Air T (AIRT) 10-Q 13 Nov 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Oct. 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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		2,029,614
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating Revenues:
Operating Revenues	$ 49,340,777	$ 48,861,490	$ 110,208,246	$ 96,558,863
Operating Expenses:
Overnight air cargo	15,349,754	15,919,557	30,524,150	30,481,700
Ground equipment sales	10,979,913	13,273,845	15,917,225	18,028,060
Ground support services	8,022,462	6,982,270	15,827,671	14,400,663
Printing equipment and maintenance	48,903	1,082,751	194,431	2,583,807
Commercial jet engines and parts	5,662,788	3,321,385	25,783,906	13,391,235
Research and development				195,653
General and administrative	9,070,053	7,276,486	17,654,856	13,861,154
Depreciation, amortization and impairment	1,826,905	529,538	3,322,306	928,365
	50,960,778	48,385,832	109,224,545	93,870,637
Operating Income (Loss)	(1,620,001)	475,658	983,701	2,688,226
Non-operating Income (Expense):
Foreign currency gain (loss), net	50	(60,482)	(2,132)	(249,106)
Other-than-temporary impairment loss on investments				(771,173)
Other investment income (loss), net	277,923	42,150	(37,584)	72,801
Interest expense	(714,091)	(322,199)	(1,421,290)	(471,718)
Gain on asset retirement obligation		562,500		562,500
Unrealized gain on interest rate swap	47,885		145,222
Bargain purchase acquisition gain			1,983,777	501,880
Income from equity method investments	160,558	61,840	169,741	29,937
Other income, net	27,686		27,686
	(199,989)	283,809	865,420	(324,879)
Income (Loss) Before Income Taxes	(1,819,990)	759,467	1,849,121	2,363,347
Income Taxes (Benefit)	(393,000)	281,000	(6,000)	655,000
Net Income (Loss)	(1,426,990)	478,467	1,855,121	1,708,347
Net (Income) Loss Attributable to Non-controlling Interests	105,805	(56,766)	(347,612)	(318,257)
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ (1,321,185)	$ 421,701	$ 1,507,509	$ 1,390,090
Income (Loss) Per Share:
Basic (in dollars per share)	$ (0.65)	$ 0.21	$ 0.74	$ 0.68
Diluted (in dollars per share)	$ (0.65)	$ 0.21	$ 0.74	$ 0.68
Weighted Average Shares Outstanding:
Basic (in shares)	2,043,823	2,042,789	2,043,716	2,042,789
Diluted (in shares)	2,043,823	2,046,945	2,049,393	2,047,305
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 17,064,600	$ 18,081,073	$ 34,705,258	$ 34,823,248
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	12,838,796	15,516,109	19,223,577	21,465,765
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	8,474,037	8,801,326	17,521,677	17,914,399
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	139,945	1,302,922	438,768	4,434,303
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	10,642,791	5,125,244	37,962,966	17,850,585
Corporate Segment [Member]
Operating Revenues:
Operating Revenues	$ 180,608	$ 34,816	$ 356,000	$ 70,563

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ (1,426,990)	$ 478,467	$ 1,855,121	$ 1,708,347
Other comprehensive income (loss):
Foreign currency translation gain	32,214	98,577	79,874	233,366
Unrealized gain on interest rate swaps, net of tax	29,124		29,124
Unrealized net loss on marketable securities		(230,804)		(1,151,087)
Tax effect of unrealized net loss on marketable securities		(53,679)		278,057
Total unrealized net loss on marketable securities, net of tax		(284,483)		(873,030)
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 (Loss)	61,338	(185,906)	108,998	(146,113)
Total Comprehensive Income (Loss)	(1,365,652)	292,561	1,964,119	1,562,234
Comprehensive Loss (Income) Attributable to Non-controlling Interests	97,841	228,608	(372,728)	(341,295)
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ (1,267,811)	$ 521,169	$ 1,591,391	$ 1,220,939

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Sep. 30, 2018	Mar. 31, 2018
Current Assets:
Cash and cash equivalents (Delphax $314,481 and $241,430)**	[1]	$ 5,612,472	$ 4,803,238
Marketable securities		2,341,786	290,449
Restricted cash		18,865	269,659
Restricted investments		1,062,239	1,235,405
Accounts receivable	[1]	18,634,629	15,157,855
Costs and estimated earnings in excess of billings on uncompleted projects			2,012,121
Income tax receivable		2,109,543	1,557,180
Inventories, net		29,450,138	34,231,005
Other current assets		3,393,812	658,630
Prepaid expenses	[1]	1,919,611	1,455,566
Total Current Assets		64,543,095	61,671,108
Investments in securities		3,045,435	1,026,920
Property and equipment, net of accumulated depreciation of $8,749,057 and $6,347,253		37,071,213	20,273,171
Cash surrender value of life insurance policies, net of policy loans		481,764	2,356,507
Other tax receivables-long-term (Delphax $311,000 and $311,000)**		311,000	311,000
Investments in funds		342,619	324,854
Equity method investments		5,465,501	5,032,268
Other assets		687,973	420,981
Intangible assets, net of accumulated amortization of $1,960,734 and $1,788,598		1,347,606	1,312,472
Goodwill		4,417,605	4,417,605
Total Assets		117,713,811	97,146,886
Current Liabilities:
Accounts payable (Delphax $2,146,938 and $2,145,847)**	[1]	14,730,946	10,181,143
Income tax payable (Delphax $11,312 and $11,312)**	[1]	34,312	23,000
Accrued expenses (Delphax $3,234,808 and $3,244,514)**	[1]	13,769,010	11,743,973
Current portion of long-term debt		15,242,526	9,229,690
Total Current Liabilities		43,776,794	31,177,806
Long-term debt (Delphax $0 and $0)**		44,123,009	38,855,260
Deferred tax liabilities		689,655	92,000
Other non-current liabilities		775,046	785,797
Total Liabilities		89,364,504	70,910,863
Redeemable non-controlling interest		2,583,162	1,992,939
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
Common stock, $.25 par value; 4,000,000 shares authorized, 2,044,614 and 2,043,607 shares issued and outstanding		511,152	510,901
Additional paid-in capital		4,187,833	4,171,869
Retained earnings		22,075,937	20,695,981
Accumulated other comprehensive loss		(70,677)	(260,900)
Total Air T, Inc. Stockholders' Equity		26,704,245	25,117,851
Non-controlling Interests		(938,100)	(874,767)
Total Equity		25,766,145	24,243,084
Total Liabilities and Equity		$ 117,713,811	$ 97,146,886
[1]	Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)		Sep. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	[1]	$ 5,612,472	$ 4,803,238
Accounts receivable	[2]	727,169	801,000
Accounts receivable	[1]	18,634,629	15,157,855
Prepaid expenses	[1]	1,919,611	1,455,566
Property and equipment, accumulated depreciation		8,749,057	6,347,253
Other tax receivables - long term		311,000	311,000
Intangible assets, accumulated amortization		1,960,734	1,788,598
Accounts payable	[1]	14,730,946	10,181,143
Accrued expenses	[1]	$ 13,769,010	$ 11,743,973
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)		2,044,614	2,043,607
Common stock, shares outstanding (in shares)		2,044,614	2,043,607
Delphax [Member]
Cash and cash equivalents	[2]	$ 314,481	$ 241,430
Accounts receivable	[2]	298,199	317,000
Prepaid expenses	[2]	58,754	72,269
Other tax receivables - long term	[2]	311,000	311,000
Accounts payable	[2]	2,146,938	2,145,847
Accrued expenses	[2]	$ 3,234,808	$ 3,244,514
[1]	Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively.
[2]	Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,855,121	$ 1,708,347
Adjustments to reconcile net income to net cash provided by operating activities:
Gain (Loss) on sale of property and equipment	1,661	(1,091)
Change in inventory reserves	(276,494)	24,946
Change in accounts receivable reserves	(74,261)	(23,849)
Depreciation, amortization and impairment	3,322,306	928,365
Change in cash surrender value of life insurance	(22,045)	(20,599)
Gain on asset retirement obligation		(562,500)
Bargain purchase acquisition gain	(1,983,777)	(501,880)
Change in warranty reserve	(980)	906
Other-than-temporary impairment loss on investments		771,173
Unrealized loss on marketable securities	99,471
Unrealized gain on interest rate swap	(145,222)
Change in operating assets and liabilities:
Accounts receivable	(1,462,724)	(236,911)
Costs and estimated earnings in excess of billings and uncompleted projects	2,012,121
Notes receivable and other non-trade receivables	(2,735,178)	155,049
Inventories	9,969,314	4,899,652
Prepaid expense and other assets	(559,682)	488,537
Accounts payable	3,262,959	129,166
Accrued expenses	1,908,945	(196,594)
Income taxes payable/receivable	(541,051)	(651,923)
Non-current liabilities	240,745	125,278
Total adjustments	13,016,108	5,327,725
Net cash provided by operating activities	14,871,229	7,036,072
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(2,013,921)	(734,600)
Acquisition of businesses, net of cash acquired	(3,375,700)	(2,900,000)
Cash used for equity method investments	(263,492)
Investment in reinsurance entity	(2,000,000)
Capital expenditures	(19,973,209)	(8,259,215)
Proceeds from sale of property and equipment	50,602	1,861
Net cash used in investing activities	(27,575,720)	(11,891,954)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	51,151,570	48,450,994
Payments on lines of credit	(58,355,499)	(46,617,448)
Proceeds from term loan	21,714,000	2,400,000
Payments on term loan	(3,190,136)	(800,000)
Debt issuance costs	(107,844)
Proceeds from loan against cash surrender value of life insurance policies	1,896,788
Distribution to non-controlling member	(55,837)
Contribution from non-controlling member	210,000
Payments for repurchase of stock	(22,759)
Proceeds from exercise of stock options	17,762
Net cash provided by financing activities	13,258,045	3,433,546
Effect of foreign currency exchange rates on cash and cash equivalents	4,886	17,890
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	558,440	(1,404,446)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,072,897	3,653,734
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	5,631,337	2,249,288
Equipment leased to customers transferred to inventory	234,151
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	1,149,603	382,535
Income taxes	$ 358,051	$ 1,312,980

