Air T (AIRT) 10-K 29 Jun 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	May 31, 2018	Sep. 30, 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)		2,043,607
Entity Public Float			$ 18,034
Document Type	10-K
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Revenues:
Operating Revenues	$ 194,519,345	$ 148,471,659
Operating Expenses:
Overnight air cargo	63,049,619	61,661,072
Ground equipment sales	41,567,109	24,350,264
Ground support services	30,135,613	25,089,412
Printing equipment and maintenance	2,975,999	9,490,906
Commercial jet engines and parts	20,502,205	4,501,030
Leasing		49,460
Research and development	195,653	1,042,496
General and administrative	29,168,766	22,205,947
Depreciation, amortization and impairment	2,678,858	3,181,845
	190,273,822	151,572,432
Operating Income (Loss)	4,245,523	(3,100,773)
Non-operating Income (Loss):
Gain on sale of marketable securities	93,066	576,162
Foreign currency gain (loss)	(228,714)	286,596
Other-than-temporary impairment losses on investments	(1,559,972)	(2,755,318)
Other investment income, net	121,860	1,345,798
Interest expense and other	(1,724,771)	(571,651)
Gain on asset retirement obligation	562,500
Bargain purchase acquisition gain, net of tax	501,880
Unrealized loss on interest rate swap	(66,706)
Unrealized gain on transition to equity method	721,585
Equity in income of associated company	(14,644)
	(1,593,916)	(1,118,413)
Income (Loss) Before Income Taxes	2,651,607	(4,219,186)
Income Taxes	195,000	725,000
Net Income (Loss)	2,456,607	(4,944,186)
Net (Income) Loss Attributable to Non-controlling Interests	(179,498)	1,730,647
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 2,277,109	$ (3,213,539)
Earnings (Loss) Per Share:
Basic (in dollars per share)	$ 1.11	$ (1.51)
Diluted (in dollars per share)	$ 1.11	$ (1.51)
Weighted Average Shares Outstanding:
Basic (in shares)	2,042,806	2,125,224
Diluted (in shares)	2,047,685	2,125,224
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 72,845,353	$ 69,558,334
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	50,004,507	31,447,408
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	35,698,171	30,453,246
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	29,506,873	7,455,797
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	6,144,403	9,019,155
Corporate Segment [Member]
Operating Revenues:
Operating Revenues	182,722
Leasing [Member]
Operating Revenues:
Operating Revenues	$ 137,316	$ 537,719

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss)	$ 2,456,607	$ (4,944,186)
Other Comprehensive Loss:
Foreign currency translation income (loss)	229,615	(309,680)
Unrealized net losses on marketable securities	(1,788,532)	(1,779,017)
Tax effect of unrealized net losses on marketable securities	282,115	640,446
Reclassification due to the Tax Cuts and Jobs Act	42,475
Total unrealized net losses on marketable securities, net of tax	(1,463,942)	(1,138,571)
Reclassification of other-than-temporary impairment losses on investments, net of gains on sale of marketable securities, included in income (loss) before income taxes	1,466,906	2,179,155
Tax effect of reclassification	(277,622)	(784,446)
Reclassification adjustment, net of tax	1,189,284	1,394,709
Total Other Comprehensive Loss	(45,043)	(53,542)
Total Comprehensive Income (Loss)	2,411,564	(4,997,728)
Comprehensive (Income) Loss Attributable to Non-controlling Interests	(183,309)	1,712,660
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 2,228,255	$ (3,285,068)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Mar. 31, 2018	Mar. 31, 2017
Current Assets:
Cash and cash equivalents		$ 4,803,238	$ 2,763,365
Marketable securities		290,449	2,130,544
Restricted cash		269,659	890,369
Restricted investments		1,235,405
Accounts receivable	[1]	15,157,855	18,923,787
Costs and estimated earnings in excess of billings on uncompleted projects		2,012,121
Notes and other receivables-current		658,630	2,297,007
Income tax receivable		1,557,180	402,688
Inventories, net		34,231,005	19,778,843
Prepaid expenses and other		1,455,566	1,672,475
Total Current Assets		61,671,108	48,859,078
Investments in available-for-sale securities		1,026,920	2,463,123
Property and equipment, net		20,273,171	5,324,488
Cash surrender value of life insurance policies		2,356,507	2,251,450
Notes and other tax receivables-long-term		311,000	66,771
Deferred income taxes			204,000
Investments in funds		324,854
Equity method investments		5,032,268
Other assets		420,981	371,975
Intangible assets, net		1,312,472	1,376,699
Goodwill		4,417,605	4,417,605
Total Assets		97,146,886	65,335,189
Current Liabilities:
Accounts payable		10,181,143	11,571,156
Income tax payable		23,000
Accrued expenses		11,743,973	8,672,815
Short-term debt		9,229,690	25,000
Total Current Liabilities		31,177,806	20,268,971
Long-term debt		38,855,260	18,412,521
Deferred income taxes		92,000	8,000
Other non-current liabilities		785,797	3,039,402
Total Liabilities		70,910,863	41,728,894
Redeemable non-controlling interest		1,992,939	1,443,901
Commitments and contingencies (Notes 8, 11, and 22)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
Common stock, $.25 par value; 4,000,000 shares authorized, 2,043,607 shares issued and outstanding at March 31, 2018, 2,042,789 shares issued and outstanding at March 31, 2017		510,901	510,696
Additional paid-in capital		4,171,869	4,205,536
Retained earnings		20,695,981	18,461,347
Accumulated other comprehensive loss		(260,900)	(212,047)
Total Air T, Inc. Stockholders' Equity		25,117,851	22,965,532
Non-controlling Interests		(874,767)	(803,138)
Total Equity		24,243,084	22,162,394
Total Liabilities and Equity		$ 97,146,886	$ 65,335,189
[1]	Amounts related to Delphax as of March 31, 2018 and 2017, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)		Mar. 31, 2018	Mar. 31, 2017
Cash and cash equivalents		$ 4,803,238	$ 2,763,365
Allowance for doubtful accounts		801,000	979,000
Accounts receivable	[1]	15,157,855	18,923,787
Inventories, net		34,231,005	19,778,843
Prepaid expenses and other		1,455,566	1,672,475
Property and equipment, net		20,273,171	5,324,488
Accounts payable		10,181,143	11,571,156
Income tax payable		23,000
Accrued expenses		11,743,973	8,672,815
Long-term debt		$ 38,855,260	$ 18,412,521
Preferred stock, par value (in dollars per share)		$ 1	$ 1
Preferred stock, shares authorized (in shares)		50,000	50,000
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25
Common stock, shares authorized (in shares)		4,000,000	4,000,000
Common stock, shares issued (in shares)		2,043,607	2,042,789
Common stock, shares outstanding (in shares)		2,043,607	2,042,789
Delphax [Member]
Cash and cash equivalents	[2]	$ 241,430	$ 328,327
Accounts receivable		317,000	1,728,411
Inventories, net	[2]	0	1,941,729
Prepaid expenses and other	[2]	72,269	932,794
Property and equipment, net	[2]	0	8,007
Accounts payable	[2]	2,145,847	2,482,578
Income tax payable	[2]	11,312	11,312
Accrued expenses	[2]	3,244,514	3,602,162
Long-term debt	[2]	$ 0	$ 0
[1]	Amounts related to Delphax as of March 31, 2018 and 2017, respectively.
[2]	Amounts related to Delphax as of March 31, 2018 and 2017, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 2,456,607	$ (4,944,186)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain on sale of marketable securities		(93,066)	(576,162)
Loss on sale of property and equipment		30,232	25,470
Change in inventory reserves		(1,851,036)	2,188,192
Change in accounts receivable reserves		(177,394)	194,286
Depreciation, amortization and impairment		2,678,858	3,181,845
Change in cash surrender value of life insurance		(105,057)	(151,393)
Deferred income taxes		(10,566)	(659,000)
Gain on asset retirement obligation		(562,500)
Gain on bargain purchase, net of tax		(501,880)
Warranty reserve		122,686	(15,173)
Other-than-temporary impairment loss on investments		1,559,972	2,755,318
Unrealized loss on interest rate swap		66,706
Unrealized gain on transition to equity method		(721,585)
Change in operating assets and liabilities:
Accounts receivable		2,732,141	(5,524,446)
Notes receivable and other non-trade receivables		1,640,461	(1,600,290)
Inventories		(6,757,766)	(7,845,801)
Prepaid expenses and other assets		331,466	(129,532)
Accounts payable		(1,689,030)	4,146,921
Accrued expenses		1,664,200	1,618,100
Income taxes payable/ receivable		(1,442,493)	306,900
Non-current liabilities		351,208	(525,143)
Total adjustments		(2,734,444)	(2,609,908)
Net cash used in operating activities		(277,837)	(7,554,094)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities		(2,519,045)	(2,719,369)
Proceeds from sale of marketable securities		720,452	6,002,601
Net cash used for business combinations		(2,400,000)	(4,573,700)
Net cash used for equity method investments		(2,301,026)
Investments in Funds		(324,854)
Capital expenditures		(20,215,594)	(2,346,431)
Proceeds from sale of property and equipment		3,859	6,281
Increase (Decrease) in restricted cash		620,710	(69,718)
Net cash used in investing activities		(26,415,498)	(3,700,336)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit		115,533,307	68,275,140
Payments on line of credit		(119,176,727)	(49,805,658)
Proceeds from term loan		38,441,000
Payments on term loan		(4,816,825)
Debt issuance costs		(404,845)
Earnout payments		(1,100,000)
Contribution from non-controlling member		252,000
Proceeds from exercise of stock options		8,638
Stock repurchase			(7,917,009)
Net cash provided by financing activities		28,736,548	8,688,338
Effect of foreign currency exchange rates on cash and cash equivalents		(3,340)	(15,998)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,039,873	(2,582,090)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		2,763,365	5,345,455
CASH AND CASH EQUIVALENTS AT END OF YEAR		4,803,238	2,763,365
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers		251,643	272,622
Non-controlling interests in acquired business			1,312,501
Acquired business earnout contracts and payable			3,016,667
Equipment leased to customers transferred to inventory		2,057,417
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest		1,065,785	298,150
Income taxes		1,659,064	1,092,679
Delphax [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit			5,387,338
Payments of debts - Delphax			(7,251,473)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	[1]	328,327
CASH AND CASH EQUIVALENTS AT END OF YEAR	[1]	$ 241,430	$ 328,327
[1]	Amounts related to Delphax as of March 31, 2018 and 2017, respectively.

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Mar. 31, 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)	(7,146,939)			(7,917,009)
Net loss*	[1]			(3,213,539)		(1,862,047)	(5,075,586)
Net change from marketable securities, net of tax					256,139		256,139
Foreign currency translation income (loss)					(327,667)	17,987	(309,680)
Stock-based compensation			(63,000)				$ (63,000)
Exercise of stock options (in shares)							0
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)	$ 22,162,394
Net loss*	[2]			2,277,109		(75,440)	2,201,669
Net change from marketable securities, net of tax			(317,132)				(317,132)
Foreign currency translation income (loss)					225,804	3,811	$ 229,615
Exercise of stock options (in shares)		818					818
Exercise of stock options		$ 205	8,433				$ 8,638
Redeemable non-controlling interest			(42,100)				(42,100)
Reclassification due to the Tax Cuts and Jobs Act				(42,475)	42,475
Balance (in shares) at Mar. 31, 2018		2,043,607
Balance at Mar. 31, 2018		$ 510,901	$ 4,171,869	$ 20,695,981	$ (260,900)	$ (874,767)	$ 24,243,084
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation $131,400
[2]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation $254,938

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parentheticals) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Contrail Aviation Support LLC. [Member]
Redeemable non-controlling interest in Contrail Aviation	$ 254,938	$ 131,400

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three Accounting Estimates Concentration of Credit Risk 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16 Cash and Cash Equivalents three Foreign E xchange Variable Interest Entities Goodwill not Business Combinations 805 805” 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not The Company tests goodwill for impairment at least once annually. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company is permitted to first not 50 not not not first second first second second Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Tradenames 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10 Attribution of N et I ncome or L oss of P artially- O wned C onsolidated E ntities 67% 33% first 67%/33% 67%/33% 8, January 6, 2017, The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis. In the case of Contrail Aviation, we concluded that an attribution methodology based solely on equity ownership percentages was appropriate. Marketable Securities 320, Investments – Debt and Equity Securities March 31, 2018, Inventories first first may not one Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may Asset Retirement Obligation $560,000. March 31, 2017 September 30, 2017 $563,000 Restricted Cash Revenue Recognition Although infrequent, the Company does occasionally enter into customer arrangements that involve the delivery of multiple elements. For any such arrangements, the Company applies the applicable accounting guidance in order to identify the individual accounting elements and to determine the most appropriate revenue recognition model for such elements. We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 605 45, Principal Agent Considerations. Operating Expenses Reimbursed by Customer $23,380,000 $23,379,000 March 31, 2018 2017, Stock Based Compensation no may Warranty Reserves three 90 Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50% The Tax Cuts and Jobs Act (TCJA) was signed into law by the President on Friday December 22, 2017. 35% 21%, December 31, 2017. 15 §15 March 31, 2018. 15 30.79% The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally the 21% $158,000. $2,139,000. $0 The TCJA also repealed the corporate alternative minimum tax and made any minimum tax credit carryforwards to the extent not December 31, 2017. $311,000 September 30, 2019. 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. Research and Development Costs 2018 $196,000 $1,042,000 2017. Accounting for R edeemable N on- C ontrolling I nterest 8 fifth third not March 31, 2018 2017 not no first two not Going Concern one Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ) 2016, 606 606 The new revenue recognition standards are effective for annual reporting periods beginning after December 15, 2017 December 15, 2016. 606 may not The Company's adoption efforts have included the identification of revenue within the scope of the standard, the evaluation of customer contracts in conjunction with new guidance and an assessment of the qualitative and quantitative impacts of the new standard on its financial statements. The evaluation included the application of each of the five 606 The new standard will be effective for the Company’s annual and interim periods beginning April 1, 2018. April 1, 2018 2014 09 not 2014 09 606. first 2019, In July 2015, 2015 11, Simplifying the Measurement of Inventory (Topic 330 2015 11 December 15, 2016, December 15, 2017. 2015 11 not In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes (Topic 740 December 15, 2016 June 30, 2017 In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In March 2016, 2016 07, Investments – Equity Method and Joint Ventures (Topic 323 no 2016 07 December 15, 2016 March 31, 2018 4. In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016 June 30, 2017 no March 31, 2018. 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 In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. not In January 2018, $42,000 December 31, 2017. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	2. EARNINGS PER COMMON SHARE Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The dilutive effect of options was excluded in fiscal 2017 The computation of earnings per common share is as follows: Year Ended March 31, 2018 2017 Net earnings attributable to Air T, Inc. Stockholders $ 2,277,109 $ (3,213,539 ) Earnings Per Share: Basic $ 1.11 $ (1.51 ) Diluted $ 1.11 $ (1.51 ) Weighted Average Shares Outstanding: Basic 2,042,806 2,125,224 Diluted 2,047,685 2,125,224

