Air T (AIRT) 10-K 28 Jun 19 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	May 31, 2019	Sep. 30, 2018
Document Information [Line Items]
Entity Registrant Name	AIR T INC
Entity Central Index Key	0000353184
Trading Symbol	airt
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		2,022,637
Entity Public Float			$ 34,166
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Revenues:
Operating Revenues	$ 249,834,478	$ 194,519,345
Operating Expenses:
Overnight air cargo	65,099,491	63,049,619
Ground equipment sales	38,911,228	41,567,109
Ground support services	30,376,988	30,135,613
Commercial jet engines and parts	60,948,561	20,502,205
Printing equipment and maintenance	350,116	2,975,999
Research and development		195,653
General and administrative	38,376,113	29,138,534
Depreciation and amortization	7,686,070	2,428,732
Impairment on property and equipment	34,504	250,126
(Gain) loss on sale of property and equipment	(13,298)	30,232
	241,769,773	190,273,822
Operating Income	8,064,705	4,245,523
Non-operating Income (Expense):
Gain on sale of marketable securities	81,388	93,066
Foreign currency loss, net	(113,528)	(228,714)
Other-than-temporary impairment loss on investments	(2,000,000)	(1,559,972)
Other investment income (loss), net	(373,060)	121,860
Interest expense, net	(3,427,102)	(1,724,771)
Gain on asset retirement obligation		562,500
Bargain purchase acquisition gain	1,983,777	501,880
Unrealized gain (loss) on interest rate swap	145,222	(66,706)
Unrealized gain on transition to equity method		721,585
Income (loss) from equity method investments	340,714	(14,644)
	(3,362,589)	(1,593,916)
Income Before Income Taxes	4,702,116	2,651,607
Income Taxes	1,502,184	195,000
Net Income	3,199,932	2,456,607
Net (Income) Loss Attributable to Non-controlling Interests	(1,859,937)	(179,498)
Net Income Attributable to Air T, Inc. Stockholders	$ 1,339,995	$ 2,277,109
Earnings Per Share:
Basic (in dollars per share)	$ 0.66	$ 1.11
Diluted (in dollars per share)	$ 0.66	$ 1.11
Weighted Average Shares Outstanding:
Basic (in shares)	2,034,749	2,042,806
Diluted (in shares)	2,039,892	2,047,685
Overnight Air Cargo [Member]
Operating Revenues:
Operating Revenues	$ 72,978,361	$ 72,845,353
Ground Equipment Sales [Member]
Operating Revenues:
Operating Revenues	47,152,125	50,004,507
Ground Support Services [Member]
Operating Revenues:
Operating Revenues	34,331,784	35,698,171
Commercial Jet Engines Inventory [Member]
Operating Revenues:
Operating Revenues	93,968,014	29,506,873
Printing Equipment and Maintenance [Member]
Operating Revenues:
Operating Revenues	654,617	6,144,403
Corporate and Other [Member]
Operating Revenues:
Operating Revenues	$ 749,577	$ 320,038

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 3,199,932	$ 2,456,607
Other Comprehensive Income:
Foreign currency translation gain	225,414	229,615
Unrealized loss on interest rate swaps, net of tax of $70,043 and $0	(235,686)
Unrealized net loss on marketable securities, net of tax of $0 and ($324,590)		(1,463,942)
Reclassification of other-than-temporary impairment loss on investments, net of gains on sale of marketable securities, included in income, net of tax of $0 and $277,622		1,189,284
Total Other Comprehensive Loss	(10,272)	(45,043)
Total Comprehensive Income	3,189,660	2,411,564
Comprehensive Income Attributable to Non-controlling Interests	(1,900,192)	(183,309)
Comprehensive Income Attributable to Air T, Inc. Stockholders	$ 1,289,468	$ 2,228,255

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unrealized loss on interest rate swaps, tax	$ 70,043	$ 0
Unrealized net loss on marketable securities, tax	0	(324,590)
Reclassification of other-than-temporary impairment loss on investments, tax	$ 0	$ 277,622

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Current Assets:
Cash and cash equivalents	$ 12,524,321	$ 4,803,238
Marketable securities	1,760,052	290,449
Restricted cash	123,409	269,659
Restricted investments	830,925	1,235,405
Accounts receivable	19,077,248	15,157,855
Costs and estimated earnings in excess of billings on uncompleted projects		2,012,121
Notes and other receivables-current	5,026,549	658,630
Income tax receivable	158,446	1,557,180
Inventories, net	29,967,037	34,231,005
Prepaid expenses and other	1,880,126	1,455,566
Total Current Assets	71,348,113	61,671,108
Assets on lease, net of accumulated depreciation of $6,688,630 and $1,625,237	25,164,497	15,664,606
Property and equipment, net of accumulated depreciation of $5,665,498 and $4,722,016	4,817,912	4,608,565
Cash surrender value of life insurance policies, net of policy loans	122,062	2,356,507
Other tax receivables-long-term (Delphax $311,000 and $311,000)*	311,000	311,000
Deferred income taxes	547,987
Investments in funds	463,892	324,854
Investments in securities	621,610	1,026,920
Equity method investments	5,610,874	5,032,268
Other assets	491,328	420,981
Intangible assets, net of accumulated amortization of $2,156,192 and $1,788,598	1,225,257	1,312,472
Goodwill	4,417,605	4,417,605
Total Assets	115,142,137	97,146,886
Current Liabilities:
Accounts payable (Delphax $2,134,053 and $2,145,847)*	12,552,724	10,181,143
Income tax payable	661,690	23,000
Accrued payroll and related items	8,910,245	7,632,957
Customer deposits	1,520,000	590,000
Other accrued expenses	4,414,127	3,521,016
Current portion of long-term debt	24,735,224	9,229,690
Total Current Liabilities	52,794,010	31,177,806
Long-term debt	32,917,765	38,855,260
Deferred tax liabilities		92,000
Other non-current liabilities	596,598	785,797
Total Liabilities	86,308,373	70,910,863
Redeemable non-controlling interest	5,476,000	1,992,939
Commitments and contingencies (Note 25)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized
Common stock, $.25 par value; 4,000,000 shares authorized, 2,022,637 and 2,043,607 shares issued and outstanding	505,657	510,901
Additional paid-in capital	2,866,695	4,171,869
Retained earnings	21,191,126	20,695,981
Accumulated other comprehensive loss	(205,086)	(260,900)
Total Air T, Inc. Stockholders' Equity	24,358,392	25,117,851
Non-controlling Interests	(1,000,628)	(874,767)
Total Equity	23,357,764	24,243,084
Total Liabilities and Equity	$ 115,142,137	$ 97,146,886

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Cash and cash equivalents	$ 12,524,321	$ 4,803,238
Accounts receivable	754,108	801,000
Accounts receivable	19,077,248	15,157,855
Prepaid expenses and other	1,880,126	1,455,566
Asset on lease, accumulated depreciation	6,688,630	1,625,237
Property and equipment, accumulated depreciation	5,665,498	4,722,016
Other tax receivables - long term	311,000	311,000
Intangible assets, accumulated amortization	2,156,192	1,788,598
Accounts payable	12,552,724	10,181,143
Income tax payable	661,690	23,000
Accrued payroll and related items	8,910,245	7,632,957
Customer deposits	1,520,000	590,000
Other accrued expenses	4,414,127	3,521,016
Current portion of long-term debt	24,735,224	9,229,690
Long-term debt	$ 32,917,765	$ 38,855,260
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)	2,022,637	2,043,607
Common stock, shares outstanding (in shares)	2,022,637	2,043,607
Delphax [Member]
Cash and cash equivalents	$ 12,315	$ 241,430
Accounts receivable	294,296	317,000
Prepaid expenses and other	58,164	72,269
Other tax receivables - long term	311,000	311,000
Accounts payable	2,134,053	2,145,847
Income tax payable	0	11,312
Accrued payroll and related items	3,146,395	3,244,514
Customer deposits	0	0
Other accrued expenses	11,312	0
Current portion of long-term debt	0	1,788,285
Long-term debt	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,199,932	$ 2,456,607
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale of marketable securities	(81,388)	(93,066)
(Gain) loss on sale of property and equipment	(13,298)	30,232
Profit from sale of assets on lease	(946,185)
Change in inventory reserves	(361,477)	(1,851,036)
Change in accounts receivable reserves	(47,321)	(177,394)
Depreciation and amortization	7,686,070	2,428,731
Amortization of debt issuance cost	224,169	90,028
Impairment on property and equipment	34,504	250,126
Change in cash surrender value of life insurance	(93,254)	(105,057)
Deferred Income Tax Expense (Benefit), Total	(1,158,945)	(10,566)
Gain on asset retirement obligation		(562,500)
Gain on bargain purchase, net of tax	(1,983,777)	(501,880)
Change in warranty reserve	335,632	122,686
Other-than-temporary impairment loss on investments	2,000,000	1,559,972
Unrealized (gain) loss on interest rate swap	(145,222)	66,706
Unrealized gain on transition to equity method		(721,585)
Unrealized loss on marketable securities	506,620
Change in operating assets and liabilities:
Accounts receivable	(1,960,509)	4,744,262
Costs and estimated earnings in excess of billings on uncompleted projects	2,012,121	(2,012,121)
Notes receivable and other non-trade receivables	(4,367,919)	1,640,461
Inventories	9,530,655	(6,757,766)
Prepaid expenses and other assets	(474,400)	331,466
Accounts payable	1,087,414	(1,689,030)
Accrued expenses	4,265,221	1,664,200
Income taxes payable/ receivable	2,037,422	(1,442,493)
Non-current liabilities	(349,707)	261,180
Total adjustments	17,736,428	(2,734,444)
Net cash provided by (used in) operating activities	20,936,360	(277,837)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(2,013,921)	(2,519,045)
Proceeds from sale of marketable securities	889,838	720,452
Acquisition of businesses, net of cash acquired	(3,375,700)	(2,400,000)
Cash used for equity method investments	(263,492)	(2,301,026)
Investment in funds	(100,000)	(324,854)
Investment in reinsurance entity	(2,000,000)
Capital expenditures related to property and equipment	(1,319,718)	(2,119,138)
Capital expenditures related to assets on lease	(19,149,515)	(18,096,456)
Proceeds from sale of property and equipment	135,537	3,859
Proceeds from sale of assets on lease	4,193,155
Net cash used in investing activities	(23,003,816)	(27,036,208)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	107,511,804	115,533,307
Payments on lines of credit	(109,934,653)	(119,176,727)
Proceeds from term loans	27,725,000	38,441,000
Payments on term loans	(15,730,639)	(4,816,825)
Debt issuance costs	(227,642)	(404,845)
Proceeds from loan against cash surrender value of life insurance policies	2,327,700
Earnout payments	(1,533,041)	(1,100,000)
Distribution to non-controlling member	(75,507)
Contribution from non-controlling member	210,000	252,000
Payments for repurchase of stock	(744,173)
Proceeds from exercise of stock options	17,762	8,638
Net cash provided by financing activities	9,546,611	28,736,548
Effect of foreign currency exchange rates on cash and cash equivalents	95,678	(3,340)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	7,574,833	1,419,163
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	5,072,897	3,653,734
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	12,647,730	5,072,897
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:
Finished goods inventory transferred to equipment leased to customers		251,643
Equipment leased to customers transferred to inventory		2,057,417
Non-cash capital expenditures related to property & equipment	57,586
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	2,880,149	1,065,785
Income taxes	$ 527,274	$ 1,659,064

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Mar. 31, 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]			2,277,109		(75,440)	2,201,669
Loss on marketable securities, net of tax					(317,132)		(317,132)
Foreign currency translation gain					225,804	3,811	229,615
Redeemable non-controlling interest			(42,100)				(42,100)
Reclassification due to the Tax Cuts and Jobs Act				(42,475)	42,475
Exercise of stock options (in shares)		818					818
Exercise of stock options		$ 205	8,433				$ 8,638
Unrealized gain (loss) on interest rate swaps, net of tax
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*	[1]			1,339,995		(166,116)	1,173,879
Foreign currency translation gain					185,159	40,255	225,414
Redeemable non-controlling interest			(1,322,516)				$ (1,322,516)
Exercise of stock options (in shares)		1,682					1,682
Exercise of stock options		$ 421	17,342				$ 17,763
Adoption of ASU 2016-01				(106,341)	106,341
Repurchase of common stock (in shares)		(22,652)
Repurchase of common stock		$ (5,665)		(738,509)			(744,174)
Unrealized gain (loss) on interest rate swaps, net of tax					(235,686)		(235,686)
Balance (in shares) at Mar. 31, 2019		2,022,637
Balance at Mar. 31, 2019		$ 505,657	$ 2,866,695	$ 21,191,126	$ (205,086)	$ (1,000,628)	$ 23,357,764
[1]	Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation.

