Air T (AIRT) 10-Q 14 Nov 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2017	Oct. 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	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating Revenues:
Operating Revenues	$ 48,861,490	$ 38,522,990	$ 96,558,863	$ 69,016,243
Operating Expenses:
Overnight air cargo	15,919,557	15,287,937	30,481,700	29,708,406
Ground equipment sales	13,273,845	8,759,677	18,028,060	12,176,001
Ground support services	6,982,270	5,762,634	14,400,663	11,155,302
Printing equipment and maintenance	1,082,751	1,116,964	2,583,807	7,124,731
Commercial jet engines and parts	3,321,385	787,539	13,391,235	787,539
Leasing		49,460		49,460
Research and development		239,922	195,653	750,882
General and administrative	7,276,486	5,143,446	13,862,245	10,972,392
Depreciation, amortization and impairment	529,538	353,672	928,365	2,343,273
Gain on sale of property and equipment			(1,091)
	48,385,832	37,501,251	93,870,637	75,067,986
Operating Income (Loss)	475,658	1,021,739	2,688,226	(6,051,743)
Non-operating Income (Expense):
Gain on sale of marketable securities		429,076		572,945
Foreign currency gain (loss)	(60,482)	33,096	(249,106)	124,886
Other-than-temporary impairment loss on investments			(771,173)	(1,502,239)
Other investment income, net	42,150	48,269	72,801	90,962
Interest expense and other	(322,199)	(77,366)	(471,718)	(141,377)
Gain on asset retirement obligation	562,500		562,500
Bargain purchase acquisition gain, net of tax			501,880
Equity in income of associated company	61,840		29,937
	283,809	433,075	(324,879)	(854,823)
Income (Loss) Before Income Taxes	759,467	1,454,814	2,363,347	(6,906,566)
Income Taxes	281,000	375,000	655,000	3,000
Net Income (Loss)	478,467	1,079,814	1,708,347	(6,909,566)
Net (Income) Loss Attributable to Non-controlling Interests	(56,766)	4,288	(318,257)	2,242,197
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 421,701	$ 1,084,102	$ 1,390,090	$ (4,667,369)
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ 0.21	$ 0.53	$ 0.68	$ (2.11)
Diluted (in dollars per share)	$ 0.21	$ 0.53	$ 0.68	$ (2.11)
Weighted Average Shares Outstanding:
Basic (in shares)	2,042,789	2,042,789	2,042,789	2,207,658
Diluted (in shares)	2,046,945	2,047,976	2,047,305	2,207,658
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 18,081,073	$ 17,151,214	$ 34,823,248	$ 33,788,379
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	15,516,109	11,088,877	21,465,765	15,343,065
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	8,801,326	7,038,151	17,914,399	13,838,193
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	1,302,922	1,727,896	4,434,303	4,287,984
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	5,125,244	1,295,107	17,850,585	1,295,107
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 34,816	$ 221,745	$ 70,563	$ 463,515

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss)	$ 478,467	$ 1,079,814	$ 1,708,347	$ (6,909,566)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	98,577	(39,627)	233,366	(189,940)
Unrealized net gains (losses) on marketable securities	(230,804)	534,614	(1,151,087)	(446,755)
Tax effect of net unrealized (gains) losses on marketable securities	(53,679)	(192,461)	278,057	160,832
Total unrealized net gain (loss) on marketable securities, net of tax	(284,483)	342,153	(873,030)	(285,923)
Reclassification of other-than-temporary impairment losses on marketable securities included in net loss, net of losses (gains) on sale of marketable securities		(429,076)	771,173	929,293
Tax effect of reclassification		154,951	(277,622)	(334,061)
Reclassification adjustment, net of tax		(274,125)	493,551	595,232
Total Other Comprehensive Income (Loss)	(185,906)	28,401	(146,113)	119,369
Total Comprehensive Income (Loss)	292,561	1,108,215	1,562,234	(6,790,197)
Comprehensive Income (Loss) Attributable to Non-controlling Interests	228,608	17,365	(341,295)	2,304,878
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 521,169	$ 1,125,580	$ 1,220,939	$ (4,485,319)

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Sep. 30, 2017	Mar. 31, 2017
Current Assets:
Cash and cash equivalents	[1]	$ 1,358,919	$ 2,763,365
Marketable securities		2,210,389	2,130,544	[1]
Restricted cash		890,369	890,369	[1]
Accounts receivable	[1]	20,000,483	18,923,787
Notes and other receivables-current		2,054,639	2,297,007	[1]
Income tax receivable		1,054,610	402,688	[1]
Inventories, net		18,131,734	19,778,843	[1]
Prepayments and other		1,306,757	1,672,475	[1]
Total Current Assets		47,007,900	48,859,078	[1]
Investments in Available-For-Sale Securities		1,966,791	2,463,123	[1]
Property and equipment, net		12,675,063	5,324,488	[1]
Cash surrender value of life insurance policies		2,272,049	2,251,450	[1]
Notes and other receivables-long-term			66,771	[1]
Deferred income taxes			204,000	[1]
Other assets		899,370	371,975	[1]
Intangible assets, net		1,225,163	1,376,699	[1]
Goodwill		4,417,605	4,417,605	[1]
Total Assets		70,463,941	65,335,189	[1]
Current Liabilities:
Accounts payable		12,003,439	11,571,156	[1]
Accrued expenses and other current liabilities		9,206,625	8,672,815	[1]
Short-term debt		1,625,000	25,000	[1]
Total Current Liabilities		22,835,064	20,268,971	[1]
Long-term debt		20,247,748	18,412,521	[1]
Deferred income taxes		81,566	8,000	[1]
Other non-current liabilities		2,131,036	3,039,402	[1]
Total Liabilities		45,295,414	41,728,894	[1]
Redeemable non-controlling interest		1,796,024	1,443,901	[1]
Commitments and Contingencies (Notes 2, 8 and 12)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized				[1]
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding		510,696	510,696	[1]
Additional paid-in capital		4,171,986	4,205,536	[1]
Retained earnings		19,851,437	18,461,347	[1]
Accumulated other comprehensive loss, net		(381,199)	(212,047)	[1]
Total Air T, Inc. Stockholders' Equity		24,152,920	22,965,532	[1]
Non-controlling Interests		(780,417)	(803,138)	[1]
Total Equity		23,372,503	22,162,394	[1]
Total Liabilities and Equity		$ 70,463,941	$ 65,335,189	[1]
[1]	Derived from audited consolidated financial statements