Note 3 - Investments in Securit

Note 3 - Investments in Securities	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. INVESTMENTS IN SECURITIES Marketable securities at March 31, 2018 $7,861,000, $6,463,000, $1,467,000 $69,000. March 31, 2017 $4,594,000, $4,331,000, $279,000 $16,000. 12 March 31, 2018 $1,063,000 $69,000, $441,000 $16,000, March 31, 2017). March 31, 2018, 2017, none 12 $93,000 $576,000 March 31, 2018 March 31, 2017, At March 31, 2017, 1.65 June 30, 2016 March 31, 2017 $2,643,000. January 6, 2017, $0.70 March 31, 2017. On the basis of its June 30, 2017 $771,000. $1,724,000 June 30, 2017 On January 16, 2018, 1,133,000 26% 4. At March 31, 2018, 456,206 December 31, 2017 $1,516,000 $727,000 December 31, 2017 $789,000.

Note 4 - Equity Method Investme

Note 4 - Equity Method Investments	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	4. EQUITY METHOD INVESTMENTS On June 7, 2017, $500,000 40% 60% $433,000 March 31, 2018. On January 16, 2018, 1,133,000 $1.25 $1.4 26% January 16, 2018, $385,000. not three March 31, 2018. March 31, 2018, 3.4 28% $4,599,000. No March 31, 2018. $722,000 January 16, 2018.

Note 5 - Inventories

Note 5 - Inventories	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. INVENTORIES Inventories consisted of the following: Year Ended March 31, 2018 2017 Ground support service parts $ 2,518,942 $ 2,447,395 Ground equipment manufacturing: Raw materials 3,314,676 1,452,201 Work in process 20,089 832,635 Finished goods 1,768,897 10,001,193 Printing equipment and maintenance: Raw materials 1,161,410 3,325,142 Work in process - 324,949 Finished goods 553,847 790,345 Commercial jet engines and parts 25,452,022 3,407,339 Total inventories 34,789,883 22,581,199 Reserves (558,878 ) (2,802,356 ) Total, net of reserves $ 34,231,005 $ 19,778,843

Note 6 - Property and Equipment

Note 6 - Property and Equipment	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: Year Ended March 31, 2018 2017 Furniture, fixtures and improvements $ 7,696,590 $ 8,377,988 Building 1,633,992 1,335,333 Equipment leased to customers 17,289,842 272,622 26,620,424 9,985,943 Less accumulated depreciation (6,347,253 ) (4,661,455 ) Property and equipment, net $ 20,273,171 $ 5,324,488

Note 7 - Intangible Assets and

Note 7 - Intangible Assets and Goodwill	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	7. INTANGIBLE ASSETS AND GOODWILL Amortizable intangible assets consisted of the following: Year Ended March 31, 2018 2017 Tradenames $ 442,000 $ 442,000 Customer relationships 751,000 751,000 Non-compete 69,700 69,700 Certification 47,000 47,000 License 250,000 - Patents 1,090,000 1,090,000 Software 429,128 420,360 Other 22,242 22,242 3,101,070 2,842,302 Less accumulated amortization and impairment (1,788,598 ) (1,465,603 ) Intangible assets, net $ 1,312,472 $ 1,376,699 Amortization expense was approximately $323,000 2018 $105,000 8 March 31, 2017 $1,110,000. 9 Annual future amortization expense for these intangible assets for the five Year ending March 31, 2019 $ 351,715 2020 214,129 2021 152,568 2022 125,573 2023 115,578 Thereafter 352,909 $ 1,312,472 Goodwill consisted of the following: Year Ended March 31, 2018 2017 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605 The Company recorded goodwill of approximately $375,000 8 $275,000 June 30, 2016 $0 $100,000 March 31, 2016). Certain business acquisitions have resulted in the recording of goodwill, which is not March 31, 2018, $4.4 $4.2 may not not In 2018, Based on the results of our annual quantitative assessment conducted as of March 31, 2018, 38%, no

Note 8 - Accrued Expenses

Note 8 - Accrued Expenses	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. ACCRUED EXPENSES Accrued expenses consisted of the following: Year Ended March 31, 2018 2017 Salaries, wages and related items $ 6,431,517 $ 5,398,877 Profit sharing and bonus 1,201,440 413,522 Earnout liabilities, current portion 1,500,000 - Health insurance 370,806 423,680 Warranty reserves 109,490 164,240 Asset retirement obligation - 562,500 Claims reserve 446,529 308,528 Customer discounts 263,957 - Taxes 157,739 508,615 Other deposits 590,000 325,000 Other 672,495 567,853 Total $ 11,743,973 $ 8,672,815 Product warranty reserve activity is as follows: Year Ended March 31, 2018 2017 Beginning Balance $ 164,240 $ 266,455 Amounts charged to expense 122,686 (15,173 ) Actual warranty costs paid (177,436 ) (87,042 ) Ending Balance $ 109,490 $ 164,240

Note 9 - Acquisitions

Note 9 - Acquisitions	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	9. ACQUISITIONS Acquisition of Interests in Contrail Aviation On July 18, 2016 ( The acquisition consideration consisted of (i) $4,033,368 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 $2,900,000, March 31, 2017. $2.1 first $1,000,000, October 2017. $1,955,000, $1,500,000 $455,000, March 31, 2018. 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 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 March 31, 2018, 2018 $252,000 third $948,000 $549,000 March 31, 2017 March 31, 2018. Acquisition of AirCo Assets On May 2, 2017 June 1, 2017, 145 $2,400,000. The following table summarizes the fair values of assets acquired and liabilities assumed by AirCo as of June 1, 2017, May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 The Company’s purchase price accounting reflects the estimated net fair value of the AirCo Sellers assets acquired and liabilities assumed as of the AirCo Closing Date. The Company’s initial accounting for this acquisition is incomplete as of the date of these consolidated financial statements. Therefore, as permitted by applicable accounting guidance, the foregoing amounts are provisional. The transaction resulted in a bargain purchase because AirCo was a non-marketed transaction and in financial distress at the time of the acquisition. The inventory was not $278,000. $502,000. Pro forma financial information is not not Other Acquisitions On October 3, 2016, 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. Pursuant to an Asset Purchase Agreement signed on October 31, 2016, October 1, 2016, $400,000. $100,000 30 $100,000 $16,667 November 1, 2016. $100,000 may twelve September 30, 2017. $700,000. No $200,000 $300,000, $200,000 no 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 December 15, 2017, $1.00, $50,000 $125,000 In connection with the Blue Clay Capital acquisition, a Partnership Interest Conversion and General Partner Admittance Agreement (“Conversion Agreement”) was entered into effective December 31, 2017 one 1% December 31, 2017 $100,000 $10,000 January 1, 2018 $227,000 Additionally, effective December 31, 2017, Pro forma financial information is not not

Note 10 - Variable Interest Ent

Note 10 - Variable Interest Entities	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	10. 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. Consolidated Variable Interest Entity Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 ( November 24, 2015 ( $2,500,000 $500,000 90 October 2, 2015 $1,050,000 43,000 95,600 $33.4728 Principal under the Senior Subordinated Note is due on October 24, 2020 8.5%. November 24, 2017. October 2, 2015 Each share of Series B Preferred Stock is convertible into 100 no No 38% Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Series B Preferred Stock and interests in the Warrant sufficient to permit it to acquire up to 50% 50% ● holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement) with respect to three June 1, 2016 four ● without the written consent or waiver of the Company, Delphax may not Pursuant to the provision described above, beginning on November 24, 2015, three seven The Warrant expires on November 24, 2021. first may 0.95 20 one In accordance with ASC 810, November 24, 2015. 810, 810. After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. 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 March 31, 2018 2017: March 31, 2018 March 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 241,430 $ 328,327 Accounts receivable, net 316,542 2,036,221 Inventories, net - 1,941,729 Other current assets 72,269 1,145,274 Total current assets 630,241 5,451,551 Property and equipment, net - 8,007 Intangible assets, net - - Goodwill - - Other tax receivables-long-term 311,000 - Total assets $ 941,241 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,145,847 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,244,514 3,627,162 Short-term debt 1,788,285 4,714,257 Total current liabilities 7,189,958 10,835,309 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,189,958 $ 10,835,309 Net assets $ (6,248,717 ) $ (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 March 31, 2018, $900,000 $2,500,000 March 31, 2017) $0 $1,541,000 March 31, 2017). $888,000 $388,000 March 31, 2018 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. Furthermore, Delphax’s creditors do not On January 6, 2017, $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 ® June 30, 2016, $5,610,000, June 30, 2016 March 31, 2017. The Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. The Company recorded goodwill of approximately $375,000 March 31, 2016 $100,000 $275,000 June 30, 2016. March 31, 2017 Intangible assets of Delphax had a net book value of approximately $1.4 March 31, 2016. June 30, 2016, $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 final production run by Delphax Canada of consumable products for Delphax’s legacy printing systems, on July 13, 2017, August 10, 2017, July 26, 2017. July 26, 2017 $1,510,000. August 8, 2017, not August 10, 2017, With it being adjudged bankrupt on August 8, 2017, one one no March 31, 2018, The intercompany balances under the Delphax Senior Subordinated Note as of March 31, 2018 January 6, 2017 August 10, 2017, Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 March 31, 2018. 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the fiscal years ended March 31, 2018 2017, 33% 30%, The following table sets forth the revenue and expenses of Delphax that are included in the Company’s consolidated statements of income (loss) and comprehensive income (loss) for the years ended March 31, 2018 2017: March 31, 2018 March 31, 2017 Operating revenues $ 5,835,266 $ 9,809,997 Operating expenses: Cost of sales 3,261,156 10,090,073 General and administrative 1,399,034 2,876,132 Research and development 195,653 1,042,496 Depreciation, amortization and impairment 8,007 1,738,819 4,863,850 15,747,520 Operating income (loss) 971,416 (5,937,523 ) Non-operating expense, net (742,120 ) (361,098 ) Income (Loss) before income taxes 229,296 (6,298,621 ) Income tax benefit 311,000 - Net income (loss) $ 540,296 $ (6,298,621 ) Non-operating expense, net, includes intercompany interest expense of approximately $670,000 March 31, 2018 $425,000 March 31, 2017. March 31, 2018 2017, Unconsolidated Variable Interest Entities and Other Entities As discussed in Note 2, March 31, 2018. not not not not March 31, 2018 $325,000.

