Air T (AIRT) 10-Q 14 Aug 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
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
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Revenues:
Operating Revenues	$ 60,867,469	$ 47,697,373
Operating Expenses:
Overnight air cargo	15,174,396	14,562,143
Ground equipment sales	4,937,312	4,754,215
Ground support services	7,805,209	7,418,393
Printing equipment and maintenance	145,528	1,501,056
Commercial jet engines and parts	20,121,118	10,069,850
Research and development		195,653
General and administrative	8,584,803	6,584,668
Depreciation, amortization and impairment	1,495,401	398,827
	58,263,767	45,484,805
Operating Income	2,603,702	2,212,568
Non-operating Income (Expense):
Foreign currency gain (loss), net	(2,182)	(188,624)
Other-than-temporary impairment loss on investments		(771,173)
Other investment income (loss), net	(315,507)	30,651
Interest expense and other	(707,199)	(149,519)
Unrealized gain on interest rate swap	97,337
Bargain purchase acquisition gain, net of tax	1,983,777	501,880
Equity in income (loss) of associated company	9,183	(31,903)
	1,065,409	(608,688)
Income Before Income Taxes	3,669,111	1,603,880
Income Taxes	387,000	374,000
Net Income	3,282,111	1,229,880
Interests	(453,417)	(261,491)
Net Income Attributable to Air T, Inc. Stockholders	$ 2,828,694	$ 968,389
Income Per Share:
Basic (in dollars per share)	$ 1.38	$ 0.47
Diluted (in dollars per share)	$ 1.38	$ 0.47
Weighted Average Shares Outstanding:
Basic (in shares)	2,043,607	2,042,789
Diluted (in shares)	2,049,698	2,047,623
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 17,640,658	$ 16,742,175
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	6,384,781	5,949,656
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	9,047,640	9,113,073
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	298,823	3,131,381
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	27,320,175	12,725,341
Corporate Segment [Member]
Operating Revenues:
Operating Revenues	$ 175,392	$ 35,747

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 3,282,111	$ 1,229,880
Other comprehensive income (loss):
Foreign currency translation gain	47,660	134,789
Unrealized net loss on marketable securities		(920,309)
Tax effect of unrealized net loss on marketable securities		331,761
Total unrealized net loss on marketable securities, net of tax		(588,548)
Reclassification of other-than-temporary impairment loss on investments, net of gains on sale of marketable securities, included in income (loss), before income taxes		771,173
Tax effect of reclassification		(277,622)
Reclassification adjustment, net of tax		493,551
Total Other Comprehensive Income	47,660	39,792
Total Comprehensive Income (Loss)	3,329,771	1,269,672
Comprehensive (Income) Attributable to Non-controlling Interests	(470,569)	(260,646)
Comprehensive Income Attributable to Air T, Inc. Stockholders	$ 2,859,202	$ 1,009,026

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Jun. 30, 2018	Mar. 31, 2018
Current Assets:
Cash and cash equivalents	[1]	$ 5,746,521	$ 4,803,238	[2]
Marketable securities		1,055,075	290,449	[2]
Restricted cash		18,832	269,659	[2]
Restricted investments		1,119,490	1,235,405	[2]
Accounts receivable	[1]	19,120,159	15,157,855	[2]
Costs and estimated earnings in excess of billings on uncompleted projects			2,012,121	[2]
Notes and other receivables-current		2,880,560	658,630	[2]
Income tax receivable		1,351,597	1,557,180	[2]
Inventories, net (Delphax $0 and $0)**	[1]	27,619,851	34,231,005	[2]
Prepaid expenses and other (Delphax $58,898 and $72,269)**	[1]	1,147,368	1,455,566	[2]
Total Current Assets		60,059,453	61,671,108	[2]
Investments in securities		2,840,175	1,026,920	[2]
Property and equipment, net		19,417,752	20,273,171	[2]
Cash surrender value of life insurance policies		2,372,289	2,356,507	[2]
Other tax receivables-long-term (Delphax $311,000 and $311,000)**		311,000	311,000	[2]
Investments in funds		314,026	324,854	[2]
Equity method investments		5,238,982	5,032,268	[2]
Other assets		772,109	420,981	[2]
Intangible assets, net		1,371,561	1,312,472	[2]
Goodwill		4,417,605	4,417,605	[2]
Total Assets		97,114,952	97,146,886	[2]
Current Liabilities:
Accounts payable (Delphax $2,160,817 and $2,145,847)**	[1]	14,887,263	10,181,143	[2]
Income tax payable (Delphax $11,312 and $11,312)**	[1]	23,000	23,000	[2]
Accrued expenses (Delphax $3,180,724 and $3,244,514)**	[1]	10,418,865	11,743,973	[2]
Short-term debt		9,544,732	9,229,690	[2]
Total Current Liabilities		34,873,860	31,177,806	[2]
Long-term debt (Delphax $0 and $0)*	[2]	31,322,098	38,855,260
Deferred income taxes		681,000	92,000	[2]
Other non-current liabilities		719,252	785,797	[2]
Total Liabilities		67,596,210	70,910,863	[2]
Redeemable non-controlling interest		2,445,563	1,992,939	[2]
Commitments and contingencies (Note 15)				[2]
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized				[2]
Common stock, $.25 par value; 4,000,000 shares authorized, 2,043,607 shares issued and outstanding		510,901	510,901	[2]
Additional paid-in capital		4,171,869	4,171,869	[2]
Retained earnings		23,418,334	20,695,981	[2]
Accumulated other comprehensive loss		(124,051)	(260,900)	[2]
Total Air T, Inc. Stockholders' Equity		27,977,053	25,117,851	[2]
Non-controlling Interests		(903,874)	(874,767)	[2]
Total Equity		27,073,179	24,243,084	[2]
Total Liabilities and Equity		$ 97,114,952	$ 97,146,886	[2]
[1]	Amounts related to Delphax as of June 30, 2018 and March 31, 2018, respectively.
[2]	Derived from audited consolidated financial statements