Condensed Consolidated Statem_4

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 (loss)*	[1]			1,390,090		(317)	1,389,773
Net change from marketable securities, net of tax					(379,480)		(379,480)
Foreign currency translation gain					210,328	23,038	233,366
Redeemable non-controlling interest			(33,550)				(33,550)
Unrealized gain on interest rate swaps, net of tax
Balance (in shares) at Sep. 30, 2017		2,042,789
Balance at Sep. 30, 2017		$ 510,696	4,171,986	19,851,437	(381,199)	(780,417)	23,372,503
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
Net income (loss)*	[1]			1,507,509		(88,449)	1,419,060
Foreign currency translation gain					54,758	25,116	79,874
Adoption of ASU 2016-01 | Accounting Standards Update 2016-01 [Member]				(106,341)	106,341
Exercise of stock options (in shares)		1,682
Exercise of stock options		$ 421	17,341				17,762
Repurchase of common stock (in shares)		(675)
Repurchase of common stock		$ (170)	(1,377)	(21,212)			(22,759)
Unrealized gain on interest rate swaps, net of tax					29,124		29,124
Balance (in shares) at Sep. 30, 2018		2,044,614
Balance at Sep. 30, 2018		$ 511,152	$ 4,187,833	$ 22,075,937	$ (70,677)	$ (938,100)	$ 25,766,145
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation.

Note 1 - Financial Statement Pr

Note 1 - Financial Statement Presentation	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented 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. September 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 April 1, 2018 606 not 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 2016 01 April 1, 2018. 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 September 30, 2018. 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 In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 In February 2018, Financial Instruments Topic 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. September 30, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 twelve not not December 15, 2018, three 1. not not not 2. The Company expects to adopt the standard using a full retrospective approach and elect to apply all of the practical expedients available and applicable. The Company is still evaluating the impact of the adoption of the standard on its consolidated financial statements. In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2018, Fair Value Measurement (Topic 820 Topic December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not

Note 2 - Revenue Recognition

Note 2 - Revenue Recognition	6 Months Ended
	Sep. 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 The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or contract. 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. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. 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 Six Months Ended September 30, 2018 September 30, 2018 Product Sales Air Cargo $ 5,003,482 $ 10,523,093 Ground equipment sales 12,447,475 18,616,578 Ground support services 2,293,684 4,716,265 Commercial jet engines and parts 7,379,607 32,408,721 Printing equipment and maintenance 122,238 408,880 Corporate - - Support Services Air Cargo 11,985,052 24,081,926 Ground equipment sales 148,118 248,710 Ground support services 6,180,353 12,785,618 Commercial jet engines and parts 1,327,328 2,293,154 Printing equipment and maintenance 12,293 19,951 Corporate 16,475 16,475 Leasing Revenue Air Cargo - - Ground equipment sales 15,357 46,359 Ground support services - - Commercial jet engines and parts 1,825,861 3,027,372 Printing equipment and maintenance - - Corporate 32,182 72,249 Other Air Cargo 76,066 100,240 Ground equipment sales 227,847 311,930 Ground support services - 19,795 Commercial jet engines and parts 109,995 233,719 Printing equipment and maintenance 5,414 9,937 Corporate 131,950 267,275 Total $ 49,340,777 $ 110,208,246 The following table summarizes total revenues by segment: Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Air Cargo $ 17,064,600 $ 34,705,258 Ground equipment sales 12,838,796 19,223,577 Ground support services 8,474,037 17,521,677 Commercial jet engines and parts 10,642,791 37,962,966 Printing equipment and maintenance 139,945 438,768 Corporate 180,608 356,000 Total $ 49,340,777 $ 110,208,246 See Note 15 16 Contract Balances and Costs The Company does not September 30, 2018.