Note 11 - Financing Arrangement

Note 11 - Financing Arrangements	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	11. FINANCING ARRANGEMENTS On December 21, 2017, $26,900,000 $10,000,000 three $10,000,000 $5,000,000 $1,900,000 $10,000,000 one 1% two 2% four one 4.50% one 1% three one 3.25% four 56/100ths 4.56% November 30, 2019, ten January 1, 2019. first On December 21, 2017, January 1, 2018 January 1, 2028. January 1, 2018, $10,000,000, $10,000,000 four 56/100ths 4.56% March 31, 2018 $8,500. not March 31, 2018 On February 15, 2018, $1,680,000 $1,900,000 $1,000,000 one 2%. five 9/100 th 5.09% $5,600 March 1, 2018 January 1, 2028 first 5930 28037. 1% 3.25%. January 1, 2019. $158,333.33 $90,909 first On February 20, 2018, February 20, 2018 January 1, 2028. February 20, 2018, $1,680,000, $1,680,000 five 9/100 th 5.09% March 31, 2018 $58,000. not March 31, 2018 The MBT agreements contain affirmative and negative covenants, including covenants providing compliance certificates and borrowing base certificates, notices of events of default or other events deemed to have a material adverse effect on the Company, as defined in the credit agreement, and limitations on certain types of additional debt and certain types of investments. The MBT Credit Agreement also contains financial covenants applicable to the Company and the obligation subsidiaries, including the maintenance of a Debt Service Coverage Ratio of 1.25 1.00 1.50 1.00. The MBT agreements contain events of default, as defined therein, including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, cross-default to other debt, bankruptcy and other insolvency events, actual or asserted invalidity of loan documentation, or material adverse changes in the Company’s or the guaranteeing subsidiaries’ financial condition. At March 31, 2018, Prior to December 21, 2017, $25.0 April 1, 2019 ( one 1.50% 2.00% 0.15%. On May 2, 2017, $2.4 May 1, 2018, $200,000 June 1, 2017. 25 Effective as of June 28, 2017, 0.25% second March 31, 2017 June 30, 2017, October 26, 2017 0.25% October 26, 2017. The Prior Revolving Credit Facility contained a number of affirmative and negative covenants as well as financial covenants. Revisions to the terms of the Prior Revolving Credit Facility and waiver of compliance with certain covenants by the lender occurred pursuant to a number of amendments to the facility. On October 31, 2016, October 31, 2016, ( $1,480,000 October 2017. November 2016. 25 November 2017, October 2026. All of the obligations of the Company and its subsidiaries under the Prior Revolving Credit Facility including the Construction Loan Agreement referenced above were repaid in full with proceeds of the MBT Credit Agreement, and the Prior Revolving Credit Facility was terminated effective as of December 21, 2017. In connection with and upon consummation of the Contrail Aviation acquisition in July 2016, $12,000,000 75% $9,000,000 80% March 31, 2017 $3.2 $0 one 2.80% January 2018. first $1,600,000, The Contrail Credit Agreement contained affirmative and negative covenants, including covenants that restricted the ability of Contrail Aviation and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The Contrail Credit Agreement also contained financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of 1.75 1.0, 2.5 1.0, $10,000 March 31, 2017, On May 5, 2017, $15,000,000 July 18, 2016. one 3.00%. On March 7, 2018, May 5, 2017. $20,000,000 May 5, 2019. one 3.00%. March 31, 2018, $14,826,000 $5,174,000 On January 31, 2018, $9,920,000 1 3.75% January 26, 2021. $250,000, seventy 70% $250,000. March 31, 2018, $9,920,000. The obligations of Contrail Aviation under the Amended ONB Loan Agreement and the Additional ONB Loan Agreement are secured by a first $1,600,000 The Amended ONB Loan Agreement and the Additional ONB Loan Agreement contain 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 agreements also contain 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 Amended ONB Loan Agreement and the Additional ONB Loan Agreement contain 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 March 31, 2018, On October 27, 2017 1, $3,441,000 737 800 March 26, 2019. third 1, March 31, 2018, $2,360,000 $44,500 The loan contains affirmative and negative covenants and is secured by a security interest in all of AirCo 1, On February 22, 2018, 1, $5,000,000 not 737 A320 1, third 7.50% first April 1, 2018. February 21, 2019. March 31, 2018, $4,950,000 $50,000 While AirCo 1, 737 800 October 2017, 1, no not 737 A320 The loan contains affirmative and negative covenants and is secured by security interests in all of AirCo 1, 737 1, The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. At March 31, 2018, Fiscal year ended Amount 2019 $ 9,324,278 2020 16,888,073 2021 10,640,086 2022 1,567,200 2023 1,567,200 Thereafter 8,463,400 48,450,237 Less: Unamortized Debt Issuance Costs (365,288 ) $ 48,084,950

Note 12 - Lease Arrangements

Note 12 - Lease Arrangements	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments Disclosure [Text Block]	12. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and some of its office and maintenance facilities. The Company previously leased property used for its corporate offices from a company controlled by certain of the Company’s former officers and directors. The lease for this facility provided for monthly rent of $14,862 January 31, 2018. July 2017 not The Company also leases approximately 1,950 4,800 third The Company leases approximately 53,000 66,000 January 2023, four five five GGS leases a 112,500 third August 2019. GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one March 2021. As of March 31, 2018, third 1 10 Contrail Aviation leases a 21,000 July 17, 2021, five $13,000 24 Jet Yard leases approximately 48.5 May 2046, 30 2.6 may 90 March 31, 2017 not Delphax’s Canadian subsidiary leased a 76,734 Delphax Solutions leases 12,206 July 31, 2020 August 1, 2017 July 31, 2020. $94,600 first $97,000 third AirCo leases a 20,000 May 1, 2018, may 90 may four one 2018 $121,000. May 1, 2019. At March 31, 2018, March 31, 2018 one Year ended March 31, 2019 $ 3,007,000 2020 2,262,000 2021 1,400,000 2022 1,078,000 2023 885,000 Thereafter 5,381,000 Total minimum lease payments $ 14,013,000 The Company’s rent expense excluding Delphax for operating leases totaled approximately $4,520,000 $3,872,000 2018 2017, $337,000 $289,000 2018 2017, $95,000 $391,000 2018 2017

Note 13 - Equipment Leased to C

Note 13 - Equipment Leased to Customers	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	13. EQUIPMENT LEASED TO CUSTOMERS The Company leases equipment to third third third As of March 31, 2018, Year ended March 31, 2019 $ 2,547,888 2020 1,392,588 2021 732,588 2022 83,288 2023 66,547 Thereafter - Total minimum lease payments $ 4,822,899

Note 14 - Fair Value of Financi

Note 14 - Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	14. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one three Level 1: Level 2: not Level 3: no The following consolidated balance sheet items are measured at fair value: Fair Value Measurements at March 31, 2018 2017 Marketable securities (Level 1) $ 2,552,774 $ 4,593,667 Interest rate swaps (Level 2) $ 66,706 $ - Acquisition contingent consideration obligations (Level 3) $ 1,955,987 $ 3,023,031 Redeemable Non-Controlling Interest (Level 3) $ 1,992,939 $ 1,443,901 The fair values of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 The fair value of the acquisition contingent consideration obligations is based on a discounted cash flow analysis using projected EBITDA over the earn-out period and is classified as Level 3 The fair value of the redeemable non-controlling interest is based on a market approach using a book value multiple and is classified as Level 3 The fair value measurements which use significant observable inputs (Level 3 Acquisition Contingent Consideration Obligations Redeemable Non-Controlling Interest Beginning Balance $ 3,023,031 $ 1,443,901 Payment of contingent consideration (1,100,000 ) - Capital contribution by non-controlling member - 252,000 Net income attributable to non-controlling interests - 254,938 Fair value adjustment - 42,100 Interest accrued on contingent consideration 32,956 - $ 1,955,987 $ 1,992,939 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accounts payable approximate their fair value at March 31, 2018 2017.

Note 15 - Air T, Inc. Stockhold

Note 15 - Air T, Inc. Stockholders' Equity	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	15. AIR T, INC. STOCKHOLDERS’ EQUITY The authorized capital structure of Air T, Inc. includes 4,000,000 $0.25 May 2014, On May 14, 2014, 750,000 10b 18, In addition to common stock, the Company may 50,000 $1.00 one 5,000 5,000 3,000 On December 14, 2014, one December 15, 2014. September 26, 2016, 5:00 December 26, 2017 5:00 September 26, 2016. September 26, 2016, 5:00 December 26, 2017 5:00 September 26, 2016 ( September 26, 2016 On July 1, 2016, 329,738 $0.25 $24.01 $7,917,009. thirty 30 Pursuant to the terms of the Securities Purchase Agreement, for a period of four The Common Stock repurchased from the Biglari Group was retired upon repurchase. The accompanying consolidated statement of equity for the year ended March 31, 2017

Note 16 - Employee and Non-empl

Note 16 - Employee and Non-employee Stock Options	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	16. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Pursuant to equity compensation plans last approved by Air T, Inc. stockholders in 2005, 256,000 100% March 31, 2016, no may 40,000 one third first one There was no March 31, 2018 2017. March 31, 2018, no no March 31, 2018 March 31, 2017. As of March 31, 2017, 36,000 6,000 March 31, 2016 30,000 March 31, 2017. $63,000 818 March 31, 2018 $10.56. March 31, 2018 9,182. In addition, Delphax maintains a number of stock option plans. These plans were in place at the time of the Company’s acquisition of interests in Delphax. Subsequent to the acquisition, Delphax granted 1.2 $0.33 Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 Granted - - Exercised - - Forfeited (30,000 ) - Repurchased - - Outstanding at March 31, 2017 10,000 10.08 6.15 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 $ 10.03 5.13 $ 140,193 Exercisable at March 31, 2018 9,182 $ 10.03 5.13 $ 140,193

Note 17 - Major Customer

Note 17 - Major Customer	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	17. MAJOR CUSTOMER Approximately 38% 47% 2018 2017, 15% 15% March 31, 2018 2017,

Note 18 - Income Taxes

Note 18 - Income Taxes	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	18. INCOME TAXES The components of income tax expense (benefit) were as follows: Year Ended March 31, 2018 2017 Current: Federal $ (133,000 ) $ 1,124,000 State 183,000 128,000 Foreign 156,000 132,000 Total current 206,000 1,384,000 Deferred: Federal (14,000 ) (592,000 ) State 3,000 (67,000 ) Total deferred (11,000 ) (659,000 ) Total $ 195,000 $ 725,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 30.8% 34% March 31, 2018 March 31, 2017 Year Ended March 31, 2018 2017 Expected Federal income tax expense U.S. statutory rate $ 818,000 30.8 % $ (1,434,000 ) 34.0 % State income taxes, net of Federal benefit 129,000 4.9 % 40,000 -0.9 % Permanent differences, other 21,000 0.8 % 156,000 -3.7 % Dividend received deduction - 0.0 % (302,000 ) 7.2 % Section 831(b) benefit (320,000 ) -12.1 % (281,000 ) 6.7 % Change in valuation allowance (1,116,000 ) -42.1 % 3,868,000 -91.8 % Domestic production activities deductions (15,000 ) -0.6 % (64,000 ) 1.5 % Income attributable to minority interest - Contrail Aviation (79,000 ) -3.0 % (45,000 ) 1.1 % Bargain purchase gain (155,000 ) -5.8 % - 0.0 % Tax rate change applied to deferreds 2,297,000 86.6 % - 0.0 % Deferred benefit for outside basis difference recorded on Delphax CFC's (811,000 ) -30.6 % (1,015,000 ) 24.1 % Deferred benefit for increase in Canadian tax credits for Dephax (149,000 ) -5.6 % Recognition of AMT credit as tax receivable (311,000 ) -11.7 % - 0.0 % Deferred state income taxes, net of Federal benefit for Delphax - 0.0 % (102,000 ) 2.4 % Other differences, net (114,000 ) -4.3 % (96,000 ) 2.3 % Income tax expense $ 195,000 7.3 % $ 725,000 -17.1 % Delphax, which generated a loss for the period ended March 31, 2018 March 31, 2017 not $973,000 $3,212,000 March 31: 2018 2017 Inventory reserves $ 50,000 $ 785,000 Accrued vacation 343,000 475,000 Stock option compensation 67,000 108,000 Property and equipment 264,000 169,000 Warranty reserve 25,000 39,000 Accounts and notes receivable reserve 103,000 290,000 Employee severance reserve 549,000 460,000 Net operating loss carryforwards 6,083,000 6,461,000 Federal/Canadian tax credits 4,486,000 4,648,000 263A inventory capitalization - 10,000 Unrealized gains/losses and outside basis difference for CFC's 2,324,000 1,995,000 Intangibles 25,000 43,000 Outside basis difference - Other 69,000 78,000 Total deferred tax assets 14,388,000 15,561,000 Deferred revenue (11,000 ) (35,000 ) Prepaid expenses (337,000 ) (505,000 ) 263A inventory capitalization (28,000 ) - Bargain purchase gain (179,000 ) - Gain on marketable securities (OCI) (72,000 ) (94,000 ) Outside basis difference (270,000 ) (34,000 ) Total deferred tax liabilities (897,000 ) (668,000 ) Net deferred tax asset (liability) $ 13,491,000 $ 14,893,000 Less valuation allowance (13,583,000 ) (14,698,000 ) Net deferred tax asset (liability) $ (92,000 ) $ 195,000 The Company accounts for uncertain tax positions in accordance with accounting principles generally accepted in the United States of America. The Company has analyzed filing positions in all of the federal, state and international jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The years subject to examination for the Company’s federal return are the fiscal 2014 2016 2013 2016 March 31, 2018 2017, not not twelve It is the Company’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2018 2017, not March 31, 2018 2017. As described in Note 10, November 24, 2015, 38%, three no 2013. Delphax maintains a September 30 September 30, 2016, $9.7 $14.5 $4.5 2023. not December 31, 2017. $311,000 September 30, 2019. 382 may 10 $2.3 10. September 30, 2017 not The provisions of ASC 740 not $13.0 March 31, 2018 $14.0 March 31, 2017.

