Air T (AIRT) 10-Q 14 Aug 19 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	AIR T INC
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		3,030,173
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Revenues:
Total	$ 55,704,535	$ 60,867,469
Operating Expenses:
Overnight air cargo	16,518,823	15,174,396
Ground equipment sales	9,730,856	4,937,312
Ground support services	6,963,662	7,805,209
Printing equipment and maintenance	39,047	145,528
Commercial jet engines and parts	8,285,769	20,121,118
General and administrative	10,919,320	8,584,803
Depreciation and amortization	2,026,600	1,485,055
Impairment	6,686	10,346
Loss on sale of property and equipment	2,073	0
Operating Expenses	54,492,836	58,263,767
Operating Income	1,211,699	2,603,702
Non-operating Income (Expense):
Gain on sale of marketable securities	36,460	0
Foreign currency gain (loss), net	35,755	(2,182)
Other-than-temporary impairment loss on investments	(814,558)	0
Other investment income (loss), net	162,957	(315,507)
Interest expense	(1,023,622)	(707,199)
Unrealized gain on interest rate swap	0	97,337
Gain on settlement of bankruptcy	4,509,302	0
Bargain purchase acquisition gain	34,244	1,983,777
Income (loss) from equity method investments	(320,578)	9,183
Nonoperating Income (Expense)	2,619,960	1,065,409
Income Before Income Taxes	3,831,659	3,669,111
Income Tax Expense (Benefit)	(324,000)	387,000
Net Income	4,155,659	3,282,111
Net (Income) Loss Attributable to Non-controlling Interests	(2,373,307)	(453,417)
Net Income Attributable to Air T, Inc. Stockholders	$ 1,782,352	$ 2,828,694
Income Per Share:
Basic (in dollars per share)	$ 0.79	$ 0.92
Diluted (in dollars per share)	$ 0.79	$ 0.92
Weighted Average Shares Outstanding:
Basic (in shares)	2,252,698	3,065,411
Diluted (in shares)	2,256,868	3,074,547
Overnight air cargo
Operating Revenues:
Total	$ 18,319,682	$ 17,640,658
Ground equipment sales
Operating Revenues:
Total	12,248,891	6,384,781
Ground support services
Operating Revenues:
Total	8,516,800	9,047,640
Printing equipment and maintenance
Operating Revenues:
Total	64,270	298,823
Commercial jet engines and parts
Operating Revenues:
Total	16,326,905	27,320,175
Corporate and other
Operating Revenues:
Total	$ 227,987	$ 175,392

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 4,155,659	$ 3,282,111
Other comprehensive income (loss):
Foreign currency translation gain (loss)	(18,130)	47,660
Unrealized loss on interest rate swaps, net of tax of $52,316 and $0 respectively	(176,038)	0
Total Other Comprehensive Income (Loss)	(194,168)	47,660
Total Comprehensive Income	3,961,491	3,329,771
Comprehensive Income Attributable to Non-controlling Interests	(2,385,532)	(470,569)
Comprehensive Income Attributable to Air T, Inc. Stockholders	$ 1,575,959	$ 2,859,202

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals)	3 Months Ended
	Jun. 30, 2019USD ($)
Statement of Comprehensive Income [Abstract]
Unrealized loss on interest rate swaps, tax	$ 52,316

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Current Assets:
Cash and cash equivalents (Delphax $9,430 and $12,315)	$ 16,196,626	$ 12,524,321
Marketable securities	1,752,727	1,760,052
Restricted cash	68,979	123,409
Restricted investments	796,958	830,925
Accounts receivable, net of allowance for doubtful accounts of $574,086 and $754,108 (Delphax $291,337 and $294,296)	23,723,077	19,077,248
Notes and other receivables-current	7,170,143	5,026,549
Income tax receivable	883,131	158,446
Inventories, net	36,528,777	29,967,037
Prepaid expenses and other (Delphax $9,672 and $58,164)	1,795,614	1,880,126
Total Current Assets	88,916,032	71,348,113
Assets on lease, net of accumulated depreciation of $6,397,157 and $6,688,630	17,982,582	25,164,497
Property and equipment, net of accumulated depreciation of $5,977,699 and $5,665,498	4,752,051	4,817,912
Right-of-use assets	10,071,405	0
Cash surrender value of life insurance policies, net of policy loans	101,259	122,062
Other tax receivables-long-term (Delphax $0 and $311,000)	0	311,000
Deferred income taxes	600,303	547,987
Investments in funds	318,020	463,892
Investments in securities	557,329	621,610
Equity method investments	4,475,738	5,610,874
Other assets	297,507	491,328
Intangible assets, net of accumulated amortization of $2,207,571 and $2,156,192	1,161,111	1,225,257
Goodwill	4,417,605	4,417,605
Total Assets	133,650,942	115,142,137
Current Liabilities:
Accounts payable (Delphax $96,109 and $2,134,053)	13,296,498	12,552,724
Income tax payable	550,727	661,690
Accrued payroll and related items (Delphax $401,275 and $3,146,395 )	2,729,056	8,910,245
Customer deposits	2,794,277	1,520,000
Accrued insurance liability	1,254,396	1,119,853
Other accrued expenses (Delphax $0 and $11,312)	3,905,819	2,953,176
Deferred income	5,599,423	341,098
Current portion of long-term debt	27,774,151	24,735,224
Short-term lease liability	2,486,842	0
Total Current Liabilities	60,391,189	52,794,010
Long-term debt	36,285,910	32,917,765
Long-term lease liability	8,071,541	0
Other non-current liabilities	1,229,495	596,598
Total Liabilities	105,978,135	86,308,373
Redeemable non-controlling interest	6,685,000	5,476,000
Commitments and contingencies (Note 17)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,015,087 and 2,022,637 shares issued and outstanding	753,770	505,657
Additional paid-in capital	1,629,202	2,866,695
Retained earnings	17,970,387	21,191,126
Accumulated other comprehensive loss	(411,479)	(205,086)
Total Air T, Inc. Stockholders' Equity	19,941,880	24,358,392
Non-controlling Interests	1,045,927	(1,000,628)
Total Equity	20,987,807	23,357,764
Total Liabilities and Equity	$ 133,650,942	$ 115,142,137

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 574,086	$ 754,108
Assets on lease, accumulated depreciation	6,397,157	6,688,630
Property and equipment, accumulated depreciation	5,977,699	5,665,498
Intangible assets, accumulated amortization	2,207,571	2,156,192
Cash and cash equivalents	16,196,626	12,524,321
Prepaid expenses and other	1,795,614	1,880,126
Other tax receivables - long term	0	311,000
Accounts payable	13,296,498	12,552,724
Accrued payroll and related items	2,729,056	8,910,245
Other accrued expenses	$ 3,905,819	$ 2,953,176
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)	3,015,087	2,022,637
Common stock, shares outstanding (in shares)	3,015,087	2,022,637
Delphax
Accounts receivable, allowance for doubtful accounts	$ 291,337	$ 294,296
Cash and cash equivalents	9,430	12,000
Prepaid expenses and other	9,672	58,164
Other tax receivables - long term	0	311,000
Accounts payable	96,109	2,134,053
Accrued payroll and related items	401,275	3,146,395
Other accrued expenses	$ 0	$ 11,312

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,155,659	$ 3,282,111
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) Loss on sale of marketable securities	(36,460)	10,828
Loss on sale of property and equipment	2,073	1,661
Change in inventory reserves	(4,087)	91,547
Change in accounts receivable reserves	(180,022)	(45,628)
Depreciation and amortization	2,033,286	1,495,401
Amortization of debt issuance costs	73,467	0
Impairment of investment	814,558	0
Change in cash surrender value of life insurance	20,803	(15,782)
Gain on settlement of bankruptcy	(4,509,302)	0
Gain on bargain purchase	(34,244)	(1,983,777)
Change in warranty reserve	335,632	(980)
Unrealized loss on marketable securities	6,105	322,477
Unrealized gain on interest rate swap	0	(97,337)
Change in operating assets and liabilities:
Accounts receivable	(4,254,064)	29,564
Notes receivable and other non-trade receivables	(2,046,291)	(2,221,930)
Inventories	2,374,836	11,319,597
Prepaid expense and other assets	677,015	288,286
Accounts payable	2,801,237	3,942,185
Accrued expenses	3,898,519	(1,982,397)
Income taxes payable/receivable	(835,646)	205,583
Non-current liabilities	94,482	75,525
Total adjustments	1,231,897	11,434,823
Net cash provided by operating activities	5,387,556	14,716,934
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(27,211)	(784,443)
Proceeds from sale of marketable securities	309,012	0
Acquisition of businesses, net of cash acquired	(500,000)	(3,325,700)
Cash used for equity method investments	0	(197,532)
Investment in reinsurance entity	0	(2,000,000)
Capital expenditures related to property & equipment	(297,967)	(459,575)
Capital expenditures related to assets on lease	(3,298,343)	0
Proceeds from sale of property and equipment	33,995	50,602
Net cash used in investing activities	(3,780,514)	(6,716,648)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	24,446,825	28,933,742
Payments on lines of credit	(17,143,130)	(38,156,091)
Proceeds from term loan	0	3,400,000
Payments on term loan	(7,026,081)	(1,404,800)
Debt issuance costs	(46,319)	(35,702)
Distribution to non-controlling member	(115,000)	(47,051)
Payments for repurchase of stock	(126,317)	0
Proceeds from exercise of warrants	2,018,217	0
Net cash provided by financing activities	2,008,195	(7,309,902)
Effect of foreign currency exchange rates on cash and cash equivalents	2,638	2,072
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	3,617,875	692,456
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	12,647,730	5,072,897
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	16,265,605	5,765,353
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash capital expenditures related to property & equipment	71,703	0
Equipment leased to customers transferred to inventory	8,818,109	234,151
Issuance of Debt - Trust Preferred Securities	4,000,000	0
Issuance of warrant liability	840,000	0
Exercise of warrants	(84,092)	0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	678,610	629,264
Income taxes	$ 29,634	$ 181,417