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)		Jun. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	[1]	$ 5,746,521	$ 4,803,238	[2]
Accounts receivable	[3]	755,865	801,000	[4]
Accounts receivable	[1]	19,120,159	15,157,855	[2]
Inventories, net	[1]	27,619,851	34,231,005	[2]
Prepaid expenses and other	[1]	1,147,368	1,455,566	[2]
Other tax receivables - long term		311,000	311,000	[2]
Accounts payable	[1]	14,887,263	10,181,143	[2]
Income tax payable	[1]	23,000	23,000	[2]
Accrued expenses	[1]	10,418,865	11,743,973	[2]
Long-term debt	[2]	$ 31,322,098	$ 38,855,260
Preferred stock, par value (in dollars per share)		$ 1	$ 1	[4]
Preferred stock, shares authorized (in shares)		50,000	50,000	[4]
Common stock, par value (in dollars per share)		$ 0.25	$ 0.25	[4]
Common stock, shares authorized (in shares)		4,000,000	4,000,000	[4]
Common stock, shares issued (in shares)		2,043,607	2,043,607	[4]
Common stock, shares outstanding (in shares)		2,043,607	2,043,607	[4]
Delphax [Member]
Cash and cash equivalents	[3]	$ 371,831	$ 241,430	[4]
Accounts receivable	[3]	41,150	317,000	[4]
Inventories, net	[3]	0	0	[4]
Prepaid expenses and other	[3]	58,898	72,269	[4]
Other tax receivables - long term	[3]	311,000	311,000	[4]
Accounts payable	[3]	2,160,817	2,145,847	[4]
Income tax payable	[3]	11,312	11,312	[4]
Accrued expenses	[3]	3,180,724	3,244,514	[4]
Long-term debt	[4]	$ 0	$ 0
[1]	Amounts related to Delphax as of June 30, 2018 and March 31, 2018, respectively.
[2]	Derived from audited consolidated financial statements
[3]	Amounts related to Delphax as of June 30, 2018 and March 31, 2018, respectively.
[4]	Derived from audited consolidated financial statements

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,282,111	$ 1,229,880
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of marketable securities	10,828
Gain on sale of property and equipment	1,661	(1,091)
Change in inventory reserves	91,547	(405,302)
Change in accounts receivable reserves	(45,628)	(20,950)
Depreciation, amortization and impairment	1,495,401	398,827
Change in cash surrender value of life insurance	(15,782)	(14,335)
Bargain purchase acquisition gain, net of tax	(1,983,777)	(501,880)
Warranty reserve	(980)	27,706
Other-than-temporary impairment loss on investments		771,173
Unrealized loss on marketable securities	322,477
Unrealized gain on interest rate swap	(97,337)
Change in operating assets and liabilities:
Accounts receivable	29,564	(1,071,687)
Notes receivable and other non-trade receivables	(2,221,930)	811,207
Inventories	11,319,597	(1,896,441)
Prepaid expense and other assets	288,286	380,030
Accounts payable	3,942,185	(1,047,556)
Accrued expenses	(1,982,397)	(1,206,518)
Income taxes payable/receivable	205,583	355,186
Non-current liabilities	75,525	47,240
Total adjustments	11,434,823	(3,374,391)
Net cash provided by (used in) operating activities	14,716,934	(2,144,511)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(784,443)	(30,476)
Acquisition of businesses, net of cash acquired	(3,325,700)	(2,900,000)
Net cash used for equity method investments	(197,532)
Purchase of debt security	(2,000,000)
Capital expenditures	(459,575)	(489,995)
Proceeds from sale of property and equipment	50,602	1,861
Net cash used in investing activities	(6,716,648)	(3,418,610)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	28,933,742	17,002,765
Payments on lines of credit	(38,156,091)	(14,520,242)
Proceeds from term loan	3,400,000	2,400,000
Payments on term loan	(1,404,800)	(200,000)
Debt issuance costs	(35,702)
Distribution to non-controlling member	(47,051)
Net cash provided by (used in) financing activities	(7,309,902)	4,682,523
Effect of foreign currency exchange rates on cash and cash equivalents	2,072	6,057
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	692,456	(874,541)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,072,897	2,763,365
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	5,765,353	1,888,824
Equipment leased to customers transferred to inventory	234,151
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	629,264	160,191
Income taxes	$ 181,417	$ 18,814

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Mar. 31, 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 income*	[1]			968,389		18,239	986,628
Net change from marketable securities, net of tax					(94,997)		(94,997)
Foreign currency translation gain					135,634	(845)	134,789
Redeemable non-controlling interest			(25,000)				(25,000)
Balance (in shares) at Jun. 30, 2017		2,042,789
Balance at Jun. 30, 2017		$ 510,696	4,180,536	19,429,736	(171,410)	(785,744)	23,163,814
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	[2]
Net income*	[1]			2,828,694		(46,259)	2,782,435
Foreign currency translation gain					30,508	17,152	47,660
Adoption of ASU 2016-01 | Accounting Standards Update 2016-01 [Member]				(106,341)	106,341
Balance (in shares) at Jun. 30, 2018		2,043,607
Balance at Jun. 30, 2018		$ 510,901	$ 4,171,869	$ 23,418,334	$ (124,051)	$ (903,874)	$ 27,073,179
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation.
[2]	Derived from audited consolidated financial statements

Note 1 - Financial Statement Pr

Note 1 - Financial Statement Presentation	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“AirT”, the “Company”, “we”, “us” or “our”) have been prepared, without audit (except as it relates to the consolidated balance sheet as of March 31, 2018 not It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 March 31, 2018. June 30 not Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606 606 606 December 15, 2017. Effective April 1, 2018, April 1, 2018 2014 09 not 2014 09 not 606. 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 August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 4 In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, 2017 01 April 1, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. not In February 2018, Financial Instruments Topic 2016 01. December 15, 2017, June 15, 2018, not June 15, 2018. not In June 2018, Compensation—Stock Compensation Topic 718 December 15, 2018, no 606. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue recognition The Company accounts for revenue in accordance with ASC 606, April 1, 2018, one not The following is a description of the Company’s performance obligations. Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. not Support Services The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 840 606 606. Three Months Ended June 30, 2018 2017 Product Sales $ 39,427,051 $ 28,350,734 Support Services 19,776,215 19,109,009 Leasing Revenue 1,272,579 65,194 Other 391,624 172,436 Total $ 60,867,469 $ 47,697,373 See Note 13 14 Contract Balances and Costs The Company does not June 30, 2018.