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three 3 Accounting Estimates Cash and Cash Equivalents three Foreign E xchange Variable Interest Entities Business Combinations 805, Business Combinations 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not Goodwill The Company is permitted to first not 50 not not not first second first second second Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10 Inventories may not one Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may Revenue Recognition one not We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 606 10, Principal Agent Considerations. The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass-through costs totaled $23,578,000 $23,380,000 March 31, 2019 2018, Warranty Reserves three 90 Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50% Segment s six 24 Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income. Accounting for Redeemable Non-Controlling Interest 25 fifth third not March 31, 2019 2018 not no second two not Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers , 606 606 606 December 15, 2017. 606 Effective April 1, 2018, April 1, 2018 606 not 606 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 February 2018, 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. 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. no March 31, 2019. 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 3 March 31, 2019. 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 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 Recently Issued Accounting Pronouncements In February 2016, ASU 2016 02, 842 twelve not The standard is effective for fiscal years beginning after December 15, 2018, 842 two 1 2 no may The Company adopted the standard in the fiscal year beginning April 1, 2019 not third $10.7 $11.2 Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not not not not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. not In August 2018, Fair Value Measurement (Topic 820 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 In October 2018, Consolidation (Topic 810 810 10, December 15, 2019, not

Note 2 - Net Earnings Per Commo

Note 2 - Net Earnings Per Common Share	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	2. EARNINGS PER COMMON SHARE Basic earnings per share has been calculated by dividing net income 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 earnings per common share is as follows: Year Ended March 31, 2019 2018 Net earnings attributable to Air T, Inc. Stockholders $ 1,339,995 $ 2,277,109 Earnings Per Share: Basic $ 0.66 $ 1.11 Diluted $ 0.66 $ 1.11 Weighted Average Shares Outstanding: Basic 2,034,749 2,042,806 Diluted 2,039,892 2,047,685

Note 3 - Restricted Cash

Note 3 - Restricted Cash	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. 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 Statements of Cash Flows: March 31, 2019 March 31, 2018 Cash and cash equivalents $ 12,524,321 $ 4,803,238 Restricted cash 123,409 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,647,730 $ 5,072,897

Note 4 - Cash Surrender Value o

Note 4 - Cash Surrender Value of Life Insurance	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Life Insurance, Corporate or Bank Owned [Text Block]	4. 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 $122,000 $2,357,000 March 31, 2019 March 31, 2018, In fiscal 2019, $2,300,000, March 31, 2019.

Note 5 - Investments in Securit

Note 5 - Investments in Securities	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. INVESTMENTS IN SECURITIES The Company adopted ASU 2016 01 April 1, 2018. During the year ended March 31, 2019, $71,000 $617,000, All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 In June 2018, $2,000,000 three second 2018, $2,000,000 March 31, 2019.

Note 6 - Equity Method Investme

Note 6 - Equity Method Investments	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	6. EQUITY METHOD INVESTMENTS On January 16, 2018, 1,133,000 $1.25 $1,416,000, 1,900,000 26% January 16, 2018, $385,000. not three March 31, 2018. March 31, 2018, 3.4 28% $4,599,000. No March 31, 2018. $722,000 January 16, 2018. At March 31, 2019, 3.5 30% $5,162,000. March 31, 2019, $391,000 $92,000. twelve December 31, 2018 December 31, 2017 Twelve Months Ended Twelve Months Ended December 31, 2018 December 31, 2017 Revenue $ 33,236,000 $ 26,430,000 Gross Profit 12,561,000 8,401,000 Operating income (loss) 1,832,000 (908,000 ) Net income (loss) 1,399,000 (639,000 ) Net income attributable to Air T, Inc. stockholders $ 391,000 $ -

Note 7 - Inventories

Note 7 - Inventories	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	7. INVENTORIES Inventories consisted of the following: Year Ended March 31, 2019 2018 Ground support service parts $ 2,553,949 $ 2,518,942 Ground equipment manufacturing: Raw materials 2,497,876 3,314,676 Work in process 1,659,516 20,089 Finished goods 972,542 1,768,897 Printing equipment and maintenance: Raw materials 401,103 1,161,410 Finished goods 1,047,893 553,847 Commercial jet engines and parts 21,031,558 25,452,022 Total inventories 30,164,437 34,789,883 Reserves (197,400 ) (558,878 ) Total, net of reserves $ 29,967,037 $ 34,231,005

Note 8 - Property and Equipment

Note 8 - Property and Equipment	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	8. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: Year Ended March 31, 2019 2018 Furniture, fixtures and improvements $ 8,849,418 $ 7,696,590 Building 1,633,992 1,633,992 10,483,410 9,330,582 Less accumulated depreciation (5,665,498 ) (4,722,016 ) Property and equipment, net $ 4,817,912 $ 4,608,565

Note 9 - Intangible Assets and

Note 9 - Intangible Assets and Goodwill	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. INTANGIBLE ASSETS AND GOODWILL Amortizable intangible assets consisted of the following: March 31, 2019 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 580,000 (319,913 ) $ 260,087 Customer relationships 751,000 (194,270 ) 556,730 Non-compete 69,700 (37,638 ) 32,062 Certification 47,000 (25,380 ) 21,620 License 250,000 (59,967 ) 190,033 Patents 1,090,000 (1,090,000 ) - Software 571,507 (428,309 ) 143,198 Other 22,242 (715 ) 21,527 Intangible assets 3,381,449 (2,156,192 ) 1,225,257 March 31, 2018 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 442,000 (229,480 ) $ 212,520 Customer relationships 751,000 (119,170 ) 631,830 Non-compete 69,700 (23,698 ) 46,002 Certification 47,000 (15,980 ) 31,020 License 250,000 (18,058 ) 231,942 Patents 1,090,000 (1,090,000 ) - Software 429,128 (291,405 ) 137,723 Other 22,242 (808 ) 21,435 Intangible assets 3,101,070 (1,788,598 ) 1,312,472 Amortization expense was approximately $368,000 $323,000 2019 2018, Annual future amortization expense for these intangible assets for the five Year ending March 31, 2020 $ 300,539 2021 280,126 2022 205,016 2023 156,470 2024 83,970 Thereafter 199,136 $ 1,225,257 Goodwill consisted of the following: Year Ended March 31, 2019 2018 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605 Certain business acquisitions have resulted in the recording of goodwill, which is not March 31, 2019 2018, $4.4 $4.2 may not not March 31, 2019 2018, no

Note 10 - Business Combinations

Note 10 - Business Combinations	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Business Combination Disclosure [Text Block]	10. BUSINESS COMBINATIONS Acquisition of AirCo Assets On May 2, 2017 June 1, 2017, 145 $2,400,000. The following table summarizes the fair values of assets acquired and liabilities assumed by AirCo as of 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 Worthington Aviation Parts, Inc. 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 (24,301 ) Total consideration $ 3,325,699 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 Other assets 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 The transaction resulted in a bargain purchase gain because Worthington was a non-marketed transaction and in financial distress at the time of the acquisition. 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. $1,984,000. $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 for the fiscal year ended March 31, 2019: Income Statement Post-Acquisition Revenue $ 15,563,192 Cost of Sales 10,919,841 Operating Expenses 4,364,349 Operating Income 279,002 Non-operating Income 1,808,211 Net Income $ 2,087,213 Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the fiscal years ended March 31, 2019 2018 April 1, 2017: Pro-Forma Pro-Forma Year ended Year ended March 31, 2019 March 31, 2018 Revenue $ 251,278,349 $ 209,706,935 Earnings before taxes 7,881,644 3,594,265 Net income (loss) attributable to Air T, Inc. stockholders (766,674 ) 3,734,452 Basic income (loss) per share (0.38 ) 1.83 Dilutive income (loss) per share $ (0.38 ) $ 1.82 The unaudited pro forma consolidated results were prepared using the acquisition method of accounting and are based on the historical financial information of Worthington and the Company. The historical financial information has been adjusted to give effect to pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The pro forma for the year ended March 31, 2019 March 31, 2018. not April 1, 2017. Other Acquisitions On December 15, 2017, $1.00, $50,000 $125,000 In connection with the Blue Clay Capital acquisition, a Partnership Interest Conversion and General Partner Admittance Agreement (“Conversion Agreement”) was entered into effective December 31, 2017 one 1% December 31, 2017 $100,000 $10,000 January 1, 2018 $227,000 Additionally, effective December 31, 2017, Pro forma financial information is not not

Note 11 - Variable Interest Ent

Note 11 - Variable Interest Entities	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	11. 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 Delphax 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 March 31, 2019 2018: March 31, 2019 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 12,315 $ 241,430 Accounts receivable, net 46,844 316,542 Other current assets 58,441 72,269 Total current assets 117,600 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 428,600 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,151,235 $ 2,145,847 Income tax payable - 11,312 Accrued expenses 3,157,707 3,244,514 Short-term debt 1,749,779 1,788,285 Total current liabilities 7,058,721 7,189,958 Total liabilities $ 7,058,721 $ 7,189,958 Net assets $ (6,630,121 ) $ (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 March 31, 2019, $550,000 $900,000 March 31, 2018) no $1,200,000 $888,000 March 31, 2019 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 Upon petition by the Company, on August 8, 2017 March 31, 2019, The intercompany balances under the Delphax Senior Subordinated Note as of March 31, 2019 Delphax’s revenues and expenses are included in our consolidated financial statements herein. Revenues and expenses prior to the date of initial consolidation were excluded. We have determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. The Delphax warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the fiscal years ended March 31, 2019 March 31, 2018 33% 33%, The following table sets forth the revenue and expenses of Delphax that are included in the Company’s consolidated statements of income and comprehensive income for the years ended March 31, 2019 2018: March 31, 2019 March 31, 2018 Operating revenues $ - $ 5,835,266 Operating expenses: Cost of sales - 3,261,156 General and administrative 285,180 1,399,034 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 285,180 4,863,850 Operating (loss) income (285,180 ) 971,416 Non-operating expense, net (218,203 ) (742,120 ) (Loss) Income before income taxes (503,383 ) 229,296 Income tax benefit - 311,000 Net (loss) income $ (503,383 ) $ 540,296 Non-operating expense, net, includes intercompany interest expense of approximately $311,000 March 31, 2019 $670,000 March 31, 2018. March 31, 2019 2018, Unconsolidated Variable Interest Entities and Other Entities BCCM Advisors holds equity interests in certain investment funds as of March 31, 2019 March 31, 2018. not not not not March 31, 2019 $464,000.

