,937,523)	(1,966,626)
Non-operating expense, net									(361,098)	(21,111)
Loss before income taxes									(6,298,621)	(1,987,737)
Income taxes
Net loss									$ (6,298,621)	$ (1,987,737)

Note 10 - Financing Arrangeme68

Note 10 - Financing Arrangements (Details Textual) - USD ($)	Jan. 06, 2017	Jul. 18, 2016	Mar. 31, 2017	Jul. 26, 2017	May 02, 2017	Jan. 05, 2017	Oct. 31, 2016
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months			$ 25,000
Long-term Debt, Maturities, Repayments of Principal in Year Two			17,968,000
Long-term Debt, Maturities, Repayments of Principal in Year Three			60,000
Long-term Debt, Maturities, Repayments of Principal after Year Five			295,000
Delphax [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000					$ 7,000,000
Repayments of Long-term Lines of Credit	$ 1,260,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Purchase Orders from Customers	100.00%
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Purchase Orders Included in Borrowing Base	$ 500,000
Line of Credit Facility, Interest Rate at Period End	2.50%
Upon Execution of the Amendment [Member] | Delphax [Member]
Line of Credit Facility, Commitment Fee Amount	$ 25,000
Upon Repayment in Full of All Loans Under the Senior Credit Agreement [Member] | Delphax [Member]
Line of Credit Facility, Commitment Fee Amount	$ 50,000
Construction Loan Agreement [Member] | BB&T [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 1,480,000
Long-term Line of Credit			562,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 25,000,000
Line of Credit Facility, Commitment Fee Percentage			0.15%
Minimum Consolidated Tangible Net Worth			$ 18,000,000
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
Long-term Line of Credit			$ 17,908,000
LIBOR Rate			0.98%
Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 25,000,000
Revolving Credit Facility [Member] | Delphax [Member] | Subsequent Event [Member]
Nontrade Receivables				$ 1,510,000
Revolving Credit Facility [Member] | Delphax [Member]
Long-term Line of Credit			$ 1,873,000
Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity			3,200,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory		75.00%
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base		$ 9,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable		80.00%
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 1,600,000
Minimum Debt Service Coverage Ratio		1.75
Maximum Ratio of Total Liabilities to Tangible Net Worth		2.5
Annual Operating Lease Payments Limitation		$ 10,000
Revolving Credit Facility [Member] | Contrail Aviation Support LLC. [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 12,000,000
Long-term Line of Credit			$ 0
Revolving Credit Facility [Member] | Period of April 01, 2016 to March 31, 2017 [Member]
Percentage of Consolidated Net Income			50.00%
Revolving Credit Facility [Member] | Period of October 01, 2016 to December 31, 2016 [Member]
Minimum Asset Coverage Ratio			1.5
Revolving Credit Facility [Member] | After March 31, 2017 [Member]
Minimum Asset Coverage Ratio			1.75
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.00%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | BMO Harris Bank N.A. [Member]
Debt Instrument, Basis Spread on Variable Rate		2.80%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Derivative, Basis Spread on Variable Rate			1.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Derivative, Basis Spread on Variable Rate			2.00%
Revolving Credit Facility [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 500,000