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)	Non-controlling Interests
Balance (in shares) at Mar. 31, 2018		2,043,607
Balance at Mar. 31, 2018	$ 24,243,084	$ 510,901	$ 4,171,869	$ 20,695,981	$ (260,900)	$ (874,767)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,782,435			2,828,694		(46,259)
Reclassification of unrealized loss on marketable securities, net of tax	0			(106,341)	106,341
Foreign currency translation gain	47,660				30,508	17,152
Issuance of Warrants	0
Unrealized loss on interest rate swaps, net of tax	0
Balance (in shares) at Jun. 30, 2018		2,043,607
Balance at Jun. 30, 2018	27,073,179	$ 510,901	4,171,869	23,418,334	(124,051)	(903,874)
Balance (in shares) at Mar. 31, 2019		2,022,637
Balance at Mar. 31, 2019	23,357,764	$ 505,657	2,866,695	21,191,126	(205,086)	(1,000,628)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,816,682			1,782,352		2,034,330
Foreign currency translation gain	(18,130)				(30,355)	12,225
Repurchase of Common Stock (in shares)		(17,424)
Repurchase of Common Stock	(126,317)	$ (4,356)		(121,961)
Stock Split (in shares)		1,009,874
Stock Split		$ 252,469	(252,469)
Issuance of Debt - Trust Preferred Securities	(4,000,000)			(4,000,000)
Issuance of Warrants	(840,000)			(840,000)
Unrealized loss on interest rate swaps, net of tax	(176,038)				(176,038)
Adjustment to fair value of redeemable non-controlling interest	(985,024)		(985,024)
Balance (in shares) at Jun. 30, 2019		3,015,087
Balance at Jun. 30, 2019	$ 20,987,807	$ 753,770	$ 1,629,202	$ 17,970,387	$ (411,479)	$ 1,045,927

Financial Statement Presentatio

Financial Statement Presentation	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2019 . The results of operations for the period ended June 30, 2019 are not necessarily indicative of the operating results for the full year. Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) as amended by multiple standards updates. The new standard provides that a lessee should recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. Topic 842 permits two transition methods: (1) a modified retrospective transition method requiring retrospective adjustment of each comparative presented with an adjusting entry at the beginning of the earliest comparative period presented and (2) a modified retrospective approach with no restatement of prior periods and an adjusting entry as of the effective date. Under both transition methods, entities may elect certain transition practical expedients that would be required to be applied to all leases. The Company adopted the standard in the fiscal year beginning April 1, 2019 using the modified retrospective transition method that does not require retrospective adjustment of the comparative periods. The Company reviewed existing leases to determine the impact of the adoption of the standard on its consolidated financial statements. Implementation had an immaterial cumulative effect on retained earnings. Adoption resulted in the recognition of right-of-use assets of approximately $10.7 million , and lease liabilities of approximately $11.2 million . Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not separate lease and non-lease components c) not reassess whether expired or existing contracts contain leases, d) not reassess lease classification for existing or expired leases and e) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step Two from the goodwill impairment test. Step Two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under this standard, an entity will recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The standard is effective for any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In August 2018, the FASB amended the Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Topic of the Accounting Standards Codification. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendment includes different transition requirements based on the disclosure topic. Changes to disclosure requirements for unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other required disclosure changes should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the update and delay adoption of the additional disclosures until their effective date. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In August 2018, the FASB amended the Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Topic of the Accounting Standards Codification. The amendment is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of the amendments in the update is permitted, including adoption in any interim period, for all entities. The amendments in the update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In October 2018, the FASB updated the Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities of the Accounting Standards Codification. The amendments in this update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall. Indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s revenue is derived from contracts with an initial expected duration of one year or less, as a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. 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. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is enhancing an asset that the customer controls as repair work, such as labor hours are incurred, and parts installed, is being performed. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. 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 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type: Three Months Ended Three Months Ended Product Sales Air cargo $ 5,414,377 $ 5,519,611 Ground equipment sales 12,002,366 6,169,103 Ground support services 2,266,859 2,422,581 Commercial jet engines and parts 11,170,632 25,029,114 Printing equipment and maintenance 48,440 286,642 Corporate and other — — Support Services Air cargo 12,894,182 12,096,874 Ground equipment sales 104,545 100,592 Ground support services 6,213,354 6,605,265 Commercial jet engines and parts 1,410,027 965,826 Printing equipment and maintenance 10,745 7,658 Corporate and other 40,552 — Leasing Revenue Air cargo — — Ground equipment sales 20,357 31,002 Ground support services — — Commercial jet engines and parts 3,714,048 1,201,510 Printing equipment and maintenance — — Corporate and other 45,418 40,067 Other Air cargo 11,123 24,174 Ground equipment sales 121,623 84,084 Ground support services 36,588 19,795 Commercial jet engines and parts 32,197 123,724 Printing equipment and maintenance 5,085 4,523 Corporate and other 142,017 135,324 Total $ 55,704,535 $ 60,867,469 The following table summarizes total revenues by segment: Three Months Ended Three Months Ended Air cargo $ 18,319,682 $ 17,640,658 Ground equipment sales 12,248,891 6,384,781 Ground support services 8,516,800 9,047,640 Commercial jet engines and parts 16,326,905 27,320,175 Printing equipment and maintenance 64,270 298,823 Corporate and other 227,987 175,392 Total $ 55,704,535 $ 60,867,469 See Note 15 for the Company's disaggregated revenues by geographic region and Note 16 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred income and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities and the amount of outstanding April 1, 2019 contract liabilities that were recognized as revenue during the quarter June 30, 2019 : Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 Recognized as Revenue As of June 30, 2019 $ 8,393,700 As of April 1, 2019 $ 1,866,843 For the quarter ended June 30, 2019 $ 447,341 Contract assets primarily relate to deposits paid to customers. The following table presents the amount of contract assets as of April 1, 2019 and June 30, 2019: Contract assets As of June 30, 2019 $ 4,621,096 As of April 1, 2019 $ 1,743,460

Business Combinations

Business Combinations	3 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Combinations	Business Combinations Acquisition of Worthington Aviation Parts, Inc. On May 4, 2018, Air T, Inc. completed the acquisition (the “Transaction”) of substantially all of the assets and assumed certain liabilities of Worthington Aviation Parts, Inc. (“Worthington”), pursuant to the Asset Purchase Agreement (the “Purchase Agreement”), dated as of April 6, 2018, by and among the Company, Worthington, and Churchill Industries, Inc., as guarantor of Worthington’s obligations as disclosed in the Purchase Agreement. 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 as earnest money upon execution of the Agreement and a cash payment of $3,300,000 upon closing. Total consideration is summarized in the table below: 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 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their estimated fair values as of May 4, 2018, with the excess of fair value of net assets acquired recorded as a bargain purchase gain. The most significant asset acquired was Worthington’s inventory. The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of 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 . The resulting net bargain purchase gain after taxes was approximately $1,983,000 . Total transaction costs incurred in connection with this acquisition were approximately $83,000 . Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

Restricted Cash

Restricted Cash	3 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows: June 30, 2019 March 31, 2019 Cash and cash equivalents $ 16,196,626 $ 12,524,321 Restricted cash 68,979 123,409 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 16,265,605 $ 12,647,730