Note 3 - Business Combinations

Note 3 - Business Combinations	6 Months Ended
	Sep. 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 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 September 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 bargain purchase gain had no $589,000 $1,983,000. $83,000. The following table sets forth the revenue and expenses of Worthington, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income (loss) for the six September 30, 2018: Revenue $ 7,104,386 Cost of Sales 4,842,616 Operating Expenses 1,646,577 Operating Income 615,193 Non-operating Income 1,927,898 Net Income $ 2,543,091 Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three six September 30, 2018 2017 April 1, 2017: Pro-Forma Three Pro-Forma Three Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 49,340,777 $ 53,543,645 Operating income (loss) (1,620,001 ) 112,480 Net income (loss) Attributable to Air T, Inc. Stockholders (1,321,185 ) 155,027 Basic income (loss) per share (0.65 ) 0.08 Dilutive income (loss) per share $ (0.65 ) $ 0.08 Pro-Forma Six Pro-Forma Six Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 111,652,117 $ 104,756,018 Operating income 779,434 2,098,294 Net income (loss) attributable to Air T, Inc. stockholders (620,366 ) 2,904,365 Basic income (loss) per share (0.30 ) 1.42 Dilutive income (loss) per share $ (0.30 ) $ 1.42 The unaudited pro forma consolidated results for the three six six September 30, 2018 six September 30, 2017. not April 1, 2017. Other Acquisitions and Business Investments On June 7, 2017, $500,000 40% 60% On December 15, 2017, $227,000. On July 31, 2018, 100% $50,000. Pro forma financial information is not not

Note 4 - Restricted Cash

Note 4 - Restricted Cash	6 Months Ended
	Sep. 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: September 30, 2018 March 31, 2018 Cash and cash equivalents $ 5,612,472 $ 4,803,238 Restricted cash 18,865 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,631,337 $ 5,072,897

Note 5 - Cash Surrender Value o

Note 5 - Cash Surrender Value of Life Insurance	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Life Insurance, Corporate or Bank Owned [Text Block]	5. Cash Surrender Value of Life Insurance The Company is the beneficiary of corporate-owned life insurance policies on certain former employees with a net cash surrender value of approximately $482,000 $2,357,000 September 30, 2018 March 31, 2018, In September 2018, $1.9 September 30, 2018.

Note 6 - Income Taxes

Note 6 - Income Taxes	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. Income Taxes During the six September 30, 2018, $6,000 0.3%. 21% six September 30, 2018 831 six September 30, 2017, $655,000 27.7%. six September 30, 2017 831

Note 7 - Net Earnings Per Share

Note 7 - Net Earnings Per Share	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	7. 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 September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ (1,321,185 ) $ 421,701 $ 1,507,509 $ 1,390,090 Income (Loss) Per Share: Basic $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Diluted $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Weighted Average Shares Outstanding: Basic 2,043,823 2,042,789 2,043,716 2,042,789 Diluted 2,043,823 2,046,945 2,049,393 2,047,305

Note 8 - Investments in Securit

Note 8 - Investments in Securities	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	8. Investments in Securities The Company adopted ASU 2016 01 April 1, 2018. At September 30, 2018, $75,000 $193,000, 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 September 30, 2018.

Note 9 - Equity Method Investme

Note 9 - Equity Method Investments	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	9. Equity Method Investments The Company’s investment in Insignia Systems, Inc. (“Insignia”) is accounted for under the equity method of accounting. At September 30, 2018, 3.5 29% $4,898,000. September 30, 2018, $55,000 three June 30, 2018 $24,000. The Company’s investment in The Fence Store LLC (“TFS”) is also accounted for under the equity method of accounting. The Company’s net investment basis is approximately $566,000 September 30, 2018. September 30, 2018, $129,000

Note 10 - Inventories

Note 10 - Inventories	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	10. Inventories Inventories consisted of the following: September 30, 2018 March 31, 2018 Ground support service parts $ 2,532,639 $ 2,489,433 Ground equipment manufacturing: Raw materials 3,829,494 3,198,939 Work in process 1,972,549 20,089 Finished goods 4,117,452 1,768,897 Printing equipment and maintenance Raw materials 870,592 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 15,732,368 25,452,022 Total inventories $ 29,450,138 $ 34,231,005

Note 11 - Employee and Non-empl

Note 11 - Employee and Non-employee Stock Options	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	11. 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 six September 30, 2018 2017. 1,682 three September 30, 2018 $10.56. $0 three six September 30, 2018 2017, September 30, 2018, no No three six September 30, 2018 2017

Note 12 - Financing Arrangement

Note 12 - Financing Arrangements	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	12. Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at September 30, 2018 March 31, 2018, September 30, 2018 March 31, 2018 Maturity Date Revolver $ 6,972,133 $ - November 30, 2019 Term Note A 9,250,000 9,750,000 January 1, 2028 Term Note B 4,625,000 4,875,000 January 1, 2028 Term Note D 1,640,800 1,674,400 January 1, 2028 Air T Debt 22,487,933 16,299,400 Revolver 5,000,000 5,000,000 February 21, 2019 Term Loan 716,775 2,404,775 March 26, 2019 AirCo Debt 5,716,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,515,465 9,920,000 January 26, 2021 Term Loan 18,000,000 - September 14, 2021 Contrail Debt 27,515,465 24,746,062 Term Loan 3,400,000 - November 30, 2019 MB&T - Revolver 650,000 - November 30, 2019 Worthington Debt 4,050,000 - Total Debt 59,770,173 48,450,238 Less: Unamortized Debt Issuance Costs (404,638 ) (365,288 ) Total Debt, net $ 59,365,535 $ 48,084,950 At September 30, 2018, Due by Amount September 30, 2019 $ 15,287,544 September 30, 2020 17,473,185 September 30, 2021 16,195,244 September 30, 2022 1,567,200 September 30, 2023 1,567,200 Thereafter 7,679,800 59,770,173 Less: Unamortized Debt Issuance Costs (404,638 ) $ 59,365,535 Refer to the Company’s Form 10 March 31, 2018 September 30, 2018, On September 14, 2018, $18,000,000 September 14, 2021. 1 375 two A319 100. 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. As part of the Company’s interest rate risk management strategy, the Company uses derivative instruments to minimize significant unanticipated earnings fluctuations that may 4.56% 5.09%, January 2028. As of August 1, 2018, 815 30. September 30, 2018 March 31, 2018, $116,295 $66,706, six September 30, 2018, $145,000 $29,000,

Note 13 - Variable Interest Ent

Note 13 - Variable Interest Entities	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	13. 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 September 30, 2018 March 31, 2018: September 30, 2018 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 314,481 $ 241,430 Accounts receivable, net 40,844 316,542 Other current assets 58,754 72,269 Total current assets 414,079 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 725,079 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,146,938 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,234,808 3,244,514 Short-term debt 1,772,660 1,788,285 Total current liabilities 7,165,718 7,189,958 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,165,718 $ 7,189,958 Net Assets $ (6,440,639 ) $ (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 September 30, 2018, $725,000 $900,000 March 31, 2018) no $1,048,000 $888,000 September 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 September 30, 2018, The intercompany balances under the Delphax Senior Subordinated Note as of September 30, 2018 Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 September 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 September 30, 2018 September 30, 2017 33% 0%, 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 six September 30, 2018 2017. 2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 4,434,303 Operating Expenses: Cost of sales - 2,583,807 General and administrative 222,244 1,001,896 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 222,244 3,789,363 Operating Income (Loss) (222,244 ) 644,940 Non-operating Expenses, net (45,782 ) (188,000 ) Income (Loss) Before Income Taxes (268,026 ) 456,940 Income Taxes - - Net Income (Loss) $ (268,026 ) $ 456,940 Non-operating income (expense), net, includes interest expense of approximately $159,000 September 30, 2018 $440,000 September 30, 2017. three September 30, 2018 2017, Unconsolidated Variable Interest Entities and Other Entities As discussed in Note 3, March 31, 2018 September 30, 2018. not not not not September 30, 2018 $343,000. As discussed in Note 8, $2,000,000. not not

Note 14 - Share Repurchase

Note 14 - Share Repurchase	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. S hare Repurchase On May 14, 2014, 750,000 10b 18, September 30, 2018, 675 $23,000.