Note 19 - Employee Benefits

Note 19 - Employee Benefits	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	19. EMPLOYEE BENEFITS The Company has a 401 1165 March 31, 2018 2017 $559,000 $529,000, The Company, in each of the past three 2018 2017 $1,188,000 $390,000, 2018 $602,000 $536,000 Delphax had a defined contribution plan covering substantially all Canadian employees. Canadian employees contribute 2% 3% 4% two 2018 2017 $0 $78,000

Note 20 - Quarterly Financial I

Note 20 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Quarterly Financial Information [Text Block]	20. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 2017 Operating Revenues $ 30,493 $ 38,523 $ 35,769 $ 43,687 Operating Income (Loss) (7,073 ) 1,022 1,639 1,311 Net Income (Loss) Attributable to Air T, Inc Stockholders (5,751 ) 1,084 1,220 233 Basic Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 Diluted Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 During the quarter ended June 30, 2016, not The adverse business developments during the quarter ended June 30, 2016 ® $1,385,000 June 30, 2016. $249,000 June 30, 2016. June 30, 2016, $5,610,000 June 30, 2016 March 31, 2017. In addition, results for the quarter ended June 30, 2016 $1,502,000 one

Note 21 - Geographical Informat

Note 21 - Geographical Information	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	21. GEOGRAPHICAL INFORMATION Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2018 March 31, 2017: March 31, March 31, 2018 2017 United States, the Company’s country of domicile $ 5,209,831 $ 5,323,471 Foreign 15,063,340 1,017 Total property and equipment, net $ 20,273,171 $ 5,324,488 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines on lease at March 31, 2018. March 31, 2018 Mexico $ 4,352,257 Netherlands 7,084,947 Romania 3,626,136 $ 15,063,340 Total revenue, located in the United States, the Company’s Country of domicile, and outside the United States is summarized in the following table as of March 31, 2018 March 31, 2017: March 31, March 31, 2018 2017 United States, the Company’s country of domicile $ 175,727,524 $ 135,257,659 Foreign 18,791,821 13,214,000 Total revenue $ 194,519,345 $ 148,471,659

Note 22 - Segment Information

Note 22 - Segment Information	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	22. SEGMENT INFORMATION The Company has seven Year Ended March 31, 2018 2017 Operating Revenues: Overnight Air Cargo $ 72,845,353 $ 69,558,334 Ground Equipment Sales: Domestic 47,394,193 26,922,009 International 2,641,842 4,284,000 Total Ground Equipment Sales 50,036,035 31,206,009 Ground Support Services 35,710,005 30,453,246 Printing Equipment and Maintenance Domestic 3,675,193 5,653,997 International 2,711,689 4,156,000 Total Printing Equipment and Maintenance 6,386,882 9,809,997 Commercial Jet Engines and Parts: Domestic 25,324,231 2,688,902 International 13,438,290 4,774,000 Total Commercial Jet Engines 38,762,521 7,462,902 Leasing 137,316 537,719 Corporate 2,520,521 1,136,311 Intercompany (11,879,288 ) (1,692,859 ) Total $ 194,519,345 $ 148,471,659 Operating Income (Loss): Overnight Air Cargo $ 4,127,322 $ 2,723,933 Ground Equipment Sales 3,840,907 2,378,812 Ground Support Services (179,152 ) (500,712 ) Printing Equipment and Maintenance (749,846 ) (5,937,522 ) Commercial Jet Engines and Parts 2,003,111 534,762 Leasing 6,079 422,913 Corporate (3,541,853 ) (2,787,760 ) Intercompany (1,261,045 ) 64,801 Total $ 4,245,523 $ (3,100,773 ) Capital Expenditures: Overnight Air Cargo $ 40,668 $ 95,270 Ground Equipment Sales 219,592 21,766 Ground Support Services 363,420 465,718 Printing Equipment and Maintenance 181,895 9,927 Commercial Jet Engines and Parts 18,305,930 60,104 Leasing - 3,070,037 Corporate 1,104,089 1,690,109 Intercompany - (3,066,500 ) Total $ 20,215,594 $ 2,346,431 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 110,810 $ 124,793 Ground Equipment Sales 433,184 597,240 Ground Support Services 471,776 383,963 Printing Equipment and Maintenance 13,135 1,738,819 Commercial Jet Engines and Parts 1,174,764 109,807 Leasing 59,244 247,323 Corporate 421,243 174,510 Intercompany (5,298 ) (194,610 ) Total $ 2,678,858 $ 3,181,845 During fiscal year 2017, two ® During fiscal year 2018,

Note 23 - Commitments and Conti

Note 23 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	23. COMMITMENTS AND CONTINGENCIES The Company is involved in various other legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not In July 2016, $1,500,000 $3,000,000 (i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no (ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, $2,000,000, x $1,500,000, two 2 (iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $2,000,000, $4,000,000, $1,000,000; (iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $4,000,000, $1,500,000; (v) if, following the fifth $15,000,000 $3,000,000 $3,000,000 As used in the Asset Purchase Agreement, “Earnout Period” means each of the first five twelve $2,900,000, March 31, 2017. $2.1 first $1,000,000, October 2017. $1,955,000, $1,500,000 $455,000, March 31, 2018. 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 third On October 31, 2016, October 1, 2016, $400,000, $100,000 30 $100,000 $16,667 November 1, 2016. September 30, 2017, $100,000, October 2017. As discussed in Note 11, first $1,600,000 Delphax Solutions leases 12,206 August 1, 2017 July 31, 2020. $94,600 first $97,000 third The Company currently expects that none may not no The Company has various operating lease commitments for office equipment and its office and maintenance facilities. See Note 11.

Note 24 - Related Party Matters

Note 24 - Related Party Matters	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	24. RELATED PARTY MATTERS Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018. July 31, 2017. During the fiscal year ended March 31, 2016, two $401,250. third $1,000 1% March 31, 2017 March 31, 2018 1% 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 Ms. Miriam Kuhn, Chief Financial Officer of Contrail Aviation. The facility consists of approximately 21,000 $158,738 March 31, 2018 $111,189 July 18, 2016 March 31, 2017 June 30, 2021, five no third On December 15, 2017, $1.00, $50,000 December 27, 2017, one December 31, 2017, 52,000

Note 25 - Subsequent Events

Note 25 - Subsequent Events	12 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	25. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued. On April 6, 2018, $50,000 $3,400,000 No. 2 May 2, 2018, $100,000 $3,300,000. May 4, 2018, On May 25, 2018, $1,500,000 $3,400,000 May 25, 2018 $3,000,000 $1,500,000. one 2.5% one 2.0%. November 30, 2019, first

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
Equity Method Investments [Policy Text Block]	Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk 30 At various times throughout the year, the Company had deposits with banks in excess of amounts covered by federal depository insurance and investments in corporate notes that are not A majority of the Company’s revenues are concentrated in the aviation industry and revenues can be materially affected by current economic conditions and the price of certain supplies such as fuel, the cost of which is passed through to the Company’s cargo customer. The Company has a customer concentration in its overnight air cargo segment which provides service to one 16
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents three
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign E xchange
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill not
Business Combinations Policy [Policy Text Block]	Business Combinations 805 805” 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not The Company tests goodwill for impairment at least once annually. An impairment test will also be carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as a reporting unit. The Company is permitted to first not 50 not not not first second first second second
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Tradenames 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	Attribution of N et I ncome or L oss of P artially- O wned C onsolidated E ntities 67% 33% first 67%/33% 67%/33% 8, January 6, 2017, The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis. In the case of Contrail Aviation, we concluded that an attribution methodology based solely on equity ownership percentages was appropriate.
Marketable Securities, Policy [Policy Text Block]	Marketable Securities 320, Investments – Debt and Equity Securities March 31, 2018,
Inventory, Policy [Policy Text Block]	Inventories first first may not one
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligation $560,000. March 31, 2017 September 30, 2017 $563,000
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Although infrequent, the Company does occasionally enter into customer arrangements that involve the delivery of multiple elements. For any such arrangements, the Company applies the applicable accounting guidance in order to identify the individual accounting elements and to determine the most appropriate revenue recognition model for such elements. We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 605 45, Principal Agent Considerations.
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	Operating Expenses Reimbursed by Customer $23,380,000 $23,379,000 March 31, 2018 2017,
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock Based Compensation no may
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves three 90
Income Tax, Policy [Policy Text Block]	Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50% The Tax Cuts and Jobs Act (TCJA) was signed into law by the President on Friday December 22, 2017. 35% 21%, December 31, 2017. 15 §15 March 31, 2018. 15 30.79% The Company remeasured deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally the 21% $158,000. $2,139,000. $0 The TCJA also repealed the corporate alternative minimum tax and made any minimum tax credit carryforwards to the extent not December 31, 2017. $311,000 September 30, 2019. 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.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs 2018 $196,000 $1,042,000 2017.
Redeemable Noncontrolling Interest Policy [Policy Text Block]	Accounting for R edeemable N on- C ontrolling I nterest 8 fifth third not March 31, 2018 2017 not no first two not
Substantial Doubt about Going Concern [Policy Text Block]	Going Concern one
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606 ) 2016, 606 606 The new revenue recognition standards are effective for annual reporting periods beginning after December 15, 2017 December 15, 2016. 606 may not The Company's adoption efforts have included the identification of revenue within the scope of the standard, the evaluation of customer contracts in conjunction with new guidance and an assessment of the qualitative and quantitative impacts of the new standard on its financial statements. The evaluation included the application of each of the five 606 The new standard will be effective for the Company’s annual and interim periods beginning April 1, 2018. April 1, 2018 2014 09 not 2014 09 606. first 2019, In July 2015, 2015 11, Simplifying the Measurement of Inventory (Topic 330 2015 11 December 15, 2016, December 15, 2017. 2015 11 not In November 2015, 2015 17, Balance Sheet Classification of Deferred Taxes (Topic 740 December 15, 2016 June 30, 2017 In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In March 2016, 2016 07, Investments – Equity Method and Joint Ventures (Topic 323 no 2016 07 December 15, 2016 March 31, 2018 4. In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 2016 09 December 15, 2016 June 30, 2017 no March 31, 2018. 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 In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. not In January 2018, $42,000 December 31, 2017. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not

Note 1 - Summary of Significa35

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Finite-Lived Intangible Asset Useful Lives [Table Text Block]	Years Software 3 Tradenames 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationships 10

Note 2 - Earnings Per Common 36

Note 2 - Earnings Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2018 2017 Net earnings attributable to Air T, Inc. Stockholders $ 2,277,109 $ (3,213,539 ) Earnings Per Share: Basic $ 1.11 $ (1.51 ) Diluted $ 1.11 $ (1.51 ) Weighted Average Shares Outstanding: Basic 2,042,806 2,125,224 Diluted 2,047,685 2,125,224

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Year Ended March 31, 2018 2017 Ground support service parts $ 2,518,942 $ 2,447,395 Ground equipment manufacturing: Raw materials 3,314,676 1,452,201 Work in process 20,089 832,635 Finished goods 1,768,897 10,001,193 Printing equipment and maintenance: Raw materials 1,161,410 3,325,142 Work in process - 324,949 Finished goods 553,847 790,345 Commercial jet engines and parts 25,452,022 3,407,339 Total inventories 34,789,883 22,581,199 Reserves (558,878 ) (2,802,356 ) Total, net of reserves $ 34,231,005 $ 19,778,843

Note 6 - Property and Equipme38

Note 6 - Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	Year Ended March 31, 2018 2017 Furniture, fixtures and improvements $ 7,696,590 $ 8,377,988 Building 1,633,992 1,335,333 Equipment leased to customers 17,289,842 272,622 26,620,424 9,985,943 Less accumulated depreciation (6,347,253 ) (4,661,455 ) Property and equipment, net $ 20,273,171 $ 5,324,488

Note 7 - Intangible Assets an39

Note 7 - Intangible Assets and Goodwill (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Year Ended March 31, 2018 2017 Tradenames $ 442,000 $ 442,000 Customer relationships 751,000 751,000 Non-compete 69,700 69,700 Certification 47,000 47,000 License 250,000 - Patents 1,090,000 1,090,000 Software 429,128 420,360 Other 22,242 22,242 3,101,070 2,842,302 Less accumulated amortization and impairment (1,788,598 ) (1,465,603 ) Intangible assets, net $ 1,312,472 $ 1,376,699
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Year ending March 31, 2019 $ 351,715 2020 214,129 2021 152,568 2022 125,573 2023 115,578 Thereafter 352,909 $ 1,312,472
Schedule of Goodwill [Table Text Block]	Year Ended March 31, 2018 2017 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605

Note 8 - Accrued Expenses (Tabl

Note 8 - Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	Year Ended March 31, 2018 2017 Salaries, wages and related items $ 6,431,517 $ 5,398,877 Profit sharing and bonus 1,201,440 413,522 Earnout liabilities, current portion 1,500,000 - Health insurance 370,806 423,680 Warranty reserves 109,490 164,240 Asset retirement obligation - 562,500 Claims reserve 446,529 308,528 Customer discounts 263,957 - Taxes 157,739 508,615 Other deposits 590,000 325,000 Other 672,495 567,853 Total $ 11,743,973 $ 8,672,815
Schedule of Product Warranty Liability [Table Text Block]	Year Ended March 31, 2018 2017 Beginning Balance $ 164,240 $ 266,455 Amounts charged to expense 122,686 (15,173 ) Actual warranty costs paid (177,436 ) (87,042 ) Ending Balance $ 109,490 $ 164,240

Note 9 - Acquisitions (Tables)

Note 9 - Acquisitions (Tables)	12 Months Ended
	Mar. 31, 2018
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 10 - Variable Interest E42

Note 10 - Variable Interest Entities (Tables) - Delphax [Member]	12 Months Ended
	Mar. 31, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, 2018 March 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 241,430 $ 328,327 Accounts receivable, net 316,542 2,036,221 Inventories, net - 1,941,729 Other current assets 72,269 1,145,274 Total current assets 630,241 5,451,551 Property and equipment, net - 8,007 Intangible assets, net - - Goodwill - - Other tax receivables-long-term 311,000 - Total assets $ 941,241 $ 5,459,558 LIABILITIES Current liabilities: Accounts payable $ 2,145,847 $ 2,482,578 Income tax payable 11,312 11,312 Accrued expenses 3,244,514 3,627,162 Short-term debt 1,788,285 4,714,257 Total current liabilities 7,189,958 10,835,309 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,189,958 $ 10,835,309 Net assets $ (6,248,717 ) $ (5,375,751 )
Condensed Income Statement [Table Text Block]	March 31, 2018 March 31, 2017 Operating revenues $ 5,835,266 $ 9,809,997 Operating expenses: Cost of sales 3,261,156 10,090,073 General and administrative 1,399,034 2,876,132 Research and development 195,653 1,042,496 Depreciation, amortization and impairment 8,007 1,738,819 4,863,850 15,747,520 Operating income (loss) 971,416 (5,937,523 ) Non-operating expense, net (742,120 ) (361,098 ) Income (Loss) before income taxes 229,296 (6,298,621 ) Income tax benefit 311,000 - Net income (loss) $ 540,296 $ (6,298,621 )