Note 11 - Lease Arrangements (D

Note 11 - Lease Arrangements (Details Textual)	Aug. 01, 2017CADft²	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)ft²a	Mar. 31, 2017CADft²a	Mar. 31, 2017GBP (£)ft²a	Mar. 31, 2016USD ($)
Operating Leases, Rent Expense			$ 3,872,000			$ 3,038,000
Delphax [Member]
Operating Leases, Rent Expense		$ 226,000	$ 391,000
GAS Leases [Member]
Lessee, Operating Lease, Term of Contract			1 year	1 year	1 year
Building Lease in Ontario [Member] | Subsequent Event [Member]
Area of Real Estate Property | ft²	12,206
Operating Lease, Lessee, Initial Annual Rent, Amount | CAD	CAD 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount | CAD	CAD 97,000
Verona, Wisconsin Facility Lease [Member] | Contrail Aviation Inc. [Member]
Operating Leases Monthly Rent			$ 13,000
Lessee, Operating Lease, Renewal Term			5 years	5 years	5 years
Area of Lease Facility | ft²			21,000	21,000	21,000
Lease Contract with Pinal Country, Arizona [Member] | Global Aviation Partners LLC [Member] | Jet Yard, LLC [Member]
Lessee, Operating Lease, Renewal Term			30 years	30 years	30 years
Area of Lease Facility | a			2.6	2.6	2.6
Area of Total Facility | a			48.5	48.5	48.5
Operating Lease, Lessee, Initial Annual Rent, Amount			$ 27,000
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount			$ 152,000
Operating Lease, Lessee, Annual Rent, Increase Percentage			5.00%	5.00%	5.00%
Operating Lease, Lessee, Annual Rent Increase, Incremental Period			3 years	3 years	3 years
Kinston, North Carolina [Member]
Number of Additional Lease Option Periods			4	4	4
Lessee, Operating Lease, Renewal Term			5 years	5 years	5 years
Area of Lease Facility | ft²			53,000	53,000	53,000
Area of Total Facility | ft²			66,000	66,000	66,000
Mississauga, Ontario [Member] | Delphax [Member]
Operating Leases, Rent Expense			$ 288,000	CAD 384,000
UNITED KINGDOM | Delphax [Member]
Operating Leases, Rent Expense			78,000		£ 62,400
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent			$ 14,862
Number of Additional Lease Option Periods			3	3	3
Lessee, Operating Lease, Renewal Term			2 years	2 years	2 years
Related Party [Member]
Operating Leases, Rent Expense			$ 289,000			$ 178,000

Note 11 - Lease Arrangements -

Note 11 - Lease Arrangements - Future Minimum Annual Lease Payments (Details)	Mar. 31, 2017USD ($)
2,018	$ 3,256,000
2,019	2,076,000
2,020	1,453,000
2,021	842,000
2,022	725,000
Thereafter	5,103,000
Total minimum lease payments	$ 13,455,000

Note 12 - Equipment Leased to71

Note 12 - Equipment Leased to Customers - Annual Lease Payments Receivable (Details)	Mar. 31, 2017USD ($)
2,018	$ 131,160
2,019	131,160
2,020	131,160
2,021	131,160
2,022	21,860
Thereafter
Total minimum lease payments	$ 546,500

Note 13 - Fair Value of Finan72

Note 13 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Marketable Securities	$ 4,594,000	$ 9,656,000
Redeemable Non-Controlling Interest (Level 3)	1,443,901
Fair Value, Inputs, Level 1 [Member]
Marketable Securities	4,593,667	9,655,915
Acquisition contingent consideration obligations (Level 3)	$ 3,023,031

Note 14 - Air T, Inc. Stockho73

Note 14 - Air T, Inc. Stockholders' Equity (Details Textual) - USD ($)	Jul. 01, 2016	Mar. 31, 2017	Mar. 31, 2016	May 14, 2014
Common Stock, Shares Authorized		4,000,000	4,000,000
Common Stock, Par or Stated Value Per Share		$ 0.25	$ 0.25
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				750,000
Preferred Stock, Shares Authorized		50,000	50,000
Preferred Stock, Par or Stated Value Per Share		$ 1	$ 1
Stock Repurchased and Retired During Period, Value		$ 7,917,009
Securities Purchase Agreement [Member] | Biglari Group [Member]
Common Stock, Par or Stated Value Per Share	$ 0.25
Stock Repurchased and Retired During Period, Shares	329,738
Treasury Stock Acquired, Average Cost Per Share	$ 24.01
Stock Repurchased and Retired During Period, Value	$ 7,917,009
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized		5,000
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized		5,000
Preferred Stock, Capital Shares Reserved for Future Issuance		3,000

Note 15 - Employee and Non-em74

Note 15 - Employee and Non-employee Stock Options (Details Textual) - USD ($)	4 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	40,000		40,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0	$ 0
Delphax [Member] | Certain Employees of Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.33
Employee and Non Employee Director Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0
Allocated Share-based Compensation Expense		$ 0	$ 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, Expirations in Period		36,000
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation		$ 63,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		256,000
Exercise Price to Fair Market Value		100.00%