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)		Sep. 30, 2017	Mar. 31, 2017
Cash and cash equivalents	[1]	$ 1,358,919	$ 2,763,365
Allowance for doubtful accounts		958,000	979,000	[2]
Accounts receivable	[1]	20,000,483	18,923,787
Inventories, net		18,131,734	19,778,843	[1]
Prepayments and other		1,306,757	1,672,475	[1]
Property and equipment, net		12,675,063	5,324,488	[1]
Accounts payable		12,003,439	11,571,156	[1]
Accrued expenses and other current liabilities		$ 9,206,625	$ 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]	$ 449,077	$ 328,327	[2]
Accounts receivable	[3]	884,289	1,728,411	[2]
Inventories, net	[3]	188,410	1,941,729	[2]
Prepayments and other	[3]	431,416	932,794	[2]
Property and equipment, net	[3]	0	8,007	[2]
Accounts payable	[3]	2,152,573	2,482,578	[2]
Accrued expenses and other current liabilities	[3]	$ 3,114,145	$ 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 September 30, 2017 and March 31, 2017, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2017		Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,708,347		$ (6,909,566)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on sale of marketable securities			(572,945)
Gain on sale of property and equipment	(1,091)
Change in accounts receivable and inventory reserves	1,097		2,483,947
Depreciation, amortization and impairment	928,365		2,343,273
Change in cash surrender value of life insurance	(20,599)		(12,373)
Gain on asset retirement obligation	(562,500)
Gain on bargain purchase, net of tax	(501,880)
Warranty reserve	906		(28,250)
Other-than-temporary impairment loss on investments	771,173		1,502,239
Change in operating assets and liabilities:
Accounts receivable	(236,911)		(8,362,763)
Notes receivable and other non-trade receivables	155,049		(1,560,740)
Inventories	4,899,652		(6,084,943)
Prepaid expenses and other assets	488,537		487,462
Accounts payable	129,166		3,004,536
Accrued expenses	(196,594)		797,290
Income taxes payable/ receivable	(651,923)		(397,331)
Non-current liabilities	125,278		(442,874)
Total adjustments	5,327,725		(6,843,472)
Net cash provided by (used in) operating activities	7,036,072		(13,753,038)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(734,600)		(2,505,520)
Proceeds from sale of marketable securities			5,254,087
Net cash flow from business combinations	(2,900,000)		(4,033,367)
Capital expenses	(8,259,215)		(911,040)
Proceeds from sale of property and equipment	1,861		10,745
Increase in restricted cash			(3,411)
Net cash used in investing activities	(11,891,954)		(2,188,506)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit	48,450,994		40,368,017
Payments on lines of credit	(46,617,448)		(19,606,842)
Proceeds from term loan	2,400,000
Payments on term loan	(800,000)
Repurchase of common stock			(7,917,009)
Net cash provided by financing activities	3,433,546		12,795,216
Effect of foreign currency exchange rates on cash and cash equivalents	17,890		(7,387)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,404,446)		(3,153,715)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	2,763,365	[1]	5,345,455
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,358,919	[1]	2,191,740
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers			321,345
SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITIES:
Non-controlling interest in acquired business			1,072,161
Acquired business earnout contract			2,900,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	382,535		61,767
Income taxes	1,312,980		400,331
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on lines of credit			$ (48,950)
[1]	Derived from audited consolidated financial statements

Consolidated Statements of Equi

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
Repurchase of common stock (in shares)		(329,738)
Repurchase of common stock		$ (82,435)	(687,635)	(7,146,940)				(7,917,010)
Net income (Loss) *				(4,667,369)		(2,249,808)		(6,917,177)
Net change from marketable securities, net of tax					309,309			309,309
Foreign currency translation gain (loss)					(127,259)	(62,681)		(189,940)
Balance (in shares) at Sep. 30, 2016		2,042,789
Balance at Sep. 30, 2016		$ 510,696	4,268,536	17,007,516	41,531	(1,271,567)		20,556,712
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]			1,390,090		(317)		1,389,773
Net change from marketable securities, net of tax					(379,480)			(379,480)
Foreign currency translation gain (loss)					210,328	23,038	[1]	233,366
Redeemable non-controlling interest			(33,550)					(33,550)
Balance (in shares) at Sep. 30, 2017		2,042,789
Balance at Sep. 30, 2017		$ 510,696	$ 4,171,986	$ 19,851,437	$ (381,199)	$ (780,417)	[1]	$ 23,372,503
[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	6 Months Ended
	Sep. 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. September 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, 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 consolidated financial position, results of operations or cash flows and related disclosures. Because our evaluation is not not not third fourth 2018. In July 2015, 2 015 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 Janua ry 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, 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 n the Company’s financial position, results of operations or cash flows.