Note 3 - Business Combinations

Note 3 - Business Combinations	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Busines s Combinations Acquisition of AirCo Assets On May 2, 2017 May 31, 2017, 145 $2,400,000. The following table summarizes the fair values of assets acquired and liabilities assumed by AirCo as of May 2, 2017, May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 The Company’s purchase price accounting reflects the estimated net fair value of the AirCo Sellers assets acquired and liabilities assumed as of the AirCo Closing Date. The 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 Acquisition of W o rthing ton Aviation and Parts On May 4, 2018, April 6, 2018, Worthington is primarily engaged in the business of operating, distributing and selling airplane and aviation parts along with repair services. The Company agreed to acquire the assets and assume the liabilities in exchange for payment to Worthington of $50,000 $3,300,000 Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,300 ) Total consideration $ 3,325,700 The Transaction was accounted for as a business combination in accordance with ASC Topic 805 May 4, 2018, May 4, 2018: May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Investment in JVs 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net Assets Acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777 As of June 30, 2018, The transaction resulted in a bargain purchase because Worthington needed access to additional capital to maintain its operations. The seller engaged in a formal bidding process and determined Air T was the best option for Worthington. The tax impact related to the bargain purchase gain was to record a deferred tax liability and record tax expense against the bargain purchase gain of approximately $589,000. $1,983,000. Worthington’s operating revenue and operating income included in the Company’s results for the three June 30, 2018 $2,600,000 $165,000, Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three June 30, 2018 2017 April 1, 2017: Pro-Forma Three Pro-Forma Three Months Ended Months Ended June 30, 2018 June 30, 2017 Revenue $ 62,311,340 $ 51,212,373 Operating income 2,399,435 1,985,814 Net income Attributable to Air T, Inc. Stockholders 701,272 2,749,338 Basic income per share 0.34 1.35 Dilutive income per share $ 0.34 $ 1.34 The unaudited pro forma financial results include certain adjustments for additional amortization expense based upon the definite-lived amortizable asset acquired in the transaction. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. The pro forma net income for the three June 30, 2017 not $1,983,000. not April 1, 2017. Other Acquisitions and Business Investments On June 7, 2017, $500,000 40% 60% On December 15, 2017, $227,000. Pro forma financial information is not not

Note 4 - Restricted Cash

Note 4 - Restricted Cash	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	4. Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows: 6/30/2018 3/31/2018 Cash and cash equivalents $ 5,746,521 $ 4,803,238 Restricted Cash 18,832 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,765,353 $ 5,072,897

Note 5 - Income Taxes

Note 5 - Income Taxes	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	5. Income Taxes During the three June 30, 2018, $387,000 10.5%. 21% three June 30, 2018 831 three June 30, 2017, $374,000 23.3%. three June 30, 2017 831

Note 6 - Net Earnings Per Share

Note 6 - Net Earnings Per Share	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	6. Net Earnings Per Share Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30, 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 2,828,694 $ 968,389 Income Per Share: Basic $ 1.38 $ 0.47 Diluted $ 1.38 $ 0.47 Weighted Average Shares Outstanding: Basic 2,043,607 2,042,789 Diluted 2,049,698 2,047,623

Note 7 - Investments in Securit

Note 7 - Investments in Securities	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	7. Investments in Securities At March 31, 2018, not The Company adopted ASU 2016 01 April 1, 2018 $106,000 During the three June 30, 2018, $61,000 $416,000, All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 In June 2018, $2,000,000 3 $2,000,000 June 30, 2018.

Note 8 - Equity Method Investme

Note 8 - Equity Method Investments	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	8. Equity Method Investments On January 16, 2018, 1,133,000 $1.25 $1.4 26% January 16, 2018, not three June 30, 2018, 3.5 29% $4,801,000. June 30, 2018, $25,000 three March 31, 2018 $20,000. As discussed previously, the Company’s investment in The Fence Store LLC is accounted for under the equity method of accounting. The Company’s net investment basis is approximately $437,000 June 30, 2018.

Note 9 - Inventories

Note 9 - Inventories	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	9. Inventories Inventories consisted of the following: June 30, 2018 March 31, 2018 Ground support service parts $ 2,590,319 $ 2,489,433 Ground equipment manufacturing: Raw materials 2,856,870 3,198,939 Work in process 1,828,715 20,089 Finished goods 4,244,487 1,768,897 Printing equipment and maintenance Raw materials 851,938 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 14,852,478 25,452,022 Total inventories $ 27,619,851 $ 34,231,005

Note 10 - Employee and Non-empl

Note 10 - Employee and Non-employee Stock Options	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. Employee and Non-employee Stock Options Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. No three June 30, 2018 2017. $0 three June 30, 2018 2017, June 30, 2018, no No June 2018 June 2017 not June 2018 June 2017

Note 11 - Financing Arrangement

Note 11 - Financing Arrangements	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	11. Financing Arrangements Material financing arrangements for the Company and its subsidiaries are summarized as follows. AirCo, Contrail Aviation (“Contrail”) and Worthington are subsidiaries of the Company in the commercial jet engines and parts segment. 6/30/2018 3/31/2018 Maturity Date Revolver $ 5,603,713 $ - November 30, 2019 Term Note A 9,500,000 9,750,000 January 1, 2028 Term Note B 4,750,000 4,875,000 January 1, 2028 Term Note D 1,657,600 1,674,400 January 1, 2028 Air T Debt 21,511,313 16,299,400 Revolver 4,686,000 5,000,000 February 21, 2019 Term Loan 1,705,775 2,404,775 March 26, 2019 AirCo Debt 6,391,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,920,000 9,920,000 January 26, 2021 Contrail Debt 9,920,000 24,746,062 Term Loan 3,400,000 - November 30, 2019 Worthington Debt 3,400,000 - Total Debt 41,223,088 48,450,238 Less: Unamortized Debt Issuance Costs (356,258 ) (365,288 ) Total Debt, net $ 40,866,830 $ 48,084,950 Refer to the Company’s Form 10K March 31, 2018 June 30, 2018, On May 25, 2018, $1,500,000 $3,400,000 May 25, 2018 $3,000,000 one 2.5% one 2.0%. November 30, 2019, first June 30, 2018, no $3,400,000. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements.