Note 15 - Employee and Non-em75

Note 15 - Employee and Non-employee Stock Options - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Outstanding, shares (in shares)	40,000	46,000
Outstanding, weighted average exercise price per share (in dollars per share)	$ 8.74	$ 8.68
Outstanding, weighted average remaining life (Year)	6 years 54 days	2 years 32 days	2 years 317 days
Outstanding, aggregate intrinsic value	$ 101,000	$ 617,000	$ 732,000
Granted, shares (in shares)	0	0
Granted, weighted average exercise price per share (in dollars per share)	$ 0	$ 0
Exercised, shares (in shares)	0	0
Exercised, weighted average exercise price per share (in dollars per share)	$ 0	$ 0
Forfeited, shares (in shares)	(30,000)	(6,000)
Forfeited, weighted average exercise price per share (in dollars per share)	$ 8.29	$ 8.29
Repurchased, shares (in shares)	0	0
Repurchased, weighted average exercise price per share (in dollars per share)	$ 0	$ 0
Outstanding, shares (in shares)	10,000	40,000	46,000
Outstanding, weighted average exercise price per share (in dollars per share)	$ 10.08	$ 8.74	$ 8.68
Exercisable, shares (in shares)	10,000
Exercisable, weighted average exercise price per share (in dollars per share)	$ 10.08
Exercisable, weighted average remaining life (Year)	6 years 54 days
Exercisable, aggregate intrinsic value	$ 101,000

Note 16 - Major Customer (Detai

Note 16 - Major Customer (Details Textual) - Customer Concentration Risk [Member] - FedEx Corporation [Member]	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Sales Revenue, Net [Member]
Concentration Risk, Percentage	47.00%	46.00%
Accounts Receivable [Member]
Concentration Risk, Percentage	15.00%	24.00%

Note 17 - Income Taxes (Details

Note 17 - Income Taxes (Details Textual)	12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Nov. 24, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
Deferred Tax Assets, Valuation Allowance	$ 14,698,000	$ 10,830,000
Unrecognized Tax Benefits	0	0
Estimated Future Liquidation Loss on Tax Attributes	$ 2,900,000
Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries	3
Delphax [Member]
Deferred Tax Assets, Valuation Allowance	$ 3,212,000	$ 557,000
Business Acquisition, Percentage of Voting Interests Acquired				38.00%
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards			$ 6,300,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards			13,200,000
Delphax [Member] | Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount			4,300,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount			$ 311,000

Note 17 - Income Taxes - Provis

Note 17 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Current:
Federal	$ 1,124,000	$ 1,817,000
State	128,000	316,000
Foreign	132,000	171,000
Total current	1,384,000	2,304,000
Deferred:
Federal	(592,000)	152,000
State	(67,000)	(61,000)
Total deferred	(659,000)	90,484
Total	$ 725,000	$ 2,395,452

Note 17 - Income Taxes - Differ

Note 17 - Income Taxes - Difference in Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Expected Federal income tax expense U.S. statutory rate	$ (1,434,000)	$ 2,092,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%
State income taxes, net of Federal benefit	$ 40,000	$ 169,000
State income taxes, net of Federal benefit, percentage	(0.90%)	2.70%
Permanent differences, other	$ 156,000	$ 47,000
Permanent differences, other, percentage	(3.70%)	0.80%
Dividend received deduction	$ (302,000)
Dividend Received Deduction, percentage	7.20%	0.00%
Section 831(b) benefit	$ (281,000)	$ (316,000)
Section 831(b) benefit, percentage	6.70%	(5.10%)
Change in valuation allowance	$ 3,868,000	$ 557,000
Change in valuation allowance, percentage	(91.80%)	9.00%
Domestic production activities deductions	$ (64,000)	$ (193,000)
Domestic production activities deductions, percentage	1.50%	(3.10%)
Income attributable to minority interest - Contrail Aviation	$ (45,000)
Income Attributable to Minority Interest - Contrail Aviation, percentage	1.10%	0.00%
Deferred benefit for outside basis difference recorded on Delphax CFC's	$ (1,015,000)
Deferred benefit for outside basis difference recorded on Delphax CFC's, percentage	24.10%	0.00%
Deferred state income taxes, net of Federal benefit for Delphax	$ (102,000)
Deferred state income taxes, net of Federal benefit for Delphax, percentage	2.40%	0.00%
Other differences, net	$ (96,000)	$ 39,000
Other differences, net, percentage	2.30%	0.60%
Total	$ 725,000	$ 2,395,452
Income tax expense, percentage	(17.10%)	38.90%