Note 2 - Acquisitions

Note 2 - Acquisitions	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	2. Acquisitions 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) $4,033,36 7 21% $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 The Company has estimated its liability with respect to the Earnout Payment of $2,900,000, September 30, 2017 March 31, 2017, September 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 of the Seller’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. For the six September 30, 2017, March 31, 2017 September 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. ’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 are also payable based on specified performance for the 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. Based on actual revenue earned by D&D through September 30, 2017, $100,000, October 2017. 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	6 Months Ended
	Sep. 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 six September 30, 2017, $655,000 nse at an effective rate of 27.7%. 34% six September 30, 2017 831 six September 30, 2016, $3,000 0.1%. September 2016 six September 30, 2016 September 30, 2016 831 As described in Note 9, November 24, 2015, 38%, three no 2012. Delphax maintains a September 30 September 30, 2016, $6.3 $13.2 $4.3 2023. $311,000 no 382 may (see Note 9 not September 30, 2017, not not $4.0M $4.3 $2.9 9. The provisions of ASC 740 not November 24, 2015, ’s net deferred tax assets of approximately $11,661,000. September 30, 2017 September 30, 2016 $13,791,000 $12,770,000 As described in Note 2, July 18, 2016, 21% 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	6 Months Ended
	Sep. 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 three September 30, 2017 six September 30, 2016, The computation of basic and diluted earnings per common share is as follows: Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 Net income (loss) attributable to Air T, Inc. Stockholders $ 421,701 $ 1,084,102 $ 1,390,090 $ (4,667,369 ) Income (Loss) Per Share: Basic $ 0.21 $ 0.53 $ 0.68 $ (2.11 ) Diluted $ 0.21 $ 0.53 $ 0.68 $ (2.11 ) Weighted Average Shares Outstanding: Basic 2,042,789 2,042,789 2,042,789 2,207,658 Diluted 2,046,945 2,047,976 2,047,305 2,207,658

Note 5 - Marketable Securities

Note 5 - Marketable Securities	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Marketable Securities Investments in available-for-sale marketable securities at September 30, 2017 $4,177,000, $4,294,000, $170,000 $287,000. March 31, 2017 $4,594,000, $4,331,000, $279,000 $16,000. 12 September 30, 2017 $1,518,000 $286,000, At September 30, 2017, 1.82 15% March 31, 2015. June 30, 2016, March 31, 2017 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 All securities are priced using publicly quoted market prices and are considered Level 1

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories Inventories consisted of the following: September 30, 2017 March 31, 2017 Ground support service parts $ 2,661,735 $ 2,447,395 Ground equipment manufacturing: Raw materials 3,587,397 1,452,201 Work in process 1,822,043 832,635 Finished goods 3,739,160 10,001,193 Printing equipment and maintenance Raw materials 2,700,219 3,325,142 Work in process - 324,949 Finished goods 790,344 790,345 Commercial jet engines and parts 5,263,691 3,407,339 Total inventories 20,564,589 22,581,199 Reserves (2,432,855 ) (2,802,356 ) Total, net of reserves $ 18,131,734 $ 19,778,843

Note 7 - Stock Based Compensati

Note 7 - Stock Based Compensation	6 Months Ended
	Sep. 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 six September 30, 2017 2016. $ 0 three September 30, 2017 2016, September 30, 2017, no No September 2017 not September 2017

Note 8 - Financing Arrangements

Note 8 - Financing Arrangements	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	8. Financing Arrangements As of September 30, 2017, $25.0 $500,000. 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. $1.6 September 30, 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 The compliance certificate for the quarter ended June 30, 2017, October 26, 2017 0.25% October 26, 2017. On August 3, 2017, “2017 2017 not 2587493 2587493 2587493 one hundred twenty March 31, 2017 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 ( subsidiary of the Company join the agreement governing the Revolving Credit Facility as a borrower and, in connection with the restatement of the Company’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 ed 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 not September 30, 2017. ’s capital expenditures and additions to assets held for lease and modified the covenant for the remainder of fiscal year 2018 The agreement governing the Revolving Credit Facility contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole. The Company is exposed to changes in interest rates on its prior line of credit and its current revolving credit facility. If the LIBOR interest rate had been increased by one As of September 30, 2017, $13.9 $17.9 March 31, 2017. At September 30, 2017, one 225 one September 30, 2017 1.24%. September 30, 2017. On May 5, 2017, $15,000,000 July 18, 2016. one 3.00%. At September 30, 2017, $4,913,000 $10,100,000 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 September 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. September 30, 2017, $1,474,000. On October 27, 2017 1, $3,441,000 737 800 third 1, The loan contains affirmative and negative covenants and is secured by a security interest in all of Airco 1, ’s assets, a collateral assignment of the purchase agreement for the plane, assignments of the disassembly contract and the consignment agreement, and bailee agreements with Jet Yard, LLC and Airco, LLC. Airco, LLC is a wholly-owned subsidiary of Stratus Aero Partners LLC. 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	6 Months Ended
	Sep. 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. 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 t then provided a revolving credit facility under an agreement with Delphax and Delphax Canada (the "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 were 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 In accordance with ASC 810, November 24, 2015. 810, ’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. ’s determination, the Company assigned considerable weight to both 1 June 1, 2016 four 2 June 1, 2016. November 24, 2015, The following table sets forth the carrying values of Delphax ’s assets and liabilities as of September 30, 2017 March 31, 2017: September 30, 2017 March 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 449,077 $ 328,327 Accounts receivable, net 884,289 2,036,221 Inventories 188,410 1,941,729 Other current assets 431,416 1,145,274 Total current assets 1,953,192 5,451,551 Property and equipment - 8,007 Total assets $ 1,953,192 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,152,573 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,114,145 3,627,162 Short-term debt 3,033,436 4,714,257 Total current liabilities 8,311,466 10,835,309 Net Assets $ (6,358,274 ) $ (5,375,751 ) The short-term debt is comprised of amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of September 30, 2017, $2,375,000 $2,500,000 March 31, 2017) $0 $1,541,000 March 31, 2017). $658,000 $388,000 September 30, 2017 March 31, 2017, March 31, 2017 $112,000 August 10, 2017, The assets of Delphax can only be used to satisfy the obligations of Delphax. On January 6, 2017, the Senior Lender under the Delphax Senior Credit Agreement with Delphax and Delphax Canada providing for a $7.0 $1.26 $7.0 $2.5 100% $500,000, 2.5% $25,000 $50,000 January 6, 2017, no January 6, 2017, January 6, 2017, 10.5% 18%, no January 6, 2017, May 31, 2017 $141,000. first six 2017, During the quarter ended 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. 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, In light of continuing events of default under the Delphax Senior Credit Agreement and the conclusion of fina l 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, With its being adjudged bankrupt on August 8, 2017, ’s rights under Delphax Senior Credit Agreement permitted it to foreclose upon the personal property and rights of undertakings of Delphax Canada. Since the Company foreclosed on Delphax Canada’s assets within very close time proximity to the commencement of bankruptcy proceedings and because the bankruptcy and foreclosure were undertaken in contemplation of one one no September 30, 2017, The intercompany balances under the Delphax Senior Subordinated Note as of September 30, 2017 January 6, 2017 August 10, 2017, Delphax ’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 September 30, 2017. 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology , for the six September 30, 2017, 0% six September 30, 2016, 33%. The following table sets forth the revenue and expenses of Delphax , prior to intercompany eliminations, that are included in the Company’s condensed consolidated statements of income (loss) for the six September 30, 2017 2016. Six Months Ended September 30, 2017 2016 (Unaudited) (Unaudited) Operating Revenues $ 4,434,303 $ 4,958,826 Operating Expenses: Cost of sales 2,583,807 7,723,898 General and administrative 1,001,896 1,704,852 Research and development 195,653 750,882 Depreciation, amortization and impairment 8,007 1,726,404 3,789,363 11,906,036 Operating Income (Loss) 644,940 (6,947,210 ) Non-operating Income (Expenses), net (188,000 ) (45,147 ) Income (Loss) Before Income Taxes 456,940 (6,992,357 ) Income Taxes - - Net Income (Loss) $ 456,940 $ (6,992,357 ) Non-operating income (expense), net, includes interest expense of approximately $440,000 six September 30, 2017 $116,000 six September 30, 2016. six September 30, 2017 2016,