Note 12 - Variable Interest Ent

Note 12 - Variable Interest Entities	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	12. 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. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Warrant, each constituted a variable interest. In addition, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. The following table sets forth the carrying values of Delphax’s assets and liabilities as of June 30, 2018 March 31, 2018: June 30, 2018 March 31, 2018 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 371,831 $ 241,430 Accounts receivable, net 41,150 316,542 Other current assets 58,898 72,269 Total current assets 471,879 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 782,879 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,160,817 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,180,724 3,244,514 Short-term debt 1,766,949 1,788,285 Total current liabilities 7,119,802 7,189,958 Total liabilities $ 7,119,802 $ 7,189,958 Net Assets $ (6,336,923 ) $ (6,248,717 ) The short-term debt is comprised of amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of June 30, 2018, $800,000 $900,000 March 31, 2018) $0 $0 March 31, 2018). $967,000 $888,000 June 30, 2018 March 31, 2018. 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, no January 6, 2017, January 6, 2017, 10.5% 18%, no January 6, 2017, May 31, 2017 $141,000. first six 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 June 30, 2018, The intercompany balances under the Delphax Senior Subordinated Note as of June 30, 2018 Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 June 30, 2018. 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the quarters ended June 30, 2018 June 30, 2017 33% 3.4%, The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income (loss) for the three June 30, 2018 2017. Three Months Ended June 30, 2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 3,131,381 Operating Expenses: Cost of sales - 1,501,056 General and administrative 52,260 505,945 Research and development - 195,653 Depreciation, amortization and impairment - 4,691 52,260 2,207,345 Operating Income (Loss) (52,260 ) 924,036 Non-operating Expenses, net (87,917 ) (387,797 ) Income (Loss) Before Income Taxes (140,177 ) 536,239 Income Taxes - - Net Income (Loss) $ (140,177 ) $ 536,239 Non-operating income (expense), net, includes interest expense of approximately $97,000 June 30, 2018 $132,000 June 30, 2017. three June 30, 2018 2017, Unconsolidated Variable Interest Entities and Other Entities As discussed in Note 3, March 31, 2018. not not not not June 30, 2018 $314,000. As discussed in Note 4, $2,000,000. not not

Note 13 - Geographical Informat

Note 13 - Geographical Information	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	13. Geographical information Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, held outside the United States are summarized in the following table as of June 30, 2018 March 31, 2018: June 30, 2018 March 31, 2018 United States, the Company’s country of domicile $ 5,357,615 $ 5,209,831 Foreign 14,060,137 15,063,340 Total property and equipment, net $ 19,417,752 $ 20,273,171 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines on lease at June 30, 2018. June 30, 2018 March 31, 2018 June 30, 2018 March 31, 2018 Australia $ 4,793 $ - Mexico 3,934,399 4,352,257 Romania 3,459,673 3,626,136 Netherlands 6,661,272 7,084,947 Total property and equipment, net $ 14,060,137 $ 15,063,340 Total revenue, in and outside the United States is summarized in the following table for the quarters ended June 30, 2018 June 30, 2017: June 30, 2018 June 30, 2017 United States, the Company’s country of domicile $ 54,662,311 $ 40,801,228 Foreign 6,205,158 6,896,145 Total revenue $ 60,867,469 $ 47,697,373

Note 14 - Segment Information

Note 14 - Segment Information	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. Segment Information The Company has six Three Months Ended June 30, 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,640,658 $ 16,742,175 Ground Equipment Sales: Domestic 5,292,017 5,276,366 International 1,095,097 673,290 Total Ground Equipment Sales 6,387,114 5,949,656 Ground Support Services 9,047,640 9,113,073 Printing Equipment and Maintenance Domestic 194,792 1,443,982 International 107,921 1,687,399 Total Printing Equipment and Maintenance 302,713 3,131,381 Commercial Jet Engines and Parts: Domestic 23,154,535 8,190,885 International 5,002,140 4,535,456 Total Commercial Jet Engines 28,156,675 12,726,341 Corporate 474,205 326,279 Intercompany (1,141,536 ) (291,532 ) Total $ 60,867,469 $ 47,697,373 Operating Income (Loss): Overnight Air Cargo $ 1,056,692 $ 816,666 Ground Equipment Sales 393,500 165,794 Ground Support Services (87,724 ) 356,824 Printing Equipment and Maintenance (318,278 ) 924,036 Commercial Jet Engines and Parts 3,282,908 810,940 Corporate (1,729,200 ) (863,018 ) Intercompany 5,803 1,326 Total $ 2,603,702 $ 2,212,568 Capital Expenditures: Overnight Air Cargo $ 5,996 $ - Ground Equipment Sales 140,090 - Ground Support Services 52,438 25,365 Printing Equipment and Maintenance - - Commercial Jet Engines and Parts 183,821 4,977 Corporate 77,230 459,653 Total $ 459,575 $ 489,995 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 22,763 $ 31,016 Ground Equipment Sales 91,349 132,880 Ground Support Services 125,055 111,631 Printing Equipment and Maintenance 14,331 4,691 Commercial Jet Engines and Parts 1,097,933 45,776 Corporate 145,295 74,159 Intercompany (1,325 ) (1,326 ) Total $ 1,495,401 $ 398,827

Note 15 - Commitments and Conti

Note 15 - Commitments and Contingencies	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	15. Commitments and Contingencies Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned by Contrail Aviation Support, Inc. (the “Seller”) in July 2016. $1,500,000 $3,000,000 $2,900,000 $1,000,000 June 30, 2018 $1,955,000, $1,500,000 $455,000, June 30, 2018. Contrail Aviation entered into with the Seller 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”). the Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation, the Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying consolidated balance sheets.