Note 12 - Financing Arrangement

Note 12 - Financing Arrangements	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	12. FINANCING ARRANGEMENTS On March 29, 2019, March 28, 2019 ( 1 $17,000,000; 2 4.00% 1.00%; 3 three May 11, 2018 March 28, 2019, December 21, 2017, Borrowings of the Company and its subsidiaries are summarized below at March 31, 2019 March 31, 2018, March 31, 2019 March 31, 2018 Maturity Date Interest Rate Priority Unused commitments Revolver $ 12,403,213 $ - November 30, 2019 Prime - 1% Secured $ 4,596,787 Term Note A 8,750,000 9,750,000 January 1, 2028 1-month LIBOR + 2% Secured Term Note B 4,375,000 4,875,000 January 1, 2028 4.50% Secured Term Note D 1,607,200 1,674,400 January 1, 2028 1-month LIBOR + 2% Secured Air T Debt - MBT 27,135,413 16,299,400 Revolver 3,820,000 5,000,000 May 21, 2019 7.50% Secured 1,180,000 Term Loan - 2,404,775 March 26, 2019 7.25% Secured Term Loan 450,000 - December 17, 2019 7.50% Secured Term Loan 400,000 - June 17, 2020 7.25% Secured Term Loan 2,100,000 - June 17, 2020 8.50% AirCo Debt - MBT 6,770,000 7,404,775 Revolver - 14,826,062 May 5, 2019 1-month LIBOR + 3% Secured 20,000,000 Term Loan 8,616,336 9,920,000 January 26, 2021 1-month LIBOR + 3.75% Secured Term Loan 15,500,000 - September 14, 2021 1-month LIBOR + 3.75% Secured Contrail Debt - Old National 24,116,336 24,746,062 Total Debt 58,021,749 48,450,238 Less: Unamortized Debt Issuance Costs (368,760 ) (365,288 ) Total Debt, net $ 57,652,989 $ 48,084,950 The Air T revolving credit facility, as well as Term Note A, Term Note B and Term Note D are guaranteed by certain subsidiaries of the Company, secured by a first The Contrail revolving credit facility contains affirmative and negative covenants, including covenants that restricted the ability of Contrail Aviation and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The weighted average interest rate on short term borrowings outstanding as of March 31, 2019 March 31, 2018 5.27% 7.25%, At March 31, 2019, Fiscal year ended Amount 2020 $ 24,735,224 2021 18,188,725 2022 5,067,200 2023 1,567,200 2024 1,567,200 Thereafter 6,896,200 58,021,749 Less: Unamortized Debt Issuance Costs (368,760 ) $ 57,652,989 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. Fair Value of Debt s March 31, 2019 2018, 2 1 Interest Expense, net March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Contractual interest 3,290,788 1,695,898 Amortization of deferred financing costs 193,942 90,028 Interest income (57,628 ) (61,154 ) Total 3,427,102 1,724,771 As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may 4.56% 5.09%, January 2028. As of August 1, 2018, 815 30. March 31, 2019 March 31, 2018, $227,000 $8,500, March 31, 2019, $145,000 $236,000,

Note 13 - Lease Arrangements

Note 13 - Lease Arrangements	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments Disclosure [Text Block]	13. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and some of its office and maintenance facilities. Refer to “Item 2. At March 31, 2019, March 31, 2019 Year ended March 31, 2020 $ 3,133,000 2021 2,115,000 2022 1,625,000 2023 1,241,000 2024 692,000 Thereafter 6,267,000 Total minimum lease payments $ 15,073,000 The Company’s rent expense excluding Delphax for operating leases totaled approximately $4,564,000 $4,520,000 2019 2018, $201,000 $337,000 2019 2018, $13,000 $95,000 2019 2018,

Note 14 - Assets on Lease

Note 14 - Assets on Lease	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	14. ASSETS ON LEASE The Company leases equipment to third third As of March 31, 2019, Year ended March 31, 2020 $ 3,055,164 2021 710,364 2022 80,264 2023 58,404 2024 4,867 Thereafter - Total minimum lease payments $ 3,909,063

Note 15 - Fair Value of Financi

Note 15 - Fair Value of Financial Instruments	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	15. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one three Level 1: Level 2: not Level 3: no The following consolidated balance sheet items are measured at fair value: Fair Value Measurements at March 31, 2019 2018 Marketable securities (Level 1) $ 3,212,587 $ 2,552,774 Interest rate swaps (Level 2) $ 227,214 $ 66,706 Acquisition contingent consideration obligations (Level 3) $ 488,905 $ 1,955,987 Redeemable non-controlling interest (Level 3) $ 5,476,000 $ 1,992,939 The fair values of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 The fair value of the acquisition contingent consideration obligations is based on a discounted cash flow analysis using projected EBITDA over the earn-out period and is classified as Level 3 The fair value of the redeemable non-controlling interest is based on a combination of market approach and income approach and is classified as Level 3 The fair value measurements which use significant observable inputs (Level 3 Acquisition Contingent Consideration Obligations Redeemable Non- Controlling Interest Beginning Balance as of April 1, 2018 $ 1,955,987 $ 1,992,939 Payment of contingent consideration (1,533,041 ) - Contribution from non-controlling member - 210,000 Distribution to non-controlling member - (75,508 ) Net income attributable to non-controlling interests - 2,026,053 Fair value adjustment - 1,322,516 Interest accrued on contingent consideration 65,959 - Ending Balance as of March 31, 2019 $ 488,905 $ 5,476,000 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accounts payable approximate their fair value at March 31, 2019 2018.

Note 16 - Share Repurchase

Note 16 - Share Repurchase	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	16. SHARE REPURCHASE On May 14, 2014, 750,000 10b 18, March 31, 2019, 22,652 $743,747. March 31, 2019

Note 17 - Employee and Non-empl

Note 17 - Employee and Non-employee Stock Options	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	17. 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 March 31, 2019 2018. $0 March 31, 2019 2018, March 31, 2019, no No March 31, 2019 2018 Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 10.03 5.13 140,193 Granted - - Exercised (1,682 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 Exercisable at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075

Note 18 - Major Customer

Note 18 - Major Customer	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	18. MAJOR CUSTOMER Approximately 29% 38% 2019 2018, 20% 15% March 31, 2019 2018,

Note 19 - Revenue Recognition

Note 19 - Revenue Recognition	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	19. REVENUE RECOGNITION Performance Obligations The following is a description of the Company’s performance obligations as of March 31, 2019: 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 by the 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. The following table summarizes disaggregated revenues by type: Year Ended March 31, 2019 Product Sales Air Cargo $ 23,043,526 Ground equipment sales 45,896,643 Ground support services 9,108,328 Commercial jet engines and parts 78,174,197 Printing equipment and maintenance 591,565 Corporate and other - Support Services Air Cargo 49,781,134 Ground equipment sales 647,714 Ground support services 25,172,445 Commercial jet engines and parts 5,239,282 Printing equipment and maintenance 47,055 Corporate and other 88,893 Leasing Revenue Air Cargo - Ground equipment sales 77,073 Ground support services - Commercial jet engines and parts 10,188,727 Printing equipment and maintenance - Corporate and other 126,480 Other Air Cargo 153,701 Ground equipment sales 530,695 Ground support services 51,011 Commercial jet engines and parts 365,808 Printing equipment and maintenance 15,997 Corporate and other 534,204 Total $ 249,834,478 The following table summarizes total revenues by segment: Year Ended March 31, 2019 Air Cargo $ 72,978,361 Ground equipment sales 47,152,125 Ground support services 34,331,784 Printing equipment and maintenance 654,617 Commercial jet engines and parts 93,968,014 Corporate and other 749,577 Total $ 249,834,478 See Note 23 24 Contract Balances and Costs Contract liabilities relate to deferred revenue and advanced customer deposits with respect to product sales. Contract liabilities are included in accrued expenses on the accompanying consolidated balance sheets. The following table presents outstanding contract liabilities and the amount of outstanding April 1, 2018 March 31, 2019: Outstanding Contract Liabilities as of April 1, 2018 Outstanding Contract Liabilities Recognized as Revenue As of March 31, 2019 $ 1,866,843 As of April 1, 2018 $ 590,837 For the year ended March 31, 2019 $ 590,837 Performance obligations related to product sales are expected to be satisfied within one

Note 20 - Income Taxes

Note 20 - Income Taxes	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	20. INCOME TAXES The components of income tax expense (benefit) were as follows: Years Ended March 31, 2019 2018 Current: Federal $ 2,225,000 $ (133,000 ) State 418,000 183,000 Foreign 23,000 156,000 Total current 2,666,000 206,000 Deferred: Federal (1,105,000 ) (14,000 ) State (58,816 ) 3,000 Total deferred (1,163,816 ) (11,000 ) Total $ 1,502,184 $ 195,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 21% 30.8% March 31, 2019 March 31, 2018 Year Ended March 31, 2019 2018 Expected Federal income tax expense U.S. statutory rate $ 978,000 21.0 % $ 818,000 30.8 % State income taxes, net of federal benefit 171,000 3.7 % 129,000 4.9 % Permanent differences, other (61,000 ) -1.3 % 21,000 0.8 % Micro-captive insurance benefit (197,000 ) -4.2 % (320,000 ) -12.1 % Change in valuation allowance 1,405,000 30.2 % (1,116,000 ) -42.1 % Domestic production activities deduction - 0.0 % (15,000 ) -0.6 % Income attributable to minority interest - Contrail Aviation (434,000 ) -9.3 % (79,000 ) -3.0 % Bargain purchase gain (417,000 ) -9.0 % (155,000 ) -5.8 % Tax rate change applied to deferreds - 0.0 % 2,297,000 86.6 % Deferred benefit for outside basis difference recorded on Delphax CFCs 31,000 0.7 % (811,000 ) -30.6 % Deferred benefit for increase in Canadian tax credits for Delphax - 0.0 % (149,000 ) -5.6 % Recognition of AMT tax credits as tax receivable - 0.0 % (311,000 ) -11.7 % Other differences, net 26,184 0.6 % (114,000 ) -4.3 % Income tax expense $ 1,502,184 32.4 % $ 195,000 7.3 % Delphax Solutions and Delphax Technologies, which generated losses for the periods ending March 31, 2019 March 31, 2018 not $383,000 $973,000 March 31, 2019 March 31, 2018. March 31: 2019 2018 Accrued vacation $ 322,000 $ 343,000 Property and equipment - 264,000 Accounts and notes receivable reserve 115,000 103,000 Employee severance reserve - 549,000 Net operating loss carryforwards 7,516,000 6,083,000 Federal/Canadian tax credits 4,486,000 4,486,000 Unrealized gains/losses 833,000 2,324,000 Outside basis difference on CFCs 1,431,000 - Investments in partnerships 534,000 - Disallowed capital loss 463,000 - Other deferred tax assets 301,000 236,000 Total deferred tax assets 16,001,000 14,388,000 Prepaid expenses (115,000 ) (337,000 ) 263A inventory capitalization - (28,000 ) Inventory basis difference (434,000 ) (179,000 ) Property and equipment (233,000 ) - Investments in partnerships - (270,000 ) Other deferred tax liabilities (83,000 ) (83,000 ) Total deferred tax liabilities (865,000 ) (897,000 ) Net deferred tax asset $ 15,136,000 $ 13,491,000 Less valuation allowance (14,658,000 ) (13,583,000 ) Net deferred tax asset (liability) $ 478,000 $ (92,000 ) Delphax As described in Note 11, November 24, 2015, 38%, three no 2014. Delphax maintains a September 30 September 30, 2018 not $13.4 $15.2 $4.5 2023. not December 31, 2017. $311,000 September 30, 2019. 382 may 11 $6.4 11. The provisions of ASC 740 not $13.0 March 31, 2019 $13.0 March 31, 2018.