Note 17 - Income Taxes - Deferr

Note 17 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Inventory reserves	$ 785,000	$ 504,000
Accrued vacation	475,000	439,000
Stock option compensation	108,000	141,000
Property and equipment	169,000
Warranty reserve	39,000	74,000
Accounts and notes receivable reserve	290,000	181,000
Employee severance reserve	460,000
Net operating loss carryforwards	6,461,000	5,353,000
Federal/Canadian tax credits	4,648,000	4,784,000
263A inventory capitalization	10,000	60,000
Unrealized gains/losses and outside basis difference for CFC's	1,995,000
Intangibles	43,000
Other	78,000	112,000
Total deferred tax assets	15,561,000	11,648,000
Deferred revenue	(35,000)	(52,000)
Prepaid expenses	(505,000)	(563,000)
Property and equipment		(70,000)
Intangibles		(388,000)
Gain on marketable securities (OCI)	(94,000)
Outside basis difference	(34,000)
Total deferred tax liabilities	(668,000)	(1,073,000)
Net deferred tax asset (liability)	14,893,000	10,575,000
Less valuation allowance	(14,698,000)	(10,830,000)
Net deferred tax asset (liability) after valuation allowance	$ 195,000
Net deferred tax asset (liability) after valuation allowance		$ (255,000)

Note 18 - Employee Benefits (De

Note 18 - Employee Benefits (Details Textual) - USD ($)	4 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Payment for Pension and Other Postretirement Benefits		$ 529,000	$ 376,000
Domestic Plan [Member] | Delphax [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		50.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		6.00%
Deferred Compensation Arrangement with Individual, Requisite Service Period		3 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 15,000	$ 0
Foreign Plan [Member] | CANADA
Deferred Compensation Arrangement with Individual, Requisite Service Period		2 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 41,000	$ 78,000
Foreign Plan [Member] | CANADA | Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		3.00%
Foreign Plan [Member] | CANADA | Maximum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		4.00%
Foreign Plan [Member] | Delphax [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		2.00%
General and Administrative Expense [Member]
Other Labor-related Expenses		$ 390,000	$ 1,748,000

Note 19 - Quarterly Financial82

Note 19 - Quarterly Financial Information (Unaudited) (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2017	Mar. 31, 2016
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		$ 2,755,318
Insignia [Member]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net	$ 1,502,000
Delphax [Member]
Impairment of Intangible Assets, Finite-lived	1,385,000
Impairment of Long-Lived Assets Held-for-use	249,000
Severance Costs	$ 5,610,000

Note 19 - Quarterly Financial83

Note 19 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Operating Revenues	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 148,471,659	$ 148,211,938
Operating Income (Loss)	1,311,000	1,639,000	1,022,000	(7,073,000)	(2,314,000)	3,890,000	5,505,000	(1,049,000)	(3,100,773)	6,031,663
Net Income (Loss) Attributable to Air T, Inc Stockholders	$ 233,000	$ 1,220,000	$ 1,084,000	$ (5,751,000)	$ (1,370,000)	$ 2,726,000	$ 3,794,000	$ (736,000)	$ (3,213,539)	$ 4,413,910
Basic Earnings (Loss) per share (in dollars per share)	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ (0.57)	$ 1.15	$ 1.60	$ (0.31)	$ (1.51)	$ 1.86
Diluted (in dollars per share)	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ (0.57)	$ 1.14	$ 1.58	$ (0.31)	$ (1.51)	$ 1.84

Note 20 - Geographical Inform84

Note 20 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Non-current Assets	$ 5,324,488	$ 4,577,774
UNITED STATES
Non-current Assets	5,323,471	4,544,050
Non-US [Member]
Non-current Assets	$ 1,017	$ 33,724

