Air T (AIRT) 10-Q 26 Oct 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 31, 2017
Document Information [Line Items]
Entity Registrant Name	AIR T INC
Entity Central Index Key	353,184
Trading Symbol	airt
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		2,042,789
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Revenues:
Operating Revenues	$ 47,697,373	$ 30,493,253
Operating Expenses:
Overnight air cargo	14,562,143	14,420,469
Ground equipment sales	4,754,215	3,416,324
Ground support services	7,418,393	5,392,668
Printing equipment and maintenance	1,501,056	6,007,767
Commercial jet engines and parts	10,069,850
Research and development	195,653	510,960
General and administrative	6,585,759	5,828,946
Depreciation, amortization and impairment	398,827	1,989,601
Gain on sale of property and equipment	(1,091)
	45,484,805	37,566,735
Operating Income (Loss)	2,212,568	(7,073,482)
Non-operating Income (Expense):
Gain on sale of marketable securities		143,869
Foreign currency gain (loss), net	(188,624)	91,790
Other-than-temporary impairment loss on investments	(771,173)	(1,502,239)
Other investment income, net	30,651	42,693
Interest expense and other	(149,519)	(64,011)
Bargain purchase acquisition gain, net of tax	501,880
Equity in loss of associated company	(31,903)
	(608,688)	(1,287,898)
Income (Loss) Before Income Taxes	1,603,880	(8,361,380)
Income Taxes	374,000	(372,000)
Net Income (Loss)	1,229,880	(7,989,380)
Net (Income) Loss Attributable to Non-controlling Interests	(261,491)	2,237,909
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 968,389	$ (5,751,471)
Income (Loss) Per Share:
Basic (in dollars per share)	$ 0.47	$ (2.42)
Diluted (in dollars per share)	$ 0.47	$ (2.42)
Weighted Average Shares Outstanding:
Basic (in shares)	2,042,789	2,372,527
Diluted (in shares)	2,047,623	2,372,527
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 16,742,175	$ 16,637,165
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	5,949,656	4,254,188
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	9,113,073	6,800,042
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	3,131,381	2,560,088
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	12,725,341
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 35,747	$ 241,770

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net income (loss)	$ 1,229,880	$ (7,989,380)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	134,789	(150,312)
Unrealized net loss on marketable securities	(920,309)	(981,370)
Tax effect of unrealized net loss on marketable securities	331,761	353,293
Total unrealized net loss on marketable securities, net of tax	(588,548)	(628,077)
Reclassification of other-than-temporary impairment loss on investments, net of gains on sale of marketable securities, included in income (loss) before income taxes	771,173	1,358,370
Tax effect of reclassification	(277,622)	(489,012)
Reclassification adjustment, net of tax	493,551	869,358
Total Other Comprehensive Income	39,792	90,969
Total Comprehensive Income (Loss)	1,269,672	(7,898,411)
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(260,646)	2,285,699
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 1,009,026	$ (5,612,712)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	[1]
Current Assets:
Cash and cash equivalents	$ 1,888,824	$ 2,763,365
Marketable securities	1,979,686	2,130,544
Restricted cash	890,369	890,369
Accounts receivable	20,795,360	18,923,787
Notes and other receivables-current	1,487,884	2,297,007
Income tax receivable	47,501	402,688
Inventories, net	25,352,376	19,778,843
Prepayments and other	1,432,000	1,672,475
Total Current Assets	53,874,000	48,859,078
Investments in Available-For-Sale Securities	1,724,175	2,463,123
Property and equipment, net	5,359,386	5,324,488
Cash surrender value of life insurance policies	2,265,785	2,251,450
Notes and other receivables-long-term		66,771
Deferred income taxes		204,000
Other assets	786,228	371,975
Intangible assets, net	1,300,890	1,376,699
Goodwill	4,417,605	4,417,605
Total Assets	69,728,069	65,335,189
Current Liabilities:
Accounts payable	10,828,717	11,571,156
Accrued expenses and other current liabilities	8,820,775	8,672,815
Short-term debt	2,225,000	25,000
Total Current Liabilities	21,874,492	20,268,971
Long-term debt	20,863,922	18,412,521
Deferred income taxes	27,887	8,000
Other non-current liabilities	2,085,801	3,039,402
Total Liabilities	44,852,102	41,728,894
Redeemable non-controlling interest	1,712,153	1,443,901
Commitments and Contingencies (Notes 2, 8 and 12)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding	510,696	510,696
Additional paid-in capital	4,180,536	4,205,536
Retained earnings	19,429,736	18,461,347
Accumulated other comprehensive loss, net	(171,410)	(212,047)
Total Air T, Inc. Stockholders' Equity	23,949,558	22,965,532
Non-controlling Interests	(785,744)	(803,138)
Total Equity	23,163,814	22,162,394
Total Liabilities and Equity	$ 69,728,069	$ 65,335,189
[1]	Derived from audited consolidated financial statements