Note 15 - Geographical Informat

Note 15 - Geographical Information	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	15. Geographical information Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of September 30, 2018 March 31, 2018: September 30, 2018 March 31, 2018 United States $ 5,224,050 $ 5,209,831 Foreign 31,847,163 15,063,340 Total property and equipment, net $ 37,071,213 $ 20,273,171 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2018. September 30, 2018 March 31, 2018 September 30, 2018 March 31, 2018 Australia $ 5,246 $ - United Kingdom 5,142 - Canada 17,993 - Mexico 3,516,541 4,352,257 Romania 3,293,210 3,626,136 Netherlands 6,202,377 7,084,947 China 18,806,654 - Total property and equipment, net $ 31,847,163 $ 15,063,340 Total revenue, in and outside the United States is summarized in the following table for the six September 30, 2018 September 30, 2017: September 30, 2018 September 30, 2017 United States $ 96,788,427 $ 85,319,178 Foreign 13,419,819 11,239,685 Total revenue $ 110,208,246 $ 96,558,863

Note 16 - Segment Information

Note 16 - Segment Information	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	16. Segment Information The Company has six Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,064,600 $ 18,081,073 $ 34,705,258 $ 34,823,248 Ground Equipment Sales: Domestic 11,069,537 15,046,892 16,361,554 20,323,258 International 1,775,983 469,217 2,871,080 1,142,507 Total Ground Equipment Sales 12,845,520 15,516,109 19,232,634 21,465,765 Ground Support Services 8,474,037 8,801,326 17,521,677 17,914,399 Printing Equipment and Maintenance Domestic 2,824 280,328 193,726 1,724,310 International 137,121 1,022,594 245,042 2,709,993 Total Printing Equipment and Maintenance 139,945 1,302,922 438,768 4,434,303 Commercial Jet Engines and Parts: Domestic 5,341,234 2,275,190 27,659,269 10,466,075 International 5,301,557 2,851,729 10,303,697 7,387,185 Total Commercial Jet Engines and Parts 10,642,791 5,126,919 37,962,966 17,853,260 Corporate 189,297 325,349 364,689 651,628 Intercompany (15,412 ) (292,208 ) (17,746 ) (583,740 ) Total $ 49,340,777 $ 48,861,490 $ 110,208,246 $ 96,558,863 Operating Income (Loss): Overnight Air Cargo $ 197,870 $ 896,506 $ 1,254,562 $ 1,713,172 Ground Equipment Sales 697,557 1,165,430 1,091,057 1,331,224 Ground Support Services (742,482 ) 276,113 (830,206 ) 632,937 Printing Equipment and Maintenance (413,298 ) (482,222 ) (654,368 ) 441,814 Commercial Jet Engines and Parts 574,974 (48,760 ) 3,788,153 762,180 Corporate (1,934,819 ) (1,381,192 ) (3,665,694 ) (2,244,210 ) Intercompany 198 49,783 198 51,109 Total $ (1,620,001 ) $ 475,658 $ 983,701 $ 2,688,226 Capital Expenditures: Overnight Air Cargo $ 28,460 $ 20,346 $ 34,456 $ 20,346 Ground Equipment Sales 156,230 2,258 296,320 2,258 Ground Support Services 8,062 117,919 60,500 143,284 Printing Equipment and Maintenance - 8,491 - 8,491 Commercial Jet Engines and Parts 19,286,871 7,078,004 19,470,692 7,082,981 Corporate 34,010 542,202 111,240 1,001,855 Total $ 19,513,634 $ 7,769,220 $ 19,973,209 $ 8,259,215 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 21,178 $ 30,128 $ 43,941 $ 61,144 Ground Equipment Sales 65,384 117,499 156,733 250,379 Ground Support Services 119,816 113,625 244,871 225,256 Printing Equipment and Maintenance 15,307 3,316 29,638 8,007 Commercial Jet Engines and Parts 1,456,129 151,338 2,554,062 197,114 Corporate 150,416 114,956 295,711 189,115 Intercompany (1,324 ) (1,324 ) (2,649 ) (2,650 ) Total $ 1,826,905 $ 529,538 $ 3,322,306 $ 928,365

Note 17 - Commitments and Conti

Note 17 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	17. 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 September 30, 2018 $1,972,000, $1,516,000 $456,000, September 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 18 - Subsequent Events

Note 18 - Subsequent Events	6 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	18. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. On October 2, 2018, 15,000 $503,000. As discussed in Note 8, October 2018, $1,100,000 December 31, 2018 September 30, 2018, no On November 12, 2018, No. 2 $10,000,000 $13,000,000.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 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 April 1, 2018 606 not 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 2016 01 April 1, 2018. 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 September 30, 2018. 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 In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 In February 2018, Financial Instruments Topic 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. September 30, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 twelve not not December 15, 2018, three 1. not not not 2. The Company expects to adopt the standard using a full retrospective approach and elect to apply all of the practical expedients available and applicable. The Company is still evaluating the impact of the adoption of the standard on its consolidated financial statements. In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2018, Fair Value Measurement (Topic 820 Topic December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not

Note 2 - Revenue Recognition (T

Note 2 - Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Product Sales Air Cargo $ 5,003,482 $ 10,523,093 Ground equipment sales 12,447,475 18,616,578 Ground support services 2,293,684 4,716,265 Commercial jet engines and parts 7,379,607 32,408,721 Printing equipment and maintenance 122,238 408,880 Corporate - - Support Services Air Cargo 11,985,052 24,081,926 Ground equipment sales 148,118 248,710 Ground support services 6,180,353 12,785,618 Commercial jet engines and parts 1,327,328 2,293,154 Printing equipment and maintenance 12,293 19,951 Corporate 16,475 16,475 Leasing Revenue Air Cargo - - Ground equipment sales 15,357 46,359 Ground support services - - Commercial jet engines and parts 1,825,861 3,027,372 Printing equipment and maintenance - - Corporate 32,182 72,249 Other Air Cargo 76,066 100,240 Ground equipment sales 227,847 311,930 Ground support services - 19,795 Commercial jet engines and parts 109,995 233,719 Printing equipment and maintenance 5,414 9,937 Corporate 131,950 267,275 Total $ 49,340,777 $ 110,208,246 Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Air Cargo $ 17,064,600 $ 34,705,258 Ground equipment sales 12,838,796 19,223,577 Ground support services 8,474,037 17,521,677 Commercial jet engines and parts 10,642,791 37,962,966 Printing equipment and maintenance 139,945 438,768 Corporate 180,608 356,000 Total $ 49,340,777 $ 110,208,246