Note 16 - Subsequent Events

Note 16 - Subsequent Events	3 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	16. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. Management is not

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606 606 606 December 15, 2017. Effective April 1, 2018, April 1, 2018 2014 09 not 2014 09 not 606. 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 August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 4 In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, 2017 01 April 1, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 12 December 15, 2018, In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. not In February 2018, Financial Instruments Topic 2016 01. December 15, 2017, June 15, 2018, not June 15, 2018. not In June 2018, Compensation—Stock Compensation Topic 718 December 15, 2018, no 606. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2018 2017 Product Sales $ 39,427,051 $ 28,350,734 Support Services 19,776,215 19,109,009 Leasing Revenue 1,272,579 65,194 Other 391,624 172,436 Total $ 60,867,469 $ 47,697,373

Note 3 - Business Combinations

Note 3 - Business Combinations (Tables)	3 Months Ended
	Jun. 30, 2018
Worthington Aviation Parts, Inc [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Investment in JVs 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net Assets Acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,300 ) Total consideration $ 3,325,700
Business Acquisition, Pro Forma Information [Table Text Block]	Pro-Forma Three Pro-Forma Three Months Ended Months Ended June 30, 2018 June 30, 2017 Revenue $ 62,311,340 $ 51,212,373 Operating income 2,399,435 1,985,814 Net income Attributable to Air T, Inc. Stockholders 701,272 2,749,338 Basic income per share 0.34 1.35 Dilutive income per share $ 0.34 $ 1.34
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

Note 4 - Restricted Cash (Table

Note 4 - Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	6/30/2018 3/31/2018 Cash and cash equivalents $ 5,746,521 $ 4,803,238 Restricted Cash 18,832 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,765,353 $ 5,072,897

Note 6 - Net Earnings Per Sha28

Note 6 - Net Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ 2,828,694 $ 968,389 Income Per Share: Basic $ 1.38 $ 0.47 Diluted $ 1.38 $ 0.47 Weighted Average Shares Outstanding: Basic 2,043,607 2,042,789 Diluted 2,049,698 2,047,623

Note 9 - Inventories (Tables)

Note 9 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2018 March 31, 2018 Ground support service parts $ 2,590,319 $ 2,489,433 Ground equipment manufacturing: Raw materials 2,856,870 3,198,939 Work in process 1,828,715 20,089 Finished goods 4,244,487 1,768,897 Printing equipment and maintenance Raw materials 851,938 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 14,852,478 25,452,022 Total inventories $ 27,619,851 $ 34,231,005

Note 11 - Financing Arrangeme30

Note 11 - Financing Arrangements (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	6/30/2018 3/31/2018 Maturity Date Revolver $ 5,603,713 $ - November 30, 2019 Term Note A 9,500,000 9,750,000 January 1, 2028 Term Note B 4,750,000 4,875,000 January 1, 2028 Term Note D 1,657,600 1,674,400 January 1, 2028 Air T Debt 21,511,313 16,299,400 Revolver 4,686,000 5,000,000 February 21, 2019 Term Loan 1,705,775 2,404,775 March 26, 2019 AirCo Debt 6,391,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,920,000 9,920,000 January 26, 2021 Contrail Debt 9,920,000 24,746,062 Term Loan 3,400,000 - November 30, 2019 Worthington Debt 3,400,000 - Total Debt 41,223,088 48,450,238 Less: Unamortized Debt Issuance Costs (356,258 ) (365,288 ) Total Debt, net $ 40,866,830 $ 48,084,950

Note 12 - Variable Interest E31

Note 12 - Variable Interest Entities (Tables) - Delphax [Member]	3 Months Ended
	Jun. 30, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	June 30, 2018 March 31, 2018 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 371,831 $ 241,430 Accounts receivable, net 41,150 316,542 Other current assets 58,898 72,269 Total current assets 471,879 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 782,879 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,160,817 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,180,724 3,244,514 Short-term debt 1,766,949 1,788,285 Total current liabilities 7,119,802 7,189,958 Total liabilities $ 7,119,802 $ 7,189,958 Net Assets $ (6,336,923 ) $ (6,248,717 )
Condensed Income Statement [Table Text Block]	Three Months Ended June 30, 2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 3,131,381 Operating Expenses: Cost of sales - 1,501,056 General and administrative 52,260 505,945 Research and development - 195,653 Depreciation, amortization and impairment - 4,691 52,260 2,207,345 Operating Income (Loss) (52,260 ) 924,036 Non-operating Expenses, net (87,917 ) (387,797 ) Income (Loss) Before Income Taxes (140,177 ) 536,239 Income Taxes - - Net Income (Loss) $ (140,177 ) $ 536,239

Note 13 - Geographical Inform32

Note 13 - Geographical Information (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	June 30, 2018 March 31, 2018 United States, the Company’s country of domicile $ 5,357,615 $ 5,209,831 Foreign 14,060,137 15,063,340 Total property and equipment, net $ 19,417,752 $ 20,273,171 June 30, 2018 March 31, 2018 Australia $ 4,793 $ - Mexico 3,934,399 4,352,257 Romania 3,459,673 3,626,136 Netherlands 6,661,272 7,084,947 Total property and equipment, net $ 14,060,137 $ 15,063,340
Revenue from External Customers by Geographic Areas [Table Text Block]	June 30, 2018 June 30, 2017 United States, the Company’s country of domicile $ 54,662,311 $ 40,801,228 Foreign 6,205,158 6,896,145 Total revenue $ 60,867,469 $ 47,697,373