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)		Jun. 30, 2017	Mar. 31, 2017
Cash and cash equivalents		$ 1,888,824	$ 2,763,365	[1]
Allowance for doubtful accounts		958,000	979,000	[2]
Accounts receivable		20,795,360	18,923,787	[1]
Notes and other receivables-current		1,487,884	2,297,007	[1]
Inventories, net		25,352,376	19,778,843	[1]
Prepayments and other		1,432,000	1,672,475	[1]
Property and equipment, net		5,359,386	5,324,488	[1]
Accounts payable		10,828,717	11,571,156	[1]
Accrued expenses and other current liabilities		$ 8,820,775	$ 8,672,815	[1]
Preferred stock, par value (in dollars per share)		$ 1	$ 1	[2]
Preferred stock, shares authorized (in shares)		50,000	50,000	[2]
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25	[2]
Common stock, shares authorized (in shares)		4,000,000	4,000,000	[2]
Common stock, shares issued (in shares)		2,042,789	2,042,789	[2]
Common stock, shares outstanding (in shares)		2,042,789	2,042,789	[2]
Delphax [Member]
Cash and cash equivalents	[3]	$ 312,016	$ 328,327	[2]
Accounts receivable	[3]	2,593,290	1,728,411	[2]
Notes and other receivables-current		38,043	0	[2]
Inventories, net	[3]	1,563,494	1,941,729	[2]
Prepayments and other	[3]	831,321	932,794	[2]
Property and equipment, net	[3]	3,316	8,007	[2]
Accounts payable	[3]	2,398,194	2,482,578	[2]
Accrued expenses and other current liabilities	[3]	$ 3,556,390	$ 3,602,162	[2]
[1]	Derived from audited consolidated financial statements
[2]	Derived from audited consolidated financial statements
[3]	Amounts related to Delphax as of June 30, 2017 and March 31, 2017, respectively.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		3 Months Ended
		Jun. 30, 2017		Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 1,229,880		$ (7,989,380)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of marketable securities				(143,869)
Gain on sale of property and equipment		(1,091)
Change in inventory reserves		(405,302)		2,434,837
Change in accounts receivable reserves		(20,950)		(86,049)
Depreciation, amortization and impairment		398,827		1,989,601
Change in cash surrender value of life insurance		(14,335)		(18,571)
Deferred Income Tax Expense (Benefit)		(501,880)
Warranty reserve		27,706		39,001
Other-than-temporary impairment loss on investments		771,173		1,502,239
Change in operating assets and liabilities:
Accounts receivable		(1,071,687)		1,117,413
Notes receivable		811,207		(406,552)
Inventories		(1,896,441)		(5,704,755)
Prepayments and other assets		380,030		534,759
Accounts payable		(1,047,556)		1,864,793
Accrued expenses and other current liabilities		(1,206,518)		744,233
Income taxes payable/receivable		355,186		(428,132)
Non-current liabilities		47,240		(207,494)
Total adjustments		(3,374,391)		3,231,454
Net cash used in operating activities		(2,144,511)		(4,757,926)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(30,476)		(924,623)
Proceeds from sale of marketable securities				1,215,105
Business combinations		(2,900,000)
Capital expenditures		(489,995)		(519,569)
Proceeds from sale of property and equipment		1,861
Increase in restricted cash				(3,411)
Net cash used in investing activities		(3,418,610)		(232,498)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit		17,002,765		12,047,913
Payments on lines of credit		(14,520,242)		(8,727,210)
Proceeds from term loan		2,400,000
Payments on term loan		(200,000)
Net cash provided by financing activities		4,682,523		3,634,395
Effect of foreign currency exchange rates on cash and cash equivalents		6,057		(19,450)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(874,541)		(1,375,479)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		2,763,365	[1]	5,345,455
CASH AND CASH EQUIVALENTS AT END OF PERIOD		1,888,824		3,969,976
Finished goods inventory transferred to property and equipment				321,345
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		160,191		2,319
Income taxes		18,814		56,133
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit				$ 313,692
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	[2],[3]	328,327
CASH AND CASH EQUIVALENTS AT END OF PERIOD	[2]	$ 312,016
[1]	Derived from audited consolidated financial statements
[2]	Amounts related to Delphax as of June 30, 2017 and March 31, 2017, respectively.
[3]	Derived from audited consolidated financial statements

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Unaudited) - 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, 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)				(5,751,471)		(2,237,909)		(7,989,380)
Net change from marketable securities, net of tax					241,281			241,281
Foreign currency translation gain (loss)					(102,522)	(47,790)		(150,312)
Balance (in shares) at Jun. 30, 2016		2,372,527
Balance at Jun. 30, 2016		$ 593,131	4,956,171	23,070,354	(1,760)	(1,244,777)		27,373,119
Balance (in shares) at Mar. 31, 2017		2,042,789
Balance at Mar. 31, 2017		$ 510,696	4,205,536	18,461,347	(212,047)	(803,138)	[1]	22,162,394	[2]
Net income (loss)								1,229,880
Net change from marketable securities, net of tax					(94,997)			(94,997)
Foreign currency translation gain (loss)					135,634	(845)	[1]	134,789
Net income*	[1]			968,389		18,239		986,628
Redeemable non-controlling interest			(25,000)					(25,000)
Balance (in shares) at Jun. 30, 2017		2,042,789
Balance at Jun. 30, 2017		$ 510,696	$ 4,180,536	$ 19,429,736	$ (171,410)	$ (785,744)	[1]	$ 23,163,814
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation.
[2]	Derived from audited consolidated financial statements

Note 1 - Financial Statement Pr

Note 1 - Financial Statement Presentation	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. ( “AirT”, the “Company”, “we”, “us” or “our”) have been prepared, without audit (except as it relates to the condensed consolidated balance sheet as of March 31, 2017 not It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 March 31, 2017. June 30 not Certain r eclassifications have been made to the prior period amounts to conform to the current presentation. New Accounting Pronouncement s In May 2014, he Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 2014 09 December 15, 2017 ( 2019 December 15, 2016. 2014 09 may not The Company is currently evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on the Company's c onsolidated financial position, results of operations or cash flows and related disclosures. Because our evaluation is not not not third fourth 2018. In July 2015, 2015 11, Simplifying the Measurement of Inventory (Topic 330 2015 11 December 15, 2016, December 15, 2017. not 2015 11 In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes (Topic 740 December 15, 2016 June 30, 2017. In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In March 2016, the FASB issued ASU 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016 June 30, 2017 In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2018, In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 December 15, 2017 not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019, January 1, 2017. In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not ’s financial position, results of operations or cash flows.