Note 11 - Financing Arrangeme43

Note 11 - Financing Arrangements (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Maturities of Long-term Debt [Table Text Block]	Fiscal year ended Amount 2019 $ 9,324,278 2020 16,888,073 2021 10,640,086 2022 1,567,200 2023 1,567,200 Thereafter 8,463,400 48,450,237 Less: Unamortized Debt Issuance Costs (365,288 ) $ 48,084,950

Note 12 - Lease Arrangements (T

Note 12 - Lease Arrangements (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ended March 31, 2019 $ 3,007,000 2020 2,262,000 2021 1,400,000 2022 1,078,000 2023 885,000 Thereafter 5,381,000 Total minimum lease payments $ 14,013,000

Note 13 - Equipment Leased to45

Note 13 - Equipment Leased to Customers (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Receivables from Leased Asset [Table Text Block]	Year ended March 31, 2019 $ 2,547,888 2020 1,392,588 2021 732,588 2022 83,288 2023 66,547 Thereafter - Total minimum lease payments $ 4,822,899

Note 14 - Fair Value of Finan46

Note 14 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at March 31, 2018 2017 Marketable securities (Level 1) $ 2,552,774 $ 4,593,667 Interest rate swaps (Level 2) $ 66,706 $ - Acquisition contingent consideration obligations (Level 3) $ 1,955,987 $ 3,023,031 Redeemable Non-Controlling Interest (Level 3) $ 1,992,939 $ 1,443,901
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Acquisition Contingent Consideration Obligations Redeemable Non-Controlling Interest Beginning Balance $ 3,023,031 $ 1,443,901 Payment of contingent consideration (1,100,000 ) - Capital contribution by non-controlling member - 252,000 Net income attributable to non-controlling interests - 254,938 Fair value adjustment - 42,100 Interest accrued on contingent consideration 32,956 - $ 1,955,987 $ 1,992,939

Note 16 - Employee and Non-em47

Note 16 - Employee and Non-employee Stock Options (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2016 40,000 $ 8.74 2.09 $ 617,000 Granted - - Exercised - - Forfeited (30,000 ) - Repurchased - - Outstanding at March 31, 2017 10,000 10.08 6.15 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 $ 10.03 5.13 $ 140,193 Exercisable at March 31, 2018 9,182 $ 10.03 5.13 $ 140,193

Note 18 - Income Taxes (Tables)

Note 18 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended March 31, 2018 2017 Current: Federal $ (133,000 ) $ 1,124,000 State 183,000 128,000 Foreign 156,000 132,000 Total current 206,000 1,384,000 Deferred: Federal (14,000 ) (592,000 ) State 3,000 (67,000 ) Total deferred (11,000 ) (659,000 ) Total $ 195,000 $ 725,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2018 2017 Expected Federal income tax expense U.S. statutory rate $ 818,000 30.8 % $ (1,434,000 ) 34.0 % State income taxes, net of Federal benefit 129,000 4.9 % 40,000 -0.9 % Permanent differences, other 21,000 0.8 % 156,000 -3.7 % Dividend received deduction - 0.0 % (302,000 ) 7.2 % Section 831(b) benefit (320,000 ) -12.1 % (281,000 ) 6.7 % Change in valuation allowance (1,116,000 ) -42.1 % 3,868,000 -91.8 % Domestic production activities deductions (15,000 ) -0.6 % (64,000 ) 1.5 % Income attributable to minority interest - Contrail Aviation (79,000 ) -3.0 % (45,000 ) 1.1 % Bargain purchase gain (155,000 ) -5.8 % - 0.0 % Tax rate change applied to deferreds 2,297,000 86.6 % - 0.0 % Deferred benefit for outside basis difference recorded on Delphax CFC's (811,000 ) -30.6 % (1,015,000 ) 24.1 % Deferred benefit for increase in Canadian tax credits for Dephax (149,000 ) -5.6 % Recognition of AMT credit as tax receivable (311,000 ) -11.7 % - 0.0 % Deferred state income taxes, net of Federal benefit for Delphax - 0.0 % (102,000 ) 2.4 % Other differences, net (114,000 ) -4.3 % (96,000 ) 2.3 % Income tax expense $ 195,000 7.3 % $ 725,000 -17.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2018 2017 Inventory reserves $ 50,000 $ 785,000 Accrued vacation 343,000 475,000 Stock option compensation 67,000 108,000 Property and equipment 264,000 169,000 Warranty reserve 25,000 39,000 Accounts and notes receivable reserve 103,000 290,000 Employee severance reserve 549,000 460,000 Net operating loss carryforwards 6,083,000 6,461,000 Federal/Canadian tax credits 4,486,000 4,648,000 263A inventory capitalization - 10,000 Unrealized gains/losses and outside basis difference for CFC's 2,324,000 1,995,000 Intangibles 25,000 43,000 Outside basis difference - Other 69,000 78,000 Total deferred tax assets 14,388,000 15,561,000 Deferred revenue (11,000 ) (35,000 ) Prepaid expenses (337,000 ) (505,000 ) 263A inventory capitalization (28,000 ) - Bargain purchase gain (179,000 ) - Gain on marketable securities (OCI) (72,000 ) (94,000 ) Outside basis difference (270,000 ) (34,000 ) Total deferred tax liabilities (897,000 ) (668,000 ) Net deferred tax asset (liability) $ 13,491,000 $ 14,893,000 Less valuation allowance (13,583,000 ) (14,698,000 ) Net deferred tax asset (liability) $ (92,000 ) $ 195,000

Note 20 - Quarterly Financial49

Note 20 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Quarter Quarter Quarter Quarter 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 2017 Operating Revenues $ 30,493 $ 38,523 $ 35,769 $ 43,687 Operating Income (Loss) (7,073 ) 1,022 1,639 1,311 Net Income (Loss) Attributable to Air T, Inc Stockholders (5,751 ) 1,084 1,220 233 Basic Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11 Diluted Earnings (Loss) per share (2.42 ) 0.53 0.60 0.11

Note 21 - Geographical Inform50

Note 21 - Geographical Information (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, March 31, 2018 2017 United States, the Company’s country of domicile $ 5,209,831 $ 5,323,471 Foreign 15,063,340 1,017 Total property and equipment, net $ 20,273,171 $ 5,324,488 Mexico $ 4,352,257 Netherlands 7,084,947 Romania 3,626,136 $ 15,063,340
Revenue from External Customers by Geographic Areas [Table Text Block]	March 31, March 31, 2018 2017 United States, the Company’s country of domicile $ 175,727,524 $ 135,257,659 Foreign 18,791,821 13,214,000 Total revenue $ 194,519,345 $ 148,471,659

Note 22 - Segment Information (

Note 22 - Segment Information (Tables)	12 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2018 2017 Operating Revenues: Overnight Air Cargo $ 72,845,353 $ 69,558,334 Ground Equipment Sales: Domestic 47,394,193 26,922,009 International 2,641,842 4,284,000 Total Ground Equipment Sales 50,036,035 31,206,009 Ground Support Services 35,710,005 30,453,246 Printing Equipment and Maintenance Domestic 3,675,193 5,653,997 International 2,711,689 4,156,000 Total Printing Equipment and Maintenance 6,386,882 9,809,997 Commercial Jet Engines and Parts: Domestic 25,324,231 2,688,902 International 13,438,290 4,774,000 Total Commercial Jet Engines 38,762,521 7,462,902 Leasing 137,316 537,719 Corporate 2,520,521 1,136,311 Intercompany (11,879,288 ) (1,692,859 ) Total $ 194,519,345 $ 148,471,659 Operating Income (Loss): Overnight Air Cargo $ 4,127,322 $ 2,723,933 Ground Equipment Sales 3,840,907 2,378,812 Ground Support Services (179,152 ) (500,712 ) Printing Equipment and Maintenance (749,846 ) (5,937,522 ) Commercial Jet Engines and Parts 2,003,111 534,762 Leasing 6,079 422,913 Corporate (3,541,853 ) (2,787,760 ) Intercompany (1,261,045 ) 64,801 Total $ 4,245,523 $ (3,100,773 ) Capital Expenditures: Overnight Air Cargo $ 40,668 $ 95,270 Ground Equipment Sales 219,592 21,766 Ground Support Services 363,420 465,718 Printing Equipment and Maintenance 181,895 9,927 Commercial Jet Engines and Parts 18,305,930 60,104 Leasing - 3,070,037 Corporate 1,104,089 1,690,109 Intercompany - (3,066,500 ) Total $ 20,215,594 $ 2,346,431 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 110,810 $ 124,793 Ground Equipment Sales 433,184 597,240 Ground Support Services 471,776 383,963 Printing Equipment and Maintenance 13,135 1,738,819 Commercial Jet Engines and Parts 1,174,764 109,807 Leasing 59,244 247,323 Corporate 421,243 174,510 Intercompany (5,298 ) (194,610 ) Total $ 2,678,858 $ 3,181,845

Note 1 - Summary of Significa52

Note 1 - Summary of Significant Accounting Policies (Details Textual)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Dec. 31, 2017USD ($)

Mar. 31, 2019

Mar. 31, 2018USD ($)

Mar. 31, 2017USD ($)

Accounts Receivable Payment Terms

30 years

Gain (Loss) on Asset Retirement Obligation

$ 563,000

$ 562,500

Revenues, Total

$ 53,460,000

$ 44,501,000

$ 48,861,000

$ 47,697,000

$ 43,687,000

$ 35,769,000

$ 38,523,000

$ 30,493,000

$ 194,519,345

$ 148,471,659

Warranty Term on Ground Equipment Products

3 years

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

30.79%

34.00%

Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability

$ 158,000

Research and Development Expense, Total

$ 195,653

$ 1,042,496

Reclassification From Additional Paid-in Capital to Noncontrolling Interest [Member]

Current Period Reclassification Adjustment

$ 42,000

Scenario, Forecast [Member]

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

21.00%

Delphax [Member]

Asset Retirement Obligation, Ending Balance

$ 560,000

560,000

Computer Equipment [Member]

Property, Plant and Equipment, Useful Life

3 years

Flight Equipment [Member]

Property, Plant and Equipment, Useful Life

7 years

Equipment Leased to Other Party [Member]

Property, Plant and Equipment, Useful Life

10 years

Building [Member]

Property, Plant and Equipment, Useful Life

30 years

Delphax [Member]

Percentage of Consolidated Subsidiaries Dividends Attributable to Parent

67.00%

67.00%

Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests

33.00%

33.00%

Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability

$ 0

Increase (Decrease) in Deferred Tax Assets, Gross

(2,139,000)

Deferred Tax Assets, Minimum Tax Credit Carryforward Refundable in Fiscal Year Ended September 30, 2019

$ 311,000

$ 311,000

Overnight Air Cargo [Member]

Number of Major Customers

1

Revenues, Total

$ 72,845,353

69,558,334

Overnight Air Cargo [Member] | Cargo and Freight [Member]

Revenues, Total

$ 23,380,000

$ 23,379,000

Note 1 - Summary of Significa53

Note 1 - Summary of Significant Accounting Policies - Estimated Amortizable Lives of Intangible Assets (Details)	12 Months Ended
	Mar. 31, 2018
Computer Software, Intangible Asset [Member]
Intangible asset, useful life (Year)	3 years
Trade Names [Member]
Intangible asset, useful life (Year)	5 years
Certification Marks [Member]
Intangible asset, useful life (Year)	5 years
Noncompete Agreements [Member]
Intangible asset, useful life (Year)	5 years
Licensing Agreements [Member]
Intangible asset, useful life (Year)	5 years
Patents [Member]
Intangible asset, useful life (Year)	9 years
Customer Relationships [Member]
Intangible asset, useful life (Year)	10 years

Note 2 - Earnings Per Common 54

Note 2 - Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Net earnings attributable to Air T, Inc. Stockholders	$ 1,559,000	$ (672,000)	$ 422,000	$ 968,000	$ 233,000	$ 1,220,000	$ 1,084,000	$ (5,751,000)	$ 2,277,109	$ (3,213,539)
Basic (in dollars per share)	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ 1.11	$ (1.51)
Diluted (in dollars per share)	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ 1.11	$ (1.51)
Basic (in shares)									2,042,806	2,125,224
Diluted (in shares)									2,047,685	2,125,224

Note 3 - Investments in Secur55

Note 3 - Investments in Securities (Details Textual) - USD ($)	Jan. 16, 2018	Jun. 30, 2017	Jan. 06, 2017	Jun. 30, 2016	Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 30, 2017
Marketable Securities, Total						$ 7,861,000	$ 4,594,000
Available-for-sale Securities, Amortized Cost Basis, Total						6,463,000	4,331,000
Available-for-sale Securities, Gross Unrealized Gain, Total						1,467,000	279,000
Available-for-sale Securities, Gross Unrealized Loss, Total						69,000	16,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value						1,063,000	441,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss						69,000	16,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value						0	0
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments, Total						93,066	576,162
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total						$ 1,559,972	$ 2,755,318
Insignia [Member]
Available-for-sale Securities, Amortized Cost Basis, Total		$ 1,724,000
Common Stock, Dividends, Per Share, Declared			$ 0.70
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total		$ 771,000
Insignia [Member]
Available-for-sale Securities, Number of Shares							1,650,000
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total				$ 1,502,000			$ 2,643,000
Equity Security, Number of Shares Purchased During Period	1,133,000
Equity Method Investment, Ownership Percentage	26.00%					28.00%
Oxbridge [Member]
Available-for-sale Securities, Amortized Cost Basis, Total					$ 727,000			$ 1,516,000
Available-for-sale Securities, Number of Shares						456,206
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total					$ 789,000