Cash Surrender Value of Life In

Cash Surrender Value of Life Insurance	3 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cash Surrender Value of Life Insurance	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 $101,259 and $122,062 at June 30, 2019 and March 31, 2019 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax	Income Taxes During the three months ended June 30, 2019 , the Company recorded $ 324,000 in income tax benefit at an effective rate of (8.46)% . The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21% and the Company's effective tax rate for the three months ended June 30, 2019 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary under Section 831(b), the liquidation of Delphax UK and Delphax Canada as mentioned in Footnote 13 and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail Aviation Support, LLC. During the three months ended June 30, 2018 , the Company recorded $ 387,000 in income tax expense which resulted in an effective tax rate of 10.50% . The primary factors contributing to the difference between the federal statutory rate and the Company's effective tax rate for the three months ended June 30, 2018 were related to the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary afforded under Section 831(b) and the presentation of the tax impact of the Worthington bargain purchase gain and state income tax expense.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Net Earnings Per Share	Net Earnings Per Share Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30, 2019 2018 Net Income Attributable to Air T, Inc. Stockholders $ 1,782,352 $ 2,828,694 Income Per Share: Basic $ 0.79 $ 0.92 Diluted $ 0.79 $ 0.92 Weighted Average Shares Outstanding: Basic 2,252,698 3,065,411 Diluted 2,256,868 3,074,547 On June 10, 2019, the Company effected a three -for-two stock split of its common stock in the form of a 50% stock dividend to shareholders of record as of June 4, 2019. All share and earnings per share information have been retroactively adjusted to reflect the stock split and the incremental par value of the newly-issued shares was recorded with the offset to additional paid-in capital. With respect to our June 30, 2019 Quarterly Report on Form 10-Q, the effect of the stock split was recognized retroactively in the stockholders’ equity accounts in the Condensed Consolidated Balance Sheets, and in all share data in the Condensed Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations. With respect to our March 31, 2019 Annual Report on Form 10-K, the effect of the stock split on per share amounts and weighted average common shares outstanding for each of the two fiscal years ended March 31, 2019 and March 31, 2018 are as follows: Fiscal year ended 2019 2018 Net Income Attributable to Air T, Inc. Shareholders 1,339,995 2,277,109 Weighted-average common shares outstanding Basic 3,052,124 3,064,209 Diluted 3,059,838 3,071,528 Basic earnings per common share $ 0.44 $ 0.74 Diluted earnings per common share $ 0.44 $ 0.74

Investments in Securities

Investments in Securities	3 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investments in Securities	Investments in Securities As of June 30, 2019 , the Company had a gross unrealized gain aggregating to $319,000 and gross unrealized losses aggregating to $268,000 , which are included in the Consolidated Statement of Income. All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company’s investment in Insignia Systems, Inc. (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. At June 30, 2019 , the Company held approximately 3.5 million shares of Insignia’s common stock representing approximately 30% of the outstanding shares. For the quarter ended June 30, 2019 , the Company recorded approximately $322,000 as its share of Insignia’s net loss for the three months ended March 31, 2019 along with a basis difference adjustment of approximately $24,000 . In addition, due to the adverse financial results as reported in Insignia's Form 10Q for the quarter ended March 31, 2019, the Company determined that it has suffered from an other-than-temporary impairment in its investment in Insignia . As such, the Company recorded an impairment charge of $ 814,558 during the quarter ended June 30, 2019 . After the impairment, the Company's net investment basis in Insignia is $ 4,001,106 as of June 30, 2019 . Summarized unaudited financial information for Insignia for the three months ended March 31, 2019 and March 31, 2018 is as follows: Three Three Revenue $ 5,140,000 $ 7,419,000 Gross Profit 774,000 2,746,000 Operating income (loss) (1,337,000 ) 232,000 Net income (loss) (1,096,000 ) 164,000 Net income (loss) attributable to Air T, Inc. stockholders $ (322,000 ) $ 5,000

Inventories

Inventories	3 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: June 30, March 31, Ground support service parts $ 2,580,196 $ 2,553,949 Ground equipment manufacturing: Raw materials 3,017,469 2,497,876 Work in process 1,351,370 1,659,516 Finished goods 643,763 972,542 Printing equipment and maintenance Raw materials — 401,103 Finished goods 1,438,161 1,047,893 Commercial jet engines and parts 27,691,133 21,031,558 Total inventories $ 36,722,092 $ 30,164,437 Reserves (193,315 ) (197,400 ) Total inventories, net of reserves $ 36,528,777 $ 29,967,037

Leases

Leases	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years ; however, we have certain leases with longer terms of up to 30 years . Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the quarter ended are as follows: Three Operating lease cost $ 819,854 Short-term lease cost 274,156 Variable lease cost 135,613 Sublease income — Total lease cost $ 1,229,623 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended June 30, 2019 were as follows: June 30, 2019 Operating leases Operating lease right-of-use assets $ 10,071,405 Operating lease liabilities 10,558,383 Weighted-average remaining lease term 12.08 years Operating leases Weighted-average discount rate 4.51 % Operating leases Maturities of lease liabilities under non-cancellable leases where we are the lessee as of the quarter ended June 30, 2019 are as follows: Operating Leases 2020 (excluding the three months ended June 30, 2019) (2,267,538 ) 2021 (2,122,870 ) 2022 (1,621,902 ) 2023 (1,268,783 ) 2024 (691,886 ) 2025 (457,798 ) Thereafter (5,809,603 ) Total undiscounted lease payments (14,240,380 ) Less: Interest (3,023,181 ) Less: Discount (658,816 ) Total lease liabilities (10,558,383 ) At March 31, 2019, future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2019 exchange rates) are as follows: 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

Financing Arrangements

Financing Arrangements	3 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at June 30, 2019 and March 31, 2019 , respectively. AirCo, Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment. June 30, March 31, Maturity Date Interest Rate Unused commitments Revolver - MB&T $ 14,830,650 $ 12,403,213 November 30, 2019 Prime - 1% $2,169,351 Term Note A - MB&T 8,500,000 8,750,000 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,250,000 4,375,000 January 1, 2028 4.5% Term Note D - MB&T 1,590,400 1,607,200 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 6,102,310 — June 7, 2049 8% Air T Debt 35,273,360 27,135,413 Revolver - MB&T — 3,820,000 May 21, 2019 7.5% 5,000,000 Revolver - MB&T 4,876,259 — November 30, 2019 greater of 6.50% or Prime + 2% 5,123,741 Term Loan - MB&T — 450,000 December 17, 2019 7.50% Term Loan - MB&T — 400,000 June 17, 2020 7.25% Term Loan - Park State 2,100,000 2,100,000 June 17, 2020 8.50% AirCo Debt 6,976,259 6,770,000 Revolver — — May 5, 2019 1-month LIBOR + 3% — Term Loan 8,152,054 8,616,336 January 26, 2021 1-month LIBOR + 3.75% Term Loan 14,000,000 15,500,000 September 14, 2021 1-month LIBOR + 3.75% Contrail Debt - Old National 22,152,054 24,116,336 Total Debt 64,401,673 58,021,749 Less: Unamortized Debt Issuance Costs (341,612 ) (368,760 ) Total Debt, net $ 64,060,061 $ 57,652,989 At June 30, 2019 , our contractual financing obligations, including payments due by period, are as follows: Due by Amount June 30, 2020 $ 27,774,151 June 30, 2021 17,319,212 June 30, 2022 3,567,200 June 30, 2023 1,567,200 June 30, 2024 1,567,200 Thereafter 12,606,710 64,401,673 Less: Unamortized Debt Issuance Costs (341,612 ) $ 64,060,061 On June 10, 2019, the Company completed a transaction with all holders of the Company’s Common Stock to receive a special, pro-rata distribution of three securities as enumerated below: • A dividend of one additional share for every two shares already held (a 50% stock dividend, or the equivalent of a 3-for-2 stock split). See Footnote 7 for discussion. • The Company issued and distributed to existing common shareholders an aggregate of 1,600,000 trust preferred capital security ("TruPs") shares (aggregate $4,000,000 stated value) and an aggregate of 8,400,000 warrants ("Warrants") (representing warrants to purchase $21,000,000 in stated value of TruPs). The Warrants are exercisable for one year from issuance. • The Company entered into an 8% Junior Subordinated Debenture (“Debenture”) to pay to Air T Funding ("the Trust") a principal sum of $4,000,000 on June 7, 2049, and to pay interest on said principal sum quarterly at the rate of 8.0% per annum. The Company's Debenture and the Trust's associated note receivable (the "Note") are eliminated in the Company's consolidated financial statements, and Debt - Trust Preferred Securities is presented as a component of long-term debt on our consolidated balance sheets. The issuance of the TruPs and Warrants is disclosed on our consolidated statements of equity as well as within the supplemental non-cash disclosure of the Company's consolidated statements of cash flows. As of June 30, 2019, 840,924 Warrants have been exercised. As a result, the amount outstanding on the Company's Debt - Trust Preferred Securities is $ 6,102,310 as of June 30, 2019. At June 30, 2019, the Company had Warrants outstanding and exercisable to purchase 7,559,076 shares of its TruPs at an exercise price of $2.40 per share, which represents a discount to the $2.50 face value of each Trust Preferred Security. The Warrants will expire on June 7, 2020 or earlier upon redemption or liquidation. Fair Value Measurement as of June 30, 2019 Warrant liability (Level 2) $ 755,907 As of June 30, 2019, the Warrants are recorded within "Other non-current liabilities" on our consolidated balance sheets. Fair value measurement was based on market activity and trading volume as observed on the NASDAQ Global Market. The liability is classified as Level 2 in the hierarchy (Level 2 is defined as quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability). On April 3, 2019, AirCo entered into a revolving line of credit agreement with MBT in the amount of $10,000,000 with a maturity date of November 30, 2019. The annual interest rate is stated at the greater of 6.50% or the sum of the Prime Rate plus 2.00% . AirCo used the proceeds from this transaction to pay off the outstanding balances on their term loans. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09% , respectively, on Term Notes A and D. The swaps mature in January 2028. As of August 1, 2018, these swap contracts were designated as cash flow hedging instruments and qualified as effective hedges in accordance with ASC 815-30. The effective portion of changes in the fair value on these instruments is recorded in other comprehensive income and is reclassified into the consolidated statement of income as interest expense in the same period in which the underlying hedge transaction affects earnings. As of June 30, 2019 and March 31, 2019 , the fair value of the interest-rate swap contracts was a liability of $456,000 and $227,000 , respectively, which is included within other non-current liabilities in the consolidated balance sheets. During the three months ended June 30, 2019 , the Company recorded a loss of approximately $176,038 , net of tax, in the consolidated statement of comprehensive income for changes in the fair value of the instruments.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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 , an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both: • 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 Company consolidated Delphax in its consolidated financial statements beginning on that date. The following table sets forth the carrying values of Delphax’s assets and liabilities as of June 30, 2019 and March 31, 2019 : June 30, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 9,430 $ 12,315 Accounts receivable, net 49,844 46,844 Other current assets 9,672 58,441 Total current assets 68,946 117,600 Other tax receivables-long-term 311,000 Total assets $ 68,946 $ 428,600 LIABILITIES Current liabilities: Accounts payable $ 96,109 $ 2,151,235 Accrued expenses 401,275 3,157,707 Short-term debt — 1,749,779 Total current liabilities 497,384 7,058,721 Total liabilities $ 497,384 $ 7,058,721 Net Liabilities $ (428,438 ) $ (6,630,121 ) Upon petition by the Company, on August 8, 2017 the Ontario Superior Court of Justice in Bankruptcy and Insolvency adjudged Delphax Canada to be bankrupt. As a result, Delphax Canada ceased to have capacity to deal with its property, which then vested in the trustee in bankruptcy of Delphax Canada subject to the rights of secured creditors. As of June 30, 2019 , the bankruptcy proceedings were finalized in accordance with Canadian law and, therefore, Delphax Canada was legally discharged of its liabilities. The conclusion of the bankruptcy proceedings also resulted in the dissolution of Delphax Canada. In addition, on June 11, 2019, the Company has also fully dissolved Delphax UK. As such, the only Delphax entity that remains in existence as of June 30, 2019 is Delphax France. The Company extinguished the assets and liabilities of Delphax Canada and Delphax UK during the quarter ended June 30, 2019 and recognized a gain on dissolution of entities of $ 4,509,302 . Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 through June 30, 2019 . 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% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest ( 67% / 33% ) until such amounts are reduced to zero . Additional losses are then fully attributed to our debt investments until they too are reduced to zero . This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses. As a result of the application of the above-described attribution methodology, for the quarters ended June 30, 2019 and June 30, 2018 the attribution of Delphax losses to non-controlling interests was 33% and 33% , respectively. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income for the three months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 72,748 52,260 72,748 52,260 Operating Loss (72,748 ) (52,260 ) Non-operating Income (Expenses), net 6,237,385 (87,917 ) Income (Loss) Before Income Taxes 6,164,637 (140,177 ) Income Taxes — — Net Income (Loss) $ 6,164,637 $ (140,177 ) Unconsolidated Variable Interest Entities and Other Entities As discussed in Note 3, BCCM Advisors holds equity interests in certain investment funds as of June 30, 2019 and March 31, 2019 . The Company determined that the equity interests it holds as the general partner in the following funds are variable interests based on the applicable GAAP guidance: Blue Clay Capital Partners CO I LP, Blue Clay Capital Partners CO III LP, Blue Clay Capital SMid-Cap LO LP and AO Partners II LP. However, the Company further determined that these funds should not be consolidated as BCCM Advisors is not the primary beneficiary of these variable interest entities. The Company determined that its equity interest in the Blue Clay Capital Master Fund Ltd. is not a variable interest and should not be consolidated based on the applicable GAAP guidance. The Company’s total investment within these investment funds at June 30, 2019 is valued at approximately $318,020 . The Company’s exposure to loss is limited to its initial investment. As mentioned in Footnote 12, Financing Arrangements, the Company formed the Trust to issue and distribute TruPs and Warrants to our existing shareholders. The Company determined that it holds variable interest in the Trust and therefore, is the primary beneficiary of the Trust. As such, the Company consolidated the Trust as of June 30, 2019 .