Note 2 - Acquisitions

Note 2 - Acquisitions	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. 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 90 October 2, 2015 $1,050,000 43,000 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%. November 24, 2017. October 2, 2015 Delphax Senior Credit Agreement"), the Company's rights with respect to payment under and enforcement of the Senior Subordinated Note, and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Delphax Senior Credit Agreement. Each share of Series B Preferred Stock is convertible into 100 no No 38% . 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. 9. The following table summarizes the p rovisional 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 the 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 On January 6, 2017, third $7.0 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 approximately $141,000. June 30, 2017, not 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, The intercompany balances under the Delphax Senior Credit Agreement and Senior Subordinated Note as of June 30, 2017 January 6, 2017 As further discussed in Note 9, June 30, 2016 June 30, 2016 not not We have 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. 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% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the quarter ended June 30, 2017, 3.4% June 30, 2016, 33%. 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% Contrail Aviation, and (iii) and contingent additional deferred consideration payments which are more fully described below. 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 Company has estimated its liability with respect to the Earnout Payment to be $2,900,000, June 30, 2017, June 30, 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 table 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 condensed consolidated balance sheets. The Company estimates that the fair value of Contrail Aviation increased between March 31, 2017 June 30, 2017. Pro forma financial information is not not ’s condensed consolidated financial statements. Acquisition of AirCo Assets On May 2, 2017 May 31, 2017, our newly formed subsidiaries, AirCo, LLC and AirCo Services, LLC (collectively, “AirCo”) acquired the inventory and principal business assets, and assumed specified liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. (collectively, the “AirCo Sellers”). The acquired business, which is based in Wichita, Kansas, distributes and sells airplane and aviation parts and maintains a license under Part 145 $2,400,000. The following table summarizes the provisional fair values of assets acquired and liabilities assumed by AirCo as of May 2, 2017, May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 The Company ’s purchase price accounting reflects the estimated net fair value of the AirCo Sellers assets acquired and liabilities assumed as of the AirCo Closing Date. The Company’s initial accounting for this acquisition is incomplete as of the date of this report. Therefore, as permitted by applicable accounting guidance, the foregoing amounts are provisional. The tax impact related to the bargain purchase gain was to record a deferred tax liability and record tax expense against the bargain purchase gain of approximately $278,000 $502,000. Pro forma financial information is not not ’s condensed consolidated financial statements. Other Acquisitions and Business I nvestments On October 3, 2016, ubsidiary of the Company, Stratus Aero Partners LLC, acquired 100% $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 twelve September 30, 2017. $700,000. No $200,000 $300,000, $200,000 no 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. On June 7, 2017, ’s Space Age Insurance Company subsidiary (“SAIC”) invested $500,000 40% 60% Pro forma financial information is not not ’s consolidated financial statements.

Note 3 - Income Taxes

Note 3 - Income Taxes	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Income Taxes Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. During the three June 30, 2017, $374,000 23.3%. gest factor contributing to the difference between the federal statutory rate of 34% three June 30, 2017 831 three June 30, 2016, $372,000 4.4%. June 2016 three June 30, 2016 June 30, 2016 831 As described in Note 2, November 24, 2015, 38%, three no 201 2. Delphax maintains a September 30 September 30, 201 6, $6.3 $13.2 $4.3 2023. $311,000 no 382 may $2.9 9. The provisions of ASC 740 not November 24, 2015, ’s net deferred tax assets of approximately $11,661,000. June 30, 2017 June 30, 2016 $13,809,000 $12,772,000 As described in Note 2, July 18, 2016, 21% quity of Contrail Aviation. The acquisition was treated as an asset acquisition for tax purposes, with Air T, Inc. receiving a step up on the 79% As described in Note 2, May 2, 2017 May 31, 2017, The acquired business, which is based in Wichita, Kansas, distributes and sells airplane and aviation parts and maintains a license under Part 145 $2,400,000. $780,000. $278,000 $278,000. $502,000.

Note 4 - Net Earnings Per Share

Note 4 - Net Earnings Per Share	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4. Net Earnings Per 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. Because there was a net loss attributable to Air T stockholders for the quarter ended June 30, 2016, The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30, 2017 2016 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 968,389 $ (5,751,471 ) Loss Per Share: Basic $ 0.47 $ (2.42 ) Diluted $ 0.47 $ (2.42 ) Weighted Average Shares Outstanding: Basic 2,042,789 2,372,527 Diluted 2,047,623 2,372,527

Note 5 - Marketable Securities

Note 5 - Marketable Securities	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Marketable Securities June 30, 2017 $3,704,000, $3,590,000, $158,000 $44,000. March 31, 2017 $4,594,000, $4,331,000, $279,000 $16,000. 12 June 30, 2017 $581,000 $51,000, At June 30, 2017, 1.66 14% March 31, 2015. June 30, 2016, March 31, 2017 and June 30, 2017 $5,106,000 $3,604,000 June 30, 2016 $2,463,000 March 31, 2017 $1,724,000 June 30, 2017 $32,000, $3,414,000. January 6, 2017, $0.70 March 31, 2017. fourth 2017 $112,000 12 Other-than-temporary impairments of available-for-sale marketable equity securities are fully recognized in the consolidated statement of income (loss). On the basis of its June 30, 2017 nsignia’s share price has been below Air T’s original cost basis (more than two 12 March 31, 2017) not three June 30 ( March 31) June 30. All securities are priced using publicly quoted market prices and are considered Level 1

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories Inventories consisted of the following: June 30, 2017 March 31, 2017 Ground support service parts $ 2,650,656 $ 2,447,395 Ground equipment manufacturing: Raw materials 2,020,072 1,452,201 Work in process 1,151,890 832,635 Finished goods 10,008,599 10,001,193 Printing equipment and maintenance Raw materials 2,869,180 3,325,142 Work in process 204,022 324,949 Finished goods 790,344 790,345 Commercial jet engines and parts 8,258,858 3,407,339 Total inventories 27,953,621 22,581,199 Reserves (2,601,245 ) (2,802,356 ) Total, net of reserves $ 25,352,376 $ 19,778,843 During the quarter ended June 30, 20 16, 9.