Note 21 - Employee Benefits

Note 21 - Employee Benefits	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	21. EMPLOYEE BENEFITS The Company has a 401 1165 March 31, 2019 2018 $630,000 $559,000, The Company, in each of the past three 2019 2018 $2,434,000 $1,188,000,

Note 22 - Quarterly Financial I

Note 22 - Quarterly Financial Information (Unaudited)	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Quarterly Financial Information [Text Block]	22. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter 2019 Operating Revenues $ 60,867 $ 49,341 $ 63,623 $ 76,003 Operating Income 2,604 (1,620 ) 1,465 5,616 Net Income (Loss) Attributable to Air T, Inc Stockholders 2,829 (1,321 ) (2,715 ) 2,547 Basic Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 Diluted Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76

Note 23 - Geographical Informat

Note 23 - Geographical Information	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Geographical Reporting Disclosure [Text Block]	23. GEOGRAPHICAL INFORMATION Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2019 March 31, 2018: March 31, March 31, 2019 2018 United States $ 4,946,997 $ 5,209,831 Foreign 25,035,412 15,063,340 Total property and equipment, net $ 29,982,409 $ 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 March 31, 2019. March 31, 2019 Country March 31, 2019 March 31, 2018 Australia $ 5,186 $ - Mexico 2,680,825 4,352,257 Netherlands 5,541,072 7,084,947 China 16,808,329 - Romania - 3,626,136 $ 25,035,412 $ 15,063,340 Total revenue, located in the United States, and outside the United States is summarized in the following table as of March 31, 2019 March 31, 2018: March 31, March 31, 2019 2018 United States $ 211,816,770 $ 175,727,524 Foreign 38,017,708 18,791,821 Total revenue $ 249,834,478 $ 194,519,345

Note 24 - Segment Information

Note 24 - Segment Information	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	24. SEGMENT INFORMATION The Company has six Year Ended March 31, 2019 2018 Operating Revenues: Overnight Air Cargo $ 72,978,361 $ 72,845,353 Ground Equipment Sales: Domestic 40,706,629 47,394,193 International 6,445,496 2,641,842 Total Ground Equipment Sales 47,152,125 50,036,035 Ground Support Services 34,331,784 35,710,005 Printing Equipment and Maintenance: Domestic 321,723 3,675,193 International 347,584 2,711,689 Total Printing Equipment and Maintenance 669,307 6,386,882 Commercial Jet Engines and Parts: Domestic 68,856,992 25,324,231 International 31,224,628 13,438,290 Total Commercial Jet Engines and Parts 100,081,620 38,762,521 Corporate and Other 1,975,748 2,657,837 Intercompany (7,354,467 ) (11,879,288 ) Total $ 249,834,478 $ 194,519,345 Operating Income (Loss): Overnight Air Cargo $ 1,911,067 $ 4,127,322 Ground Equipment Sales 3,419,786 3,840,907 Ground Support Services (1,266,465 ) (179,152 ) Printing Equipment and Maintenance (1,388,434 ) (749,846 ) Commercial Jet Engines and Parts 11,609,370 2,003,111 Corporate and Other (6,899,256 ) (3,535,774 ) Intercompany 678,637 (1,261,045 ) Total $ 8,064,705 $ 4,245,523 Capital Expenditures: Overnight Air Cargo $ 57,806 $ 40,668 Ground Equipment Sales 371,902 219,592 Ground Support Services 150,745 363,420 Printing Equipment and Maintenance - 181,895 Commercial Jet Engines and Parts 19,679,737 18,305,930 Corporate and Other 209,043 1,104,089 Total $ 20,469,233 $ 20,215,594 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 82,102 $ 110,810 Ground Equipment Sales 263,945 433,184 Ground Support Services 446,417 471,776 Printing Equipment and Maintenance 9,085 13,135 Commercial Jet Engines and Parts 6,301,426 1,174,764 Corporate and Other 585,247 480,487 Intercompany 32,352 (5,298 ) Total $ 7,720,574 $ 2,678,858

Note 25 - Commitments and Conti

Note 25 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	25. 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 $2,500,000 March 31, 2019 $480,000, $24,000 $456,000, March 31, 2019. Contrail Aviation entered into an Operating Agreement (the “Operating Agreement”) with the Seller 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 commencing on the fifth July 18, 2021. The Company currently expects that none may not no

Note 26 - Related Party Matters

Note 26 - Related Party Matters	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	26. RELATED PARTY MATTERS Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018. July 31, 2017. During the fiscal year ended March 31, 2016, two $401,250. third $1,000 1% March 31, 2016. 1% 2019 March 31, 2019, no Contrail Aviation Support, LLC leases its corporate and operating facilities at Verona, Wisconsin from Cohen Kuhn Properties, LLC, a corporation whose stock is owned by Mr. Joseph Kuhn, Chief Executive Officer and Mrs. Miriam Kuhn, Chief Financial Officer equally. The facility consists of approximately 21,000 $161,000 April 1, 2018 March 31, 2019. June 30, 2021, 5 no third On December 15, 2017, $1.00, $50,000 December 27, 2017, one December 31, 2017, 52,000

Note 27 - Subsequent Events

Note 27 - Subsequent Events	12 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	27. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
Equity Method Investments [Policy Text Block]	Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three 3
Use of Estimates, Policy [Policy Text Block]	Accounting Estimates
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents three
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign E xchange
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities
Business Combinations Policy [Policy Text Block]	Business Combinations 805, Business Combinations 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill The Company is permitted to first not 50 not not not first second first second second
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10
Inventory, Policy [Policy Text Block]	Inventories may not one
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may
Revenue [Policy Text Block]	Revenue Recognition one not We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 606 10, Principal Agent Considerations. The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass-through costs totaled $23,578,000 $23,380,000 March 31, 2019 2018,
Standard Product Warranty, Policy [Policy Text Block]	Warranty Reserves three 90
Income Tax, Policy [Policy Text Block]	Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50%
Segment Reporting, Policy [Policy Text Block]	Segment s six 24 Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income.
Redeemable Noncontrolling Interest Policy [Policy Text Block]	Accounting for Redeemable Non-Controlling Interest 25 fifth third not March 31, 2019 2018 not no second two not
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. 606 Effective April 1, 2018, April 1, 2018 606 not 606 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 February 2018, 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. 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. no March 31, 2019. 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 3 March 31, 2019. 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 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 Recently Issued Accounting Pronouncements In February 2016, ASU 2016 02, 842 twelve not The standard is effective for fiscal years beginning after December 15, 2018, 842 two 1 2 no may The Company adopted the standard in the fiscal year beginning April 1, 2019 not third $10.7 $11.2 Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not not not not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. not In August 2018, Fair Value Measurement (Topic 820 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 In October 2018, Consolidation (Topic 810 810 10, December 15, 2019, not

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Finite-Lived Intangible Asset Useful Lives [Table Text Block]	Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10

Note 2 - Net Earnings Per Com_2

Note 2 - Net Earnings Per Common Share (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended March 31, 2019 2018 Net earnings attributable to Air T, Inc. Stockholders $ 1,339,995 $ 2,277,109 Earnings Per Share: Basic $ 0.66 $ 1.11 Diluted $ 0.66 $ 1.11 Weighted Average Shares Outstanding: Basic 2,034,749 2,042,806 Diluted 2,039,892 2,047,685

Note 3 - Restricted Cash (Table

Note 3 - Restricted Cash (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	March 31, 2019 March 31, 2018 Cash and cash equivalents $ 12,524,321 $ 4,803,238 Restricted cash 123,409 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,647,730 $ 5,072,897

Note 6 - Equity Method Invest_2

Note 6 - Equity Method Investments (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Equity Method Investments [Table Text Block]	Twelve Months Ended Twelve Months Ended December 31, 2018 December 31, 2017 Revenue $ 33,236,000 $ 26,430,000 Gross Profit 12,561,000 8,401,000 Operating income (loss) 1,832,000 (908,000 ) Net income (loss) 1,399,000 (639,000 ) Net income attributable to Air T, Inc. stockholders $ 391,000 $ -

Note 7 - Inventories (Tables)

Note 7 - Inventories (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Year Ended March 31, 2019 2018 Ground support service parts $ 2,553,949 $ 2,518,942 Ground equipment manufacturing: Raw materials 2,497,876 3,314,676 Work in process 1,659,516 20,089 Finished goods 972,542 1,768,897 Printing equipment and maintenance: Raw materials 401,103 1,161,410 Finished goods 1,047,893 553,847 Commercial jet engines and parts 21,031,558 25,452,022 Total inventories 30,164,437 34,789,883 Reserves (197,400 ) (558,878 ) Total, net of reserves $ 29,967,037 $ 34,231,005

Note 8 - Property and Equipme_2

Note 8 - Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Property, Plant and Equipment [Table Text Block]	Year Ended March 31, 2019 2018 Furniture, fixtures and improvements $ 8,849,418 $ 7,696,590 Building 1,633,992 1,633,992 10,483,410 9,330,582 Less accumulated depreciation (5,665,498 ) (4,722,016 ) Property and equipment, net $ 4,817,912 $ 4,608,565

Note 9 - Intangible Assets an_2

Note 9 - Intangible Assets and Goodwill (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	March 31, 2019 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 580,000 (319,913 ) $ 260,087 Customer relationships 751,000 (194,270 ) 556,730 Non-compete 69,700 (37,638 ) 32,062 Certification 47,000 (25,380 ) 21,620 License 250,000 (59,967 ) 190,033 Patents 1,090,000 (1,090,000 ) - Software 571,507 (428,309 ) 143,198 Other 22,242 (715 ) 21,527 Intangible assets 3,381,449 (2,156,192 ) 1,225,257 March 31, 2018 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 442,000 (229,480 ) $ 212,520 Customer relationships 751,000 (119,170 ) 631,830 Non-compete 69,700 (23,698 ) 46,002 Certification 47,000 (15,980 ) 31,020 License 250,000 (18,058 ) 231,942 Patents 1,090,000 (1,090,000 ) - Software 429,128 (291,405 ) 137,723 Other 22,242 (808 ) 21,435 Intangible assets 3,101,070 (1,788,598 ) 1,312,472
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Year ending March 31, 2020 $ 300,539 2021 280,126 2022 205,016 2023 156,470 2024 83,970 Thereafter 199,136 $ 1,225,257
Schedule of Goodwill [Table Text Block]	Year Ended March 31, 2019 2018 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605

Note 10 - Business Combinatio_2

Note 10 - Business Combinations (Tables)	12 Months Ended
	Mar. 31, 2019
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 Other assets 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 (24,301 ) Total consideration $ 3,325,699
Business Combination, Revenue and Expense Transactions [Table Text Block]	Income Statement Post-Acquisition Revenue $ 15,563,192 Cost of Sales 10,919,841 Operating Expenses 4,364,349 Operating Income 279,002 Non-operating Income 1,808,211 Net Income $ 2,087,213
Business Acquisition, Pro Forma Information [Table Text Block]	Pro-Forma Pro-Forma Year ended Year ended March 31, 2019 March 31, 2018 Revenue $ 251,278,349 $ 209,706,935 Earnings before taxes 7,881,644 3,594,265 Net income (loss) attributable to Air T, Inc. stockholders (766,674 ) 3,734,452 Basic income (loss) per share (0.38 ) 1.83 Dilutive income (loss) per share $ (0.38 ) $ 1.82
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 11 - Variable Interest E_2

Note 11 - Variable Interest Entities (Tables) - Delphax [Member]	12 Months Ended
	Mar. 31, 2019
Notes Tables
Condensed Balance Sheet [Table Text Block]	March 31, 2019 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 12,315 $ 241,430 Accounts receivable, net 46,844 316,542 Other current assets 58,441 72,269 Total current assets 117,600 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 428,600 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,151,235 $ 2,145,847 Income tax payable - 11,312 Accrued expenses 3,157,707 3,244,514 Short-term debt 1,749,779 1,788,285 Total current liabilities 7,058,721 7,189,958 Total liabilities $ 7,058,721 $ 7,189,958 Net assets $ (6,630,121 ) $ (6,248,717 )
Condensed Income Statement [Table Text Block]	March 31, 2019 March 31, 2018 Operating revenues $ - $ 5,835,266 Operating expenses: Cost of sales - 3,261,156 General and administrative 285,180 1,399,034 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 285,180 4,863,850 Operating (loss) income (285,180 ) 971,416 Non-operating expense, net (218,203 ) (742,120 ) (Loss) Income before income taxes (503,383 ) 229,296 Income tax benefit - 311,000 Net (loss) income $ (503,383 ) $ 540,296