Note 14 - Segment Information (

Note 14 - Segment Information (Tables)	3 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,640,658 $ 16,742,175 Ground Equipment Sales: Domestic 5,292,017 5,276,366 International 1,095,097 673,290 Total Ground Equipment Sales 6,387,114 5,949,656 Ground Support Services 9,047,640 9,113,073 Printing Equipment and Maintenance Domestic 194,792 1,443,982 International 107,921 1,687,399 Total Printing Equipment and Maintenance 302,713 3,131,381 Commercial Jet Engines and Parts: Domestic 23,154,535 8,190,885 International 5,002,140 4,535,456 Total Commercial Jet Engines 28,156,675 12,726,341 Corporate 474,205 326,279 Intercompany (1,141,536 ) (291,532 ) Total $ 60,867,469 $ 47,697,373 Operating Income (Loss): Overnight Air Cargo $ 1,056,692 $ 816,666 Ground Equipment Sales 393,500 165,794 Ground Support Services (87,724 ) 356,824 Printing Equipment and Maintenance (318,278 ) 924,036 Commercial Jet Engines and Parts 3,282,908 810,940 Corporate (1,729,200 ) (863,018 ) Intercompany 5,803 1,326 Total $ 2,603,702 $ 2,212,568 Capital Expenditures: Overnight Air Cargo $ 5,996 $ - Ground Equipment Sales 140,090 - Ground Support Services 52,438 25,365 Printing Equipment and Maintenance - - Commercial Jet Engines and Parts 183,821 4,977 Corporate 77,230 459,653 Total $ 459,575 $ 489,995 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 22,763 $ 31,016 Ground Equipment Sales 91,349 132,880 Ground Support Services 125,055 111,631 Printing Equipment and Maintenance 14,331 4,691 Commercial Jet Engines and Parts 1,097,933 45,776 Corporate 145,295 74,159 Intercompany (1,325 ) (1,326 ) Total $ 1,495,401 $ 398,827

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenues (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 1,272,579	$ 65,194
Revenues	60,867,469	47,697,373
Product [Member]
Revenues	39,427,051	28,350,734
Support Services [Member]
Revenues	19,776,215	19,109,009
Other [Member]
Revenues	$ 391,624	$ 172,436

Note 3 - Business Combination35

Note 3 - Business Combinations (Details Textual) - USD ($)	May 04, 2018	Jun. 07, 2017	May 31, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net				$ 1,983,777	$ 501,880
Payments to Acquire Equity Method Investments				197,532
Worthington Aviation Parts, Inc [Member]
Payments to Acquire Businesses, Gross	$ 3,300,000
Deferred Income Tax Expense (Benefit), Total				589,000
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net				1,983,000
Payment for Earnest Money Deposit	$ 50,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				2,600,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				165,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Fair Value Amount for Each General Partnership Interest				227,000
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
SAIC [Member] | TFS Partners [Member]
Payments to Acquire Equity Method Investments		$ 500,000
Equity Method Investment, Ownership Percentage		40.00%
TFS Partners [Member] | Fence Store LLC [Member]
Equity Method Investment, Ownership Percentage		60.00%

Note 3 - Business Combination36

Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	May 02, 2017	Jun. 30, 2018	Jun. 30, 2017
Consideration paid		$ 3,325,700	$ 2,900,000
AirCo [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member]
Accounts 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 3 - Business Combination37

Note 3 - Business Combinations - Summary of Total Consideration (Details) - Worthington Aviation Parts, Inc [Member]	May 04, 2018USD ($)
Earnest money	$ 50,000
Cash consideration	3,300,000
Cash acquired	(24,301)
Total consideration	$ 3,325,700

Note 3 - Business Combination38

Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($)	May 04, 2018	Jun. 30, 2018	Jun. 30, 2017
Consideration paid		$ 3,325,700	$ 2,900,000
Worthington Aviation Parts, Inc [Member]
Accounts receivable	$ 1,929,120
Inventories	4,564,437
Other current assets	149,792
Property and equipment	391,892
Investment in JVs	189,607
Total assets	7,362,848
Accounts payable	1,289,150
Accrued expenses	175,222
Deferred tax liability	589,000
Total liabilities	2,053,372
Net Assets Acquired	5,309,476
Consideration paid	3,350,000
Less: Cash acquired	(24,301)
Bargain purchase gain	1,983,777
Worthington Aviation Parts, Inc [Member] | Trade Names [Member]
Intangible assets - tradename	$ 138,000

Note 3 - Business Combination39

Note 3 - Business Combinations - Pro Forma Information (Details) - Worthington Aviation Parts, Inc [Member] - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 62,311,340	$ 51,212,373
Operating income	2,399,435	1,985,814
Net income Attributable to Air T, Inc. Stockholders	$ 701,272	$ 2,749,338
Basic income per share (in dollars per share)	$ 0.34	$ 1.35
Dilutive income per share (in dollars per share)	$ 0.34	$ 1.34

Note 4 - Restricted Cash - Cash

Note 4 - Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($)		Jun. 30, 2018	Mar. 31, 2018		Jun. 30, 2017	Mar. 31, 2017
Cash and cash equivalents	[1]	$ 5,746,521	$ 4,803,238	[2]
Restricted Cash		18,832	269,659
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		$ 5,765,353	$ 5,072,897		$ 1,888,824	$ 2,763,365
[1]	Amounts related to Delphax as of June 30, 2018 and March 31, 2018, respectively.
[2]	Derived from audited consolidated financial statements

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Expense (Benefit), Total		$ 387,000	$ 374,000
Effective Income Tax Rate Reconciliation, Percent, Total		10.50%	23.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Note 6 - Net Earnings Per Sha42

Note 6 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ 2,828,694	$ 968,389
Income Per Share:
Basic (in dollars per share)	$ 1.38	$ 0.47
Diluted (in dollars per share)	$ 1.38	$ 0.47
Weighted Average Shares Outstanding:
Basic (in shares)	2,043,607	2,042,789
Diluted (in shares)	2,049,698	2,047,623