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Stock Based Compensation Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though no may July 29, 2015. No ’s stock option plan during the three June 30, 2017 2016. $0 three June 30, 2017 2016, June 30, 2017, no No June 2017 ’s stock option plans. Delphax did not June 2017

Note 8 - Financing Arrangements

Note 8 - Financing Arrangements	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	8. Financing Arrangements As of June 30, 2017, $25.0 $500,000. Air T and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC, Air T Global Leasing, LLC, Stratus Aero Partners, LLC, Jet Yard, LLC, AirCo, LLC and AirCo Services, LLC are 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 April 1, 2019. On May 2, 2017, Company’s $25.0 $2.4 May 1, 2018, $200,000 June 1, 2017. 25 not June 30, 2017 September 30, 2017 December 31, 2017. Pursuant to a Fifth Amendment and Waiver Agreement effective as of June 28, 2017 0.25% second March 31, 2017 On August 3, 2017, “2017 2017 not 2587493 2587493 2587493 one hundred twenty March 31, 2017 2017 14. 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 14. Pursuant to a Seventh Amendment and Waiver Agreement effective as of October 6, 2017 ( ’s consolidated financial statements for certain periods within the fiscal year ended March 31, 2017, December 31, 2016 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 December 31, 2016 March 31, 2017 not June 30, 2017 June 30, 2017 one As of June 30, 2017, approximately $19.8 $17.9 March 31, 2017. At June 30, 2017, one 225 one June 30, 2017 1.22%. June 30, 2017. On May 5, 2017, $15,000,000 July 18, 2016. one 3.00%. June 30, 2017, $57,000 $14.9 The obligations of Contrail under the Loan Agreement are secured by a first $1,600,000 The Loan Agreement contains affirmative and negative covenants, including covenants that restrict Contrail ’s ability to make acquisitions or investments, make certain changes to its capital structure, and engage in any business substantially different than it presently conducts. The Loan Agreement also contains financial covenants applicable to Contrail, including maintenance of a Cash Flow Coverage Ratio of 2.0 1.0, not $3,500,000, 1.1 1.0, The Loan Agreement contains Events of Default, as defined, including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, if both Contrail ’s current chief executive officer and chief financial officer cease to oversee day-to-day operations of Contrail, cross-default to other debt, bankruptcy and other insolvency events, actual or asserted invalidity of loan documentation, or material adverse changes in Contrail’s financial condition. At June 30, 2017, On October 31, 2016, and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC, Air T Global Leasing, LLC, Jet Yard, LLC and Stratus Aero Partners, LLC, entered into a Loan Agreement dated as of October 31, 2016, ( $1,480,000 October 2017. November 2016. 25 November 2017, October 2026. June 30, 2017, $1,099,000. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements suc h as debt and lease agreements.

Note 9 - Variable Interest Enti

Note 9 - Variable Interest Entities	3 Months Ended
	Jun. 30, 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 2, 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 2 The following table sets forth the carrying values of Delphax ’s assets and liabilities as of June 30, 2017 March 31, 2017: June 30, 2017 March 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 312,016 $ 328,327 Accounts receivable, net 2,593,290 2,036,221 Inventories 1,563,494 1,941,729 Other current assets 831,321 1,145,274 Total current assets 5,300,121 5,451,551 Property and equipment 3,316 8,007 Total assets $ 5,303,437 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,398,194 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,581,391 3,627,162 Short-term debt 4,523,625 4,714,257 Total current liabilities 10,514,522 10,835,309 Long-term debt - - Other long-term liabilities - - Total liabilities $ 10,514,522 $ 10,835,309 Net Assets $ (5,211,085 ) $ (5,375,751 ) The short-term debt includes amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of June 30, 2017, $3,020,000 $2,889,000 March 31, 2017) were $1,541,000. $520,000 $388,000 June 30, 2017 March 31, 2017, $215,000 $112,000, June 30, 2017 March 31, 2017 The assets of Delphax can only be used to satisfy the obligations of Delphax. Delphax ’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 June 30, 2017. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company ’s condensed consolidated statement of income (loss) for the three June 30, 2017 2016. Operating Revenues $ 3,131,381 $ 3,210,088 Operating Expenses: Cost of sales 1,501,056 6,601,734 General and administrative 505,945 1,352,152 Research and development 195,653 510,960 Depreciation, amortization and impairment 4,691 1,680,601 2,207,345 10,145,447 Operating Income (Loss) 924,036 (6,935,359 ) Non-operating Expenses, net (387,797 ) (20,940 ) Income (Loss) Before Income Taxes 536,239 (6,956,299 ) Income Taxes - - Net Income (Loss) $ 536,239 $ (6,956,299 ) Non-operating expense, net, includes interest expense of approximately $132,000 Note and the Delphax Senior Credit Agreement for the quarter ended June 30, 2017 $55,000 June 30, 2016. June 30, 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 June 30, 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 have determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed in Note 2, 67% 33% first 67%/33% 67%/33% January 6, 2017, As a result of the application of the above-described attribution methodology, for the quarter ended June 30, 2017, 3.4% June 30, 2016, 33%.

Note 10 - Geographical Informat

Note 10 - Geographical Information	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	10. Geographical information Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, held outside the United States are summarized in the following table as of June 30, 2017 March 31, 2017: June 30, 2017 March 31, 2017 United States, the Company ’s country of domicile $ 5,358,413 $ 5,323,471 Foreign 973 1,017 Total property and equipment, net $ 5,359,386 $ 5,324,488 Total revenue, in and outside the United States is summarized in the following table for the quarters ended June 30, 2017 June 30, 2016: June 30, 2017 June 30, 2016 United States, the Company ’s country of domicile $ 40,801,228 $ 28,231,252 Foreign 6,896,145 2,262,001 Total revenue $ 47,697,373 $ 30,493,253