Note 10 - Geographical Informat

Note 10 - Geographical Information	6 Months Ended
	Sep. 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), and that held outside the United States are summarized in the following table as of September 30, 2017 March 31, 2017: September 30, 2017 March 31, 2017 United States, the Company ’s country of domicile $ 5,772,340 $ 5,323,471 Foreign 6,902,723 1,017 Total property and equipment, net $ 12,675,063 $ 5,324,488 Total revenue, in and outside the United States is summarized in the following table for the six September 30, 2017 September 30, 2016: September 30, 2017 September 30, 2016 United States, the Company ’s country of domicile $ 85,319,178 $ 64,393,507 Foreign 11,239,685 4,622,736 Total revenue $ 96,558,863 $ 69,016,243

Note 11 - Segment Information

Note 11 - Segment Information	6 Months Ended
	Sep. 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 September 30, 2017 2016, Segment data is summarized as follows: Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 Operating Revenues: Overnight Air Cargo $ 18,081,073 $ 17,151,214 $ 34,823,248 $ 33,788,379 Ground Equipment Sales: Domestic 15,046,892 10,305,102 20,323,258 15,691,171 International 469,217 783,775 1,142,507 2,068,394 Total Ground Equipment Sales 15,516,109 11,088,877 21,465,765 17,759,565 Ground Support Services 8,801,326 7,038,151 17,914,399 13,838,193 Printing Equipment and Maintenance: Domestic 280,328 1,016,697 1,724,310 3,249,403 International 1,022,594 732,041 2,709,993 1,709,423 Total Printing Equipment and Maintenance 1,302,922 1,748,738 4,434,303 4,958,826 Commercial Jet Engines and Parts: Domestic 2,275,190 450,188 10,466,075 450,188 International 2,851,729 844,919 7,387,185 844,919 Total Commercial Jet Engines and Parts 5,126,919 1,295,107 17,853,260 1,295,107 Leasing 34,816 221,745 70,563 463,515 Corporate 290,533 281,926 581,065 563,852 Intercompany (292,208 ) (302,768 ) (583,740 ) (3,651,194 ) Total $ 48,861,490 $ 38,522,990 $ 96,558,863 $ 69,016,243 Operating Income (Loss): Overnight Air Cargo $ 896,506 $ 440,804 $ 1,713,172 $ 1,419,981 Ground Equipment Sales 1,165,430 1,243,037 1,331,224 1,585,357 Ground Support Services 276,113 (240,717 ) 632,937 (350,769 ) Printing Equipment and Maintenance (482,222 ) (11,851 ) 441,814 (6,947,210 ) Commercial Jet Engines and Parts (48,760 ) 42,806 762,180 42,806 Leasing 4,671 72,157 11,569 179,415 Corporate (1,385,863 ) (531,696 ) (2,255,779 ) (1,463,533 ) Intercompany 49,783 7,199 51,109 (517,790 ) Total $ 475,658 $ 1,021,739 $ 2,688,226 $ (6,051,743 ) Capital Expenditures: Overnight Air Cargo $ 20,346 $ 36,040 $ 20,346 $ 36,040 Ground Equipment Sales 2,258 - 2,258 19,596 Ground Support Services 117,919 110,728 143,284 212,139 Printing Equipment and Maintenance 8,491 - 8,491 9,927 Commercial Jet Engines and Parts 7,078,004 - 7,082,981 - Corporate 542,202 244,703 1,001,855 633,338 Leasing - - - 3,066,500 Intercompany - - - (3,066,500 ) Total $ 7,769,220 $ 391,471 $ 8,259,215 $ 911,040 Depreciation, amortization and impairment: Overnight Air Cargo $ 30,128 $ 30,100 $ 61,144 $ 59,309 Ground Equipment Sales 117,499 47,326 250,379 94,920 Ground Support Services 113,625 87,273 225,256 170,709 Printing Equipment and Maintenance 3,316 45,803 8,007 1,726,404 Commercial Jet Engines and Parts 151,338 28,406 197,114 28,406 Leasing 14,810 85,921 29,622 218,290 Corporate 100,146 36,042 159,493 66,785 Intercompany (1,324 ) (7,199 ) (2,650 ) (21,550 ) Total $ 529,538 $ 353,672 $ 928,365 $ 2,343,273 The elimination of intercompany revenues is related t o the sale during the six September 30, 2016 ten two not six September 30, 2017.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies The Company is involved in variou s 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 September 30, 2017 March 31, 2017, September 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. Based on actual revenue earned by D&D through September 2017, $100,000 October 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. The Company currently expects that none ’s unsecured creditors will receive payment in connection with the ongoing bankruptcy proceedings. This is because the Company’s priority claims under the Delphax Senior Credit Agreement permitted it to foreclose upon all of Delphax Canada’s personal property and rights of undertakings. Unsecured creditors of Delphax Canada may not 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	6 Months Ended
	Sep. 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 See Note 14