Note 4 - Equity Method Invest56

Note 4 - Equity Method Investments (Details Textual) - USD ($)	Jan. 16, 2018	Jun. 07, 2017	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Payments to Acquire Equity Method Investments				$ 2,301,026
Equity Method Investments			$ 5,032,268	5,032,268
TFS Partners [Member]
Equity Method Investments			433,000	$ 433,000
Insignia [Member]
Payments to Acquire Equity Method Investments			$ 385,000
Equity Method Investment, Ownership Percentage	26.00%		28.00%	28.00%
Equity Method Investments			$ 4,599,000	$ 4,599,000
Equity Security, Number of Shares Purchased During Period	1,133,000
Equity Security, Shares Purchased, Price Per Share	$ 1.25
Equity Method Investment, Aggregate Cost	$ 1,400,000
Equity Method Investment, Number of Shares Held			3,400,000	3,400,000
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Investment Transferred from Available-for-sale to Equity Method, after Tax	$ 722,000
SAIC [Member] | TFS Partners [Member]
Payments to Acquire Equity Method Investments		$ 500,000
Equity Method Investment, Ownership Percentage		40.00%
SAIC [Member] | Fence Store LLC [Member]
Equity Method Investment, Ownership Percentage		60.00%

Note 5 - Inventories - Inventor

Note 5 - Inventories - Inventories (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Ground support service parts	$ 2,518,942	$ 2,447,395
Inventory Gross	34,789,883	22,581,199
Reserves	(558,878)	(2,802,356)
Total, net of reserves	34,231,005	19,778,843
Ground Equipment Manufacturing [Member]
Raw materials	3,314,676	1,452,201
Work in process	20,089	832,635
Finished goods	1,768,897	10,001,193
Printing Equipment and Maintenance [Member]
Raw materials	1,161,410	3,325,142
Work in process		324,949
Finished goods	553,847	790,345
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 25,452,022	$ 3,407,339

Note 6 - Property and Equipme58

Note 6 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Property and equipment, gross	$ 26,620,424	$ 9,985,943
Less accumulated depreciation	(6,347,253)	(4,661,455)
Property and equipment, net	20,273,171	5,324,488
Furniture and Fixtures [Member]
Property and equipment, gross	7,696,590	8,377,988
Building [Member]
Property and equipment, gross	1,633,992	1,335,333
Equipment Leased to Other Party [Member]
Property and equipment, gross	$ 17,289,842	$ 272,622

Note 7 - Intangible Assets an59

Note 7 - Intangible Assets and Goodwill (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Nov. 24, 2015
Amortization of Intangible Assets, Total		$ 323,000	$ 105,000
Goodwill, Ending Balance		$ 4,417,605	4,417,605
Contrail Aviation Support, Inc. [Member]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		38.00%
Delphax [Member]
Goodwill, Ending Balance	$ 0				$ 375,000
Goodwill, Impairment Loss	$ 275,000			$ 100,000
Contrail Aviation Support, Inc. [Member]
Goodwill, Ending Balance		$ 4,200,000
Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived			$ 1,110,000

Note 7 - Intangible Assets an60

Note 7 - Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Intangible assets, gross	$ 3,101,070	$ 2,842,302
Less accumulated amortization and impairment	(1,788,598)	(1,465,603)
Total	1,312,472	1,376,699
Trade Names [Member]
Intangible assets, gross	442,000	442,000
Customer Relationships [Member]
Intangible assets, gross	751,000	751,000
Noncompete Agreements [Member]
Intangible assets, gross	69,700	69,700
Certification Marks [Member]
Intangible assets, gross	47,000	47,000
Licensing Agreements [Member]
Intangible assets, gross	250,000
Patents [Member]
Intangible assets, gross	1,090,000	1,090,000
Computer Software, Intangible Asset [Member]
Intangible assets, gross	429,128	420,360
Other Intangible Assets [Member]
Intangible assets, gross	$ 22,242	$ 22,242

Note 7 - Intangible Assets an61

Note 7 - Intangible Assets and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
2,019	$ 351,715
2,020	214,129
2,021	152,568
2,022	125,573
2,023	115,578
Thereafter	352,909
Total	$ 1,312,472	$ 1,376,699

Note 7 - Intangible Assets an62

Note 7 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Goodwill, at original cost	$ 4,793,013	$ 4,793,013
Less accumulated impairment	(375,408)	(375,408)
Goodwill, net of impairment	$ 4,417,605	$ 4,417,605

Note 8 - Accrued Expenses - Sum

Note 8 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Salaries, wages and related items	$ 6,431,517	$ 5,398,877
Profit sharing and bonus	1,201,440	413,522
Business Combination, Contingent Consideration, Liability, Current	1,500,000
Health insurance	370,806	423,680
Warranty reserves	109,490	164,240
Asset retirement obligation		562,500
Claims reserve	446,529	308,528
Customer discounts	263,957
Taxes	157,739	508,615
Other deposits	590,000	325,000
Other	672,495	567,853
Total	$ 11,743,973	$ 8,672,815

Note 8 - Accrued Expenses - Pro

Note 8 - Accrued Expenses - Product Warranty Reserves (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Beginning Balance	$ 164,240	$ 266,455
Amounts charged to expense	122,686	(15,173)
Actual warranty costs paid	(177,436)	(87,042)
Ending Balance	$ 109,490	$ 164,240

Note 9 - Acquisitions (Details

Note 9 - Acquisitions (Details Textual)	Dec. 15, 2017USD ($)	Oct. 31, 2016USD ($)	Oct. 03, 2016USD ($)a	Jul. 18, 2016USD ($)	Oct. 31, 2017USD ($)	May 31, 2017USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Business Combination, Contingent Consideration, Liability, Current								$ 1,500,000
Proceeds from Noncontrolling Interests								252,000
Payments to Noncontrolling Interests								948,000
Redeemable Minority Interest, Period Increase (Decrease)								549,000	549,000
Deferred Income Tax Expense (Benefit), Total								(10,566)	(659,000)
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net								501,880
Goodwill, Ending Balance								4,417,605	4,417,605
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
Contrail Aviation Inc. [Member]
Business Combination, Contingent Consideration Arrangement, EBITDA During Earnout Period					$ 2,100,000					$ 2,100,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Respect Earnout Period					1,000,000					$ 1,000,000
Business Combination, Contingent Consideration, Liability, Total								1,955,000
Goodwill, Ending Balance				$ 4,227,205
Contrail Aviation Inc. [Member] | Other Noncurrent Liabilities [Member]
Business Combination, Contingent Consideration Arrangement, Earnout Payment									$ 2,900,000
Business Combination, Contingent Consideration, Liability, Noncurrent								455,000
Contrail Aviation Inc. [Member] | Accrued Expense [Member]
Business Combination, Contingent Consideration, Liability, Current								1,500,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Consideration Transferred, Total	$ 1
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Percent							1.00%			1.00%
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount							$ 100,000			$ 100,000
Business Combination, Fair Value Amount for Each General Partnership Interest							227,000
Blue Clay Capital Management, LLC [Member] | BCCP LO [Member]
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount							$ 10,000			$ 10,000
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]
Payments to Acquire Businesses, Gross				$ 4,033,368
Business Combination, Equity Interests in Acquiree, Percentage				21.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents				$ 904,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year				1,500,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High				3,000,000
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member]
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
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
Deferred Income Tax Expense (Benefit), Total								278,000
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net								$ 502,000
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			$ 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, Total		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, Total		300,000
Goodwill, Ending Balance		200,000
Global Aviation Partners Llc and Global Aviation Service [Member] | Jet Yard, LLC [Member]
Payments to Acquire Businesses, Gross			$ 400,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			100,000
Payments to Acquire Business, Additional Payment After Closing, Amount			100,000
Payments to Acquire Business, Final Payment, Payable			100,000
Payments to Acquire Business, Final Payment, Payable, Monthly Installments, Amount			$ 16,667
Deferred Tax Assets, Net of Valuation Allowance, Current, Ending Balance		$ 0

Note 9 - Acquisitions - Assets

Note 9 - Acquisitions - Assets Acquired and Liabilities Assumed by Contrail Aviation (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Jul. 18, 2016
Goodwill	$ 4,417,605	$ 4,417,605
Contrail Aviation Inc. [Member]
Goodwill			$ 4,227,205
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member]
Accounts receivable			1,357,499
Inventories			2,118,475
Prepaid expenses			30,121
Property and equipment			33,095
Total assets			8,656,095
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]
Intangible assets			69,700
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Trade Names [Member]
Intangible assets			322,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Certification Marks [Member]
Intangible assets			47,000
Contrail Aviation Inc. [Member] | Contrail Aviation Support LLC. [Member] | Customer Relationships [Member]
Intangible assets			$ 451,000

Note 9 - Acquisitions - Asset67

Note 9 - Acquisitions - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	Jun. 01, 2017	Mar. 31, 2018	Mar. 31, 2017
Consideration paid		$ 2,400,000	$ 4,573,700
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 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
Consideration paid	2,400,000
Bargain purchase gain	$ 779,880

Note 10 - Variable Interest E68

Note 10 - Variable Interest Entities (Details Textual)	Jan. 06, 2017USD ($)	Nov. 24, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Dec. 31, 2017	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jul. 26, 2017USD ($)	Jan. 05, 2017USD ($)	Nov. 24, 2016USD ($)
Short-term Debt, Total					$ 9,229,690	$ 25,000
Goodwill, Ending Balance					4,417,605	4,417,605
Investments in Funds, Noncurrent					$ 324,854
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent				67.00%	67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests				33.00%	33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage					33.00%	30.00%
Trade Names and Patents [Member]
Impairment of Intangible Assets, Finite-lived						$ 1,110,000
Delphax [Member]
Goodwill, Ending Balance										$ 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, Total								$ 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			5,610,000
Intangible Assets, Net (Including Goodwill), Total							1,400,000
Impairment of Intangible Assets, Finite-lived			1,385,000
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt, Total					$ 900,000	2,500,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current					888,000	388,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt, Total					0	1,541,000
Delphax [Member] | Delphax Senior Debt [Member]
Short-term Debt, Total						112,000
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member]
Interest Expense, Total					670,000	$ 425,000
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member]
Investments in Funds, Noncurrent					$ 325,000
Delphax [Member]
Payments to Acquire Businesses, Gross		$ 1,050,000
Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price		0.95
Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period		20 days
Goodwill, Ending Balance		$ 375,000	0
Goodwill, Impairment Loss			$ 275,000				$ 100,000
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

Note 10 - Variable Interest E69

Note 10 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)		Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Cash and cash equivalents		$ 4,803,238	$ 2,763,365	$ 5,345,455
Accounts receivable, net	[1]	15,157,855	18,923,787
Inventories, net		34,231,005	19,778,843
Other current assets		1,455,566	1,672,475
Total current assets		61,671,108	48,859,078
Property and equipment, net		20,273,171	5,324,488
Total assets		97,146,886	65,335,189
Accounts payable		10,181,143	11,571,156
Income tax payable		23,000
Accrued expenses		11,743,973	8,672,815
Short-term Debt, Total		9,229,690	25,000
Total current liabilities		31,177,806	20,268,971
Total liabilities		70,910,863	41,728,894
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents		241,430	328,327
Accounts receivable, net		316,542	2,036,221
Inventories, net			1,941,729
Other current assets		72,269	1,145,274
Total current assets		630,241	5,451,551
Property and equipment, net			8,007
Other tax receivables-long-term		311,000
Total assets		941,241	5,459,558
Accounts payable		2,145,847	2,482,578
Income tax payable		11,312	11,312
Accrued expenses		3,244,514	3,627,162
Short-term Debt, Total		1,788,285	4,714,257
Total current liabilities		7,189,958	10,835,309
Total liabilities		7,189,958	10,835,309
Net assets		$ (6,248,717)	$ (5,375,751)
[1]	Amounts related to Delphax as of March 31, 2018 and 2017, respectively.