Note 11 - Segment Information

Note 11 - Segment Information	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. Segment Information The Company has six ’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% May 2017, may third December 31, 2015. In March 2014, not may third 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 opera ting income. For the quarters ended June 30, 2017 2016, Segment data is summarized as follows: Three Months Ended June 30, 2017 2016 Operating Revenues: Overnight Air Cargo $ 16,742,175 $ 16,637,165 Ground Equipment Sales: Domestic 5,276,366 5,386,069 International 673,290 1,284,619 Total Ground Equipment Sales 5,949,656 6,670,688 Ground Support Services 9,113,073 6,800,042 Printing Equipment and Maintenance Domestic 1,443,982 2,232,706 International 1,687,399 977,382 Total Printing Equipment and Maintenance 3,131,381 3,210,088 Commercial Jet Engines and Parts: Domestic 8,190,885 - International 4,535,456 - Total Commercial Jet Engines 12,726,341 - Leasing 35,747 241,770 Corporate 290,532 281,926 Intercompany (291,532 ) (3,348,426 ) Total $ 47,697,373 $ 30,493,253 Operating Income (Loss): Overnight Air Cargo $ 816,666 $ 979,177 Ground Equipment Sales 165,794 342,320 Ground Support Services 356,824 (110,052 ) Printing Equipment and Maintenance 924,036 (6,935,359 ) Commercial Jet Engines and Parts 810,940 - Leasing 6,898 107,258 Corporate (869,916 ) (931,837 ) Intercompany 1,326 (524,989 ) Total $ 2,212,568 $ (7,073,482 ) Capital Expenditures: Overnight Air Cargo $ - $ - Ground Equipment Sales - 19,596 Ground Support Services 25,365 101,411 Printing Equipment and Maintenance - 9,927 Commercial Jet Engines and Parts 4,977 - Corporate 459,653 388,635 Leasing - 3,066,500 Intercompany - (3,066,500 ) Total $ 489,995 $ 519,569 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 31,016 $ 29,209 Ground Equipment Sales 132,880 47,594 Ground Support Services 111,631 83,436 Printing Equipment and Maintenance 4,691 296,081 Commercial Jet Engines and Parts 45,776 - Leasing 14,812 132,369 Corporate 59,347 30,743 Intercompany (1,326 ) (14,351 ) Total $ 398,827 $ 605,081 The elimination of intercompany revenues is related to the sale during the three June 30, 2016 ten two not three June 30, 2017.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not In July 2016, $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 losing of the acquisition. The Company has estimated its liability with respect to the Earnout Payment of $2,900,000, June 30, 2017 March 31, 2017, June 30, 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 As discussed in Note 8, May 5, 2017. ’s obligations under the Loan Agreement are guaranteed by the Company, with such guaranty limited in amount to a maximum of $1,600,000 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. September 2017, $100,000, October 2017. In June 2016, $1.9 July 2017. There are currently no The Company has various operating lease commitments for office equipment and its office and maintenance facilities.

Note 13 - Related Party Matters

Note 13 - Related Party Matters	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13 . Related Party Matters Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018, may three two January 31, 2024. not July 31, 2017. Contrail Aviation 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 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. Delphax Canada In light of continuing events of default under the Delphax Senior Credit Agreement and the conclusion of final production run by Delphax Canada of consumable products for Delphax ’s legacy printing systems, 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 ’s obligations under the lease have been guaranteed by Air T. 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. Amendment s to Revolving Credit Facility Pursuant to a 2017 ive as of 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 ( ’s consolidated financial statements for certain periods within the fiscal year ended March 31, 2017, December 31, 2016 March 31, 2017

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement s In May 2014, he Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 2014 09 December 15, 2017 ( 2019 December 15, 2016. 2014 09 may not The Company is currently evaluating the methods of adoption allowed by the new standard and the effect the standard is expected to have on the Company's c onsolidated financial position, results of operations or cash flows and related disclosures. Because our evaluation is not not not third fourth 2018. In July 2015, 2015 11, Simplifying the Measurement of Inventory (Topic 330 2015 11 December 15, 2016, December 15, 2017. not 2015 11 In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes (Topic 740 December 15, 2016 June 30, 2017. In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In March 2016, the FASB issued ASU 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016 June 30, 2017 In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2018, In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 December 15, 2017 not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019, January 1, 2017. In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not ’s financial position, results of operations or cash flows.

Note 2 - Acquisitions (Tables)

Note 2 - Acquisitions (Tables)	3 Months Ended
	Jun. 30, 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
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]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880
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 4 - Net Earnings Per Sha24

Note 4 - Net Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2017 2016 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 968,389 $ (5,751,471 ) Loss Per Share: Basic $ 0.47 $ (2.42 ) Diluted $ 0.47 $ (2.42 ) Weighted Average Shares Outstanding: Basic 2,042,789 2,372,527 Diluted 2,047,623 2,372,527

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2017 March 31, 2017 Ground support service parts $ 2,650,656 $ 2,447,395 Ground equipment manufacturing: Raw materials 2,020,072 1,452,201 Work in process 1,151,890 832,635 Finished goods 10,008,599 10,001,193 Printing equipment and maintenance Raw materials 2,869,180 3,325,142 Work in process 204,022 324,949 Finished goods 790,344 790,345 Commercial jet engines and parts 8,258,858 3,407,339 Total inventories 27,953,621 22,581,199 Reserves (2,601,245 ) (2,802,356 ) Total, net of reserves $ 25,352,376 $ 19,778,843

Note 9 - Variable Interest En26

Note 9 - Variable Interest Entities (Tables) - Delphax [Member]	3 Months Ended
	Jun. 30, 2017
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, 2017 March 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 312,016 $ 328,327 Accounts receivable, net 2,593,290 2,036,221 Inventories 1,563,494 1,941,729 Other current assets 831,321 1,145,274 Total current assets 5,300,121 5,451,551 Property and equipment 3,316 8,007 Total assets $ 5,303,437 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,398,194 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,581,391 3,627,162 Short-term debt 4,523,625 4,714,257 Total current liabilities 10,514,522 10,835,309 Long-term debt - - Other long-term liabilities - - Total liabilities $ 10,514,522 $ 10,835,309 Net Assets $ (5,211,085 ) $ (5,375,751 )
Condensed Income Statement [Table Text Block]	Operating Revenues $ 3,131,381 $ 3,210,088 Operating Expenses: Cost of sales 1,501,056 6,601,734 General and administrative 505,945 1,352,152 Research and development 195,653 510,960 Depreciation, amortization and impairment 4,691 1,680,601 2,207,345 10,145,447 Operating Income (Loss) 924,036 (6,935,359 ) Non-operating Expenses, net (387,797 ) (20,940 ) Income (Loss) Before Income Taxes 536,239 (6,956,299 ) Income Taxes - - Net Income (Loss) $ 536,239 $ (6,956,299 )