Note 14 - Subsequent Events

Note 14 - Subsequent Events	6 Months Ended
	Sep. 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. On October 27, 2017 1, $3,441,000 737 800 third 1, The loan contains affirmative and negative covenants and is secured by a security interest in all of Airco 1, On November 3, 2017, of the Company entered into an agreement with Blue Clay Capital Management, LLC (“Blue Clay Capital”), an investment management firm based in Minneapolis, Minnesota, pursuant to which such subsidiary is to acquire the assets of, and assume certain liabilities of, Blue Clay Capital in return for payment to Blue Clay Capital of $1.00, $50,000 $125,000

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement s In May 2014, 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 consolidated financial position, results of operations or cash flows and related disclosures. Because our evaluation is not not not third fourth 2018. In July 2015, 2 015 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 Janua ry 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, 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 n the Company’s financial position, results of operations or cash flows.

Note 2 - Acquisitions (Tables)

Note 2 - Acquisitions (Tables)	6 Months Ended
	Sep. 30, 2017
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)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 Net income (loss) attributable to Air T, Inc. Stockholders $ 421,701 $ 1,084,102 $ 1,390,090 $ (4,667,369 ) Income (Loss) Per Share: Basic $ 0.21 $ 0.53 $ 0.68 $ (2.11 ) Diluted $ 0.21 $ 0.53 $ 0.68 $ (2.11 ) Weighted Average Shares Outstanding: Basic 2,042,789 2,042,789 2,042,789 2,207,658 Diluted 2,046,945 2,047,976 2,047,305 2,207,658

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2017 March 31, 2017 Ground support service parts $ 2,661,735 $ 2,447,395 Ground equipment manufacturing: Raw materials 3,587,397 1,452,201 Work in process 1,822,043 832,635 Finished goods 3,739,160 10,001,193 Printing equipment and maintenance Raw materials 2,700,219 3,325,142 Work in process - 324,949 Finished goods 790,344 790,345 Commercial jet engines and parts 5,263,691 3,407,339 Total inventories 20,564,589 22,581,199 Reserves (2,432,855 ) (2,802,356 ) Total, net of reserves $ 18,131,734 $ 19,778,843

Note 9 - Variable Interest En26

Note 9 - Variable Interest Entities (Tables) - Delphax [Member]	6 Months Ended
	Sep. 30, 2017
Notes Tables
Condensed Balance Sheet [Table Text Block]	September 30, 2017 March 31, 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 449,077 $ 328,327 Accounts receivable, net 884,289 2,036,221 Inventories 188,410 1,941,729 Other current assets 431,416 1,145,274 Total current assets 1,953,192 5,451,551 Property and equipment - 8,007 Total assets $ 1,953,192 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,152,573 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,114,145 3,627,162 Short-term debt 3,033,436 4,714,257 Total current liabilities 8,311,466 10,835,309 Net Assets $ (6,358,274 ) $ (5,375,751 )
Condensed Income Statement [Table Text Block]	Six Months Ended September 30, 2017 2016 (Unaudited) (Unaudited) Operating Revenues $ 4,434,303 $ 4,958,826 Operating Expenses: Cost of sales 2,583,807 7,723,898 General and administrative 1,001,896 1,704,852 Research and development 195,653 750,882 Depreciation, amortization and impairment 8,007 1,726,404 3,789,363 11,906,036 Operating Income (Loss) 644,940 (6,947,210 ) Non-operating Income (Expenses), net (188,000 ) (45,147 ) Income (Loss) Before Income Taxes 456,940 (6,992,357 ) Income Taxes - - Net Income (Loss) $ 456,940 $ (6,992,357 )

Note 10 - Geographical Inform27

Note 10 - Geographical Information (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	September 30, 2017 March 31, 2017 United States, the Company ’s country of domicile $ 5,772,340 $ 5,323,471 Foreign 6,902,723 1,017 Total property and equipment, net $ 12,675,063 $ 5,324,488
Revenue from External Customers by Geographic Areas [Table Text Block]	September 30, 2017 September 30, 2016 United States, the Company ’s country of domicile $ 85,319,178 $ 64,393,507 Foreign 11,239,685 4,622,736 Total revenue $ 96,558,863 $ 69,016,243