Share Repurchase

Share Repurchase	3 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Share Repurchase	Share Repurchase On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the three months ended June 30, 2019 , the Company repurchased 17,424 shares at an aggregate cost of $126,317 . These shares are reflected as retired as of June 30, 2019 in accordance with the intent of the authorized share repurchase program. The Company has reduced common stock and retained earnings to reflect the retirement of those shares.

Geographical Information

Geographical Information	3 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Geographical information	Geographical information Total property and equipment, including assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2019 and March 31, 2019 : June 30, 2019 March 31, 2019 United States $ 4,865,948 $ 4,946,997 Foreign 17,868,685 25,035,412 Total property and equipment, net $ 22,734,633 $ 29,982,409 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at June 30, 2019 . The net book value located within each individual country at June 30, 2019 and March 31, 2019 is listed below: June 30, 2019 March 31, 2019 Australia $ 3,594 $ 5,186 Mexico 2,262,967 2,680,825 Netherlands 5,350,275 5,541,072 China 10,251,849 16,808,329 Total property and equipment, net $ 17,868,685 $ 25,035,412 Total revenue, in and outside the United States is summarized in the following table for the three months ended June 30, 2019 and June 30, 2018 : June 30, 2019 June 30, 2018 United States $ 46,127,349 $ 54,662,311 Foreign 9,577,186 6,205,158 Total revenue $ 55,704,535 $ 60,867,469

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has six business segments: overnight air cargo, ground equipment sales, ground support services, commercial jet engine and parts segment, printing equipment and maintenance and corporate and other. Segment data is summarized as follows: Three Months Ended June 30, 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 18,319,682 $ 17,640,658 Ground Equipment Sales: Domestic 10,858,891 5,292,017 International 1,390,000 1,095,097 Total Ground Equipment Sales 12,248,891 6,387,114 Ground Support Services 8,516,800 9,047,640 Printing Equipment and Maintenance Domestic 21,684 194,792 International 46,186 107,921 Total Printing Equipment and Maintenance 67,870 302,713 Commercial Jet Engines and Parts: Domestic 8,938,715 23,154,535 International 8,141,000 5,002,140 Total Commercial Jet Engines and Parts 17,079,715 28,156,675 Corporate and other 598,988 474,205 Intercompany (1,127,411 ) (1,141,536 ) Total $ 55,704,535 $ 60,867,469 Operating Income (Loss): Overnight Air Cargo $ 47,918 $ 1,056,692 Ground Equipment Sales 1,347,378 393,500 Ground Support Services 213,081 (87,724 ) Printing Equipment and Maintenance (456,199 ) (318,278 ) Commercial Jet Engines and Parts 1,909,029 3,282,908 Corporate and other (1,869,296 ) (1,729,200 ) Intercompany 19,788 5,804 Total $ 1,211,699 $ 2,603,702 Capital Expenditures: Overnight Air Cargo $ 8,288 $ 5,996 Ground Equipment Sales 10,402 140,090 Ground Support Services 47,608 52,438 Printing Equipment and Maintenance — — Commercial Jet Engines and Parts 3,465,404 183,821 Corporate and other 60,224 77,230 Total $ 3,591,926 $ 459,575 Depreciation, Amortization and Impairment: Overnight Air Cargo 18,176 $ 22,763 Ground Equipment Sales 52,380 91,349 Ground Support Services 86,252 125,055 Printing Equipment and Maintenance 2,225 14,331 Commercial Jet Engines and Parts 1,735,490 1,097,933 Corporate and other 140,088 145,295 Intercompany (1,325 ) (1,325 ) Total $ 2,033,286 $ 1,495,401