Note 7 - Investments in Secur43

Note 7 - Investments in Securities (Details Textual) - USD ($)	Apr. 01, 2018	Jun. 30, 2018
Equity Securities, FV-NI, Unrealized Gain		$ 61,000
Equity Securities, FV-NI, Unrealized Loss		$ 416,000
Debt Securities, Held-to-Maturity, Term		3 years
Debt Securities, Held-to-maturity, Total		$ 2,000,000
Accounting Standards Update 2016-01 [Member]
Adoption of ASU 2016-01, Reclassification from AOCI to Retained Earnings
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member]
Adoption of ASU 2016-01, Reclassification from AOCI to Retained Earnings	$ (106,000)	(106,341)
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member]
Adoption of ASU 2016-01, Reclassification from AOCI to Retained Earnings	$ 106,000	$ 106,341

Note 8 - Equity Method Invest44

Note 8 - Equity Method Investments (Details Textual) - USD ($)	Jan. 16, 2018	Jun. 30, 2018	Mar. 31, 2018	[1]
Equity Method Investments		$ 5,238,982	$ 5,032,268
Insignia [Member]
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, Ownership Percentage	26.00%	29.00%
Equity Method Investment, Number of Shares Held		3,500,000
Equity Method Investments		$ 4,801,000
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		25,000
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total		20,000
Fence Store LLC [Member]
Equity Method Investments		$ 437,000
[1]	Derived from audited consolidated financial statements

Note 9 - Inventories - Inventor

Note 9 - Inventories - Inventories (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Ground support service parts	$ 2,590,319	$ 2,489,433
Inventory Gross	27,619,851	34,231,005
Ground Equipment Manufacturing [Member]
Raw materials	2,856,870	3,198,939
Work in process	1,828,715	20,089
Finished goods	4,244,487	1,768,897
Printing Equipment and Maintenance [Member]
Raw materials	851,938	747,778
Finished goods	395,044	553,847
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 14,852,478	$ 25,452,022

Note 10 - Employee and Non-em46

Note 10 - Employee and Non-employee Stock Options (Details Textual) - Employee and Non Employee Director Options [Member] - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0
Allocated Share-based Compensation Expense, Total	$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0
Allocated Share-based Compensation Expense, Total	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0

Note 11 - Financing Arrangeme47

Note 11 - Financing Arrangements (Details Textual) - USD ($)	May 25, 2018	Jun. 30, 2018	Mar. 31, 2018
Long-term Debt, Total		$ 40,866,830	$ 48,084,950
Loans [Member] | MBT [Member]
Debt Instrument, Amount Guaranteed by Company for Wholly-owned Subsidiaries, After Certain Conditions Met	$ 3,000,000
Loans [Member] | MBT [Member] | Revolving Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,500,000
Long-term Line of Credit, Total		0
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
Long-term Debt, Total		$ 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%

Note 11 - Financing Arrangeme48

Note 11 - Financing Arrangements - Long-term Debt (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Long-term debt, gross	$ 41,223,088	$ 48,450,238
Less: Unamortized Debt Issuance Costs	(356,258)	(365,288)
Long-term Debt, Total	40,866,830	48,084,950
Parent Company [Member]
Long-term debt, gross	21,511,313	16,299,400
AirCo [Member]
Long-term debt, gross	6,391,775	7,404,775
Contrail Aviation Inc. [Member]
Long-term debt, gross	9,920,000	24,746,062
Worthington Aviation Parts, Inc [Member]
Long-term debt, gross	3,400,000
Revolving Loan [Member] | Parent Company [Member]
Long-term debt, gross	$ 5,603,713
Maturity Date	Nov. 30, 2019
Revolving Loan [Member] | AirCo [Member]
Long-term debt, gross	$ 4,686,000	5,000,000
Maturity Date	Feb. 21, 2019
Revolving Loan [Member] | Contrail Aviation Inc. [Member]
Long-term debt, gross		14,826,062
Maturity Date	May 5, 2019
Term Loan A [Member] | Parent Company [Member]
Long-term debt, gross	$ 9,500,000	9,750,000
Maturity Date	Jan. 1, 2028
Term Loan B [Member] | Parent Company [Member]
Long-term debt, gross	$ 4,750,000	4,875,000
Maturity Date	Jan. 1, 2028
Term Loan D [Member] | Parent Company [Member]
Long-term debt, gross	$ 1,657,600	1,674,400
Maturity Date	Jan. 1, 2028
Term Loan [Member] | AirCo [Member]
Long-term debt, gross	$ 1,705,775	2,404,775
Maturity Date	Mar. 26, 2019
Term Loan [Member] | Contrail Aviation Inc. [Member]
Long-term debt, gross	$ 9,920,000	9,920,000
Maturity Date	Jan. 26, 2021
Term Loan [Member] | Worthington Aviation Parts, Inc [Member]
Long-term debt, gross	$ 3,400,000
Maturity Date	Nov. 30, 2019

Note 12 - Variable Interest E49

Note 12 - Variable Interest Entities (Details Textual) - USD ($)	Jan. 06, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018		Jul. 26, 2017	Jan. 05, 2017
Short-term Debt, Total		$ 9,544,732		$ 9,229,690	[1]
Investments in Funds, Noncurrent		$ 314,026		324,854	[1]
Delphax [Member]
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent		67.00%
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests		33.00%
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage		33.00%	3.40%
Delphax Canada [Member] | Delphax [Member]
Financing Receivable, Net, Total						$ 1,510,000
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
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt, Total		$ 800,000		900,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current		967,000		888,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt, Total		0		$ 0
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member]
Interest Expense, Total		97,000	$ 132,000
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member]
Investments in Funds, Noncurrent		314,000
Investment in Oxbridge RE NS [Member]
Investments in Funds, Noncurrent		$ 2,000,000
[1]	Derived from audited consolidated financial statements