Note 10 - Geographical Inform27

Note 10 - Geographical Information (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	June 30, 2017 March 31, 2017 United States, the Company ’s country of domicile $ 5,358,413 $ 5,323,471 Foreign 973 1,017 Total property and equipment, net $ 5,359,386 $ 5,324,488
Revenue from External Customers by Geographic Areas [Table Text Block]	June 30, 2017 June 30, 2016 United States, the Company ’s country of domicile $ 40,801,228 $ 28,231,252 Foreign 6,896,145 2,262,001 Total revenue $ 47,697,373 $ 30,493,253

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2017 2016 Operating Revenues: Overnight Air Cargo $ 16,742,175 $ 16,637,165 Ground Equipment Sales: Domestic 5,276,366 5,386,069 International 673,290 1,284,619 Total Ground Equipment Sales 5,949,656 6,670,688 Ground Support Services 9,113,073 6,800,042 Printing Equipment and Maintenance Domestic 1,443,982 2,232,706 International 1,687,399 977,382 Total Printing Equipment and Maintenance 3,131,381 3,210,088 Commercial Jet Engines and Parts: Domestic 8,190,885 - International 4,535,456 - Total Commercial Jet Engines 12,726,341 - Leasing 35,747 241,770 Corporate 290,532 281,926 Intercompany (291,532 ) (3,348,426 ) Total $ 47,697,373 $ 30,493,253 Operating Income (Loss): Overnight Air Cargo $ 816,666 $ 979,177 Ground Equipment Sales 165,794 342,320 Ground Support Services 356,824 (110,052 ) Printing Equipment and Maintenance 924,036 (6,935,359 ) Commercial Jet Engines and Parts 810,940 - Leasing 6,898 107,258 Corporate (869,916 ) (931,837 ) Intercompany 1,326 (524,989 ) Total $ 2,212,568 $ (7,073,482 ) Capital Expenditures: Overnight Air Cargo $ - $ - Ground Equipment Sales - 19,596 Ground Support Services 25,365 101,411 Printing Equipment and Maintenance - 9,927 Commercial Jet Engines and Parts 4,977 - Corporate 459,653 388,635 Leasing - 3,066,500 Intercompany - (3,066,500 ) Total $ 489,995 $ 519,569 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 31,016 $ 29,209 Ground Equipment Sales 132,880 47,594 Ground Support Services 111,631 83,436 Printing Equipment and Maintenance 4,691 296,081 Commercial Jet Engines and Parts 45,776 - Leasing 14,812 132,369 Corporate 59,347 30,743 Intercompany (1,326 ) (14,351 ) Total $ 398,827 $ 605,081

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual)

Jun. 07, 2017USD ($)

May 02, 2017USD ($)

Jan. 06, 2017USD ($)

Oct. 31, 2016USD ($)

Oct. 03, 2016USD ($)a

Jul. 18, 2016USD ($)

Nov. 24, 2015USD ($)$ / sharesshares

May 31, 2017USD ($)

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2016USD ($)

Jul. 26, 2017USD ($)

Mar. 31, 2017USD ($)

[1]

Jan. 05, 2017USD ($)

Deferred Income Tax Expense (Benefit)

$ (501,880)

Business Combination, Bargain Purchase, Gain Recognized, Amount, Net

501,880

Goodwill

$ 4,417,605

$ 4,417,605

$ 4,417,605

SAIC [Member] | TFS Partners [Member]

Payments to Acquire Equity Method Investments

$ 500,000

Equity Method Investment, Ownership Percentage

40.00%

TFS Partners [Member] | Fence Store LLC [Member]

Equity Method Investment, Ownership Percentage

60.00%

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

3.40%

33.00%

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%

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

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

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] | AirCo [Member]

Payments to Acquire Businesses, Gross

$ 2,400,000

$ 2,400,000

Deferred Income Tax Expense (Benefit)

$ 278,000

Deferred Tax Liabilities, Net

278,000

$ 278,000

Business Combination, Bargain Purchase, Gain Recognized, Amount, Net

$ 502,000

Jet Yard, LLC [Member]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Jet Yard, LLC [Member] | Stratus Aero Partners LLC [Member]

Payments to Acquire Businesses, Gross

$ 15,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Jet Yard, LLC [Member] | Stratus Aero Partners 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]

Deferred Tax Assets, Net of Valuation Allowance, Current

$ 0

D&D GSE Support, Inc. [Member] | Global Aviation Services, LLC [Member]

Payments to Acquire Businesses, Gross

$ 400,000

Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High

100,000

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

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

[1]

Derived from audited consolidated financial statements

Note 2 - Acquisitions - Fair Va

Note 2 - Acquisitions - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	[1]	Nov. 24, 2015
ASSETS
Goodwill	$ 4,417,605	$ 4,417,605
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
[1]	Derived from audited consolidated financial statements

Note 2 - Acquisitions - Assets

Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed by Contrail Aviation (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	[1]	Jul. 18, 2016
ASSETS
Goodwill	$ 4,417,605	$ 4,417,605
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
[1]	Derived from audited consolidated financial statements

Note 2 - Acquisitions - Asset32

Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	May 02, 2017	Jun. 30, 2017	Jun. 30, 2016
Consideration paid		$ 2,900,000
AirCo [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]
Accounts receivable	$ 748,936
Inventories	3,100,000
Property and equipment	26,748
Accounts payable	(313,117)
Accrued expenses	(382,687)
Net Assets	3,179,880
Consideration paid	2,400,000
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 779,880