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. As part of this purchase, Contrail Aviation agreed to pay contingent additional deferred consideration of up to a maximum of $1,500,000 per year and $3,000,000 in the aggregate. The Company established a liability with a present value of $2,900,000 in the initial allocation of purchase price. This is based on the expectation that the earn-out will be paid at the maximum level. The Company has paid $2,500,000 of contingent consideration as of June 30, 2019 and the remaining liability of $497,000 , which is entirely current, is included in the “Other accrued expenses” in the consolidated balance sheet as of June 30, 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 anniversary of the acquisition, which is on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying consolidated balance sheets. In addition, the company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The fair value of the redeemable non-controlling interest is $ 6,685,000 . The change in the redemption value for the three months ended June 30, 2019 is $ 1,209,000 , of which $ 985,024 related to the change in fair value, which is reflected on our consolidated statements of equity.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. Management is not aware of any subsequent events as of the date of issuance.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	3 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) as amended by multiple standards updates. The new standard provides that a lessee should recognize the assets and the liabilities that arise from leases, including operating leases. Under the new requirements, a lessee will recognize in the statement of financial position a liability to make lease payments (the lease liability) and the right-of-use asset representing the right to the underlying asset for the lease term. For leases with a term of twelve months or less, the lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal year, with early adoption permitted. Topic 842 permits two transition methods: (1) a modified retrospective transition method requiring retrospective adjustment of each comparative presented with an adjusting entry at the beginning of the earliest comparative period presented and (2) a modified retrospective approach with no restatement of prior periods and an adjusting entry as of the effective date. Under both transition methods, entities may elect certain transition practical expedients that would be required to be applied to all leases. The Company adopted the standard in the fiscal year beginning April 1, 2019 using the modified retrospective transition method that does not require retrospective adjustment of the comparative periods. The Company reviewed existing leases to determine the impact of the adoption of the standard on its consolidated financial statements. Implementation had an immaterial cumulative effect on retained earnings. Adoption resulted in the recognition of right-of-use assets of approximately $10.7 million , and lease liabilities of approximately $11.2 million . Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not separate lease and non-lease components c) not reassess whether expired or existing contracts contain leases, d) not reassess lease classification for existing or expired leases and e) not consider whether previously capitalized initial direct costs would be appropriate under the new standard. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income, including trade receivables. The standard requires an entity to estimate its lifetime “expected credit loss” for such assets at inception, and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. For public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU simplifies how an entity is required to test goodwill for impairment by eliminating Step Two from the goodwill impairment test. Step Two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under this standard, an entity will recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value. The standard is effective for any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and is to be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In August 2018, the FASB amended the Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement Topic of the Accounting Standards Codification. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendment includes different transition requirements based on the disclosure topic. Changes to disclosure requirements for unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other required disclosure changes should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the update and delay adoption of the additional disclosures until their effective date. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In August 2018, the FASB amended the Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Topic of the Accounting Standards Codification. The amendment is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of the amendments in the update is permitted, including adoption in any interim period, for all entities. The amendments in the update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures. In October 2018, the FASB updated the Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities of the Accounting Standards Codification. The amendments in this update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation—Overall. Indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company expects the adoption of the standard will not have a material impact on its consolidated financial statements and disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type: Three Months Ended Three Months Ended Product Sales Air cargo $ 5,414,377 $ 5,519,611 Ground equipment sales 12,002,366 6,169,103 Ground support services 2,266,859 2,422,581 Commercial jet engines and parts 11,170,632 25,029,114 Printing equipment and maintenance 48,440 286,642 Corporate and other — — Support Services Air cargo 12,894,182 12,096,874 Ground equipment sales 104,545 100,592 Ground support services 6,213,354 6,605,265 Commercial jet engines and parts 1,410,027 965,826 Printing equipment and maintenance 10,745 7,658 Corporate and other 40,552 — Leasing Revenue Air cargo — — Ground equipment sales 20,357 31,002 Ground support services — — Commercial jet engines and parts 3,714,048 1,201,510 Printing equipment and maintenance — — Corporate and other 45,418 40,067 Other Air cargo 11,123 24,174 Ground equipment sales 121,623 84,084 Ground support services 36,588 19,795 Commercial jet engines and parts 32,197 123,724 Printing equipment and maintenance 5,085 4,523 Corporate and other 142,017 135,324 Total $ 55,704,535 $ 60,867,469 The following table summarizes total revenues by segment: Three Months Ended Three Months Ended Air cargo $ 18,319,682 $ 17,640,658 Ground equipment sales 12,248,891 6,384,781 Ground support services 8,516,800 9,047,640 Commercial jet engines and parts 16,326,905 27,320,175 Printing equipment and maintenance 64,270 298,823 Corporate and other 227,987 175,392 Total $ 55,704,535 $ 60,867,469
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities and the amount of outstanding April 1, 2019 contract liabilities that were recognized as revenue during the quarter June 30, 2019 : Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2019 Recognized as Revenue As of June 30, 2019 $ 8,393,700 As of April 1, 2019 $ 1,866,843 For the quarter ended June 30, 2019 $ 447,341 Contract assets primarily relate to deposits paid to customers. The following table presents the amount of contract assets as of April 1, 2019 and June 30, 2019: Contract assets As of June 30, 2019 $ 4,621,096 As of April 1, 2019 $ 1,743,460

Business Combinations (Tables)

Business Combinations (Tables) - Worthington Aviation Parts, Inc	3 Months Ended
	Jun. 30, 2019
Business Acquisition [Line Items]
Schedule of Business Acquisitions, by Acquisition	Total consideration is summarized in the table below: Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,301 ) Total consideration $ 3,325,699
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table outlines the consideration transferred and purchase price allocation at the respective estimated fair values as of 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

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows: June 30, 2019 March 31, 2019 Cash and cash equivalents $ 16,196,626 $ 12,524,321 Restricted cash 68,979 123,409 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 16,265,605 $ 12,647,730

Net Earnings Per Share (Tables)

Net Earnings Per Share (Tables)	3 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per common share is as follows: Three Months Ended June 30, 2019 2018 Net Income Attributable to Air T, Inc. Stockholders $ 1,782,352 $ 2,828,694 Income Per Share: Basic $ 0.79 $ 0.92 Diluted $ 0.79 $ 0.92 Weighted Average Shares Outstanding: Basic 2,252,698 3,065,411 Diluted 2,256,868 3,074,547
Schedule of Weighted Average Number of Shares	With respect to our March 31, 2019 Annual Report on Form 10-K, the effect of the stock split on per share amounts and weighted average common shares outstanding for each of the two fiscal years ended March 31, 2019 and March 31, 2018 are as follows: Fiscal year ended 2019 2018 Net Income Attributable to Air T, Inc. Shareholders 1,339,995 2,277,109 Weighted-average common shares outstanding Basic 3,052,124 3,064,209 Diluted 3,059,838 3,071,528 Basic earnings per common share $ 0.44 $ 0.74 Diluted earnings per common share $ 0.44 $ 0.74

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Summarized Unaudited Financial Information	Summarized unaudited financial information for Insignia for the three months ended March 31, 2019 and March 31, 2018 is as follows: Three Three Revenue $ 5,140,000 $ 7,419,000 Gross Profit 774,000 2,746,000 Operating income (loss) (1,337,000 ) 232,000 Net income (loss) (1,096,000 ) 164,000 Net income (loss) attributable to Air T, Inc. stockholders $ (322,000 ) $ 5,000

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following: June 30, March 31, Ground support service parts $ 2,580,196 $ 2,553,949 Ground equipment manufacturing: Raw materials 3,017,469 2,497,876 Work in process 1,351,370 1,659,516 Finished goods 643,763 972,542 Printing equipment and maintenance Raw materials — 401,103 Finished goods 1,438,161 1,047,893 Commercial jet engines and parts 27,691,133 21,031,558 Total inventories $ 36,722,092 $ 30,164,437 Reserves (193,315 ) (197,400 ) Total inventories, net of reserves $ 36,528,777 $ 29,967,037

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease, Cost	The components of lease cost for the quarter ended are as follows: Three Operating lease cost $ 819,854 Short-term lease cost 274,156 Variable lease cost 135,613 Sublease income — Total lease cost $ 1,229,623 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of the quarter ended June 30, 2019 were as follows: June 30, 2019 Operating leases Operating lease right-of-use assets $ 10,071,405 Operating lease liabilities 10,558,383 Weighted-average remaining lease term 12.08 years Operating leases Weighted-average discount rate 4.51 % Operating leases
Lessee, Operating Lease, Liability, Maturity	under non-cancellable leases where we are the lessee as of the quarter ended June 30, 2019 are as follows: Operating Leases 2020 (excluding the three months ended June 30, 2019) (2,267,538 ) 2021 (2,122,870 ) 2022 (1,621,902 ) 2023 (1,268,783 ) 2024 (691,886 ) 2025 (457,798 ) Thereafter (5,809,603 ) Total undiscounted lease payments (14,240,380 ) Less: Interest (3,023,181 ) Less: Discount (658,816 ) Total lease liabilities (10,558,383 )
Schedule of Future Minimum Rental Payments for Operating Leases	At March 31, 2019, future minimum annual lease payments (foreign currency amounts translated using applicable March 31, 2019 exchange rates) are as follows: 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

Financing Arrangements (Tables)

Financing Arrangements (Tables)	3 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Borrowings of the Company and its subsidiaries are summarized below at June 30, 2019 and March 31, 2019 , respectively. AirCo, Contrail Aviation (“Contrail”) are subsidiaries of the Company in the commercial jet engines and parts segment. June 30, March 31, Maturity Date Interest Rate Unused commitments Revolver - MB&T $ 14,830,650 $ 12,403,213 November 30, 2019 Prime - 1% $2,169,351 Term Note A - MB&T 8,500,000 8,750,000 January 1, 2028 1-month LIBOR + 2% Term Note B - MB&T 4,250,000 4,375,000 January 1, 2028 4.5% Term Note D - MB&T 1,590,400 1,607,200 January 1, 2028 1-month LIBOR + 2% Debt - Trust Preferred Securities 6,102,310 — June 7, 2049 8% Air T Debt 35,273,360 27,135,413 Revolver - MB&T — 3,820,000 May 21, 2019 7.5% 5,000,000 Revolver - MB&T 4,876,259 — November 30, 2019 greater of 6.50% or Prime + 2% 5,123,741 Term Loan - MB&T — 450,000 December 17, 2019 7.50% Term Loan - MB&T — 400,000 June 17, 2020 7.25% Term Loan - Park State 2,100,000 2,100,000 June 17, 2020 8.50% AirCo Debt 6,976,259 6,770,000 Revolver — — May 5, 2019 1-month LIBOR + 3% — Term Loan 8,152,054 8,616,336 January 26, 2021 1-month LIBOR + 3.75% Term Loan 14,000,000 15,500,000 September 14, 2021 1-month LIBOR + 3.75% Contrail Debt - Old National 22,152,054 24,116,336 Total Debt 64,401,673 58,021,749 Less: Unamortized Debt Issuance Costs (341,612 ) (368,760 ) Total Debt, net $ 64,060,061 $ 57,652,989
Schedule of Maturities of Long-term Debt	At June 30, 2019 , our contractual financing obligations, including payments due by period, are as follows: Due by Amount June 30, 2020 $ 27,774,151 June 30, 2021 17,319,212 June 30, 2022 3,567,200 June 30, 2023 1,567,200 June 30, 2024 1,567,200 Thereafter 12,606,710 64,401,673 Less: Unamortized Debt Issuance Costs (341,612 ) $ 64,060,061
Schedule of Warrant Fair Value	Fair Value Measurement as of June 30, 2019 Warrant liability (Level 2) $ 755,907