Note 10 - Variable Interest E70

Note 10 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Revenues, Total	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 194,519,345	$ 148,471,659
General and administrative									29,168,766	22,205,947
Research and Development Expense, Total									195,653	1,042,496
Depreciation, amortization and impairment									2,678,858	3,181,845
									190,273,822	151,572,432
Operating income (loss)	$ 1,005,000	$ 552,000	$ 476,000	$ 2,213,000	$ 1,311,000	$ 1,639,000	$ 1,022,000	$ (7,073,000)	4,245,523	(3,100,773)
Non-operating expense, net									(1,593,916)	(1,118,413)
Income (Loss) before income taxes									2,651,607	(4,219,186)
Income tax benefit									(195,000)	(725,000)
Net income (loss)									2,456,607	(4,944,186)
Delphax [Member]
Revenues, Total									5,835,266	9,809,997
Cost of sales									3,261,156	10,090,073
General and administrative									1,399,034	2,876,132
Research and Development Expense, Total									195,653	1,042,496
Depreciation, amortization and impairment									8,007	1,738,819
									4,863,850	15,747,520
Operating income (loss)									971,416	(5,937,523)
Non-operating expense, net									(742,120)	(361,098)
Income (Loss) before income taxes									229,296	(6,298,621)
Income tax benefit									311,000
Net income (loss)									$ 540,296	$ (6,298,621)

Note 11 - Financing Arrangeme71

Note 11 - Financing Arrangements (Details Textual)

Mar. 07, 2018USD ($)

Feb. 15, 2018USD ($)

Feb. 14, 2018USD ($)

Jan. 31, 2018USD ($)

Dec. 21, 2017USD ($)

Dec. 20, 2017USD ($)

Jun. 28, 2017

May 05, 2017USD ($)

May 02, 2017USD ($)

Jul. 18, 2016USD ($)

Dec. 20, 2017USD ($)

Mar. 31, 2018USD ($)

Feb. 22, 2018USD ($)

Jan. 01, 2018USD ($)

Oct. 27, 2017USD ($)

Mar. 31, 2017USD ($)

Oct. 31, 2016USD ($)

Long-term Debt, Total

$ 48,084,950

Short-term Debt, Total

9,229,690

$ 25,000

Interest Rate Swap for Term Note D [Member]

Derivative, Fixed Interest Rate

5.09%

Derivative, Notional Amount

$ 1,680,000

Derivative Liability, Total

58,000

Term Loan A [Member] | Interest Rate Swap [Member]

Derivative, Notional Amount

$ 10,000,000

Derivative Liability, Fair Value, Gross Liability, Total

$ 8,500

Revolving Credit Facility [Member] | Contrail Aviation Support LLC. [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 12,000,000

Long-term Line of Credit, Total

0

Prior 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%

Prior Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]

Debt Instrument, Basis Spread on Variable Rate

1.50%

Prior Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]

Debt Instrument, Basis Spread on Variable Rate

2.00%

Contrail Loan Agreement's, Revolving Line of Credit [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 20,000,000

$ 15,000,000

Debt Instrument, Basis Spread on Variable Rate

3.00%

Minimum Debt Service Coverage Ratio

1.1

Long-term Line of Credit, Total

$ 14,826,000

Guarantor Obligations, Maximum Exposure, Undiscounted

$ 1,600,000

1,600,000

Line of Credit Facility, Remaining Borrowing Capacity

$ 5,174,000

Minimum Cash Flow Coverage Ratio

2

Minimum Tangible Net Worth

$ 3,500,000

Contrail Loan Agreement's, Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate

3.00%

MBT Credit Agreement [Member]

Minimum Debt Service Coverage Ratio

1.25

Minimum Asset Coverage Ratio

1.5

Term Loan [Member]

Debt Instrument, Basis Spread on Variable Rate

0.25%

Debt Instrument, Periodic Payment, Principal

$ 200,000

Short-term Debt, Total

$ 2,400,000

Additional ONB Loan Agreement [Member] | Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 9,920,000

Long-term Line of Credit, Total

$ 9,920,000

Line of Credit Facility, Percentage of Gross Lease Income of Collateral

70.00%

Additional ONB Loan Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate

3.75%

Line of Credit Facility, Periodic Payment

$ 250,000

MBT [Member] | Term Loan C [Member]

Debt Instrument, Face Amount

1,000,000

Debt Instrument, Periodic Payment, Principal

90,909

$ 158,333.33

MBT [Member] | Term Note D [Member]

Debt Instrument, Face Amount

1,680,000

Debt Instrument, Periodic Payment, Principal

$ 5,600

MBT [Member] | Term Note D [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate

2.00%

MBT [Member] | MBT Credit Agreement [Member]

Debt Agreement, Maximum Borrowing Capacity

$ 26,900,000

MBT [Member] | MBT Credit Agreement [Member] | Term Loan A [Member]

Long-term Debt, Total

$ 10,000,000

MBT [Member] | MBT Credit Agreement [Member] | Term Loan A [Member] | Interest Rate Swap [Member]

Derivative, Fixed Interest Rate

4.56%

MBT [Member] | MBT Credit Agreement [Member] | Term Loan A [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate

2.00%

MBT [Member] | MBT Credit Agreement [Member] | Term Loan B [Member]

Long-term Debt, Total

$ 5,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.50%

MBT [Member] | MBT Credit Agreement [Member] | Term Loan C [Member]

Long-term Debt, Total

$ 1,900,000

MBT [Member] | MBT Credit Agreement [Member] | Term Loan C [Member] | Minimum [Member]

Debt Instrument, Interest Rate, Stated Percentage

3.25%

MBT [Member] | MBT Credit Agreement [Member] | Term Loan C [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

(1.00%)

MBT [Member] | MBT Credit Agreement [Member] | Term Loan A and B [Member]

Debt Instrument, Term

10 years

MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 10,000,000

MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]

Debt Instrument, Basis Spread on Variable Rate

1.00%

BB&T [Member] | Construction Loan Agreement [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 1,480,000

BMO Harris Bank N.A. [Member] | Revolving Credit Facility [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 3,200,000

Minimum Debt Service Coverage Ratio

1.75

Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory

75.00%

Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base

$ 9,000,000

Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable

80.00%

Guarantor Obligations, Maximum Exposure, Undiscounted

$ 1,600,000

Maximum Ratio of Total Liabilities to Tangible Net Worth

2.5

Annual Operating Lease Payments Limitation

$ 10,000

BMO Harris Bank N.A. [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate

2.80%

Minnesota Bank and Trust [Member] | AirCo [Member]

Long-term Debt, Total

2,360,000

Debt Instrument, Face Amount

$ 3,441,000

Debt Issuance Costs, Net, Total

44,500

Minnesota Bank and Trust [Member] | Revolving Credit Facility [Member] | AirCo [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 5,000,000

Debt Instrument, Interest Rate, Stated Percentage

7.50%

Long-term Line of Credit, Total

4,950,000

Debt Issuance Costs, Net, Total

$ 50,000

Note 11 - Financing Arrangeme72

Note 11 - Financing Arrangements - Contractual Financing Obligations (Details)	Mar. 31, 2018USD ($)
2,019	$ 9,324,278
2,020	16,888,073
2,021	10,640,086
2,022	1,567,200
2,023	1,567,200
Thereafter	8,463,400
Long-term Debt, gross	48,450,237
Less: Unamortized Debt Issuance Costs	(365,288)
Long-term Debt, total	$ 48,084,950

Note 12 - Lease Arrangements (D

Note 12 - Lease Arrangements (Details Textual)	Aug. 01, 2017CAD ($)ft²	Mar. 31, 2018USD ($)ft²a	Mar. 31, 2017USD ($)	Aug. 01, 2017a
Operating Leases, Rent Expense, Total | $		$ 4,520,000	$ 3,872,000
Delphax [Member]
Operating Leases, Rent Expense, Total | $		$ 95,000	$ 391,000
Kinston, North Carolina [Member]
Area of Lease Facility | ft²		53,000
Area of Total Facility | ft²		66,000
Number of Additional Lease Option Periods		4
Lessee, Operating Lease, Renewal Term		5 years
Office Space at Ford Airport in Iron Mountain, Michigan [Member]
Area of Lease Facility | ft²		1,950
Hangar Space at Ford Airport in Iron Mountain, Michigan [Member]
Area of Lease Facility | ft²		4,800
GGS Leases [Member]
Area of Lease Facility | ft²		112,500
GAS Leases [Member]
Lessee, Operating Lease, Renewal Term		1 year
Verona, Wisconsin Facility Lease [Member] | Contrail Aviation Inc. [Member]
Operating Leases Monthly Rent | $		$ 13,000
Area of Lease Facility | ft²		21,000
Lessee, Operating Lease, Renewal Term		5 years
Lease Contract with Pinal Country, Arizona [Member] | Global Aviation Partners LLC [Member] | Jet Yard, LLC [Member]
Area of Lease Facility | a		2.6
Area of Total Facility | a		48.5
Lessee, Operating Lease, Renewal Term		30 years
Operating Lease, Lessee, Annual Rent Increase, Incremental Period			3 years
Manufacturing facility in Mississauga, Ontario [Member]
Area of Lease Facility | ft²		76,734
Building Lease in Ontario [Member]
Area of Real Estate Property	12,206			12,206
Operating Lease, Lessee, Initial Annual Rent, Amount | $	$ 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount | $	$ 97,000
Facility from Shareholder of AirCo Seller [Member]
Area of Lease Facility | ft²		20,000
Operating Leases, Rent Expense, Total | $		$ 121,000
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent | $			$ 14,862
Related Party [Member]
Operating Leases, Rent Expense, Total | $		$ 337,000	$ 289,000

Note 12 - Lease Arrangements -

Note 12 - Lease Arrangements - Future Minimum Annual Lease Payments (Details)	Mar. 31, 2018USD ($)
2,019	$ 3,007,000
2,020	2,262,000
2,021	1,400,000
2,022	1,078,000
2,023	885,000
Thereafter	5,381,000
Total minimum lease payments	$ 14,013,000

Note 13 - Equipment Leased to75

Note 13 - Equipment Leased to Customers - Annual Lease Payments Receivable (Details)	Mar. 31, 2018USD ($)
2,019	$ 2,547,888
2,020	1,392,588
2,021	732,588
2,022	83,288
2,023	66,547
Thereafter
Total minimum lease payments	$ 4,822,899

Note 14 - Fair Value of Finan76

Note 14 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Marketable Securities, Total	$ 7,861,000	$ 4,594,000
Fair Value, Inputs, Level 1 [Member]
Marketable Securities, Total	2,552,774	4,593,667
Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Total	66,706
Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Total	1,955,987	3,023,031
Redeemable Non-Controlling Interest (Level 3)	$ 1,992,939	$ 1,443,901

Note 14 - Fair Value of Finan77

Note 14 - Fair Value of Financial Instruments - Fair VAlue of Redeemable Non-controlling Interest and Acquisition Contingent Consideration Obligations (Details)	12 Months Ended
	Mar. 31, 2018USD ($)
Acquisition Contingent Consideration Obligations [Member]
Beginning Balance	$ 3,023,031
Payment of contingent consideration	(1,100,000)
Interest accrued on contingent consideration	32,956
Ending Balance	1,955,987
Redeemable Noncontrolling Interest [Member]
Beginning Balance	1,443,901
Capital contribution by non-controlling member	252,000
Net income attributable to non-controlling interests	254,938
Fair value adjustment	42,100
Ending Balance	$ 1,992,939

Note 15 - Air T, Inc. Stockho78

Note 15 - Air T, Inc. Stockholders' Equity (Details Textual) - USD ($)	Jul. 01, 2016	Mar. 31, 2017	Mar. 31, 2018	May 14, 2014
Common Stock, Shares Authorized		4,000,000	4,000,000
Common Stock, Par or Stated Value Per Share		$ 0.25	$ 0.25
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				750,000
Preferred Stock, Shares Authorized		50,000	50,000
Preferred Stock, Par or Stated Value Per Share		$ 1	$ 1
Stock Repurchased and Retired During Period, Value		$ 7,917,009
Securities Purchase Agreement [Member] | Biglari Group [Member]
Common Stock, Par or Stated Value Per Share	$ 0.25
Stock Repurchased and Retired During Period, Shares	329,738
Treasury Stock Acquired, Average Cost Per Share	$ 24.01
Stock Repurchased and Retired During Period, Value	$ 7,917,009
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized			5,000
Series B Preferred Stock [Member]
Preferred Stock, Shares Authorized			5,000
Preferred Stock, Capital Shares Reserved for Future Issuance			3,000

Note 16 - Employee and Non-em79

Note 16 - Employee and Non-employee Stock Options (Details Textual) - USD ($)	4 Months Ended	12 Months Ended			24 Months Ended
	Mar. 31, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	40,000			40,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	40,000	9,182	10,000	40,000	10,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0	$ 0
Delphax [Member] | Certain Employees of Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.33
Employee and Non Employee Director Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0
Allocated Share-based Compensation Expense, Total		$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 0	$ 0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		818	30,000	6,000	36,000
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation			$ 63,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 10.56
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		9,182
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		256,000
Exercise Price to Fair Market Value		100.00%

Note 16 - Employee and Non-em80

Note 16 - Employee and Non-employee Stock Options - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Outstanding, shares (in shares)	10,000	40,000
Outstanding, weighted average exercise price per share (in dollars per share)	$ 10.08	$ 8.74
Outstanding, weighted average remaining life (Year)	5 years 47 days	6 years 54 days	2 years 32 days
Outstanding, aggregate intrinsic value	$ 140,193	$ 101,000	$ 617,000
Granted, shares (in shares)	0	0
Granted, weighted average exercise price per share (in dollars per share)	$ 0	$ 0
Exercised, shares (in shares)	(818)	0
Exercised, weighted average exercise price per share (in dollars per share)	$ 10.56	$ 0
Forfeited, shares (in shares)		(30,000)
Forfeited, weighted average exercise price per share (in dollars per share)
Repurchased, shares (in shares)	0	0
Repurchased, weighted average exercise price per share (in dollars per share)	$ 0	$ 0
Outstanding, shares (in shares)	9,182	10,000	40,000
Outstanding, weighted average exercise price per share (in dollars per share)	$ 10.03	$ 10.08	$ 8.74
Exercisable, shares (in shares)	9,182
Exercisable, weighted average exercise price per share (in dollars per share)	$ 10.03
Exercisable, weighted average remaining life (Year)	5 years 47 days
Exercisable, aggregate intrinsic value	$ 140,193

Note 17 - Major Customer (Detai

Note 17 - Major Customer (Details Textual) - Customer Concentration Risk [Member] - FedEx Corporation [Member]	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Sales Revenue, Net [Member]
Concentration Risk, Percentage	38.00%	47.00%
Accounts Receivable [Member]
Concentration Risk, Percentage	15.00%	15.00%

Note 18 - Income Taxes (Details

Note 18 - Income Taxes (Details Textual)	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Nov. 24, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	30.79%	34.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ (1,116,000)	$ 3,868,000
Unrecognized Tax Benefits, Ending Balance	0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0	0
Estimated Future Liquidation Loss on Tax Attributes	2,300,000
Deferred Tax Assets, Valuation Allowance, Total	13,583,000	14,698,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	$ 0	0
Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member] | Delphax [Member]
Tax Credit Carryforward, Amount			$ 311,000
Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries	3
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired				38.00%
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards, Total			9,700,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total			14,500,000
Delphax [Member] | Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount			$ 4,500,000
Delphax [Member]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 973,000	3,212,000
Deferred Tax Assets, Valuation Allowance, Total	$ 13,000,000	$ 14,000,000