Note 3 - Business Combinations

Note 3 - Business Combinations (Tables)	6 Months Ended
	Sep. 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 Combination, Revenue and Expense Transactions [Table Text Block]	Revenue $ 7,104,386 Cost of Sales 4,842,616 Operating Expenses 1,646,577 Operating Income 615,193 Non-operating Income 1,927,898 Net Income $ 2,543,091
Business Acquisition, Pro Forma Information [Table Text Block]	Pro-Forma Three Pro-Forma Three Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 49,340,777 $ 53,543,645 Operating income (loss) (1,620,001 ) 112,480 Net income (loss) Attributable to Air T, Inc. Stockholders (1,321,185 ) 155,027 Basic income (loss) per share (0.65 ) 0.08 Dilutive income (loss) per share $ (0.65 ) $ 0.08 Pro-Forma Six Pro-Forma Six Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 111,652,117 $ 104,756,018 Operating income 779,434 2,098,294 Net income (loss) attributable to Air T, Inc. stockholders (620,366 ) 2,904,365 Basic income (loss) per share (0.30 ) 1.42 Dilutive income (loss) per share $ (0.30 ) $ 1.42
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)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	September 30, 2018 March 31, 2018 Cash and cash equivalents $ 5,612,472 $ 4,803,238 Restricted cash 18,865 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,631,337 $ 5,072,897

Note 7 - Net Earnings Per Sha_2

Note 7 - Net Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ (1,321,185 ) $ 421,701 $ 1,507,509 $ 1,390,090 Income (Loss) Per Share: Basic $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Diluted $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Weighted Average Shares Outstanding: Basic 2,043,823 2,042,789 2,043,716 2,042,789 Diluted 2,043,823 2,046,945 2,049,393 2,047,305

Note 10 - Inventories (Tables)

Note 10 - Inventories (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2018 March 31, 2018 Ground support service parts $ 2,532,639 $ 2,489,433 Ground equipment manufacturing: Raw materials 3,829,494 3,198,939 Work in process 1,972,549 20,089 Finished goods 4,117,452 1,768,897 Printing equipment and maintenance Raw materials 870,592 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 15,732,368 25,452,022 Total inventories $ 29,450,138 $ 34,231,005

Note 12 - Financing Arrangeme_2

Note 12 - Financing Arrangements (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	September 30, 2018 March 31, 2018 Maturity Date Revolver $ 6,972,133 $ - November 30, 2019 Term Note A 9,250,000 9,750,000 January 1, 2028 Term Note B 4,625,000 4,875,000 January 1, 2028 Term Note D 1,640,800 1,674,400 January 1, 2028 Air T Debt 22,487,933 16,299,400 Revolver 5,000,000 5,000,000 February 21, 2019 Term Loan 716,775 2,404,775 March 26, 2019 AirCo Debt 5,716,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,515,465 9,920,000 January 26, 2021 Term Loan 18,000,000 - September 14, 2021 Contrail Debt 27,515,465 24,746,062 Term Loan 3,400,000 - November 30, 2019 MB&T - Revolver 650,000 - November 30, 2019 Worthington Debt 4,050,000 - Total Debt 59,770,173 48,450,238 Less: Unamortized Debt Issuance Costs (404,638 ) (365,288 ) Total Debt, net $ 59,365,535 $ 48,084,950
Schedule of Maturities of Long-term Debt [Table Text Block]	Due by Amount September 30, 2019 $ 15,287,544 September 30, 2020 17,473,185 September 30, 2021 16,195,244 September 30, 2022 1,567,200 September 30, 2023 1,567,200 Thereafter 7,679,800 59,770,173 Less: Unamortized Debt Issuance Costs (404,638 ) $ 59,365,535

Note 13 - Variable Interest E_2

Note 13 - Variable Interest Entities (Tables) - Delphax [Member]	6 Months Ended
	Sep. 30, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	September 30, 2018 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 314,481 $ 241,430 Accounts receivable, net 40,844 316,542 Other current assets 58,754 72,269 Total current assets 414,079 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 725,079 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,146,938 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,234,808 3,244,514 Short-term debt 1,772,660 1,788,285 Total current liabilities 7,165,718 7,189,958 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,165,718 $ 7,189,958 Net Assets $ (6,440,639 ) $ (6,248,717 )
Condensed Income Statement [Table Text Block]	2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 4,434,303 Operating Expenses: Cost of sales - 2,583,807 General and administrative 222,244 1,001,896 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 222,244 3,789,363 Operating Income (Loss) (222,244 ) 644,940 Non-operating Expenses, net (45,782 ) (188,000 ) Income (Loss) Before Income Taxes (268,026 ) 456,940 Income Taxes - - Net Income (Loss) $ (268,026 ) $ 456,940

Note 15 - Geographical Inform_2

Note 15 - Geographical Information (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	September 30, 2018 March 31, 2018 United States $ 5,224,050 $ 5,209,831 Foreign 31,847,163 15,063,340 Total property and equipment, net $ 37,071,213 $ 20,273,171 September 30, 2018 March 31, 2018 Australia $ 5,246 $ - United Kingdom 5,142 - Canada 17,993 - Mexico 3,516,541 4,352,257 Romania 3,293,210 3,626,136 Netherlands 6,202,377 7,084,947 China 18,806,654 - Total property and equipment, net $ 31,847,163 $ 15,063,340
Revenue from External Customers by Geographic Areas [Table Text Block]	September 30, 2018 September 30, 2017 United States $ 96,788,427 $ 85,319,178 Foreign 13,419,819 11,239,685 Total revenue $ 110,208,246 $ 96,558,863

Note 16 - Segment Information (

Note 16 - Segment Information (Tables)	6 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,064,600 $ 18,081,073 $ 34,705,258 $ 34,823,248 Ground Equipment Sales: Domestic 11,069,537 15,046,892 16,361,554 20,323,258 International 1,775,983 469,217 2,871,080 1,142,507 Total Ground Equipment Sales 12,845,520 15,516,109 19,232,634 21,465,765 Ground Support Services 8,474,037 8,801,326 17,521,677 17,914,399 Printing Equipment and Maintenance Domestic 2,824 280,328 193,726 1,724,310 International 137,121 1,022,594 245,042 2,709,993 Total Printing Equipment and Maintenance 139,945 1,302,922 438,768 4,434,303 Commercial Jet Engines and Parts: Domestic 5,341,234 2,275,190 27,659,269 10,466,075 International 5,301,557 2,851,729 10,303,697 7,387,185 Total Commercial Jet Engines and Parts 10,642,791 5,126,919 37,962,966 17,853,260 Corporate 189,297 325,349 364,689 651,628 Intercompany (15,412 ) (292,208 ) (17,746 ) (583,740 ) Total $ 49,340,777 $ 48,861,490 $ 110,208,246 $ 96,558,863 Operating Income (Loss): Overnight Air Cargo $ 197,870 $ 896,506 $ 1,254,562 $ 1,713,172 Ground Equipment Sales 697,557 1,165,430 1,091,057 1,331,224 Ground Support Services (742,482 ) 276,113 (830,206 ) 632,937 Printing Equipment and Maintenance (413,298 ) (482,222 ) (654,368 ) 441,814 Commercial Jet Engines and Parts 574,974 (48,760 ) 3,788,153 762,180 Corporate (1,934,819 ) (1,381,192 ) (3,665,694 ) (2,244,210 ) Intercompany 198 49,783 198 51,109 Total $ (1,620,001 ) $ 475,658 $ 983,701 $ 2,688,226 Capital Expenditures: Overnight Air Cargo $ 28,460 $ 20,346 $ 34,456 $ 20,346 Ground Equipment Sales 156,230 2,258 296,320 2,258 Ground Support Services 8,062 117,919 60,500 143,284 Printing Equipment and Maintenance - 8,491 - 8,491 Commercial Jet Engines and Parts 19,286,871 7,078,004 19,470,692 7,082,981 Corporate 34,010 542,202 111,240 1,001,855 Total $ 19,513,634 $ 7,769,220 $ 19,973,209 $ 8,259,215 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 21,178 $ 30,128 $ 43,941 $ 61,144 Ground Equipment Sales 65,384 117,499 156,733 250,379 Ground Support Services 119,816 113,625 244,871 225,256 Printing Equipment and Maintenance 15,307 3,316 29,638 8,007 Commercial Jet Engines and Parts 1,456,129 151,338 2,554,062 197,114 Corporate 150,416 114,956 295,711 189,115 Intercompany (1,324 ) (1,324 ) (2,649 ) (2,650 ) Total $ 1,826,905 $ 529,538 $ 3,322,306 $ 928,365