Note 12 - Financing Arrangeme_2

Note 12 - Financing Arrangements (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2019 March 31, 2018 Maturity Date Interest Rate Priority Unused commitments Revolver $ 12,403,213 $ - November 30, 2019 Prime - 1% Secured $ 4,596,787 Term Note A 8,750,000 9,750,000 January 1, 2028 1-month LIBOR + 2% Secured Term Note B 4,375,000 4,875,000 January 1, 2028 4.50% Secured Term Note D 1,607,200 1,674,400 January 1, 2028 1-month LIBOR + 2% Secured Air T Debt - MBT 27,135,413 16,299,400 Revolver 3,820,000 5,000,000 May 21, 2019 7.50% Secured 1,180,000 Term Loan - 2,404,775 March 26, 2019 7.25% Secured Term Loan 450,000 - December 17, 2019 7.50% Secured Term Loan 400,000 - June 17, 2020 7.25% Secured Term Loan 2,100,000 - June 17, 2020 8.50% AirCo Debt - MBT 6,770,000 7,404,775 Revolver - 14,826,062 May 5, 2019 1-month LIBOR + 3% Secured 20,000,000 Term Loan 8,616,336 9,920,000 January 26, 2021 1-month LIBOR + 3.75% Secured Term Loan 15,500,000 - September 14, 2021 1-month LIBOR + 3.75% Secured Contrail Debt - Old National 24,116,336 24,746,062 Total Debt 58,021,749 48,450,238 Less: Unamortized Debt Issuance Costs (368,760 ) (365,288 ) Total Debt, net $ 57,652,989 $ 48,084,950
Schedule of Maturities of Long-term Debt [Table Text Block]	Fiscal year ended Amount 2020 $ 24,735,224 2021 18,188,725 2022 5,067,200 2023 1,567,200 2024 1,567,200 Thereafter 6,896,200 58,021,749 Less: Unamortized Debt Issuance Costs (368,760 ) $ 57,652,989
Interest Income and Interest Expense Disclosure [Table Text Block]	March 31, 2019 March 31, 2018 Contractual interest 3,290,788 1,695,898 Amortization of deferred financing costs 193,942 90,028 Interest income (57,628 ) (61,154 ) Total 3,427,102 1,724,771

Note 13 - Lease Arrangements (T

Note 13 - Lease Arrangements (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ended March 31, 2020 $ 3,133,000 2021 2,115,000 2022 1,625,000 2023 1,241,000 2024 692,000 Thereafter 6,267,000 Total minimum lease payments $ 15,073,000

Note 14 - Assets on Lease (Tabl

Note 14 - Assets on Lease (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Future Minimum Rental Receivables from Leased Asset [Table Text Block]	Year ended March 31, 2020 $ 3,055,164 2021 710,364 2022 80,264 2023 58,404 2024 4,867 Thereafter - Total minimum lease payments $ 3,909,063

Note 15 - Fair Value of Finan_2

Note 15 - Fair Value of Financial Instruments (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at March 31, 2019 2018 Marketable securities (Level 1) $ 3,212,587 $ 2,552,774 Interest rate swaps (Level 2) $ 227,214 $ 66,706 Acquisition contingent consideration obligations (Level 3) $ 488,905 $ 1,955,987 Redeemable non-controlling interest (Level 3) $ 5,476,000 $ 1,992,939
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Acquisition Contingent Consideration Obligations Redeemable Non- Controlling Interest Beginning Balance as of April 1, 2018 $ 1,955,987 $ 1,992,939 Payment of contingent consideration (1,533,041 ) - Contribution from non-controlling member - 210,000 Distribution to non-controlling member - (75,508 ) Net income attributable to non-controlling interests - 2,026,053 Fair value adjustment - 1,322,516 Interest accrued on contingent consideration 65,959 - Ending Balance as of March 31, 2019 $ 488,905 $ 5,476,000

Note 17 - Employee and Non-em_2

Note 17 - Employee and Non-employee Stock Options (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 10.03 5.13 140,193 Granted - - Exercised (1,682 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 Exercisable at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075

Note 19 - Revenue Recognition (

Note 19 - Revenue Recognition (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Year Ended March 31, 2019 Product Sales Air Cargo $ 23,043,526 Ground equipment sales 45,896,643 Ground support services 9,108,328 Commercial jet engines and parts 78,174,197 Printing equipment and maintenance 591,565 Corporate and other - Support Services Air Cargo 49,781,134 Ground equipment sales 647,714 Ground support services 25,172,445 Commercial jet engines and parts 5,239,282 Printing equipment and maintenance 47,055 Corporate and other 88,893 Leasing Revenue Air Cargo - Ground equipment sales 77,073 Ground support services - Commercial jet engines and parts 10,188,727 Printing equipment and maintenance - Corporate and other 126,480 Other Air Cargo 153,701 Ground equipment sales 530,695 Ground support services 51,011 Commercial jet engines and parts 365,808 Printing equipment and maintenance 15,997 Corporate and other 534,204 Total $ 249,834,478 Year Ended March 31, 2019 Air Cargo $ 72,978,361 Ground equipment sales 47,152,125 Ground support services 34,331,784 Printing equipment and maintenance 654,617 Commercial jet engines and parts 93,968,014 Corporate and other 749,577 Total $ 249,834,478
Contract with Customer, Asset and Liability [Table Text Block]	Outstanding Contract Liabilities as of April 1, 2018 Outstanding Contract Liabilities Recognized as Revenue As of March 31, 2019 $ 1,866,843 As of April 1, 2018 $ 590,837 For the year ended March 31, 2019 $ 590,837

Note 20 - Income Taxes (Tables)

Note 20 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years Ended March 31, 2019 2018 Current: Federal $ 2,225,000 $ (133,000 ) State 418,000 183,000 Foreign 23,000 156,000 Total current 2,666,000 206,000 Deferred: Federal (1,105,000 ) (14,000 ) State (58,816 ) 3,000 Total deferred (1,163,816 ) (11,000 ) Total $ 1,502,184 $ 195,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended March 31, 2019 2018 Expected Federal income tax expense U.S. statutory rate $ 978,000 21.0 % $ 818,000 30.8 % State income taxes, net of federal benefit 171,000 3.7 % 129,000 4.9 % Permanent differences, other (61,000 ) -1.3 % 21,000 0.8 % Micro-captive insurance benefit (197,000 ) -4.2 % (320,000 ) -12.1 % Change in valuation allowance 1,405,000 30.2 % (1,116,000 ) -42.1 % Domestic production activities deduction - 0.0 % (15,000 ) -0.6 % Income attributable to minority interest - Contrail Aviation (434,000 ) -9.3 % (79,000 ) -3.0 % Bargain purchase gain (417,000 ) -9.0 % (155,000 ) -5.8 % Tax rate change applied to deferreds - 0.0 % 2,297,000 86.6 % Deferred benefit for outside basis difference recorded on Delphax CFCs 31,000 0.7 % (811,000 ) -30.6 % Deferred benefit for increase in Canadian tax credits for Delphax - 0.0 % (149,000 ) -5.6 % Recognition of AMT tax credits as tax receivable - 0.0 % (311,000 ) -11.7 % Other differences, net 26,184 0.6 % (114,000 ) -4.3 % Income tax expense $ 1,502,184 32.4 % $ 195,000 7.3 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2019 2018 Accrued vacation $ 322,000 $ 343,000 Property and equipment - 264,000 Accounts and notes receivable reserve 115,000 103,000 Employee severance reserve - 549,000 Net operating loss carryforwards 7,516,000 6,083,000 Federal/Canadian tax credits 4,486,000 4,486,000 Unrealized gains/losses 833,000 2,324,000 Outside basis difference on CFCs 1,431,000 - Investments in partnerships 534,000 - Disallowed capital loss 463,000 - Other deferred tax assets 301,000 236,000 Total deferred tax assets 16,001,000 14,388,000 Prepaid expenses (115,000 ) (337,000 ) 263A inventory capitalization - (28,000 ) Inventory basis difference (434,000 ) (179,000 ) Property and equipment (233,000 ) - Investments in partnerships - (270,000 ) Other deferred tax liabilities (83,000 ) (83,000 ) Total deferred tax liabilities (865,000 ) (897,000 ) Net deferred tax asset $ 15,136,000 $ 13,491,000 Less valuation allowance (14,658,000 ) (13,583,000 ) Net deferred tax asset (liability) $ 478,000 $ (92,000 )

Note 22 - Quarterly Financial_2

Note 22 - Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth Quarter Quarter Quarter Quarter 2019 Operating Revenues $ 60,867 $ 49,341 $ 63,623 $ 76,003 Operating Income 2,604 (1,620 ) 1,465 5,616 Net Income (Loss) Attributable to Air T, Inc Stockholders 2,829 (1,321 ) (2,715 ) 2,547 Basic Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 Diluted Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76

Note 23 - Geographical Inform_2

Note 23 - Geographical Information (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, March 31, 2019 2018 United States $ 4,946,997 $ 5,209,831 Foreign 25,035,412 15,063,340 Total property and equipment, net $ 29,982,409 $ 20,273,171 Country March 31, 2019 March 31, 2018 Australia $ 5,186 $ - Mexico 2,680,825 4,352,257 Netherlands 5,541,072 7,084,947 China 16,808,329 - Romania - 3,626,136 $ 25,035,412 $ 15,063,340
Revenue from External Customers by Geographic Areas [Table Text Block]	March 31, March 31, 2019 2018 United States $ 211,816,770 $ 175,727,524 Foreign 38,017,708 18,791,821 Total revenue $ 249,834,478 $ 194,519,345

Note 24 - Segment Information (

Note 24 - Segment Information (Tables)	12 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year Ended March 31, 2019 2018 Operating Revenues: Overnight Air Cargo $ 72,978,361 $ 72,845,353 Ground Equipment Sales: Domestic 40,706,629 47,394,193 International 6,445,496 2,641,842 Total Ground Equipment Sales 47,152,125 50,036,035 Ground Support Services 34,331,784 35,710,005 Printing Equipment and Maintenance: Domestic 321,723 3,675,193 International 347,584 2,711,689 Total Printing Equipment and Maintenance 669,307 6,386,882 Commercial Jet Engines and Parts: Domestic 68,856,992 25,324,231 International 31,224,628 13,438,290 Total Commercial Jet Engines and Parts 100,081,620 38,762,521 Corporate and Other 1,975,748 2,657,837 Intercompany (7,354,467 ) (11,879,288 ) Total $ 249,834,478 $ 194,519,345 Operating Income (Loss): Overnight Air Cargo $ 1,911,067 $ 4,127,322 Ground Equipment Sales 3,419,786 3,840,907 Ground Support Services (1,266,465 ) (179,152 ) Printing Equipment and Maintenance (1,388,434 ) (749,846 ) Commercial Jet Engines and Parts 11,609,370 2,003,111 Corporate and Other (6,899,256 ) (3,535,774 ) Intercompany 678,637 (1,261,045 ) Total $ 8,064,705 $ 4,245,523 Capital Expenditures: Overnight Air Cargo $ 57,806 $ 40,668 Ground Equipment Sales 371,902 219,592 Ground Support Services 150,745 363,420 Printing Equipment and Maintenance - 181,895 Commercial Jet Engines and Parts 19,679,737 18,305,930 Corporate and Other 209,043 1,104,089 Total $ 20,469,233 $ 20,215,594 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 82,102 $ 110,810 Ground Equipment Sales 263,945 433,184 Ground Support Services 446,417 471,776 Printing Equipment and Maintenance 9,085 13,135 Commercial Jet Engines and Parts 6,301,426 1,174,764 Corporate and Other 585,247 480,487 Intercompany 32,352 (5,298 ) Total $ 7,720,574 $ 2,678,858

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended								12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Apr. 01, 2019USD ($)
Revenues, Total	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
Warranty Term on Ground Equipment Products									3 years
Number of Reportable Segments									6
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset											$ 10,700,000
Operating Lease, Liability, Total											$ 11,200,000
Overnight Air Cargo [Member]
Revenues, Total									$ 72,978,361	72,845,353
Overnight Air Cargo [Member] | Cargo and Freight [Member]
Revenues, Total									$ 23,578,000	$ 23,380,000
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life									3 years
Flight Equipment [Member]
Property, Plant and Equipment, Useful Life									7 years
Equipment Leased to Other Party [Member]
Property, Plant and Equipment, Useful Life									10 years
Building [Member]
Property, Plant and Equipment, Useful Life									30 years