Note 18 - Income Taxes - Provis

Note 18 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Current:
Federal	$ (133,000)	$ 1,124,000
State	183,000	128,000
Foreign	156,000	132,000
Total current	206,000	1,384,000
Deferred:
Federal	(14,000)	(592,000)
State	3,000	(67,000)
Total deferred	(10,566)	(659,000)
Total	$ 195,000	$ 725,000

Note 18 - Income Taxes - Differ

Note 18 - Income Taxes - Difference in Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Expected Federal income tax expense U.S. statutory rate	$ 818,000	$ (1,434,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	30.79%	34.00%
State income taxes, net of Federal benefit	$ 129,000	$ 40,000
State income taxes, net of Federal benefit, percentage	4.90%	(0.90%)
Permanent differences, other	$ 21,000	$ 156,000
Permanent differences, other, percentage	0.80%	(3.70%)
Dividend received deduction		$ (302,000)
Dividend Received Deduction, percentage	0.00%	7.20%
Section 831(b) benefit	$ (320,000)	$ (281,000)
Section 831(b) benefit, percentage	(12.10%)	6.70%
Change in valuation allowance	$ (1,116,000)	$ 3,868,000
Change in valuation allowance, percentage	(42.10%)	(91.80%)
Domestic production activities deductions	$ (15,000)	$ (64,000)
Domestic production activities deductions, percentage	(0.60%)	1.50%
Income attributable to minority interest - Contrail Aviation	$ (79,000)	$ (45,000)
Income Attributable to Minority Interest - Contrail Aviation, percentage	(3.00%)	1.10%
Bargain purchase gain	$ (155,000)
Bargain purchase gain, percentag	(5.80%)	0.00%
Tax rate change applied to deferreds	$ 2,297,000
Tax rate change applied to deferreds, percentag	86.60%	0.00%
Deferred benefit for outside basis difference recorded on Delphax CFC's	$ (811,000)	$ (1,015,000)
Deferred benefit for outside basis difference recorded on Delphax CFC's, percentage, percentag	(30.60%)	24.10%
Deferred benefit for increase in Canadian tax credits for Dephax	$ (149,000)
Deferred benefit for increase in Canadian tax credits for Dephax, percentag	(5.60%)
Recognition of AMT credit as tax receivable	$ (311,000)
Recognition of AMT credit as tax receivable, percentag	(11.70%)	0.00%
Deferred state income taxes, net of Federal benefit for Delphax		$ (102,000)
Deferred state income taxes, net of Federal benefit for Delphax, percentage	0.00%	2.40%
Other differences, net	$ (114,000)	$ (96,000)
Other differences, net, percentage	(4.30%)	2.30%
Total	$ 195,000	$ 725,000
Income tax expense, percentage	7.30%	(17.10%)

Note 18 - Income Taxes - Deferr

Note 18 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Inventory reserves	$ 50,000	$ 785,000
Accrued vacation	343,000	475,000
Stock option compensation	67,000	108,000
Property and equipment	264,000	169,000
Warranty reserve	25,000	39,000
Accounts and notes receivable reserve	103,000	290,000
Employee severance reserve	549,000	460,000
Net operating loss carryforwards	6,083,000	6,461,000
Federal/Canadian tax credits	4,486,000	4,648,000
263A inventory capitalization		10,000
Unrealized gains/losses and outside basis difference for CFC's	2,324,000	1,995,000
Intangibles	25,000	43,000
Other	69,000	78,000
Total deferred tax assets	14,388,000	15,561,000
Deferred revenue	(11,000)	(35,000)
Prepaid expenses	(337,000)	(505,000)
263A inventory capitalization	(28,000)
Bargain purchase gain	(179,000)
Gain on marketable securities (OCI)	(72,000)	(94,000)
Outside basis difference	(270,000)	(34,000)
Total deferred tax liabilities	(897,000)	(668,000)
Net deferred tax asset (liability)	13,491,000	14,893,000
Less valuation allowance	(13,583,000)	(14,698,000)
Net deferred tax liability	$ (92,000)
Net deferred tax asset		$ 195,000

Note 19 - Employee Benefits (De

Note 19 - Employee Benefits (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Payment for Pension and Other Postretirement Benefits, Total	$ 559,000	$ 529,000
Foreign Plan [Member] | CANADA
Deferred Compensation Arrangement with Individual, Requisite Service Period	2 years
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	78,000
Foreign Plan [Member] | CANADA | Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Foreign Plan [Member] | CANADA | Maximum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Foreign Plan [Member] | Delphax [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	2.00%
Parent Company [Member]
Profit Sharing Expense	$ 602,000
Contrail Aviation Inc. [Member]
Profit Sharing Expense	536,000
General and Administrative Expense [Member]
Other Labor-related Expenses	$ 1,188,000	$ 390,000

Note 20 - Quarterly Financial87

Note 20 - Quarterly Financial Information (Unaudited) (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total		$ 1,559,972	$ 2,755,318
Insignia [Member]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Total	$ 1,502,000		2,643,000
Delphax [Member]
Impairment of Intangible Assets, Finite-lived	1,385,000
Impairment of Long-Lived Assets Held-for-use	249,000
Severance Costs	$ 5,610,000		$ 5,610,000

Note 20 - Quarterly Financial88

Note 20 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Operating Revenues	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 194,519,345	$ 148,471,659
Operating Income	1,005,000	552,000	476,000	2,213,000	1,311,000	1,639,000	1,022,000	(7,073,000)	4,245,523	(3,100,773)
Net Income (Loss) Attributable to Air T, Inc Stockholders	$ 1,559,000	$ (672,000)	$ 422,000	$ 968,000	$ 233,000	$ 1,220,000	$ 1,084,000	$ (5,751,000)	$ 2,277,109	$ (3,213,539)
Basic Earnings (Loss) per share (in dollars per share)	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ 1.11	$ (1.51)
Diluted (in dollars per share)	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.11	$ 0.60	$ 0.53	$ (2.42)	$ 1.11	$ (1.51)

Note 21 - Geographical Inform89

Note 21 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Non-current Assets	$ 20,273,171	$ 5,324,488
UNITED STATES
Non-current Assets	5,209,831	5,323,471
MEXICO
Non-current Assets	4,352,257
Non-US [Member]
Non-current Assets	15,063,340	$ 1,017
NETHERLANDS
Non-current Assets	7,084,947
ROMANIA
Non-current Assets	$ 3,626,136

Note 21 - Geographical Inform90

Note 21 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Revenues, Total	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 194,519,345	$ 148,471,659
UNITED STATES
Revenues, Total									175,727,524	135,257,659
Non-US [Member]
Revenues, Total									$ 18,791,821	$ 13,214,000

Note 22 - Segment Information91

Note 22 - Segment Information (Details Textual)	12 Months Ended
	Mar. 31, 2018
Number of Operating Segments	7

Note 22 - Segment Information -

Note 22 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 43,687,000	$ 35,769,000	$ 38,523,000	$ 30,493,000	$ 194,519,345	$ 148,471,659
Operating Income (Loss)	$ 1,005,000	$ 552,000	$ 476,000	$ 2,213,000	$ 1,311,000	$ 1,639,000	$ 1,022,000	$ (7,073,000)	4,245,523	(3,100,773)
Capital Expenditures									20,215,594	2,346,431
Depreciation and Amortization									2,678,858	3,181,845
Corporate, Non-Segment [Member]
Revenues									2,520,521	1,136,311
Operating Income (Loss)									(3,541,853)	(2,787,760)
Capital Expenditures									1,104,089	1,690,109
Depreciation and Amortization									421,243	174,510
Intersegment Eliminations [Member]
Revenues									(11,879,288)	(1,692,859)
Operating Income (Loss)									(1,261,045)	64,801
Capital Expenditures										(3,066,500)
Depreciation and Amortization									(5,298)	(194,610)
Overnight Air Cargo [Member]
Revenues									72,845,353	69,558,334
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues									72,845,353	69,558,334
Operating Income (Loss)									4,127,322	2,723,933
Capital Expenditures									40,668	95,270
Depreciation and Amortization									110,810	124,793
Ground Equipment Sales [Member]
Revenues									50,004,507	31,447,408
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues									50,036,035	31,206,009
Operating Income (Loss)									3,840,907	2,378,812
Capital Expenditures									219,592	21,766
Depreciation and Amortization									433,184	597,240
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									47,394,193	26,922,009
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues									2,641,842	4,284,000
Ground Support Services [Member]
Revenues									35,698,171	30,453,246
Ground Support Services [Member] | Operating Segments [Member]
Revenues									35,710,005	30,453,246
Operating Income (Loss)									(179,152)	(500,712)
Capital Expenditures									363,420	465,718
Depreciation and Amortization									471,776	383,963
Printing Equipment and Maintenance [Member]
Revenues									6,144,403	9,019,155
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues									6,386,882	9,809,997
Operating Income (Loss)									(749,846)	(5,937,522)
Capital Expenditures									181,895	9,927
Depreciation and Amortization									13,135	1,738,819
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									3,675,193	5,653,997
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues									2,711,689	4,156,000
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues									38,762,521	7,462,902
Operating Income (Loss)									2,003,111	534,762
Capital Expenditures									18,305,930	60,104
Depreciation and Amortization									1,174,764	109,807
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									25,324,231	2,688,902
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues									13,438,290	4,774,000
Leasing [Member]
Revenues									137,316	537,719
Leasing [Member] | Operating Segments [Member]
Revenues									137,316	537,719
Operating Income (Loss)									6,079	422,913
Capital Expenditures										3,070,037
Depreciation and Amortization									$ 59,244	$ 247,323

Note 23 - Commitments and Con93

Note 23 - Commitments and Contingencies (Details Textual)	Aug. 01, 2017CAD ($)ft²	Oct. 03, 2016USD ($)	Jul. 18, 2016USD ($)	Oct. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Aug. 01, 2017a	May 05, 2017USD ($)	Mar. 31, 2017USD ($)
Business Combination, Contingent Consideration, Liability, Current						$ 1,500,000
Building Lease in Ontario [Member]
Area of Real Estate Property	12,206						12,206
Operating Lease, Lessee, Initial Annual Rent, Amount	$ 94,600
Operating Lease, Lessee, Annual Rent, After Annual Increments, Amount	$ 97,000
Contrail Loan Agreement's, Revolving Line of Credit [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted						1,600,000		$ 1,600,000
Contrail Aviation Inc. [Member]
Business Combination, Contingent Consideration Arrangement, EBITDA During Earnout Period				$ 2,100,000	$ 2,100,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment Respect Earnout Period				$ 1,000,000	$ 1,000,000
Business Combination, Contingent Consideration, Liability, Total						1,955,000
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
Business Combination, Contingent Consideration, Liability, Noncurrent						455,000
Contrail Aviation Inc. [Member] | Accrued Expense [Member]
Business Combination, Contingent Consideration, Liability, Current						$ 1,500,000
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year			$ 1,500,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High			3,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability			2,900,000
Payments to Acquire Businesses, Gross			4,033,368
Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member]
Business Combination, Contingent Consideration 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 Partners Llc and Global Aviation Service [Member] | Jet Yard, LLC [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 100,000
Payments to Acquire Businesses, Gross		400,000
Payments to Acquire Business, Additional Payment After Closing, Amount		100,000
Payments to Acquire Business, Final Payment, Payable		100,000
Payments to Acquire Business, Final Payment, Payable, Monthly Installments, Amount		$ 16,667

Note 24 - Related Party Matte94

Note 24 - Related Party Matters (Details Textual)	Dec. 27, 2017shares	Dec. 15, 2017USD ($)	Mar. 31, 2017USD ($)	Jan. 31, 2018USD ($)	Mar. 31, 2018USD ($)ft²a	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Chief Investment Officer [Member]
Annual Salary After the Acquisition		$ 50,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Consideration Transferred, Total		$ 1
Company Controlled by Company's Officer and Directors [Member]
Operating Leases Monthly Rent						$ 14,862
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 Interests Acquired in Equipment Leases During the Period							2
Vantage [Member] | Leasing Subsidiary [Member]
Payments to Acquire Interests in Equipment Leases							$ 401,250
Fees for Servicing Equipment Leases, Included in Acquisition Payments							$ 1,000
Equipment Lease Payments, Percentage of Outstanding Lease Assets			1.00%		1.00%	1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues							1.00%
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member]
Area of Real Estate Property | ft²					21,000
Operating Lease, Payments			$ 111,189		$ 158,738
Lessee, Operating Lease, Renewal Term					5 years
Blue Clay Capital Management, LLC [Member]
Related Party Transaction, Stock Issued During Period | shares	52,000

Note 25 - Subsequent Events (De

Note 25 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)	May 25, 2018	May 04, 2018	May 02, 2018	Apr. 06, 2018
Loans [Member] | MBT [Member]
Debt Instrument, Amount Guaranteed by Company for Wholly-owned Subsidiaries, Before Term Loan Paid in Full and Certain Other Conditions Met	$ 3,000,000
Debt Instrument, Amount Guaranteed by Company for Wholly-owned Subsidiaries,After CertainConditions Met	1,500,000
Loans [Member] | MBT [Member] | Revolving Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Loans [Member] | MBT [Member] | Revolving Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Loans [Member] | MBT [Member] | Term Loan [Member]
Debt Instrument, Face Amount	$ 3,400,000
Loans [Member] | MBT [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Worthington Aviation Parts, Inc [Member]
Earnest Money Deposits				$ 50,000
Business Combination, Expected Cash Payment Upon Closing				$ 3,400,000
Business Combination, Different Between Expected Cash Payments and Actual Cash Payments			$ 100,000
Payments to Acquire Businesses, Gross		$ 3,300,000