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	6 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2017 2016 2017 2016 Operating Revenues: Overnight Air Cargo $ 18,081,073 $ 17,151,214 $ 34,823,248 $ 33,788,379 Ground Equipment Sales: Domestic 15,046,892 10,305,102 20,323,258 15,691,171 International 469,217 783,775 1,142,507 2,068,394 Total Ground Equipment Sales 15,516,109 11,088,877 21,465,765 17,759,565 Ground Support Services 8,801,326 7,038,151 17,914,399 13,838,193 Printing Equipment and Maintenance: Domestic 280,328 1,016,697 1,724,310 3,249,403 International 1,022,594 732,041 2,709,993 1,709,423 Total Printing Equipment and Maintenance 1,302,922 1,748,738 4,434,303 4,958,826 Commercial Jet Engines and Parts: Domestic 2,275,190 450,188 10,466,075 450,188 International 2,851,729 844,919 7,387,185 844,919 Total Commercial Jet Engines and Parts 5,126,919 1,295,107 17,853,260 1,295,107 Leasing 34,816 221,745 70,563 463,515 Corporate 290,533 281,926 581,065 563,852 Intercompany (292,208 ) (302,768 ) (583,740 ) (3,651,194 ) Total $ 48,861,490 $ 38,522,990 $ 96,558,863 $ 69,016,243 Operating Income (Loss): Overnight Air Cargo $ 896,506 $ 440,804 $ 1,713,172 $ 1,419,981 Ground Equipment Sales 1,165,430 1,243,037 1,331,224 1,585,357 Ground Support Services 276,113 (240,717 ) 632,937 (350,769 ) Printing Equipment and Maintenance (482,222 ) (11,851 ) 441,814 (6,947,210 ) Commercial Jet Engines and Parts (48,760 ) 42,806 762,180 42,806 Leasing 4,671 72,157 11,569 179,415 Corporate (1,385,863 ) (531,696 ) (2,255,779 ) (1,463,533 ) Intercompany 49,783 7,199 51,109 (517,790 ) Total $ 475,658 $ 1,021,739 $ 2,688,226 $ (6,051,743 ) Capital Expenditures: Overnight Air Cargo $ 20,346 $ 36,040 $ 20,346 $ 36,040 Ground Equipment Sales 2,258 - 2,258 19,596 Ground Support Services 117,919 110,728 143,284 212,139 Printing Equipment and Maintenance 8,491 - 8,491 9,927 Commercial Jet Engines and Parts 7,078,004 - 7,082,981 - Corporate 542,202 244,703 1,001,855 633,338 Leasing - - - 3,066,500 Intercompany - - - (3,066,500 ) Total $ 7,769,220 $ 391,471 $ 8,259,215 $ 911,040 Depreciation, amortization and impairment: Overnight Air Cargo $ 30,128 $ 30,100 $ 61,144 $ 59,309 Ground Equipment Sales 117,499 47,326 250,379 94,920 Ground Support Services 113,625 87,273 225,256 170,709 Printing Equipment and Maintenance 3,316 45,803 8,007 1,726,404 Commercial Jet Engines and Parts 151,338 28,406 197,114 28,406 Leasing 14,810 85,921 29,622 218,290 Corporate 100,146 36,042 159,493 66,785 Intercompany (1,324 ) (7,199 ) (2,650 ) (21,550 ) Total $ 529,538 $ 353,672 $ 928,365 $ 2,343,273

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual)

Jun. 07, 2017USD ($)

May 02, 2017USD ($)

Oct. 31, 2016USD ($)

Oct. 03, 2016USD ($)a

Jul. 18, 2016USD ($)

May 31, 2017USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 2017USD ($)

Sep. 30, 2016USD ($)

Sep. 30, 2017USD ($)

Mar. 31, 2017USD ($)

[1]

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

$ 4,417,605

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

Jet Yard, LLC [Member]

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]

Payments to Acquire Businesses, Gross

$ 4,033,367

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 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] | 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] | Minimum [Member]

Business Combination, Contingent Consideration Arrangements, EBITDA Threshold

$ 1,500,000

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 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] | Minimum [Member]

Business Combination, Contingent Consideration Arrangements, EBITDA Threshold

2,000,000

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 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

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]

Payments to Acquire Businesses, Gross

$ 2,400,000

$ 2,400,000

Deferred Income Tax Expense (Benefit)

278,000

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

502,000

Deferred Tax Liabilities, Net

$ 278,000

$ 278,000

$ 278,000

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

Payments to Acquire Businesses, Gross

$ 15,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Stratus Aero Partners LLC [Member] | Jet Yard, 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

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

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%

Global Aviation Partners Llc and Global Aviation Service [Member] | Jet Yard, LLC [Member]

Deferred Tax Assets, Net of Valuation Allowance, Current

$ 0

[1]

Derived from audited consolidated financial statements

Note 2 - Acquisitions - Assets

Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed by Contrail Aviation (Details) - USD ($)	Sep. 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 - Asset31

Note 2 - Acquisitions - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	May 02, 2017	Sep. 30, 2017	Sep. 30, 2016
Consideration paid		$ 2,900,000	$ 4,033,367
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 ($)	May 31, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Income Tax Expense (Benefit)					$ 281,000	$ 375,000	$ 655,000	$ 3,000
Effective Income Tax Rate Reconciliation, Percent							27.70%	0.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent							34.00%
Estimated Future Liquidation Loss on Tax Attributes					2,900,000		$ 2,900,000
Deferred Tax Assets, Valuation Allowance			$ 11,661,000		13,791,000	12,770,000	13,791,000	$ 12,770,000
Deferred Income Tax Expense (Benefit)							(501,880)
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net							$ 501,880
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards						6,300,000		6,300,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards						13,200,000		13,200,000
Delphax [Member] | Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount						4,300,000		4,300,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount						311,000		311,000
Delphax Canada [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards						4,000,000		4,000,000
Tax Credit Carryforward, Amount						$ 4,300,000		$ 4,300,000
Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries					3		3
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%
Payments to Acquire Businesses, Gross			$ 1,050,000
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		$ 4,033,367
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		$ 278,000
Deferred Income Tax Expense (Benefit)							278,000
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net							$ 502,000

Note 4 - Net Earnings Per Sha33

Note 4 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income (loss) attributable to Air T, Inc. Stockholders	$ 421,701	$ 1,084,102	$ 1,390,090	$ (4,667,369)
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ 0.21	$ 0.53	$ 0.68	$ (2.11)
Diluted (in dollars per share)	$ 0.21	$ 0.53	$ 0.68	$ (2.11)
Weighted Average Shares Outstanding:
Basic (in shares)	2,042,789	2,042,789	2,042,789	2,207,658
Diluted (in shares)	2,046,945	2,047,976	2,047,305	2,207,658

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	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2017	Jun. 30, 2016	Jun. 29, 2016
Marketable Securities			$ 4,594,000	$ 4,177,000		$ 4,594,000
Available-for-sale Securities, Amortized Cost Basis			4,331,000	4,294,000		4,331,000
Available-for-sale Securities, Gross Unrealized Gain				170,000		279,000
Available-for-sale Securities, Gross Unrealized Loss				287,000		16,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value				1,518,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss				$ 286,000
Available-for-sale Securities, Number of Shares				1,820
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			$ 2,463,000	$ 3,604,000	$ 5,106,000
Available-for-sale Securities, Ownership Percentage				15.00%
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 ($)	Sep. 30, 2017	Mar. 31, 2017
Ground support service parts	$ 2,661,735	$ 2,447,395
Inventory Gross	20,564,589	22,581,199
Reserves	(2,432,855)	(2,802,356)
Total, net of reserves	18,131,734	19,778,843	[1]
Ground Equipment Manufacturing [Member]
Raw materials	3,587,397	1,452,201
Work in process	1,822,043	832,635
Finished goods	3,739,160	10,001,193
Printing Equipment and Maintenance [Member]
Raw materials	2,700,219	3,325,142
Work in process		324,949
Finished goods	790,344	790,345
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 5,263,691	$ 3,407,339
[1]	Derived from audited consolidated financial statements