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Estimated Amortizable Lives of Intangible Assets (Details)	12 Months Ended
	Mar. 31, 2019
Computer Software, Intangible Asset [Member]
Intangible asset, useful life (Year)	3 years
Trade Names [Member]
Intangible asset, useful life (Year)	5 years
Certification Marks [Member]
Intangible asset, useful life (Year)	5 years
Noncompete Agreements [Member]
Intangible asset, useful life (Year)	5 years
Licensing Agreements [Member]
Intangible asset, useful life (Year)	5 years
Patents [Member]
Intangible asset, useful life (Year)	9 years
Customer Relationships [Member]
Intangible asset, useful life (Year)	10 years

Note 2 - Net Earnings Per Com_3

Note 2 - Net Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Stockholders	$ 2,547,000	$ (2,715,000)	$ (1,321,000)	$ 2,829,000	$ 1,559,000	$ (672,000)	$ 422,000	$ 968,000	$ 1,339,995	$ 2,277,109
Basic (in dollars per share)	$ 1.25	$ (1.34)	$ (0.65)	$ 1.38	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.66	$ 1.11
Diluted (in dollars per share)	$ 1.25	$ (1.34)	$ (0.65)	$ 1.38	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.66	$ 1.11
Basic (in shares)									2,034,749	2,042,806
Diluted (in shares)									2,039,892	2,047,685

Note 3 - Restricted Cash - Cash

Note 3 - Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Cash and cash equivalents	$ 12,524,321	$ 4,803,238
Restricted cash	123,409	269,659
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 12,647,730	$ 5,072,897	$ 3,653,734

Note 4 - Cash Surrender Value_2

Note 4 - Cash Surrender Value of Life Insurance (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Surrender Value of Life Insurance	$ 122,062	$ 2,356,507
Proceeds from Loan Against Cash Surrender Value of Life Insurance Policies	$ 2,327,700

Note 5 - Investments in Secur_2

Note 5 - Investments in Securities (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Equity Securities, FV-NI, Unrealized Gain		$ 71,000
Equity Securities, FV-NI, Unrealized Loss		617,000
Debt Securities, Held-to-maturity, Total	$ 2,000,000
Debt Securities, Held-to-Maturity, Term	3 years
Other than Temporary Impairment Losses, Investments, Total		$ 2,000,000	$ 1,559,972

Note 6 - Equity Method Invest_3

Note 6 - Equity Method Investments (Details Textual) - USD ($)	Jan. 16, 2018	Mar. 31, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]	Jan. 15, 2018
Payments to Acquire Equity Method Investments			$ 263,492		$ 2,301,026
Equity Method Investments		$ 5,032,268	$ 5,610,874		$ 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	$ 1,416,000,000,000
Equity Security Number Of Shares Purchased								1,900,000
Equity Method Investment, Ownership Percentage	26.00%	28.00%	30.00%		28.00%
Payments to Acquire Equity Method Investments		$ 385,000
Equity Method Investment, Number of Shares Held		3,400,000	3,500,000		3,400,000
Equity Method Investments		$ 4,599,000	$ 5,162,000		$ 4,599,000
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total		$ 0	92,000		0
Equity Method Investment, Summarized Financial Information, Net Income (Loss)			$ 391,000	$ 1,399,000	$ 722,000	$ (639,000)
[1]	Amounts represent results since The Fence Store's inception in May, 2017

Note 6 - Equity Method Invest_4

Note 6 - Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]
Net income attributable to Air T, Inc. stockholders	$ 340,714		$ (14,644)
Insignia [Member]
Revenue		$ 33,236,000		$ 26,430,000
Gross Profit		12,561,000		8,401,000
Operating income (loss)		1,832,000		(908,000)
Net income (loss)	$ 391,000	1,399,000	$ 722,000	(639,000)
Net income attributable to Air T, Inc. stockholders		$ 391,000
[1]	Amounts represent results since The Fence Store's inception in May, 2017

Note 7 - Inventories - Inventor

Note 7 - Inventories - Inventories (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Ground support service parts	$ 2,553,949	$ 2,518,942
Inventory Gross	30,164,437	34,789,883
Reserves	(197,400)	(558,878)
Total, net of reserves	29,967,037	34,231,005
Ground Equipment Manufacturing [Member]
Raw materials	2,497,876	3,314,676
Work in process	1,659,516	20,089
Finished goods	972,542	1,768,897
Printing Equipment and Maintenance [Member]
Raw materials	401,103	1,161,410
Finished goods	1,047,893	553,847
Commercial Jet Engines Inventory [Member]
Inventory Gross	$ 21,031,558	$ 25,452,022

Note 8 - Property and Equipme_3

Note 8 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Property and equipment, gross	$ 10,483,410	$ 9,330,582
Less accumulated depreciation	(5,665,498)	(4,722,016)
Property and equipment, net	4,817,912	4,608,565
Furniture and Fixtures [Member]
Property and equipment, gross	8,849,418	7,696,590
Building [Member]
Property and equipment, gross	$ 1,633,992	$ 1,633,992

Note 9 - Intangible Assets an_3

Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Amortization of Intangible Assets, Total	$ 368,000	$ 323,000
Goodwill, Ending Balance	4,417,605	4,417,605
Contrail Aviation Support, Inc. [Member]
Goodwill, Ending Balance	$ 4,200,000	$ 4,200,000

Note 9 - Intangible Assets an_4

Note 9 - Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Intangible Assets, Gross Carrying Amount	$ 3,381,449	$ 3,101,070
Intangible Assets, Accumulated Amortization	(2,156,192)	(1,788,598)
Intangible Assets, Net Book Value	1,225,257	1,312,472
Trade Names [Member]
Intangible Assets, Gross Carrying Amount	580,000	442,000
Intangible Assets, Accumulated Amortization	(319,913)	(229,480)
Intangible Assets, Net Book Value	260,087	212,520
Customer Relationships [Member]
Intangible Assets, Gross Carrying Amount	751,000	751,000
Intangible Assets, Accumulated Amortization	(194,270)	(119,170)
Intangible Assets, Net Book Value	556,730	631,830
Noncompete Agreements [Member]
Intangible Assets, Gross Carrying Amount	69,700	69,700
Intangible Assets, Accumulated Amortization	(37,638)	(23,698)
Intangible Assets, Net Book Value	32,062	46,002
Certification Marks [Member]
Intangible Assets, Gross Carrying Amount	47,000	47,000
Intangible Assets, Accumulated Amortization	(25,380)	(15,980)
Intangible Assets, Net Book Value	21,620	31,020
Licensing Agreements [Member]
Intangible Assets, Gross Carrying Amount	250,000	250,000
Intangible Assets, Accumulated Amortization	(59,967)	(18,058)
Intangible Assets, Net Book Value	190,033	231,942
Patents [Member]
Intangible Assets, Gross Carrying Amount	1,090,000	1,090,000
Intangible Assets, Accumulated Amortization	(1,090,000)	(1,090,000)
Intangible Assets, Net Book Value
Computer Software, Intangible Asset [Member]
Intangible Assets, Gross Carrying Amount	571,507	429,128
Intangible Assets, Accumulated Amortization	(428,309)	(291,405)
Intangible Assets, Net Book Value	143,198	137,723
Other Intangible Assets [Member]
Intangible Assets, Gross Carrying Amount	22,242	22,242
Intangible Assets, Accumulated Amortization	(715)	(808)
Intangible Assets, Net Book Value	$ 21,527	$ 21,435

Note 9 - Intangible Assets an_5

Note 9 - Intangible Assets and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
2020	$ 300,539
2021	280,126
2022	205,016
2023	156,470
2024	83,970
Thereafter	199,136
Total	$ 1,225,257	$ 1,312,472

Note 9 - Intangible Assets an_6

Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Goodwill, at original cost	$ 4,793,013	$ 4,793,013
Less accumulated impairment	(375,408)	(375,408)
Goodwill, net of impairment	$ 4,417,605	$ 4,417,605

Note 10 - Business Combinatio_3

Note 10 - Business Combinations (Details Textual) - USD ($)	May 04, 2018	Dec. 15, 2017	May 02, 2017	Mar. 31, 2019	Mar. 31, 2018
Deferred Income Tax Expense (Benefit), Total				$ (1,158,945)	$ (10,566)
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net				$ 1,983,777	$ 501,880
Chief Investment Officer [Member]
Annual Salary After the Acquisition		$ 50,000
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	1,984,000
Payment for Earnest Money Deposit	50,000
Business Combination, Acquisition Related Costs	83,000
Business Combination, Consideration Transferred, Total	$ 3,325,699
Blue Clay Capital Management, LLC [Member]
Business Combination, Consideration Transferred, Total		$ 1
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Percent		1.00%
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount		$ 100,000
Business Combination, Fair Value Amount for Each General Partnership Interest		227,000
Blue Clay Capital Management, LLC [Member] | BCCP LO [Member]
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount		10,000
Blue Clay Capital Management, LLC [Member] | Chief Investment Officer [Member]
Annual Salary After the Acquisition		50,000
Blue Clay Capital Management, LLC [Member] | Chief Operating Officer and Chief Financial Officer [Member]
Annual Salary After the Acquisition		$ 125,000
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

Note 10 - Business Combinatio_4

Note 10 - Business Combinations - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($)	May 02, 2017	Mar. 31, 2019	Mar. 31, 2018
Consideration paid		$ 3,375,700	$ 2,400,000
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 10 - Business Combinatio_5

Note 10 - 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	$ 3,325,699

Note 10 - Business Combinatio_6

Note 10 - Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($)	May 04, 2018	Mar. 31, 2019	Mar. 31, 2018
Consideration paid		$ 3,375,700	$ 2,400,000
Worthington Aviation Parts, Inc [Member]
Accounts receivable	$ 1,929,120
Inventories	4,564,437
Other current assets	149,792
Property and equipment	391,892
Other assets	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 10 - Business Combinatio_7

Note 10 - Business Combinations - Revenue and Expenses of Worthington (Details) - Worthington Aviation Parts, Inc [Member]	12 Months Ended
	Mar. 31, 2019USD ($)
Revenue	$ 15,563,192
Cost of Sales	10,919,841
Operating Expenses	4,364,349
Operating Income	279,002
Non-operating Income	1,808,211
Net Income	$ 2,087,213

Note 10 - Business Combinatio_8

Note 10 - Business Combinations - Pro Forma Information (Details) - Worthington Aviation Parts, Inc [Member] - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue	$ 251,278,349	$ 209,706,935
Earnings before taxes	7,881,644	3,594,265
Net income (loss) attributable to Air T, Inc. stockholders	$ (766,674)	$ 3,734,452
Basic income (loss) per share (in dollars per share)	$ (0.38)	$ 1.83
Dilutive income (loss) per share (in dollars per share)	$ (0.38)	$ 1.82

Note 11 - Variable Interest E_3

Note 11 - Variable Interest Entities (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Interest Expense, Total	$ 3,427,102	$ 1,724,771
Investments in Funds, Noncurrent	$ 463,892	$ 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%	33.00%
Delphax [Member] | Senior Subordinated Note [Member]
Short-term Debt, Total	$ 550,000	$ 900,000
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member]
Interest Payable, Current	1,200,000	888,000
Delphax [Member] | Delphax Senior Credit Agreement [Member]
Short-term Debt, Total	0
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member]
Investments in Funds, Noncurrent	464,000
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member]
Interest Expense, Total	$ 311,000	$ 670,000