Note 2 - Revenue Recognition -

Note 2 - Revenue Recognition - Disaggregation of Revenues (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 49,340,777	$ 48,861,490	$ 110,208,246	$ 96,558,863
Overnight Air Cargo [Member]
Revenues
Revenues	76,066		100,240
Revenues	17,064,600	18,081,073	34,705,258	34,823,248
Overnight Air Cargo [Member] | Product [Member]
Revenues	5,003,482		10,523,093
Overnight Air Cargo [Member] | Service [Member]
Revenues	11,985,052		24,081,926
Ground Equipment Sales [Member]
Revenues	15,357		46,359
Revenues	227,847		311,930
Revenues	12,838,796	15,516,109	19,223,577	21,465,765
Ground Equipment Sales [Member] | Product [Member]
Revenues	12,447,475		18,616,578
Ground Equipment Sales [Member] | Service [Member]
Revenues	148,118		248,710
Ground Support Services [Member]
Revenues
Revenues			19,795
Revenues	8,474,037	8,801,326	17,521,677	17,914,399
Ground Support Services [Member] | Product [Member]
Revenues	2,293,684		4,716,265
Ground Support Services [Member] | Service [Member]
Revenues	6,180,353		12,785,618
Commercial Jet Engines Inventory [Member]
Revenues	1,825,861		3,027,372
Revenues	109,995		233,719
Revenues	10,642,791	5,125,244	37,962,966	17,850,585
Commercial Jet Engines Inventory [Member] | Product [Member]
Revenues	7,379,607		32,408,721
Commercial Jet Engines Inventory [Member] | Service [Member]
Revenues	1,327,328		2,293,154
Printing Equipment and Maintenance [Member]
Revenues
Revenues	5,414		9,937
Revenues	139,945	1,302,922	438,768	4,434,303
Printing Equipment and Maintenance [Member] | Product [Member]
Revenues	122,238		408,880
Printing Equipment and Maintenance [Member] | Service [Member]
Revenues	12,293		19,951
Corporate Segment [Member]
Revenues	32,182		72,249
Revenues	131,950		267,275
Revenues	180,608	$ 34,816	356,000	$ 70,563
Corporate Segment [Member] | Product [Member]
Revenues
Corporate Segment [Member] | Service [Member]
Revenues	$ 16,475		$ 16,475

Note 3 - Business Combination_2

Note 3 - Business Combinations (Details Textual) - USD ($)	Jul. 31, 2018	May 04, 2018	Jun. 07, 2017	May 31, 2017	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net								$ 1,983,777	$ 501,880
Payments to Acquire Equity Method Investments								263,492
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, Acquisition Related Costs								83,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Fair Value Amount for Each General Partnership Interest						$ 227,000
Ambry Hill Technologies, LLC [Member]
Payments to Acquire Businesses, Gross	$ 50,000
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
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 Combination_3

Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	May 02, 2017	Sep. 30, 2018	Sep. 30, 2017
Consideration paid		$ 3,375,700	$ 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 Combination_4

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 Combination_5

Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($)	May 04, 2018	Sep. 30, 2018	Sep. 30, 2017
Consideration paid		$ 3,375,700	$ 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 Combination_6

Note 3 - Business Combinations - Revenue and Expenses of Worthington (Details) - Worthington Aviation Parts, Inc [Member]	6 Months Ended
	Sep. 30, 2018USD ($)
Revenue	$ 7,104,386
Cost of Sales	4,842,616
Operating Expenses	1,646,577
Operating Income	615,193
Non-operating Income	1,927,898
Net Income	$ 2,543,091

Note 3 - Business Combination_7

Note 3 - Business Combinations - Pro Forma Information (Details) - Worthington Aviation Parts, Inc [Member] - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue	$ 49,340,777	$ 53,543,645	$ 111,652,117	$ 104,756,018
Operating income (loss)	(1,620,001)	112,480	779,434	2,098,294
Net income (loss) Attributable to Air T, Inc. Stockholders	$ (1,321,185)	$ 155,027	$ (620,366)	$ 2,904,365
Basic income (loss) per share (in dollars per share)	$ (0.65)	$ 0.08	$ (0.30)	$ 1.42
Dilutive income (loss) per share (in dollars per share)	$ (0.65)	$ 0.08	$ (0.30)	$ 1.42

Note 4 - Restricted Cash - Cash

Note 4 - Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($)		Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017
Cash and cash equivalents (Delphax $314,481 and $241,430)**	[1]	$ 5,612,472	$ 4,803,238
Restricted cash		18,865	269,659
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		$ 5,631,337	$ 5,072,897	$ 2,249,288	$ 3,653,734
[1]	Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively.

Note 5 - Cash Surrender Value_2

Note 5 - Cash Surrender Value of Life Insurance (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Cash Surrender Value of Life Insurance	$ 481,764	$ 481,764		$ 2,356,507
Proceeds from Loan Against Cash Surrender Value of Life Insurance Policies	$ 1,900,000	$ 1,896,788

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($)	Dec. 22, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Expense (Benefit), Total		$ (393,000)	$ 281,000	$ (6,000)	$ 655,000
Effective Income Tax Rate Reconciliation, Percent, Total				(0.30%)	27.70%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Note 7 - Net Earnings Per Sha_3

Note 7 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Income (Loss) Attributable to Air T, Inc. Stockholders	$ (1,321,185)	$ 421,701	$ 1,507,509	$ 1,390,090
Basic (in dollars per share)	$ (0.65)	$ 0.21	$ 0.74	$ 0.68
Diluted (in dollars per share)	$ (0.65)	$ 0.21	$ 0.74	$ 0.68
Basic (in shares)	2,043,823	2,042,789	2,043,716	2,042,789
Diluted (in shares)	2,043,823	2,046,945	2,049,393	2,047,305

Note 8 - Investments in Secur_2

Note 8 - Investments in Securities (Details Textual)	6 Months Ended
	Sep. 30, 2018USD ($)
Equity Securities, FV-NI, Unrealized Gain	$ 75,000
Equity Securities, FV-NI, Unrealized Loss	$ 193,000
Debt Securities, Held-to-Maturity, Term	3 years
Debt Securities, Held-to-maturity, Total	$ 2,000,000