Note 7 - Stock Based Compensa36

Note 7 - Stock Based Compensation (Details Textual) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0	0	0
Allocated Share-based Compensation Expense	$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0		$ 0
Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Allocated Share-based Compensation Expense			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0

Note 8 - Financing Arrangemen37

Note 8 - Financing Arrangements (Details Textual)	Jun. 28, 2017	May 05, 2017USD ($)	May 02, 2017USD ($)	Sep. 30, 2017USD ($)	Oct. 27, 2017USD ($)	Mar. 31, 2017USD ($)		Oct. 31, 2016USD ($)
Short-term Debt				$ 1,625,000		$ 25,000	[1]
LIBOR Rate				1.24%
Minnesota Bank and Trust [Member] | AirCo [Member] | Subsequent Event [Member]
Debt Instrument, Face Amount					$ 3,441,000
Term Loan [Member]
Short-term Debt			$ 2,400,000	$ 1,600,000
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				1,474,000
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				$ 13,900,000		$ 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				4,913,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 10,100,000
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%
[1]	Derived from audited consolidated financial statements

Note 9 - Variable Interest En38

Note 9 - Variable Interest Entities (Details Textual)	Jan. 06, 2017USD ($)	Nov. 24, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jul. 26, 2017USD ($)	Mar. 31, 2017USD ($)		Jan. 05, 2017USD ($)	Nov. 24, 2016USD ($)
Short-term Debt				$ 1,625,000				$ 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				0.00%	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]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,500,000									$ 7,000,000
Repayments of Long-term Lines of Credit	$ 1,260,000
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Purchase Orders from Customers	100.00%
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Purchase Orders Included in Borrowing Base	$ 500,000
Line of Credit Facility, Interest Rate at Period End	2.50%
Delphax [Member] | Delphax Canada [Member]
Financing Receivable, Net							$ 1,510,000
Upon Execution of the Amendment [Member] | Delphax [Member]
Line of Credit Facility, Commitment Fee Amount	$ 25,000
Upon Repayment in Full of All Loans Under the Senior Credit Agreement [Member] | Delphax [Member]
Line of Credit Facility, Commitment Fee Amount	$ 50,000
Delphax [Member]
Severance Costs			$ 5,610,000
Intangible Assets, Net (Including Goodwill)						$ 1,400,000
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt				$ 2,375,000				2,500,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current				658,000				388,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt				0				1,541,000
Delphax [Member] | Delphax Senior Debt [Member]
Short-term Debt								$ 112,000
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member]
Interest Expense				$ 440,000	$ 116,000
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 years
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%
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
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 9 - Variable Interest En39

Note 9 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)		Sep. 30, 2017		Mar. 31, 2017		Sep. 30, 2016	Mar. 31, 2016
Cash and cash equivalents		$ 1,358,919	[1]	$ 2,763,365	[1]	$ 2,191,740	$ 5,345,455
Accounts receivable, net	[1]	20,000,483		18,923,787
Inventories		18,131,734		19,778,843	[1]
Other current assets		1,306,757		1,672,475	[1]
Total current assets		47,007,900		48,859,078	[1]
Property and equipment		12,675,063		5,324,488	[1]
Total assets		70,463,941		65,335,189	[1]
Accounts payable		12,003,439		11,571,156	[1]
Accrued expenses		9,206,625		8,672,815	[1]
Short-term Debt		1,625,000		25,000	[1]
Total current liabilities		22,835,064		20,268,971	[1]
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents		449,077		328,327
Accounts receivable, net		884,289		2,036,221
Inventories		188,410		1,941,729
Other current assets		431,416		1,145,274
Total current assets		1,953,192		5,451,551
Property and equipment				8,007
Total assets		1,953,192		5,459,558
Accounts payable		2,152,573		2,482,578
Income tax payable		11,312		11,312
Accrued expenses		3,114,145		3,627,162
Short-term Debt		3,033,436		4,714,257
Total current liabilities		8,311,466		10,835,309
Net Assets		$ (6,358,274)		$ (5,375,751)
[1]	Derived from audited consolidated financial statements

Note 9 - Variable Interest En40

Note 9 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 48,861,490	$ 38,522,990	$ 96,558,863	$ 69,016,243
General and administrative	7,276,486	5,143,446	13,862,245	10,972,392
Research and development		239,922	195,653	750,882
Depreciation, amortization and impairment	529,538	353,672	928,365	2,343,273
	48,385,832	37,501,251	93,870,637	75,067,986
Operating Income (Loss)	475,658	1,021,739	2,688,226	(6,051,743)
Non-operating Income (Expenses), net	283,809	433,075	(324,879)	(854,823)
Income (Loss) Before Income Taxes	759,467	1,454,814	2,363,347	(6,906,566)
Income Tax Expense (Benefit)	281,000	375,000	655,000	3,000
Net Income (Loss)	$ 478,467	$ 1,079,814	1,708,347	(6,909,566)
Delphax [Member]
Revenues			4,434,303	4,958,826
Cost of sales			2,583,807	7,723,898
General and administrative			1,001,896	1,704,852
Research and development			195,653	750,882
Depreciation, amortization and impairment			8,007	1,726,404
			3,789,363	11,906,036
Operating Income (Loss)			644,940	(6,947,210)
Non-operating Income (Expenses), net			(188,000)	(45,147)
Income (Loss) Before Income Taxes			456,940	(6,992,357)
Income Tax Expense (Benefit)
Net Income (Loss)			$ 456,940	$ (6,992,357)