Note 11 - Variable Interest E_4

Note 11 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Cash and cash equivalents	$ 12,524,321	$ 4,803,238
Accounts receivable, net	19,077,248	15,157,855
Total current assets	71,348,113	61,671,108
Total assets	115,142,137	97,146,886
Accounts payable	12,552,724	10,181,143
Income tax payable	661,690	23,000
Total current liabilities	52,794,010	31,177,806
Total liabilities	86,308,373	70,910,863
Delphax [Member] | Reportable Legal Entities [Member]
Cash and cash equivalents	12,315	241,430
Accounts receivable, net	46,844	316,542
Other current assets	58,441	72,269
Total current assets	117,600	630,241
Other tax receivables-long-term	311,000	311,000
Total assets	428,600	941,241
Accounts payable	2,151,235	2,145,847
Income tax payable		11,312
Accrued expenses	3,157,707	3,244,514
Short-term Debt, Total	1,749,779	1,788,285
Total current liabilities	7,058,721	7,189,958
Total liabilities	7,058,721	7,189,958
Net assets	$ (6,630,121)	$ (6,248,717)

Note 11 - Variable Interest E_5

Note 11 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Revenues, Total	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
General and administrative									38,376,113	29,138,534
Research and development										195,653
Depreciation, amortization and impairment									7,720,574	2,678,858
									241,769,773	190,273,822
Operating (loss) income	$ 5,616,000	$ 1,465,000	$ (1,620,000)	$ 2,604,000	$ 1,005,000	$ 552,000	$ 476,000	$ 2,213,000	8,064,705	4,245,523
Non-operating expense, net									(3,362,589)	(1,593,916)
(Loss) Income before income taxes									4,702,116	2,651,607
Income tax benefit									1,502,184	195,000
Net (loss) income									3,199,932	2,456,607
Delphax [Member]
Revenues, Total										5,835,266
Cost of sales										3,261,156
General and administrative									285,180	1,399,034
Research and development										195,653
Depreciation, amortization and impairment										8,007
									285,180	4,863,850
Operating (loss) income									(285,180)	971,416
Non-operating expense, net									(218,203)	(742,120)
(Loss) Income before income taxes									(503,383)	229,296
Income tax benefit										311,000
Net (loss) income									$ (503,383)	$ 540,296

Note 12 - Financing Arrangeme_3

Note 12 - Financing Arrangements (Details Textual) - USD ($)	Mar. 29, 2019	Mar. 31, 2019	Mar. 31, 2018
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total		$ (235,686)
Interest Rate Swap [Member]
Derivative Liability, Total		227,000	$ 8,500
Derivative, Gain on Derivative		145,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total		$ 236,000
Short-term Debt [Member]
Short-term Debt, Weighted Average Interest Rate, at Point in Time		5.27%	7.25%
MBT [Member] | MBT Credit Agreement [Member] | Interest Rate Swap [Member] | Term Loan A [Member]
Derivative, Fixed Interest Rate		4.56%
MBT [Member] | MBT Credit Agreement [Member] | Interest Rate Swap [Member] | Term Loan D [Member]
Derivative, Fixed Interest Rate		5.09%
MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 17,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.00%
MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(1.00%)

Note 12 - Financing Arrangeme_4

Note 12 - Financing Arrangements - Long-term Debt (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
	$ 58,021,749	$ 48,450,238
Less: Unamortized Debt Issuance Costs	(368,760)	(365,288)
	57,652,989	48,084,950
Parent Company [Member]
	27,135,413	16,299,400
AirCo [Member]
	6,770,000	7,404,775
Contrail Aviation Inc. [Member]
	24,116,336	24,746,062
Revolving Loan [Member] | Parent Company [Member]
	$ 12,403,213	0
Maturity Date	Nov. 30, 2019
Unused commitments	$ 4,596,787
Revolving Loan [Member] | Parent Company [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(1.00%)
Revolving Loan [Member] | AirCo [Member]
	$ 3,820,000	5,000,000
Maturity Date	May 21, 2019
Unused commitments	$ 1,180,000
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Revolving Loan [Member] | Contrail Aviation Inc. [Member]
	$ 0	14,826,062
Maturity Date	May 5, 2019
Unused commitments	$ 20,000,000
Revolving Loan [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.00%
Term Loan A [Member] | Parent Company [Member]
	$ 8,750,000	9,750,000
Maturity Date	Jan. 1, 2028
Term Loan A [Member] | Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Term Loan B [Member] | Parent Company [Member]
	$ 4,375,000	4,875,000
Maturity Date	Jan. 1, 2028
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Term Loan D [Member] | Parent Company [Member]
	$ 1,607,200	1,674,400
Maturity Date	Jan. 1, 2028
Term Loan D [Member] | Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Term Loan [Member] | AirCo [Member]
	$ 0	2,404,775
Maturity Date	Mar. 26, 2019
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Term Loan [Member] | Contrail Aviation Inc. [Member]
	$ 8,616,336	9,920,000
Maturity Date	Jan. 26, 2021
Term Loan [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.75%
Term Loan, Two [Member] | AirCo [Member]
	$ 450,000	0
Maturity Date	Dec. 17, 2019
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Term Loan, Two [Member] | Contrail Aviation Inc. [Member]
	$ 15,500,000	0
Maturity Date	Sep. 14, 2021
Term Loan, Two [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.75%
Term Loan Three [Member] | AirCo [Member]
	$ 400,000	0
Maturity Date	Jun. 17, 2020
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Term Loan Four [Member] | AirCo [Member]
	$ 2,100,000	$ 0
Maturity Date	Jun. 17, 2020
Debt Instrument, Interest Rate, Stated Percentage	8.50%

Note 12 - Financing Arrangeme_5

Note 12 - Financing Arrangements - Contractual Financing Obligations (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
2020	$ 24,735,224
2021	18,188,725
2022	5,067,200
2023	1,567,200
Thereafter	6,896,200
	58,021,749	$ 48,450,238
Less: Unamortized Debt Issuance Costs	(368,760)	(365,288)
	$ 57,652,989	$ 48,084,950

Note 12 - Financing Arrangeme_6

Note 12 - Financing Arrangements - Components of Net Interest Expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Contractual interest	$ 3,290,788	$ 1,695,898
Amortization of deferred financing costs	224,169	90,028
Interest income	(57,628)	(61,154)
Interest Expense, Total	$ 3,427,102	$ 1,724,771

Note 13 - Lease Arrangements (D

Note 13 - Lease Arrangements (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating Leases, Rent Expense, Total	$ 4,564,000	$ 4,520,000
Delphax [Member]
Operating Leases, Rent Expense, Total	13,000	95,000
Related Party [Member]
Operating Leases, Rent Expense, Total	$ 201,000	$ 337,000

Note 13 - Lease Arrangements -

Note 13 - Lease Arrangements - Future Minimum Annual Lease Payments (Details)	Mar. 31, 2019USD ($)
2020	$ 3,133,000
2021	2,115,000
2022	1,625,000
2023	1,241,000
2024	692,000
Thereafter	6,267,000
Total minimum lease payments	$ 15,073,000

Note 14 - Assets on Lease - Ann

Note 14 - Assets on Lease - Annual Lease Payments Receivable (Details)	Mar. 31, 2019USD ($)
2020	$ 3,055,164
2021	710,364
2022	80,264
2023	58,404
2024	4,867
Thereafter
Total minimum lease payments	$ 3,909,063

Note 15 - Fair Value of Finan_3

Note 15 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Redeemable non-controlling interest (Level 3)	$ 5,476,000	$ 1,992,939
Fair Value, Inputs, Level 1 [Member]
Marketable securities (Level 1)	3,212,587	2,552,774
Fair Value, Inputs, Level 2 [Member]
Derivative Liability, Total	227,214	66,706
Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Total	$ 488,905	$ 1,955,987

Note 15 - Fair Value of Finan_4

Note 15 - Fair Value of Financial Instruments - Fair VAlue of Redeemable Non-controlling Interest and Acquisition Contingent Consideration Obligations (Details)	12 Months Ended
	Mar. 31, 2019USD ($)
Acquisition Contingent Consideration Obligations [Member]
Beginning Balance as of April 1, 2018	$ 1,955,987
Payment of contingent consideration	(1,533,041)
Interest accrued on contingent consideration	65,959
Ending Balance as of March 31, 2019	488,905
Redeemable Noncontrolling Interest [Member]
Beginning Balance as of April 1, 2018	1,992,939
Payment of contingent consideration	(75,508)
Contribution from non-controlling member	210,000
Net income attributable to non-controlling interests	2,026,053
Fair value adjustment	1,322,516
Ending Balance as of March 31, 2019	$ 5,476,000

Note 16 - Share Repurchase (Det

Note 16 - Share Repurchase (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	May 14, 2014
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		750,000
Stock Repurchased During Period, Shares	22,652
Stock Repurchased During Period, Value	$ 743,747

Note 17 - Employee and Non-em_3

Note 17 - Employee and Non-employee Stock Options (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Employee and Non Employee Director Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Share-based Payment Arrangement, Expense	$ 0	$ 0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 0
Employee and Non Employee Director Options [Member] | Delphax [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0

Note 17 - Employee and Non-em_4

Note 17 - Employee and Non-employee Stock Options - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Outstanding, shares (in shares)	9,182	10,000
Granted, shares (in shares)	0	0
Exercised, shares (in shares)	(1,682)	(818)
Forfeited, shares (in shares)
Repurchased, shares (in shares)	0	0
Outstanding, shares (in shares)	7,500	9,182	10,000
Exercisable, shares (in shares)	7,500
Outstanding, weighted average exercise price per share (in dollars per share)	$ 10.03	$ 10.08
Granted, weighted average exercise price per share (in dollars per share)	0	0
Exercised, weighted average exercise price per share (in dollars per share)	10.56	10.56
Forfeited, weighted average exercise price per share (in dollars per share)
Repurchased, weighted average exercise price per share (in dollars per share)	0	0
Outstanding, weighted average exercise price per share (in dollars per share)	9.91	$ 10.03	$ 10.08
Exercisable, weighted average exercise price per share (in dollars per share)	$ 9.91
Outstanding, weighted average remaining life (Year)	4 years 25 days	5 years 47 days	6 years 54 days
Exercisable, weighted average remaining life (Year)	4 years 25 days
Outstanding, aggregate intrinsic value	$ 152,075	$ 140,193	$ 101,000
Exercisable, aggregate intrinsic value	$ 152,075

Note 18 - Major Customer (Detai

Note 18 - Major Customer (Details Textual) - Customer Concentration Risk [Member] - FedEx Corporation [Member]	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue Benchmark [Member]
Concentration Risk, Percentage	29.00%	38.00%
Accounts Receivable [Member]
Concentration Risk, Percentage	20.00%	15.00%

Note 19 - Revenue Recognition -

Note 19 - Revenue Recognition - Disaggregation of Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Revenues, Total	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
Overnight Air Cargo [Member]
Leasing Revenue
Revenues, other									153,701
Revenues, Total									72,978,361	72,845,353
Overnight Air Cargo [Member] | Product [Member]
Revenues									23,043,526
Overnight Air Cargo [Member] | Service [Member]
Revenues									49,781,134
Ground Equipment Sales [Member]
Leasing Revenue									77,073
Revenues, other									530,695
Revenues, Total									47,152,125	50,004,507
Ground Equipment Sales [Member] | Product [Member]
Revenues									45,896,643
Ground Equipment Sales [Member] | Service [Member]
Revenues									647,714
Ground Support Services [Member]
Leasing Revenue
Revenues, other									51,011
Revenues, Total									34,331,784	35,698,171
Ground Support Services [Member] | Product [Member]
Revenues									9,108,328
Ground Support Services [Member] | Service [Member]
Revenues									25,172,445
Printing Equipment and Maintenance [Member]
Leasing Revenue
Revenues, other									15,997
Revenues, Total									654,617	6,144,403
Printing Equipment and Maintenance [Member] | Product [Member]
Revenues									591,565
Printing Equipment and Maintenance [Member] | Service [Member]
Revenues									47,055
Commercial Jet Engines Inventory [Member]
Leasing Revenue									10,188,727
Revenues, other									365,808
Revenues, Total									93,968,014	29,506,873
Commercial Jet Engines Inventory [Member] | Product [Member]
Revenues									78,174,197
Commercial Jet Engines Inventory [Member] | Service [Member]
Revenues									5,239,282
Corporate and Other [Member]
Leasing Revenue									126,480
Revenues, other									534,204
Revenues, Total									749,577	$ 320,038
Corporate and Other [Member] | Product [Member]
Revenues
Corporate and Other [Member] | Service [Member]
Revenues									$ 88,893