Note 9 - Equity Method Invest_2

Note 9 - Equity Method Investments (Details Textual) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Equity Method Investments	$ 5,465,501		$ 5,465,501		$ 5,032,268
Income (Loss) from Equity Method Investments, Total	$ 160,558	$ 61,840	$ 169,741	$ 29,937
Insignia [Member]
Equity Method Investment, Number of Shares Held	3.5		3.5
Equity Method Investment, Ownership Percentage	29.00%		29.00%
Equity Method Investments	$ 4,898,000		$ 4,898,000
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	55,000
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total	24,000		24,000
Fence Store LLC [Member]
Equity Method Investments	566,000		$ 566,000
Income (Loss) from Equity Method Investments, Total	$ 129,000

Note 10 - Inventories - Invento

Note 10 - Inventories - Inventories (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Ground support service parts	$ 2,532,639	$ 2,489,433
Inventory Gross	29,450,138	34,231,005
Ground Equipment Manufacturing [Member]
Raw materials	3,829,494	3,198,939
Work in process	1,972,549	20,089
Finished goods	4,117,452	1,768,897
Printing Equipment and Maintenance [Member]
Raw materials	870,592	747,778
Finished goods	395,044	553,847
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 15,732,368	$ 25,452,022

Note 11 - Employee and Non-em_2

Note 11 - Employee and Non-employee Stock Options (Details Textual) - Employee and Non Employee Director Options [Member] - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,682
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 10.56
Allocated Share-based Compensation Expense, Total	$ 0	$ 0	$ 0	$ 0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0		$ 0
Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0	0	0

Note 12 - Financing Arrangeme_3

Note 12 - Financing Arrangements (Details Textual) - USD ($)	Sep. 14, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total		$ 29,124		$ 29,124
Interest Rate Swap [Member]
Derivative Asset, Total		$ 116,295		116,295
Derivative Liability, Total						$ 66,706
Derivative, Gain on Derivative				145,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total				$ 29,000
Additional ONB Loan Agreement [Member] | ONB [Member] | Term Loan, Two [Member]
Debt Instrument, Face Amount	$ 18,000,000
Additional ONB Loan Agreement [Member] | ONB [Member] | Term Loan, Two [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.75%
MBT Credit Agreement [Member] | MBT [Member] | Term Loan A [Member] | Interest Rate Swap [Member]
Derivative, Fixed Interest Rate	4.56%
MBT Credit Agreement [Member] | MBT [Member] | Term Loan D [Member] | Interest Rate Swap [Member]
Derivative, Fixed Interest Rate	5.09%

Note 12 - Financing Arrangeme_4

Note 12 - Financing Arrangements - Long-term Debt (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Long-term debt, gross	$ 59,770,173	$ 48,450,238
Less: Unamortized Debt Issuance Costs	(404,638)	(365,288)
Total Debt, net	59,365,535	48,084,950
Parent Company [Member]
Long-term debt, gross	22,487,933	16,299,400
AirCo [Member]
Long-term debt, gross	5,716,775	7,404,775
Contrail Aviation Inc. [Member]
Long-term debt, gross	27,515,465	24,746,062
Worthington Aviation Parts, Inc [Member]
Long-term debt, gross	4,050,000
Revolving Loan [Member] | Parent Company [Member]
Long-term debt, gross	$ 6,972,133
Maturity Date	Nov. 30, 2019
Revolving Loan [Member] | AirCo [Member]
Long-term debt, gross	$ 5,000,000	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
Revolving Loan [Member] | Worthington Aviation Parts, Inc [Member]
Long-term debt, gross	$ 650,000
Maturity Date	Nov. 30, 2019
Term Loan A [Member] | Parent Company [Member]
Long-term debt, gross	$ 9,250,000	9,750,000
Maturity Date	Jan. 1, 2028
Term Loan B [Member] | Parent Company [Member]
Long-term debt, gross	$ 4,625,000	4,875,000
Maturity Date	Jan. 1, 2028
Term Loan D [Member] | Parent Company [Member]
Long-term debt, gross	$ 1,640,800	1,674,400
Maturity Date	Jan. 1, 2028
Term Loan [Member] | AirCo [Member]
Long-term debt, gross	$ 716,775	2,404,775
Maturity Date	Mar. 26, 2019
Term Loan [Member] | Contrail Aviation Inc. [Member]
Long-term debt, gross	$ 9,515,465	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
Term Loan, Two [Member] | Contrail Aviation Inc. [Member]
Long-term debt, gross	$ 18,000,000
Maturity Date	Sep. 14, 2021

Note 12 - Financing Arrangeme_5

Note 12 - Financing Arrangements - Contractual Financing Obligations (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
September 30, 2019	$ 15,287,544
September 30, 2020	17,473,185
September 30, 2021	16,195,244
September 30, 2022	1,567,200
September 30, 2023	1,567,200
Thereafter	7,679,800
Long-term debt, gross	59,770,173	$ 48,450,238
Less: Unamortized Debt Issuance Costs	(404,638)	(365,288)
Long-term debt, total	$ 59,365,535	$ 48,084,950

Note 13 - Variable Interest E_3

Note 13 - Variable Interest Entities (Details Textual) - USD ($)	Jan. 06, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018	Jul. 26, 2017	Jan. 05, 2017
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage					0.00%
Interest Expense, Total		$ 714,091	$ 322,199	$ 1,421,290	$ 471,718
Investments in Funds, Noncurrent		342,619		$ 342,619		$ 324,854
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%
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		725,000		$ 725,000		900,000
Delphax [Member] | Senior Subordinated Note [Member] | Nonoperating Income (Expense) [Member]
Interest Expense, Total		159,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current		1,048,000		1,048,000		$ 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			$ 440,000
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member]
Investments in Funds, Noncurrent		343,000		343,000
Investment in Oxbridge RE NS [Member]
Investments in Funds, Noncurrent		$ 2,000,000		$ 2,000,000

Note 13 - Variable Interest E_4

Note 13 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)		Sep. 30, 2018	Mar. 31, 2018
Cash and cash equivalents	[1]	$ 5,612,472	$ 4,803,238
Accounts receivable, net	[1]	18,634,629	15,157,855
Other current assets		3,393,812	658,630
Total current assets		64,543,095	61,671,108
Total assets		117,713,811	97,146,886
Accounts payable	[1]	14,730,946	10,181,143
Income tax payable	[1]	34,312	23,000
Accrued expenses	[1]	13,769,010	11,743,973
Total current liabilities		43,776,794	31,177,806
Total liabilities		89,364,504	70,910,863
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents		314,481	241,430
Accounts receivable, net		40,844	316,542
Other current assets		58,754	72,269
Total current assets		414,079	630,241
Other tax receivables-long-term		311,000	311,000
Total assets		725,079	941,241
Accounts payable		2,146,938	2,145,847
Income tax payable		11,312	11,312
Accrued expenses		3,234,808	3,244,514
Short-term Debt, Total		1,772,660	1,788,285
Total current liabilities		7,165,718	7,189,958
Total liabilities		7,165,718	7,189,958
Net Assets		$ (6,440,639)	$ (6,248,717)
[1]	Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively.