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual)	May 02, 2017USD ($)	Jul. 18, 2016USD ($)	Nov. 24, 2015USD ($)	May 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Income Tax Expense (Benefit)					$ 374,000	$ (372,000)
Effective Income Tax Rate Reconciliation, Percent					23.30%	4.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					34.00%
Estimated Future Liquidation Loss on Tax Attributes					$ 2,900,000
Deferred Tax Assets, Valuation Allowance			$ 11,661,000		13,809,000	$ 12,772,000
Deferred Income Tax Expense (Benefit)					(501,880)
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net					$ 501,880
Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries					3
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%
Payments to Acquire Businesses, Gross			$ 1,050,000
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
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member]
Business combination, Equity Interests in Acquiree, Percentage		21.00%
Business Combination, Equity Interest in Acquiree, Deemed to be Acquired, Percentage		79.00%
Payments to Acquire Businesses, Gross		$ 4,033,368
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] | AirCo [Member]
Payments to Acquire Businesses, Gross	$ 2,400,000			$ 2,400,000
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 779,880
Deferred Tax Liabilities, Net					$ 278,000
Deferred Income Tax Expense (Benefit)					278,000
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net					$ 502,000

Note 4 - Net Earnings Per Sha34

Note 4 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 968,389	$ (5,751,471)
Income (Loss) Per Share:
Basic (in dollars per share)	$ 0.47	$ (2.42)
Diluted (in dollars per share)	$ 0.47	$ (2.42)
Weighted Average Shares Outstanding:
Basic (in shares)	2,042,789	2,372,527
Diluted (in shares)	2,047,623	2,372,527

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Details Textual) - USD ($) $ / shares in Units, shares in Thousands	Jan. 06, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2017	Jun. 29, 2016
Marketable Securities		$ 3,704,000	$ 4,594,000		$ 4,594,000
Available-for-sale Securities, Amortized Cost Basis		3,590,000	4,331,000		4,331,000
Available-for-sale Securities, Gross Unrealized Gain		158,000			279,000
Available-for-sale Securities, Gross Unrealized Loss		44,000			16,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value		581,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss		$ 51,000
Available-for-sale Securities, Number of Shares		1,660
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		$ 771,173		$ 1,502,239
Insignia [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.70
Insignia [Member]
Available-for-sale Securities, Amortized Cost Basis		$ 1,724,000	2,463,000	$ 3,604,000	$ 2,463,000	$ 5,106,000
Available-for-sale Securities, Ownership Percentage		14.00%
Available-for-sale Securities, Acquired During Period, Amortized Cost Basis		$ 32,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net		$ 3,414,000
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities			$ 112,000

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Ground support service parts	$ 2,650,656	$ 2,447,395
Inventory Gross	27,953,621	22,581,199
Reserves	(2,601,245)	(2,802,356)
Total, net of reserves	25,352,376	19,778,843	[1]
Ground Equipment Manufacturing [Member]
Raw materials	2,020,072	1,452,201
Work in process	1,151,890	832,635
Finished goods	10,008,599	10,001,193
Printing Equipment and Maintenance [Member]
Raw materials	2,869,180	3,325,142
Work in process	204,022	324,949
Finished goods	790,344	790,345
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 8,258,858	$ 3,407,339
[1]	Derived from audited consolidated financial statements

Note 7 - Stock-based Compensa37

Note 7 - Stock-based Compensation (Details Textual) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 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, Options, Exercises in Period	0	0
Allocated Share-based Compensation Expense	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0

Note 8 - Financing Arrangemen38

Note 8 - Financing Arrangements (Details Textual)	Jun. 28, 2017	May 05, 2017USD ($)	May 02, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Oct. 31, 2016USD ($)
LIBOR Rate				1.22%
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%
Construction Loan Agreement [Member] | BB&T [Member]
Line of Credit Facility, Maximum Borrowing Capacity						$ 1,480,000
Long-term Line of Credit				$ 1,099,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 25,000,000	$ 25,000,000
Line of Credit Facility, Commitment Fee Percentage				0.15%
Debt Instrument, Interest Rate, Increase (Decrease)	0.25%
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				$ 19,800,000	$ 17,900,000
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				2.25%
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
Contrail Loan Agreement's, Revolving Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 15,000,000
Long-term Line of Credit				57,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 14,900,000
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 1,600,000
Minimum Cash Flow Coverage Ratio		2
Minimum Tangible Net Worth		$ 3,500,000
Minimum Debt Service Coverage Ratio		1.1
Contrail Loan Agreement's, Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		3.00%

Note 9 - Variable Interest En39

Note 9 - Variable Interest Entities (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2017		Nov. 24, 2016
Short-term Debt	$ 2,225,000			$ 25,000	[1]
Goodwill	$ 4,417,605			4,417,605	[1]
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent	67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests	33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage	3.40%	33.00%
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
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt	$ 3,020,000			2,889,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current	520,000			388,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt	1,541,000
Delphax [Member] | Delphax Senior Debt [Member]
Short-term Debt	215,000			$ 112,000
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member]
Interest Expense	$ 132,000	$ 55,000
[1]	Derived from audited consolidated financial statements

Note 9 - Variable Interest En40

Note 9 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017		Jun. 30, 2016	Mar. 31, 2016
Cash and cash equivalents	$ 1,888,824	$ 2,763,365	[1]	$ 3,969,976	$ 5,345,455
Accounts receivable, net	20,795,360	18,923,787	[1]
Inventories	25,352,376	19,778,843	[1]
Other current assets	1,432,000	1,672,475	[1]
Total current assets	53,874,000	48,859,078	[1]
Property and equipment	5,359,386	5,324,488	[1]
Total assets	69,728,069	65,335,189	[1]
Accounts payable	10,828,717	11,571,156	[1]
Accrued expenses	8,820,775	8,672,815	[1]
Short-term Debt	2,225,000	25,000	[1]
Total current liabilities	21,874,492	20,268,971	[1]
Long-term debt	20,863,922	18,412,521	[1]
Other long-term liabilities	2,085,801	3,039,402	[1]
Total liabilities	44,852,102	41,728,894	[1]
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	312,016	328,327
Accounts receivable, net	2,593,290	2,036,221
Inventories	1,563,494	1,941,729
Other current assets	831,321	1,145,274
Total current assets	5,300,121	5,451,551
Property and equipment	3,316	8,007
Total assets	5,303,437	5,459,558
Accounts payable	2,398,194	2,482,578
Income tax payable	11,312	11,312
Accrued expenses	3,581,391	3,627,162
Short-term Debt	4,523,625	4,714,257
Total current liabilities	10,514,522	10,835,309
Long-term debt
Other long-term liabilities
Total liabilities	10,514,522	10,835,309
Net Assets	$ (5,211,085)	$ (5,375,751)
[1]	Derived from audited consolidated financial statements