Note 20 - Geographical Inform85

Note 20 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 148,471,659	$ 148,211,938
UNITED STATES
Revenues									135,257,659	141,010,279
Non-US [Member]
Revenues									$ 13,214,000	$ 7,201,659

Note 21 - Segment Information86

Note 21 - Segment Information (Details Textual)	12 Months Ended
	Mar. 31, 2017	Oct. 03, 2016
Number of Operating Segments	6
Delphax [Member]
Number of Operating Segments	2
Jet Yard, LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%

Note 21 - Segment Information -

Note 21 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 34,581,000	$ 46,619,000	$ 44,654,000	$ 22,359,000	$ 148,471,659	$ 148,211,938
Operating Income (Loss)	$ 1,311,000	$ 1,639,000	$ 1,022,000	$ (7,073,000)	$ (2,314,000)	$ 3,890,000	$ 5,505,000	$ (1,049,000)	(3,100,773)	6,031,663
Capital Expenditures									2,346,431	1,246,071
Depreciation and Amortization									3,181,845	1,257,207
Corporate, Non-Segment [Member]
Revenues									1,136,311	1,068,240
Operating Income (Loss)									(2,787,760)	(647,888)
Capital Expenditures									1,690,109	275,559
Depreciation and Amortization									174,510	53,060
Intersegment Eliminations [Member]
Revenues									(1,692,859)	(1,309,638)
Operating Income (Loss)									64,801	(90,427)
Capital Expenditures									(3,066,500)	(241,398)
Depreciation and Amortization									(194,610)
Overnight Air Cargo [Member]
Revenues									69,558,334	68,226,891
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues									69,558,334	68,226,891
Operating Income (Loss)									2,723,933	3,283,495
Capital Expenditures									95,270	92,707
Depreciation and Amortization									124,793	138,639
Ground Equipment Sales [Member]
Revenues									31,447,408	51,175,818
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues									31,206,009	51,417,216
Operating Income (Loss)									2,378,812	6,486,846
Capital Expenditures									21,766	341,124
Depreciation and Amortization									597,240	518,013
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									26,922,009	45,417,216
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues									4,284,000	6,000,000
Ground Support Services [Member]
Revenues									30,453,246	24,834,616
Ground Support Services [Member] | Operating Segments [Member]
Revenues									30,453,246	24,834,616
Operating Income (Loss)									(500,712)	(1,035,929)
Capital Expenditures									465,718	520,243
Depreciation and Amortization									383,963	224,878
Printing Equipment and Maintenance [Member]
Revenues									9,019,155	3,954,797
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues									9,809,997	3,954,797
Operating Income (Loss)									(5,937,522)	(1,966,626)
Capital Expenditures									9,927	16,438
Depreciation and Amortization									1,738,819	313,893
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									5,653,997	2,753,138
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues									4,156,000	1,201,659
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues									7,462,902
Operating Income (Loss)									534,762
Capital Expenditures									60,104
Depreciation and Amortization									109,807
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									2,688,902
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues									4,774,000
Leasing [Member]
Revenues									537,719	19,816
Leasing [Member] | Operating Segments [Member]
Revenues									537,719	19,816
Operating Income (Loss)									422,913	2,192
Capital Expenditures									3,070,037	241,398
Depreciation and Amortization									$ 247,323	$ 8,724