Variable Interest Entities (Tab

Variable Interest Entities (Tables) - Delphax	3 Months Ended
	Jun. 30, 2019
Variable Interest Entity [Line Items]
Condensed Balance Sheet	The following table sets forth the carrying values of Delphax’s assets and liabilities as of June 30, 2019 and March 31, 2019 : June 30, 2019 March 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 9,430 $ 12,315 Accounts receivable, net 49,844 46,844 Other current assets 9,672 58,441 Total current assets 68,946 117,600 Other tax receivables-long-term 311,000 Total assets $ 68,946 $ 428,600 LIABILITIES Current liabilities: Accounts payable $ 96,109 $ 2,151,235 Accrued expenses 401,275 3,157,707 Short-term debt — 1,749,779 Total current liabilities 497,384 7,058,721 Total liabilities $ 497,384 $ 7,058,721 Net Liabilities $ (428,438 ) $ (6,630,121 )
Condensed Income Statement	The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income for the three months ended June 30, 2019 and 2018 . Three Months Ended June 30, 2019 2018 Operating Revenues $ — $ — Operating Expenses: Cost of sales — — General and administrative 72,748 52,260 72,748 52,260 Operating Loss (72,748 ) (52,260 ) Non-operating Income (Expenses), net 6,237,385 (87,917 ) Income (Loss) Before Income Taxes 6,164,637 (140,177 ) Income Taxes — — Net Income (Loss) $ 6,164,637 $ (140,177 )

Geographical Information (Table

Geographical Information (Tables)	3 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Total property and equipment, including assets on lease, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2019 and March 31, 2019 : June 30, 2019 March 31, 2019 United States $ 4,865,948 $ 4,946,997 Foreign 17,868,685 25,035,412 Total property and equipment, net $ 22,734,633 $ 29,982,409 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at June 30, 2019 . The net book value located within each individual country at June 30, 2019 and March 31, 2019 is listed below: June 30, 2019 March 31, 2019 Australia $ 3,594 $ 5,186 Mexico 2,262,967 2,680,825 Netherlands 5,350,275 5,541,072 China 10,251,849 16,808,329 Total property and equipment, net $ 17,868,685 $ 25,035,412
Revenue from External Customers by Geographic Areas	Total revenue, in and outside the United States is summarized in the following table for the three months ended June 30, 2019 and June 30, 2018 : June 30, 2019 June 30, 2018 United States $ 46,127,349 $ 54,662,311 Foreign 9,577,186 6,205,158 Total revenue $ 55,704,535 $ 60,867,469

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows: Three Months Ended June 30, 2019 2018 Operating Revenues by Segment: Overnight Air Cargo $ 18,319,682 $ 17,640,658 Ground Equipment Sales: Domestic 10,858,891 5,292,017 International 1,390,000 1,095,097 Total Ground Equipment Sales 12,248,891 6,387,114 Ground Support Services 8,516,800 9,047,640 Printing Equipment and Maintenance Domestic 21,684 194,792 International 46,186 107,921 Total Printing Equipment and Maintenance 67,870 302,713 Commercial Jet Engines and Parts: Domestic 8,938,715 23,154,535 International 8,141,000 5,002,140 Total Commercial Jet Engines and Parts 17,079,715 28,156,675 Corporate and other 598,988 474,205 Intercompany (1,127,411 ) (1,141,536 ) Total $ 55,704,535 $ 60,867,469 Operating Income (Loss): Overnight Air Cargo $ 47,918 $ 1,056,692 Ground Equipment Sales 1,347,378 393,500 Ground Support Services 213,081 (87,724 ) Printing Equipment and Maintenance (456,199 ) (318,278 ) Commercial Jet Engines and Parts 1,909,029 3,282,908 Corporate and other (1,869,296 ) (1,729,200 ) Intercompany 19,788 5,804 Total $ 1,211,699 $ 2,603,702 Capital Expenditures: Overnight Air Cargo $ 8,288 $ 5,996 Ground Equipment Sales 10,402 140,090 Ground Support Services 47,608 52,438 Printing Equipment and Maintenance — — Commercial Jet Engines and Parts 3,465,404 183,821 Corporate and other 60,224 77,230 Total $ 3,591,926 $ 459,575 Depreciation, Amortization and Impairment: Overnight Air Cargo 18,176 $ 22,763 Ground Equipment Sales 52,380 91,349 Ground Support Services 86,252 125,055 Printing Equipment and Maintenance 2,225 14,331 Commercial Jet Engines and Parts 1,735,490 1,097,933 Corporate and other 140,088 145,295 Intercompany (1,325 ) (1,325 ) Total $ 2,033,286 $ 1,495,401

Financial Statement Presentat_3

Financial Statement Presentation (Details Textual) - USD ($)	Jun. 30, 2019	Apr. 01, 2019	Mar. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 10,071,405		$ 0
Operating lease liabilities	$ 10,558,383
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 10,700,000
Operating lease liabilities		$ 11,200,000

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total	$ 55,704,535	$ 60,867,469
Air cargo
Disaggregation of Revenue [Line Items]
Total	18,319,682	17,640,658
Air cargo | Product Sales
Disaggregation of Revenue [Line Items]
Total	5,414,377	5,519,611
Air cargo | Support Services
Disaggregation of Revenue [Line Items]
Total	12,894,182	12,096,874
Air cargo | Leased Assets
Disaggregation of Revenue [Line Items]
Total	0	0
Air cargo | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	11,123	24,174
Ground equipment sales
Disaggregation of Revenue [Line Items]
Total	12,248,891	6,384,781
Ground equipment sales | Product Sales
Disaggregation of Revenue [Line Items]
Total	12,002,366	6,169,103
Ground equipment sales | Support Services
Disaggregation of Revenue [Line Items]
Total	104,545	100,592
Ground equipment sales | Leased Assets
Disaggregation of Revenue [Line Items]
Total	20,357	31,002
Ground equipment sales | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	121,623	84,084
Ground support services
Disaggregation of Revenue [Line Items]
Total	8,516,800	9,047,640
Ground support services | Product Sales
Disaggregation of Revenue [Line Items]
Total	2,266,859	2,422,581
Ground support services | Support Services
Disaggregation of Revenue [Line Items]
Total	6,213,354	6,605,265
Ground support services | Leased Assets
Disaggregation of Revenue [Line Items]
Total	0	0
Ground support services | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	36,588	19,795
Commercial jet engines and parts
Disaggregation of Revenue [Line Items]
Total	16,326,905	27,320,175
Commercial jet engines and parts | Product Sales
Disaggregation of Revenue [Line Items]
Total	11,170,632	25,029,114
Commercial jet engines and parts | Support Services
Disaggregation of Revenue [Line Items]
Total	1,410,027	965,826
Commercial jet engines and parts | Leased Assets
Disaggregation of Revenue [Line Items]
Total	3,714,048	1,201,510
Commercial jet engines and parts | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	32,197	123,724
Printing equipment and maintenance
Disaggregation of Revenue [Line Items]
Total	64,270	298,823
Printing equipment and maintenance | Product Sales
Disaggregation of Revenue [Line Items]
Total	48,440	286,642
Printing equipment and maintenance | Support Services
Disaggregation of Revenue [Line Items]
Total	10,745	7,658
Printing equipment and maintenance | Leased Assets
Disaggregation of Revenue [Line Items]
Total	0	0
Printing equipment and maintenance | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	5,085	4,523
Corporate and other
Disaggregation of Revenue [Line Items]
Total	227,987	175,392
Corporate and other | Product Sales
Disaggregation of Revenue [Line Items]
Total	0	0
Corporate and other | Support Services
Disaggregation of Revenue [Line Items]
Total	40,552	0
Corporate and other | Leased Assets
Disaggregation of Revenue [Line Items]
Total	45,418	40,067
Corporate and other | Product and Service, Other
Disaggregation of Revenue [Line Items]
Total	$ 142,017	$ 135,324

- Contract with Customer, Asset

- Contract with Customer, Asset and Liability (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Apr. 01, 2019
Revenue from Contract with Customer [Abstract]
Contract with customer, liabilities	$ 8,393,700	$ 1,866,843
Outstanding contract liabilities recognized as revenue	447,341
Contract with customer, assets	$ 4,621,096	$ 1,743,460