Note 13 - Variable Interest E_5

Note 13 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 49,340,777	$ 48,861,490	$ 110,208,246	$ 96,558,863
General and administrative	9,070,053	7,276,486	17,654,856	13,861,154
Research and development				195,653
Depreciation, amortization and impairment	1,826,905	529,538	3,322,306	928,365
	50,960,778	48,385,832	109,224,545	93,870,637
Operating Income (Loss)	(1,620,001)	475,658	983,701	2,688,226
Non-operating Expenses, net	(199,989)	283,809	865,420	(324,879)
Income (Loss) Before Income Taxes	(1,819,990)	759,467	1,849,121	2,363,347
Income Tax Expense (Benefit), Total	(393,000)	281,000	(6,000)	655,000
Net Income (Loss)	$ (1,426,990)	$ 478,467	1,855,121	1,708,347
Delphax [Member]
Revenues				4,434,303
Cost of sales				2,583,807
General and administrative			222,244	1,001,896
Research and development				195,653
Depreciation, amortization and impairment				8,007
			222,244	3,789,363
Operating Income (Loss)			(222,244)	644,940
Non-operating Expenses, net			(45,782)	(188,000)
Income (Loss) Before Income Taxes			(268,026)	456,940
Income Tax Expense (Benefit), Total
Net Income (Loss)			$ (268,026)	$ 456,940

Note 14 - Share Repurchase (Det

Note 14 - Share Repurchase (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	May 14, 2014
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			750,000
Stock Repurchased and Retired During Period, Shares	675
Stock Repurchased and Retired During Period, Value	$ 23,000	$ (22,759)

Note 15 - Geographical Inform_3

Note 15 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Non-current Assets	$ 37,071,213	$ 20,273,171
UNITED STATES
Non-current Assets	5,224,050	5,209,831
AUSTRALIA
Non-current Assets	5,246
Non-US [Member]
Non-current Assets	31,847,163	15,063,340
UNITED KINGDOM
Non-current Assets	5,142
CANADA
Non-current Assets	17,993
MEXICO
Non-current Assets	3,516,541	4,352,257
ROMANIA
Non-current Assets	3,293,210	3,626,136
NETHERLANDS
Non-current Assets	6,202,377	7,084,947
CHINA
Non-current Assets	$ 18,806,654

Note 15 - Geographical Inform_4

Note 15 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 49,340,777	$ 48,861,490	$ 110,208,246	$ 96,558,863
UNITED STATES
Revenues			96,788,427	85,319,178
Non-US [Member]
Revenues			$ 13,419,819	$ 11,239,685

Note 16 - Segment Information_2

Note 16 - Segment Information (Details Textual)	6 Months Ended
	Sep. 30, 2018
Number of Operating Segments	6

Note 16 - Segment Information -

Note 16 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 49,340,777	$ 48,861,490	$ 110,208,246	$ 96,558,863
Operating Income (Loss)	(1,620,001)	475,658	983,701	2,688,226
Capital Expenditures	19,513,634	7,769,220	19,973,209	8,259,215
Depreciation and Amortization	1,826,905	529,538	3,322,306	928,365
Corporate, Non-Segment [Member]
Revenues	189,297	325,349	364,689	651,628
Operating Income (Loss)	(1,934,819)	(1,381,192)	(3,665,694)	(2,244,210)
Capital Expenditures	34,010	542,202	111,240	1,001,855
Depreciation and Amortization	150,416	114,956	295,711	189,115
Intersegment Eliminations [Member]
Revenues	(15,412)	(292,208)	(17,746)	(583,740)
Operating Income (Loss)	198	49,783	198	51,109
Depreciation and Amortization	(1,324)	(1,324)	(2,649)	(2,650)
Overnight Air Cargo [Member]
Revenues	17,064,600	18,081,073	34,705,258	34,823,248
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues	17,064,600	18,081,073	34,705,258	34,823,248
Operating Income (Loss)	197,870	896,506	1,254,562	1,713,172
Capital Expenditures	28,460	20,346	34,456	20,346
Depreciation and Amortization	21,178	30,128	43,941	61,144
Ground Equipment Sales [Member]
Revenues	12,838,796	15,516,109	19,223,577	21,465,765
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues	12,845,520	15,516,109	19,232,634	21,465,765
Operating Income (Loss)	697,557	1,165,430	1,091,057	1,331,224
Capital Expenditures	156,230	2,258	296,320	2,258
Depreciation and Amortization	65,384	117,499	156,733	250,379
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	11,069,537	15,046,892	16,361,554	20,323,258
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues	1,775,983	469,217	2,871,080	1,142,507
Ground Support Services [Member]
Revenues	8,474,037	8,801,326	17,521,677	17,914,399
Ground Support Services [Member] | Operating Segments [Member]
Revenues	8,474,037	8,801,326	17,521,677	17,914,399
Operating Income (Loss)	(742,482)	276,113	(830,206)	632,937
Capital Expenditures	8,062	117,919	60,500	143,284
Depreciation and Amortization	119,816	113,625	244,871	225,256
Printing Equipment and Maintenance [Member]
Revenues	139,945	1,302,922	438,768	4,434,303
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues	139,945	1,302,922	438,768	4,434,303
Operating Income (Loss)	(413,298)	(482,222)	(654,368)	441,814
Capital Expenditures		8,491		8,491
Depreciation and Amortization	15,307	3,316	29,638	8,007
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	2,824	280,328	193,726	1,724,310
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues	137,121	1,022,594	245,042	2,709,993
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues	10,642,791	5,126,919	37,962,966	17,853,260
Operating Income (Loss)	574,974	(48,760)	3,788,153	762,180
Capital Expenditures	19,286,871	7,078,004	19,470,692	7,082,981
Depreciation and Amortization	1,456,129	151,338	2,554,062	197,114
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues	5,341,234	2,275,190	27,659,269	10,466,075
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues	$ 5,301,557	$ 2,851,729	$ 10,303,697	$ 7,387,185

Note 17 - Commitments and Con_2

Note 17 - Commitments and Contingencies (Details Textual) - Contrail Aviation Inc. [Member] - USD ($)	Sep. 30, 2018	Jul. 18, 2016
Business Combination, Contingent Consideration, Liability, Total	$ 1,972,000
Accrued Expense [Member]
Business Combination, Contingent Consideration, Liability, Current	1,516,000
Other Noncurrent Liabilities [Member]
Business Combination, Contingent Consideration, Liability, Noncurrent	456,000
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability		$ 2,900,000
Business Combination, Contingent Consideration Arrangement, Earnout Payment	$ 1,000,000

Note 18 - Subsequent Events (De

Note 18 - Subsequent Events (Details Textual) - USD ($)	Oct. 02, 2018	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Nov. 12, 2018
Stock Repurchased and Retired During Period, Shares			675
Stock Repurchased and Retired During Period, Value			$ 23,000		$ (22,759)
Other than Temporary Impairment Losses, Investments, Total						$ 771,173
Revolving Credit Facility [Member] | MBT [Member] | Credit Agreement Amendment [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000,000		$ 10,000,000
Scenario, Forecast [Member] | Investment in Oxbridge RE NS [Member]
Other than Temporary Impairment Losses, Investments, Total		$ 1,100,000
Subsequent Event [Member]
Stock Repurchased and Retired During Period, Shares	15,000
Stock Repurchased and Retired During Period, Value	$ 503,000
Subsequent Event [Member] | Revolving Credit Facility [Member] | MBT [Member] | Credit Agreement Amendment [Member]
Line of Credit Facility, Maximum Borrowing Capacity							$ 13,000,000