Note 22 - Commitments and Con88

Note 22 - Commitments and Contingencies (Details Textual)	Oct. 03, 2016USD ($)	Jul. 18, 2016USD ($)	Jul. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Jun. 29, 2016USD ($)
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount						$ 1,900,000
Corporate Headquarters, Annual Rental Payment				$ 178,000
Contrail Aviation Inc. [Member] | Other Noncurrent Liabilities [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment		$ 2,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability					$ 2,900,000
Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member] | Subsequent Event [Member]
Business Combination, Contingent Consideration, Liability, Current			$ 1,000,000
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability		2,900,000
Payments to Acquire Businesses, Gross		4,033,368
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold		1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment		0
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member] | Subsequent Event [Member]
Earnings Before Interest, Tax, Depreciation and Amortization			$ 2,100,000
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
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold		1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment		$ 1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier		2
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
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
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment		1,000,000
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
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
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 4 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold		1,500,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment		1,500,000
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
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 5 [Member]
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold		15,000,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment		3,000,000
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
Contrail Aviation Support LLC. [Member] | Jet Yard, LLC [Member]
Payments to Acquire Businesses, Gross	$ 15,000
Global Aviation Partners Llc and Global Aviation Service [Member] | Jet Yard, LLC [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	100,000
Payments to Acquire Businesses, Gross	400,000
Payments to Acquire Business, Additional Payment After Closing, Amount	100,000
Payments to Acquire Business, Final Payment, Payable	100,000
Payments to Acquire Business, Final Payment, Payable, Monthly Installments, Amount	$ 16,667

Note 23 - Related Party Matte89

Note 23 - Related Party Matters (Details Textual)	8 Months Ended	12 Months Ended		15 Months Ended
	Mar. 31, 2017USD ($)a	Mar. 31, 2017USD ($)a	Mar. 31, 2016USD ($)	Jun. 30, 2016	Jul. 18, 2016ft²
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent		$ 14,862
Number of Additional Lease Option Periods		3
Lessee, Operating Lease, Renewal Term		2 years
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]
Area of Real Estate Property | a	68	68
Operating Leases Monthly Rent		$ 14,862
Number of Additional Lease Option Periods		3
Lessee, Operating Lease, Renewal Term		2 years
Number of Interests Acquired in Equipment Leases During the Period		2
Vantage [Member] | Leasing Subsidiary [Member]
Payments to Acquire Interests in Equipment Leases			$ 401,250
Fees for Servicing Equipment Leases, Included in Acquisition Payments			$ 1,000
Equipment Lease Payments, Percentage of Outstanding Lease Assets			1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues				1.00%
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member]
Area of Real Estate Property | ft²					21,000
Lessee, Operating Lease, Renewal Term		5 years
Operating Lease, Payments	$ 111,189

Note 24 - Subsequent Events (De

Note 24 - Subsequent Events (Details Textual)	Aug. 03, 2017	Aug. 01, 2017CADft²	Jun. 28, 2017	Jun. 07, 2017USD ($)	May 05, 2017USD ($)	May 02, 2017USD ($)	May 31, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Payments to Acquire Businesses, Net of Cash Acquired								$ 4,573,700	$ (78,000)
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 25,000,000
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate								2.00%
Subsequent Event [Member] | Building Lease in Ontario [Member]
Area of Real Estate Property | ft²		12,206
Operating Lease, Lessee, Initial Annual Rent, Amount | CAD		CAD 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount | CAD		CAD 97,000
Subsequent Event [Member] | Term Loan [Member]
Long-term Debt						$ 2,400,000
Debt Instrument, Periodic Payment, Principal						$ 200,000
Debt Instrument, Basis Spread on Variable Rate						0.25%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 25,000,000
Debt Instrument, Interest Rate, Increase (Decrease)			0.25%
Collateral Pledged, Percentage of Foreign Equity Holdings	65.00%
Subsequent Event [Member] | Contrail Loan Agreement's, Revolving Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 15,000,000
Guarantor Obligations, Maximum Exposure, Undiscounted					$ 1,600,000
Maximum Ratio of Total Liabilities to Tangible Net Worth					2
Minimum Debt Service Coverage Ratio					1.1
Subsequent Event [Member] | Contrail Loan Agreement's, Revolving Line of Credit [Member] | Minimum [Member]
Tangible Net Worth					$ 3,500,000
Subsequent Event [Member] | Contrail Loan Agreement's, Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					3.00%
AirCo [Member] | Subsequent Event [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member]
Payments to Acquire Businesses, Net of Cash Acquired							$ 2,400,000
SAIC [Member] | Subsequent Event [Member] | TFS Partners [Member]
Payments to Acquire Equity Method Investments				$ 500,000
Equity Method Investment, Ownership Percentage				40.00%
TFS Partners [Member] | Subsequent Event [Member] | Fence Store LLC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest				60.00%