Note 19 - Revenue Recognition_2

Note 19 - Revenue Recognition - Contract Liabilities (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Outstanding Contract Liabilities	$ 1,866,843	$ 590,837
Outstanding Contract Liabilities, Recognized as Revenue	$ 590,837

Note 20 - Income Taxes (Details

Note 20 - Income Taxes (Details Textual)	12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Nov. 24, 2015
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	30.80%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 1,405,000	$ (1,116,000)
Deferred Tax Assets, Valuation Allowance, Total	14,658,000	13,583,000
Delphax [Member]
Business Acquisition, Percentage of Voting Interests Acquired			38.00%
Delphax [Member]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 383,000	973,000
Open Tax Year	2014 2015 2016 2017 2018
Estimated Future Liquidation Loss on Tax Attributes	$ 6,400,000
Deferred Tax Assets, Valuation Allowance, Total	13,000,000	$ 13,000,000
Delphax [Member] | Foreign Tax Authority [Member]
Operating Loss Carryforwards, Total	13,400,000
Delphax [Member] | Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	4,500,000
Delphax [Member] | Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	15,200,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 311,000
Delphax [Member] | Canada, France, and United Kingdom [Member]
Number of Foreign Subsidiaries	3

Note 20 - Income Taxes - Provis

Note 20 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Current:
Federal	$ 2,225,000	$ (133,000)
State	418,000	183,000
Foreign	23,000	156,000
Total current	2,666,000	206,000
Deferred:
Federal	(1,105,000)	(14,000)
State	(58,816)	3,000
Total deferred	(1,158,945)	(10,566)
Total	$ 1,502,184	$ 195,000

Note 20 - Income Taxes - Differ

Note 20 - Income Taxes - Difference in Income Tax Provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Expected Federal income tax expense U.S. statutory rate	$ 978,000	$ 818,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	30.80%
State income taxes, net of federal benefit	$ 171,000	$ 129,000
State income taxes, net of Federal benefit, percentage	3.70%	4.90%
Permanent differences, other	$ (61,000)	$ 21,000
Permanent differences, other, percentage	(1.30%)	0.80%
Micro-captive insurance benefit	$ (197,000)	$ (320,000)
Micro-captive insurance benefit, percentage	(4.20%)	(12.10%)
Change in valuation allowance	$ 1,405,000	$ (1,116,000)
Change in valuation allowance, percentage	30.20%	(42.10%)
Domestic production activities deduction		$ (15,000)
Domestic production activities deduction, percentage	0.00%	(0.60%)
Income attributable to minority interest - Contrail Aviation	$ (434,000)	$ (79,000)
Income Attributable to Minority Interest - Contrail Aviation, percentage	(9.30%)	(3.00%)
Bargain purchase gain	$ (417,000)	$ (155,000)
Bargain purchase gain, percentage	(9.00%)	(5.80%)
Tax rate change applied to deferreds		$ 2,297,000
Tax rate change applied to deferreds, percentage	0.00%	86.60%
Deferred benefit for outside basis difference recorded on Delphax CFCs	$ 31,000	$ (811,000)
Deferred benefit for outside basis difference recorded on Delphax CFCs, percentage	0.70%	(30.60%)
Deferred benefit for increase in Canadian tax credits for Delphax		$ (149,000)
Deferred benefit for increase in Canadian tax credits for Delphax, percentage	0.00%	(5.60%)
Recognition of AMT tax credits as tax receivable		$ (311,000)
Recognition of AMT tax credits as tax receivable, percentage	0.00%	(11.70%)
Other differences, net	$ 26,184	$ (114,000)
Other differences, net, percentage	0.60%	4.30%
Total	$ 1,502,184	$ 195,000
Income tax expense, percentage	32.40%	7.30%

Note 20 - Income Taxes - Deferr

Note 20 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Accrued vacation	$ 322,000	$ 343,000
Property and equipment		264,000
Accounts and notes receivable reserve	115,000	103,000
Employee severance reserve		549,000
Net operating loss carryforwards	7,516,000	6,083,000
Federal/Canadian tax credits	4,486,000	4,486,000
Unrealized gains/losses	833,000	2,324,000
Outside basis difference on CFCs	1,431,000
Investments in partnerships	534,000
Disallowed capital loss	463,000
Other deferred tax assets	301,000	236,000
Total deferred tax assets	16,001,000	14,388,000
Prepaid expenses	(115,000)	(337,000)
263A inventory capitalization		(28,000)
Inventory basis difference	(434,000)	(179,000)
Property and equipment	(233,000)
Investments in partnerships		(270,000)
Other deferred tax liabilities	(83,000)	(83,000)
Total deferred tax liabilities	(865,000)	(897,000)
Net deferred tax asset	15,136,000	13,491,000
Less valuation allowance	(14,658,000)	(13,583,000)
Net deferred tax liability	$ 478,000
Net deferred tax asset		$ (92,000)

Note 21 - Employee Benefits (De

Note 21 - Employee Benefits (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 630,000	$ 559,000
General and Administrative Expense [Member]
Other Labor-related Expenses	$ 2,434,000	$ 1,188,000

Note 22 - Quarterly Financial_3

Note 22 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Revenues, Total	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
Operating (loss) income	5,616,000	1,465,000	(1,620,000)	2,604,000	1,005,000	552,000	476,000	2,213,000	8,064,705	4,245,523
Stockholders	$ 2,547,000	$ (2,715,000)	$ (1,321,000)	$ 2,829,000	$ 1,559,000	$ (672,000)	$ 422,000	$ 968,000	$ 1,339,995	$ 2,277,109
Basic Earnings (Loss) per share (in dollars per share)	$ 1.25	$ (1.34)	$ (0.65)	$ 1.38	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.66	$ 1.11
Diluted Earnings (Loss) per share (in dollars per share)	$ 1.25	$ (1.34)	$ (0.65)	$ 1.38	$ 0.76	$ (0.33)	$ 0.21	$ 0.47	$ 0.66	$ 1.11

Note 23 - Geographical Inform_3

Note 23 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Non-current Assets	$ 29,982,409	$ 20,273,171
UNITED STATES
Non-current Assets	4,946,997	5,209,831
AUSTRALIA
Non-current Assets	5,186
Non-US [Member]
Non-current Assets	25,035,412	15,063,340
MEXICO
Non-current Assets	2,680,825	4,352,257
NETHERLANDS
Non-current Assets	5,541,072	7,084,947
CHINA
Non-current Assets	16,808,329
ROMANIA
Non-current Assets		$ 3,626,136

Note 23 - Geographical Inform_4

Note 23 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Revenues, Total	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
UNITED STATES
Revenues, Total									211,816,770	175,727,524
Non-US [Member]
Revenues, Total									$ 38,017,708	$ 18,791,821

Note 24 - Segment Information_2

Note 24 - Segment Information (Details Textual)	12 Months Ended
	Mar. 31, 2019
Number of Operating Segments	6

Note 24 - Segment Information -

Note 24 - Segment Information - Segment Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2019	Mar. 31, 2018
Revenues	$ 76,003,000	$ 63,623,000	$ 49,341,000	$ 60,867,000	$ 53,460,000	$ 44,501,000	$ 48,861,000	$ 47,697,000	$ 249,834,478	$ 194,519,345
Operating Income (Loss)	$ 5,616,000	$ 1,465,000	$ (1,620,000)	$ 2,604,000	$ 1,005,000	$ 552,000	$ 476,000	$ 2,213,000	8,064,705	4,245,523
Capital Expenditures									20,469,233	20,215,594
Depreciation, Amortization and Impairment									7,720,574	2,678,858
Corporate, Non-Segment [Member]
Revenues									1,975,748	2,657,837
Operating Income (Loss)									(6,899,256)	(3,535,774)
Capital Expenditures									209,043	1,104,089
Depreciation, Amortization and Impairment									585,247	480,487
Intersegment Eliminations [Member]
Revenues									(7,354,467)	(11,879,288)
Operating Income (Loss)									678,637	(1,261,045)
Depreciation, Amortization and Impairment									32,352	(5,298)
Overnight Air Cargo [Member]
Revenues									72,978,361	72,845,353
Overnight Air Cargo [Member] | Operating Segments [Member]
Revenues									72,978,361	72,845,353
Operating Income (Loss)									1,911,067	4,127,322
Capital Expenditures									57,806	40,668
Depreciation, Amortization and Impairment									82,102	110,810
Ground Equipment Sales [Member]
Revenues									47,152,125	50,004,507
Ground Equipment Sales [Member] | Operating Segments [Member]
Revenues									47,152,125	50,036,035
Operating Income (Loss)									3,419,786	3,840,907
Capital Expenditures									371,902	219,592
Depreciation, Amortization and Impairment									263,945	433,184
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									40,706,629	47,394,193
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]
Revenues									6,445,496	2,641,842
Ground Support Services [Member]
Revenues									34,331,784	35,698,171
Ground Support Services [Member] | Operating Segments [Member]
Revenues									34,331,784	35,710,005
Operating Income (Loss)									(1,266,465)	(179,152)
Capital Expenditures									150,745	363,420
Depreciation, Amortization and Impairment									446,417	471,776
Printing Equipment and Maintenance [Member]
Revenues									654,617	6,144,403
Printing Equipment and Maintenance [Member] | Operating Segments [Member]
Revenues									669,307	6,386,882
Operating Income (Loss)									(1,388,434)	(749,846)
Capital Expenditures										181,895
Depreciation, Amortization and Impairment									9,085	13,135
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									321,723	3,675,193
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]
Revenues									347,584	2,711,689
Commercial Jet Engines [Member] | Operating Segments [Member]
Revenues									100,081,620	38,762,521
Operating Income (Loss)									11,609,370	2,003,111
Capital Expenditures									19,679,737	18,305,930
Depreciation, Amortization and Impairment									6,301,426	1,174,764
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member]
Revenues									68,856,992	25,324,231
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member]
Revenues									$ 31,224,628	$ 13,438,290

Note 25 - Commitments and Con_2

Note 25 - Commitments and Contingencies (Details Textual) - Contrail Aviation Inc. [Member] - USD ($)	Mar. 31, 2019	Jul. 18, 2016
Business Combination, Contingent Consideration, Liability, Total	$ 480,000
Accrued Expense [Member]
Business Combination, Contingent Consideration, Liability, Current	24,000
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	$ 2,500,000

Note 26 - Related Party Matte_2

Note 26 - Related Party Matters (Details Textual)	Jan. 31, 2018USD ($)	Dec. 27, 2017shares	Dec. 15, 2017USD ($)	Mar. 31, 2019USD ($)ft²a	Mar. 31, 2016USD ($)
Chief Investment Officer [Member]
Annual Salary After the Acquisition			$ 50,000
Blue Clay Capital Management, LLC [Member]
Business Combination, Consideration Transferred, Total			1
Blue Clay Capital Management, LLC [Member] | Chief Investment Officer [Member]
Annual Salary After the Acquisition			$ 50,000
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]
Area of Real Estate Property | a				68
Operating Leases Monthly Rent	$ 14,862
Number of Interests Acquired in Equipment Leases During the Period					2
Vantage [Member] | Leasing Subsidiary [Member]
Payments to Acquire Interests in Equipment Leases					$ 401,250
Fees for Servicing Equipment Leases, Included in Acquisition Payments					$ 1,000
Equipment Lease Payments, Percentage of Outstanding Lease Assets					1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues					1.00%
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member]
Area of Real Estate Property | ft²				21,000
Operating Lease, Payments				$ 161,000
Lessee, Operating Lease, Renewal Term				5 years
Blue Clay Capital Management, LLC [Member]
Related Party Transaction, Stock Issued During Period | shares		52,000