Note 9 - Variable Interest En41

Note 9 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Revenues	$ 47,697,373	$ 30,493,253
General and administrative	6,585,759	5,828,946
Research and development	195,653	510,960
Depreciation, amortization and impairment	398,827	1,989,601
	45,484,805	37,566,735
Operating Income (Loss)	2,212,568	(7,073,482)
Non-operating Expenses, net	(608,688)	(1,287,898)
Income (Loss) Before Income Taxes	1,603,880	(8,361,380)
Income Tax Expense (Benefit)	374,000	(372,000)
Net Income (Loss)	1,229,880	(7,989,380)
Delphax [Member]
Operating Revenues	3,131,381	3,210,088
Cost of sales	1,501,056	6,601,734
General and administrative	505,945	1,352,152
Research and development	195,653	510,960
Depreciation, amortization and impairment	4,691	1,680,601
	2,207,345	10,145,447
Operating Income (Loss)	924,036	(6,935,359)
Non-operating Expenses, net	(387,797)	(20,940)
Income (Loss) Before Income Taxes	536,239	(6,956,299)
Income Tax Expense (Benefit)
Net Income (Loss)	$ 536,239	$ (6,956,299)

Note 10 - Geographical Inform42

Note 10 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Non-current Assets	$ 5,359,386	$ 5,324,488
UNITED STATES
Non-current Assets	5,358,413	5,323,471
Non-US [Member]
Non-current Assets	$ 973	$ 1,017

Note 10 - Geographical Inform43

Note 10 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Revenues	$ 47,697,373	$ 30,493,253
UNITED STATES
Operating Revenues	40,801,228	28,231,252
Non-US [Member]
Operating Revenues	$ 6,896,145	$ 2,262,001

Note 11 - Segment Information44

Note 11 - Segment Information (Details Textual)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Oct. 03, 2016
Number of Operating Segments	6
Global Ground Support [Member]
Number of Commercial Deicing Units Sold	0	10
Delphax [Member]
Number of Operating Segments	0	2
Jet Yard, LLC [Member]
Business Acquisition, Percentage of Voting Interests Acquired			100.00%

Note 11 - Segment Information -

Note 11 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 47,697,373	$ 30,493,253
Operating Income (Loss)	2,212,568	(7,073,482)
Capital Expenditures	489,995	519,569
Depreciation and Amortization	398,827	605,081
Corporate, Non-Segment [Member]
Revenues	290,532	281,926
Operating Income (Loss)	(869,916)	(931,837)
Capital Expenditures	459,653	388,635
Depreciation and Amortization	59,347	30,743
Intersegment Eliminations [Member]
Revenues	(291,532)	(3,348,426)
Operating Income (Loss)	1,326	(524,989)
Capital Expenditures		(3,066,500)
Depreciation and Amortization	(1,326)	(14,351)
Overnight Air Cargo [Member]
Revenues	16,742,175	16,637,165
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	16,742,175	16,637,165
Operating Income (Loss)	816,666	979,177
Capital Expenditures
Depreciation and Amortization	31,016	29,209
Ground Equipment Sales [Member]
Revenues	5,949,656	4,254,188
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	5,949,656	6,670,688
Operating Income (Loss)	165,794	342,320
Capital Expenditures		19,596
Depreciation and Amortization	132,880	47,594
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	5,276,366	5,386,069
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	673,290	1,284,619
Ground Support Services [Member]
Revenues	9,113,073	6,800,042
Ground Support Services [Member] | Operating Segments [Member]
Revenues	9,113,073	6,800,042
Operating Income (Loss)	356,824	(110,052)
Capital Expenditures	25,365	101,411
Depreciation and Amortization	111,631	83,436
Printing Equipment and Maintenance [Member]
Revenues	3,131,381	2,560,088
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	3,131,381	3,210,088
Operating Income (Loss)	924,036	(6,935,359)
Capital Expenditures		9,927
Depreciation and Amortization	4,691	296,081
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	1,443,982	2,232,706
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	1,687,399	977,382
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues	12,726,341
Operating Income (Loss)	810,940
Capital Expenditures	4,977
Depreciation and Amortization	45,776
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	8,190,885
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues	4,535,456
Leasing [Member]
Revenues	35,747	241,770
Leasing [Member] | Operating Segments [Member]
Revenues	35,747	241,770
Operating Income (Loss)	6,898	107,258
Capital Expenditures		3,066,500
Depreciation and Amortization	$ 14,812	$ 132,369

Note 12 - Commitments and Con46

Note 12 - Commitments and Contingencies (Details Textual)	Oct. 31, 2016USD ($)	Jul. 18, 2016USD ($)	Jul. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	May 05, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 29, 2016USD ($)
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount								$ 1,900,000
Contrail Loan Agreement's, Revolving Line of Credit [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted						$ 1,600,000
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		$ 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
Global Aviation Services, LLC [Member] | D&D GSE Support, Inc. [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
Global Aviation Services, LLC [Member] | D&D GSE Support, Inc. [Member] | Subsequent Event [Member]
Business Combination, Contingent Consideration, Liability				$ 100,000

Note 13 - Related Party Matte47

Note 13 - Related Party Matters (Details Textual)	3 Months Ended	11 Months Ended
	Jun. 30, 2017USD ($)a	Jun. 30, 2017USD ($)a	Jul. 18, 2016ft²
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
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 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member]	Aug. 03, 2017	Aug. 01, 2017CADft²	Jul. 26, 2017USD ($)
Revolving Credit Facility [Member]
Collateral Pledged, Percentage of Foreign Equity Holdings	65.00%
Building Lease in Ontario [Member]
Area of Real Estate Property | ft²		12,206
Operating Lease, Lessee, Initial Annual Rent, Amount		CAD 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount		CAD 97,000
Delphax [Member] | Delphax Canada [Member]
Financing Receivable, Net | $			$ 1,510,000