Note 12 - Variable Interest E50

Note 12 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)		Jun. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	[1]	$ 5,746,521	$ 4,803,238	[2]
Accounts receivable, net	[1]	19,120,159	15,157,855	[2]
Prepaid expenses and other	[1]	1,147,368	1,455,566	[2]
Total current assets		60,059,453	61,671,108	[2]
Total assets		97,114,952	97,146,886	[2]
Accounts payable	[1]	14,887,263	10,181,143	[2]
Income tax payable	[1]	23,000	23,000	[2]
Accrued expenses	[1]	10,418,865	11,743,973	[2]
Short-term Debt, Total		9,544,732	9,229,690	[2]
Total current liabilities		34,873,860	31,177,806	[2]
Total liabilities		67,596,210	70,910,863	[2]
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents		371,831	241,430
Accounts receivable, net		41,150	316,542
Prepaid expenses and other		58,898	72,269
Total current assets		471,879	630,241
Other tax receivables-long-term		311,000	311,000
Total assets		782,879	941,241
Accounts payable		2,160,817	2,145,847
Income tax payable		11,312	11,312
Accrued expenses		3,180,724	3,244,514
Short-term Debt, Total		1,766,949	1,788,285
Total current liabilities		7,119,802	7,189,958
Total liabilities		7,119,802	7,189,958
Net Assets		$ (6,336,923)	$ (6,248,717)
[1]	Amounts related to Delphax as of June 30, 2018 and March 31, 2018, respectively.
[2]	Derived from audited consolidated financial statements

Note 12 - Variable Interest E51

Note 12 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 60,867,469	$ 47,697,373
General and administrative	8,584,803	6,584,668
Research and development		195,653
Depreciation, amortization and impairment	1,495,401	398,827
	58,263,767	45,484,805
Operating Income (Loss)	2,603,702	2,212,568
Non-operating Expenses, net	1,065,409	(608,688)
Income (Loss) Before Income Taxes	3,669,111	1,603,880
Income Tax Expense (Benefit), Total	387,000	374,000
Net Income (Loss)	3,282,111	1,229,880
Delphax [Member]
Revenues		3,131,381
Cost of sales		1,501,056
General and administrative	52,260	505,945
Research and development		195,653
Depreciation, amortization and impairment		4,691
	52,260	2,207,345
Operating Income (Loss)	(52,260)	924,036
Non-operating Expenses, net	(87,917)	(387,797)
Income (Loss) Before Income Taxes	(140,177)	536,239
Income Tax Expense (Benefit), Total
Net Income (Loss)	$ (140,177)	$ 536,239

Note 13 - Geographical Inform52

Note 13 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Non-current Assets	$ 19,417,752	$ 20,273,171
UNITED STATES
Non-current Assets	5,357,615	5,209,831
AUSTRALIA
Non-current Assets	4,793
Non-US [Member]
Non-current Assets	14,060,137	15,063,340
MEXICO
Non-current Assets	3,934,399	4,352,257
ROMANIA
Non-current Assets	3,459,673	3,626,136
NETHERLANDS
Non-current Assets	$ 6,661,272	$ 7,084,947

Note 13 - Geographical Inform53

Note 13 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 60,867,469	$ 47,697,373
UNITED STATES
Revenues	54,662,311	40,801,228
Non-US [Member]
Revenues	$ 6,205,158	$ 6,896,145

Note 14 - Segment Information54

Note 14 - Segment Information (Details Textual)	3 Months Ended
	Jun. 30, 2018
Number of Operating Segments	6

Note 14 - Segment Information -

Note 14 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 60,867,469	$ 47,697,373
Operating Income (Loss)	2,603,702	2,212,568
Capital Expenditures	459,575	489,995
Depreciation and Amortization	1,495,401	398,827
Corporate, Non-Segment [Member]
Revenues	474,205	326,279
Operating Income (Loss)	(1,729,200)	(863,018)
Capital Expenditures	77,230	459,653
Depreciation and Amortization	145,295	74,159
Intersegment Eliminations [Member]
Revenues	(1,141,536)	(291,532)
Operating Income (Loss)	5,803	1,326
Capital Expenditures	(1,325)	(1,326)
Overnight Air Cargo [Member]
Revenues	17,640,658	16,742,175
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	17,640,658	16,742,175
Operating Income (Loss)	1,056,692	816,666
Capital Expenditures	5,996
Depreciation and Amortization	22,763	31,016
Ground Equipment Sales [Member]
Revenues	6,384,781	5,949,656
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	6,387,114	5,949,656
Operating Income (Loss)	393,500	165,794
Capital Expenditures	140,090
Depreciation and Amortization	91,349	132,880
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	5,292,017	5,276,366
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	1,095,097	673,290
Ground Support Services [Member]
Revenues	9,047,640	9,113,073
Ground Support Services [Member] | Operating Segments [Member]
Revenues	9,047,640	9,113,073
Operating Income (Loss)	(87,724)	356,824
Capital Expenditures	52,438	25,365
Depreciation and Amortization	125,055	111,631
Printing Equipment and Maintenance [Member]
Revenues	298,823	3,131,381
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	302,713	3,131,381
Operating Income (Loss)	(318,278)	924,036
Capital Expenditures
Depreciation and Amortization	14,331	4,691
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	194,792	1,443,982
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	107,921	1,687,399
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues	28,156,675	12,726,341
Operating Income (Loss)	3,282,908	810,940
Capital Expenditures	183,821	4,977
Depreciation and Amortization	1,097,933	45,776
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	23,154,535	8,190,885
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues	$ 5,002,140	$ 4,535,456

Note 15 - Commitments and Con56

Note 15 - Commitments and Contingencies (Details Textual) - Contrail Aviation Inc. [Member] - USD ($)	Jun. 30, 2018	Jul. 18, 2016
Business Combination, Contingent Consideration, Liability, Total	$ 1,955,000
Accrued Expense [Member]
Business Combination, Contingent Consideration, Liability, Current	1,500,000
Other Noncurrent Liabilities [Member]
Business Combination, Contingent Consideration, Liability, Noncurrent	$ 455,000
Contrail Aviation Support LLC. [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