Note 10 - Geographical Inform41

Note 10 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Sep. 30, 2017	Mar. 31, 2017
Non-current Assets	$ 12,675,063	$ 5,324,488
UNITED STATES
Non-current Assets	5,772,340	5,323,471
Non-US [Member]
Non-current Assets	$ 6,902,723	$ 1,017

Note 10 - Geographical Inform42

Note 10 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 48,861,490	$ 38,522,990	$ 96,558,863	$ 69,016,243
UNITED STATES
Revenues			85,319,178	64,393,507
Non-US [Member]
Revenues			$ 11,239,685	$ 4,622,736

Note 11 - Segment Information43

Note 11 - Segment Information (Details Textual)	6 Months Ended
	Sep. 30, 2017	Sep. 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		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		6 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues	$ 48,861,490	$ 38,522,990	$ 96,558,863	$ 69,016,243
Operating Income (Loss)	475,658	1,021,739	2,688,226	(6,051,743)
Capital Expenditures	7,769,220	391,471	8,259,215	911,040
Depreciation and Amortization	529,538	353,672	928,365	2,343,273
Corporate, Non-Segment [Member]
Revenues	290,533	281,926	581,065	563,852
Operating Income (Loss)	(1,385,863)	(531,696)	(2,255,779)	(1,463,533)
Capital Expenditures	542,202	244,703	1,001,855	633,338
Depreciation and Amortization	100,146	36,042	159,493	66,785
Intersegment Eliminations [Member]
Revenues	(292,208)	(302,768)	(583,740)	(3,651,194)
Operating Income (Loss)	49,783	7,199	51,109	(517,790)
Capital Expenditures				(3,066,500)
Depreciation and Amortization	(1,324)	(7,199)	(2,650)	(21,550)
Overnight Air Cargo [Member]
Revenues	18,081,073	17,151,214	34,823,248	33,788,379
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	18,081,073	17,151,214	34,823,248	33,788,379
Operating Income (Loss)	896,506	440,804	1,713,172	1,419,981
Capital Expenditures	20,346	36,040	20,346	36,040
Depreciation and Amortization	30,128	30,100	61,144	59,309
Ground Equipment Sales [Member]
Revenues	15,516,109	11,088,877	21,465,765	15,343,065
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	15,516,109	11,088,877	21,465,765	17,759,565
Operating Income (Loss)	1,165,430	1,243,037	1,331,224	1,585,357
Capital Expenditures	2,258		2,258	19,596
Depreciation and Amortization	117,499	47,326	250,379	94,920
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	15,046,892	10,305,102	20,323,258	15,691,171
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	469,217	783,775	1,142,507	2,068,394
Ground Support Services [Member]
Revenues	8,801,326	7,038,151	17,914,399	13,838,193
Ground Support Services [Member] | Operating Segments [Member]
Revenues	8,801,326	7,038,151	17,914,399	13,838,193
Operating Income (Loss)	276,113	(240,717)	632,937	(350,769)
Capital Expenditures	117,919	110,728	143,284	212,139
Depreciation and Amortization	113,625	87,273	225,256	170,709
Printing Equipment and Maintenance [Member]
Revenues	1,302,922	1,727,896	4,434,303	4,287,984
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	1,302,922	1,748,738	4,434,303	4,958,826
Operating Income (Loss)	(482,222)	(11,851)	441,814	(6,947,210)
Capital Expenditures	8,491		8,491	9,927
Depreciation and Amortization	3,316	45,803	8,007	1,726,404
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	280,328	1,016,697	1,724,310	3,249,403
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	1,022,594	732,041	2,709,993	1,709,423
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues	5,126,919	1,295,107	17,853,260	1,295,107
Operating Income (Loss)	(48,760)	42,806	762,180	42,806
Capital Expenditures	7,078,004		7,082,981
Depreciation and Amortization	151,338	28,406	197,114	28,406
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	2,275,190	450,188	10,466,075	450,188
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues	2,851,729	844,919	7,387,185	844,919
Leasing [Member]
Revenues	34,816	221,745	70,563	463,515
Leasing [Member] | Operating Segments [Member]
Revenues	34,816	221,745	70,563	463,515
Operating Income (Loss)	4,671	72,157	11,569	179,415
Capital Expenditures				3,066,500
Depreciation and Amortization	$ 14,810	$ 85,921	$ 29,622	$ 218,290

Note 12 - Commitments and Con45

Note 12 - Commitments and Contingencies (Details Textual)	Aug. 01, 2017CADft²	Oct. 31, 2016USD ($)	Jul. 18, 2016USD ($)	Oct. 31, 2017USD ($)	Sep. 30, 2017USD ($)	May 05, 2017USD ($)	Mar. 31, 2017USD ($)
Building Lease in Ontario [Member]
Area of Real Estate Property | ft²	12,206
Operating Lease, Lessee, Initial Annual Rent, Amount | CAD	CAD 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount | CAD	CAD 97,000
Contrail Loan Agreement's, Revolving Line of Credit [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted						$ 1,600,000
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
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 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			4,033,367
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] | 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
Business Combination, Contingent Consideration, Liability					$ 100,000
Global Aviation Services, LLC [Member] | D&D GSE Support, Inc. [Member] | Subsequent Event [Member]
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability				$ (100,000)

Note 13 - Related Party Matte46

Note 13 - Related Party Matters (Details Textual)	6 Months Ended	8 Months Ended
	Sep. 30, 2017USD ($)a	Mar. 31, 2017USD ($)	Jul. 18, 2016ft²
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]
Area of Real Estate Property | a	68
Operating Leases Monthly Rent	$ 14,862
Number of Additional Lease Option Periods	3
Lessee, Operating Lease, Renewal Term	2 years
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] - USD ($)	Nov. 03, 2017	Oct. 27, 2017
Chief Investment Officer [Member]
Annual Salary After the Acquisition	$ 50,000
Chief Operating Officer and Chief Financial Officer [Member]
Annual Salary After the Acquisition	125,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Consideration Transferred	$ 1
Minnesota Bank and Trust [Member] | AirCo [Member]
Debt Instrument, Face Amount		$ 3,441,000