Business Combinations (Details

Business Combinations (Details Textual) - USD ($)	May 04, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Bargain purchase gain recognized		$ 34,244	$ 1,983,777
Worthington Aviation Parts, Inc
Business Acquisition [Line Items]
Payment for earnest money deposit	$ 50,000
Cash consideration	$ 3,300,000
Deferred income taxes		589,000
Bargain purchase gain recognized		1,983,000
Acquisition related costs		$ 83,000

Business Combinations - Summary

Business Combinations - Summary of Total Consideration (Details) - Worthington Aviation Parts, Inc	May 04, 2018USD ($)
Business Acquisition [Line Items]
Earnest money	$ 50,000
Cash consideration	3,300,000
Less: Cash acquired	(24,301)
Total consideration	$ 3,325,699

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($)	May 04, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Consideration paid		$ 500,000	$ 3,325,700
Worthington Aviation Parts, Inc
Business Acquisition [Line Items]
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 | Trade Names
Business Acquisition [Line Items]
Intangible assets - tradename	$ 138,000

Restricted Cash - Cash, Cash Eq

Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 16,196,626	$ 12,524,321
Restricted cash	68,979	123,409
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 16,265,605	$ 12,647,730	$ 5,765,353	$ 5,072,897

Cash Surrender Value of Life _2

Cash Surrender Value of Life Insurance (Details Textual) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cash surrender value of life insurance policies, net of policy loans	$ 101,259	$ 122,062

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (324,000)	$ 387,000
Effective income tax rate, percent	(8.46%)	10.50%

Net Earnings Per Share (Details

Net Earnings Per Share (Details Textual)	Jun. 10, 2019	Jun. 04, 2019
Earnings Per Share [Abstract]
Stock split conversion ratio		1.5
Common stock dividend rate percentage	50.00%

Net Earnings Per Share - Earnin

Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Attributable to Air T, Inc. Stockholders	$ 1,782,352	$ 2,828,694	$ 1,339,995	$ 2,277,109
Income Per Share:
Basic (in dollars per share)	$ 0.79	$ 0.92	$ 0.44	$ 0.74
Diluted (in dollars per share)	$ 0.79	$ 0.92	$ 0.44	$ 0.74
Weighted Average Shares Outstanding:
Basic (in shares)	2,252,698	3,065,411	3,052,124	3,064,209
Diluted (in shares)	2,256,868	3,074,547	3,059,838	3,071,528

Net Earnings Per Share - Weight

Net Earnings Per Share - Weighted Average Number of Shares (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Attributable to Air T, Inc. Shareholders	$ 1,782,352	$ 2,828,694	$ 1,339,995	$ 2,277,109
Weighted-average common shares outstanding
Basic (in shares)	2,252,698	3,065,411	3,052,124	3,064,209
Diluted (in shares)	2,256,868	3,074,547	3,059,838	3,071,528
Earnings Per Share Reconciliation [Abstract]
Basic (in dollars per share)	$ 0.79	$ 0.92	$ 0.44	$ 0.74
Diluted (in dollars per share)	$ 0.79	$ 0.92	$ 0.44	$ 0.74

Investments in Securities (Deta

Investments in Securities (Details Textual) $ in Thousands	Jun. 30, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Aggregate unrealized gain	$ 319
Aggregate unrealized loss	$ 268

Equity Method Investments (Deta

Equity Method Investments (Details Textual) - USD ($) shares in Millions	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Income (loss) from equity method investments	$ 320,578	$ (9,183)
Impairment charges	814,558	0
Equity method investments	$ 4,475,738		$ 5,610,874
Insignia
Number of shares held (in shares)	3.5
Ownership percentage	30.00%
Income (loss) from equity method investments	$ 322,000	$ (5,000)
Difference between carrying amount and underlying equity	24,000
Equity method investments	4,001,106
Fence Store LLC
Impairment charges	$ 814,558

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Net income (loss) attributable to Air T, Inc. stockholders	$ (320,578)	$ 9,183
Insignia
Revenue	5,140,000	7,419,000
Gross Profit	774,000	2,746,000
Operating income (loss)	(1,337,000)	232,000
Net income (loss)	(1,096,000)	164,000
Net income (loss) attributable to Air T, Inc. stockholders	$ (322,000)	$ 5,000

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Inventory [Line Items]
Ground support service parts	$ 2,580,196	$ 2,553,949
Printing equipment and maintenance
Commercial jet engines and parts	27,691,133	21,031,558
Total inventories	36,722,092	30,164,437
Reserves	(193,315)	(197,400)
Total inventories, net of reserves	36,528,777	29,967,037
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	3,017,469	2,497,876
Work in process	1,351,370	1,659,516
Finished goods	643,763	972,542
Printing equipment and maintenance
Raw materials	3,017,469	2,497,876
Finished goods	643,763	972,542
Printing equipment and maintenance
Ground equipment manufacturing:
Raw materials	0	401,103
Finished goods	1,438,161	1,047,893
Printing equipment and maintenance
Raw materials	0	401,103
Finished goods	$ 1,438,161	$ 1,047,893

Leases (Details Textual)

Leases (Details Textual)	Jun. 30, 2019
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease term	5 years
Real Estate
Lessee, Lease, Description [Line Items]
Lease term	30 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 819,854
Short-term lease cost	274,156
Variable lease cost	135,613
Sublease income	0
Total lease cost	1,229,623
Operating leases
Operating lease right-of-use assets	10,071,405	$ 0
Total lease liabilities	$ 10,558,383
Weighted-average remaining lease term
Operating leases	12 years 1 month
Weighted-average discount rate
Operating leases	4.51%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details)	Jun. 30, 2019USD ($)
Leases [Abstract]
2020 (excluding the three months ended June 30, 2019)	$ (2,267,538)
2021	(2,122,870)
2022	(1,621,902)
2023	(1,268,783)
2024	(691,886)
2025	(457,798)
Thereafter	(5,809,603)
Total undiscounted lease payments	(14,240,380)
Less: Interest	(3,023,181)
Less: Discount	(658,816)
Total lease liabilities	$ (10,558,383)

Leases - Future Minimum Rental

Leases - Future Minimum Rental Payments (Details)	Mar. 31, 2019USD ($)
Leases [Abstract]
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

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($)	Apr. 03, 2019	Jun. 30, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross		$ 64,401,673	$ 58,021,749
Less: Unamortized Debt Issuance Costs		(341,612)	(368,760)
Total Debt, net		64,060,061	57,652,989
AirCo
Debt Instrument [Line Items]
Long-term debt, gross		6,976,259	6,770,000
AirCo | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	3,820,000
Maturity Date		May 21, 2019
Interest rate stated percentage		7.50%
Unused commitments		$ 5,000,000
AirCo | Revolver - MB&T
Debt Instrument [Line Items]
Long-term debt, gross		$ 4,876,259	0
Maturity Date		Nov. 30, 2019
Interest rate stated percentage		6.50%
Unused commitments		$ 5,123,741
AirCo | Term Loan - MB&T
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	450,000
Maturity Date		Dec. 17, 2019
Interest rate stated percentage		7.50%
AirCo | Term Loan - MB&T, Two
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	400,000
Maturity Date		Jun. 17, 2020
Interest rate stated percentage		7.25%
AirCo | Term Loan - Park State
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,100,000	2,100,000
Maturity Date		Jun. 17, 2020
Interest rate stated percentage		8.50%
Contrail Aviation Inc.
Debt Instrument [Line Items]
Long-term debt, gross		$ 22,152,054	24,116,336
Contrail Aviation Inc. | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 0	0
Maturity Date		May 5, 2019
Unused commitments		$ 0
Contrail Aviation Inc. | Term Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,152,054	8,616,336
Maturity Date		Jan. 26, 2021
Contrail Aviation Inc. | Term Loan, Two
Debt Instrument [Line Items]
Long-term debt, gross		$ 14,000,000	15,500,000
Maturity Date		Sep. 14, 2021
Parent Company
Debt Instrument [Line Items]
Long-term debt, gross		$ 35,273,360	27,135,413
Parent Company | Revolving Loan
Debt Instrument [Line Items]
Long-term debt, gross		$ 14,830,650	12,403,213
Maturity Date		Nov. 30, 2019
Unused commitments		$ 2,169,351
Parent Company | Term Note A - MB&T
Debt Instrument [Line Items]
Long-term debt, gross		$ 8,500,000	8,750,000
Maturity Date		Jan. 1, 2028
Parent Company | Term Note B - MB&T
Debt Instrument [Line Items]
Long-term debt, gross		$ 4,250,000	4,375,000
Maturity Date		Jan. 1, 2028
Interest rate stated percentage		4.50%
Parent Company | Term Note D - MB&T
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,590,400	1,607,200
Maturity Date		Jan. 1, 2028
Parent Company | Debt - Trust Preferred Securities
Debt Instrument [Line Items]
Long-term debt, gross		$ 6,102,310	$ 0
Maturity Date		Jun. 7, 2049
Interest rate stated percentage		8.00%
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Prime Rate | AirCo | Revolver - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Prime Rate | Parent Company | Revolving Loan
Debt Instrument [Line Items]
Interest rate stated percentage		1.00%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Revolving Loan
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
London Interbank Offered Rate (LIBOR) | Contrail Aviation Inc. | Term Loan, Two
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
London Interbank Offered Rate (LIBOR) | Parent Company | Term Note A - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
London Interbank Offered Rate (LIBOR) | Parent Company | Term Note D - MB&T
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Debt Disclosure [Abstract]
June 30, 2020	$ 27,774,151
June 30, 2021	17,319,212
June 30, 2022	3,567,200
June 30, 2023	1,567,200
June 30, 2024	1,567,200
Thereafter	12,606,710
Long-term debt, gross	64,401,673	$ 58,021,749
Less: Unamortized Debt Issuance Costs	(341,612)	(368,760)
Total Debt, net	$ 64,060,061	$ 57,652,989

Financing Arrangements (Details

Financing Arrangements (Details Textual)	Jun. 10, 2019USD ($)shares	Jun. 04, 2019	Apr. 03, 2019USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Common stock dividend rate percentage	50.00%
Stock split conversion ratio		1.5
Warrants exercised | shares				840,924
Long-term debt, gross				$ 64,401,673		$ 58,021,749
Warrants outstanding and exercisable | shares				7,559,076
Exercise price of warrants (in USD per share) | $ / shares				$ 2.40
Face value price of warrant (in USD per share) | $ / shares				$ 2.50
Unrealized loss on interest rate swaps, net of tax				$ (176,038)	$ 0
Interest Rate Swap
Debt Instrument [Line Items]
Fair value of interest-rate swap contracts				456,000		$ 227,000
Unrealized loss on interest rate swaps, net of tax				$ 176,038
Junior Subordinated Debt
Debt Instrument [Line Items]
Interest rate stated percentage	8.00%
Principle sum face amount	$ 4,000,000
Term Note A - MB&T | MBT Credit Agreement | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage				4.56%
Term Note D - MB&T | MBT Credit Agreement | Interest Rate Swap | MBT
Debt Instrument [Line Items]
Fixed interest rate, percentage				5.09%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest rate stated percentage			6.50%
Credit facility maximum borrowing capacity			$ 10,000,000
Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Air T Funding
Debt Instrument [Line Items]
Warrant term				1 year
Air T Funding | Trust Preferred Capital Security
Debt Instrument [Line Items]
Shares issued during period | shares	1,600,000
Value of new issues	$ 4,000,000
Air T Funding | Warrant
Debt Instrument [Line Items]
Shares issued during period | shares	8,400,000
Value of new issues	$ 21,000,000

Financing Arrangements - Schedu

Financing Arrangements - Schedule of Warrant Fair Value (Details)	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
Warrant liability (Level 2)	$ 755,907

Variable Interest Entities - Ca

Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 16,196,626	$ 12,524,321
Accounts receivable, net of allowance for doubtful accounts of $574,086 and $754,108 (Delphax $291,337 and $294,296)	23,723,077	19,077,248
Total Current Assets	88,916,032	71,348,113
Total Assets	133,650,942	115,142,137
Accounts payable	13,296,498	12,552,724
Total Current Liabilities	60,391,189	52,794,010
Total Liabilities	105,978,135	86,308,373
Delphax | Reportable Legal Entities
Variable Interest Entity [Line Items]
Cash and cash equivalents	9,430	12,315
Accounts receivable, net of allowance for doubtful accounts of $574,086 and $754,108 (Delphax $291,337 and $294,296)	49,844	46,844
Other current assets	9,672	58,441
Total Current Assets	68,946	117,600
Other tax receivables-long-term		311,000
Total Assets	68,946	428,600
Accounts payable	96,109	2,151,235
Accrued expenses	401,275	3,157,707
Short-term debt	0	1,749,779
Total Current Liabilities	497,384	7,058,721
Total Liabilities	497,384	7,058,721
Net Liabilities	$ (428,438)	$ (6,630,121)

Variable Interest Entities (Det

Variable Interest Entities (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019
Variable Interest Entity [Line Items]
Gain on settlement of bankruptcy	$ 4,509,302	$ 0
Investments in funds	$ 318,020		$ 463,892
Delphax
Variable Interest Entity [Line Items]
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 | Delphax Senior Credit Agreement
Variable Interest Entity [Line Items]
Short-term debt	$ 0
Investment Funds Purchased from Blue Clay Capital Management, LLC
Variable Interest Entity [Line Items]
Investments in funds	$ 318,020

Variable Interest Entities - Re

Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Variable Interest Entity [Line Items]
Total	$ 55,704,535	$ 60,867,469
General and administrative	10,919,320	8,584,803
Operating Expenses	54,492,836	58,263,767
Operating Loss	1,211,699	2,603,702
Non-operating Income (Expenses), net	2,619,960	1,065,409
Income Before Income Taxes	3,831,659	3,669,111
Income Taxes	(324,000)	387,000
Net Income	4,155,659	3,282,111
Delphax
Variable Interest Entity [Line Items]
Total	0	0
Cost of sales	0	0
General and administrative	72,748	52,260
Operating Expenses	72,748	52,260
Operating Loss	(72,748)	(52,260)
Non-operating Income (Expenses), net	6,237,385	(87,917)
Income Before Income Taxes	6,164,637	(140,177)
Income Taxes	0	0
Net Income	$ 6,164,637	$ (140,177)

Share Repurchase (Details Textu

Share Repurchase (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2019	May 14, 2014
Equity [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		750,000
Stock repurchased during period, shares (in shares)	17,424
Stock repurchased during period, value	$ 126,317

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	$ 22,734,633	$ 29,982,409
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	4,865,948	4,946,997
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	17,868,685	25,035,412
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	3,594	5,186
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	2,262,967	2,680,825
Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	5,350,275	5,541,072
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current Assets	$ 10,251,849	$ 16,808,329

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Revenue, Major Customer [Line Items]
Total	$ 55,704,535	$ 60,867,469
United States
Revenue, Major Customer [Line Items]
Total	46,127,349	54,662,311
Foreign
Revenue, Major Customer [Line Items]
Total	$ 9,577,186	$ 6,205,158

Segment Information (Details Te

Segment Information (Details Textual)	3 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	6

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($)	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	$ 55,704,535	$ 60,867,469
Operating Income (Loss):	1,211,699	2,603,702
Capital Expenditures:	3,591,926	459,575
Depreciation, Amortization and Impairment:	2,033,286	1,495,401
Corporate and other
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	598,988	474,205
Operating Income (Loss):	(1,869,296)	(1,729,200)
Capital Expenditures:	60,224	77,230
Depreciation, Amortization and Impairment:	140,088	145,295
Intercompany
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	(1,127,411)	(1,141,536)
Operating Income (Loss):	19,788	5,804
Depreciation, Amortization and Impairment:	(1,325)	(1,325)
Air cargo
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	18,319,682	17,640,658
Air cargo | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	18,319,682	17,640,658
Operating Income (Loss):	47,918	1,056,692
Capital Expenditures:	8,288	5,996
Depreciation, Amortization and Impairment:	18,176	22,763
Ground equipment sales
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	12,248,891	6,384,781
Ground equipment sales | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	12,248,891	6,387,114
Operating Income (Loss):	1,347,378	393,500
Capital Expenditures:	10,402	140,090
Depreciation, Amortization and Impairment:	52,380	91,349
Ground equipment sales | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	10,858,891	5,292,017
Ground equipment sales | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	1,390,000	1,095,097
Ground support services
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	8,516,800	9,047,640
Ground support services | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	8,516,800	9,047,640
Operating Income (Loss):	213,081	(87,724)
Capital Expenditures:	47,608	52,438
Depreciation, Amortization and Impairment:	86,252	125,055
Printing equipment and maintenance
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	64,270	298,823
Printing equipment and maintenance | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	67,870	302,713
Operating Income (Loss):	(456,199)	(318,278)
Capital Expenditures:	0	0
Depreciation, Amortization and Impairment:	2,225	14,331
Printing equipment and maintenance | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	21,684	194,792
Printing equipment and maintenance | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	46,186	107,921
Commercial Jet Engines and Parts | Operating Segments
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	17,079,715	28,156,675
Operating Income (Loss):	1,909,029	3,282,908
Capital Expenditures:	3,465,404	183,821
Depreciation, Amortization and Impairment:	1,735,490	1,097,933
Commercial Jet Engines and Parts | Operating Segments | Domestic
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	8,938,715	23,154,535
Commercial Jet Engines and Parts | Operating Segments | International
Segment Reporting Information [Line Items]
Operating Revenues by Segment:	$ 8,141,000	$ 5,002,140

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	35 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jul. 18, 2016
Business Acquisition, Contingent Consideration [Line Items]
Fair value of redeemable non-controlling interest	$ 6,685,000	$ 6,685,000
Change in redemption value	1,209,000
Adjustment to fair value of redeemable non-controlling interest	(985,024)
Contrail Aviation Support LLC. | Contrail Aviation Inc.
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration maximum per year			$ 1,500,000
Contingent consideration aggregate			3,000,000
Recognized identifiable assets acquired and liabilities assumed, earnout liability			$ 2,900,000
Change in amount of contingent consideration liability		2,500,000
Current remaining liability	$ 497,000	$ 497,000

Uncategorized Items - airt-2019

Label	Element	Value
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (41,130)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (41,130)