Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | AIR T INC | |
Entity Central Index Key | 353,184 | |
Trading Symbol | airt | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 2,029,614 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Revenues: | ||||
Operating Revenues | $ 49,340,777 | $ 48,861,490 | $ 110,208,246 | $ 96,558,863 |
Operating Expenses: | ||||
Overnight air cargo | 15,349,754 | 15,919,557 | 30,524,150 | 30,481,700 |
Ground equipment sales | 10,979,913 | 13,273,845 | 15,917,225 | 18,028,060 |
Ground support services | 8,022,462 | 6,982,270 | 15,827,671 | 14,400,663 |
Printing equipment and maintenance | 48,903 | 1,082,751 | 194,431 | 2,583,807 |
Commercial jet engines and parts | 5,662,788 | 3,321,385 | 25,783,906 | 13,391,235 |
Research and development | 195,653 | |||
General and administrative | 9,070,053 | 7,276,486 | 17,654,856 | 13,861,154 |
Depreciation, amortization and impairment | 1,826,905 | 529,538 | 3,322,306 | 928,365 |
50,960,778 | 48,385,832 | 109,224,545 | 93,870,637 | |
Operating Income (Loss) | (1,620,001) | 475,658 | 983,701 | 2,688,226 |
Non-operating Income (Expense): | ||||
Foreign currency gain (loss), net | 50 | (60,482) | (2,132) | (249,106) |
Other-than-temporary impairment loss on investments | (771,173) | |||
Other investment income (loss), net | 277,923 | 42,150 | (37,584) | 72,801 |
Interest expense | (714,091) | (322,199) | (1,421,290) | (471,718) |
Gain on asset retirement obligation | 562,500 | 562,500 | ||
Unrealized gain on interest rate swap | 47,885 | 145,222 | ||
Bargain purchase acquisition gain | 1,983,777 | 501,880 | ||
Income from equity method investments | 160,558 | 61,840 | 169,741 | 29,937 |
Other income, net | 27,686 | 27,686 | ||
(199,989) | 283,809 | 865,420 | (324,879) | |
Income (Loss) Before Income Taxes | (1,819,990) | 759,467 | 1,849,121 | 2,363,347 |
Income Taxes (Benefit) | (393,000) | 281,000 | (6,000) | 655,000 |
Net Income (Loss) | (1,426,990) | 478,467 | 1,855,121 | 1,708,347 |
Net (Income) Loss Attributable to Non-controlling Interests | 105,805 | (56,766) | (347,612) | (318,257) |
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ (1,321,185) | $ 421,701 | $ 1,507,509 | $ 1,390,090 |
Income (Loss) Per Share: | ||||
Basic (in dollars per share) | $ (0.65) | $ 0.21 | $ 0.74 | $ 0.68 |
Diluted (in dollars per share) | $ (0.65) | $ 0.21 | $ 0.74 | $ 0.68 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 2,043,823 | 2,042,789 | 2,043,716 | 2,042,789 |
Diluted (in shares) | 2,043,823 | 2,046,945 | 2,049,393 | 2,047,305 |
Overnight Air Cargo [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | $ 17,064,600 | $ 18,081,073 | $ 34,705,258 | $ 34,823,248 |
Ground Equipment Sales [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | 12,838,796 | 15,516,109 | 19,223,577 | 21,465,765 |
Ground Support Services [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | 8,474,037 | 8,801,326 | 17,521,677 | 17,914,399 |
Printing Equipment and Maintenance [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | 139,945 | 1,302,922 | 438,768 | 4,434,303 |
Commercial Jet Engines Inventory [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | 10,642,791 | 5,125,244 | 37,962,966 | 17,850,585 |
Corporate Segment [Member] | ||||
Operating Revenues: | ||||
Operating Revenues | $ 180,608 | $ 34,816 | $ 356,000 | $ 70,563 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ (1,426,990) | $ 478,467 | $ 1,855,121 | $ 1,708,347 |
Other comprehensive income (loss): | ||||
Foreign currency translation gain | 32,214 | 98,577 | 79,874 | 233,366 |
Unrealized gain on interest rate swaps, net of tax | 29,124 | 29,124 | ||
Unrealized net loss on marketable securities | (230,804) | (1,151,087) | ||
Tax effect of unrealized net loss on marketable securities | (53,679) | 278,057 | ||
Total unrealized net loss on marketable securities, net of tax | (284,483) | (873,030) | ||
Reclassification of other-than-temporary impairment loss on investments, net of gains on sale of marketable securities, included in income (loss) before income taxes | 771,173 | |||
Tax effect of reclassification | (277,622) | |||
Reclassification adjustment, net of tax | 493,551 | |||
Total Other Comprehensive Income (Loss) | 61,338 | (185,906) | 108,998 | (146,113) |
Total Comprehensive Income (Loss) | (1,365,652) | 292,561 | 1,964,119 | 1,562,234 |
Comprehensive Loss (Income) Attributable to Non-controlling Interests | 97,841 | 228,608 | (372,728) | (341,295) |
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders | $ (1,267,811) | $ 521,169 | $ 1,591,391 | $ 1,220,939 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | |
Current Assets: | |||
Cash and cash equivalents (Delphax $314,481 and $241,430)** | [1] | $ 5,612,472 | $ 4,803,238 |
Marketable securities | 2,341,786 | 290,449 | |
Restricted cash | 18,865 | 269,659 | |
Restricted investments | 1,062,239 | 1,235,405 | |
Accounts receivable | [1] | 18,634,629 | 15,157,855 |
Costs and estimated earnings in excess of billings on uncompleted projects | 2,012,121 | ||
Income tax receivable | 2,109,543 | 1,557,180 | |
Inventories, net | 29,450,138 | 34,231,005 | |
Other current assets | 3,393,812 | 658,630 | |
Prepaid expenses | [1] | 1,919,611 | 1,455,566 |
Total Current Assets | 64,543,095 | 61,671,108 | |
Investments in securities | 3,045,435 | 1,026,920 | |
Property and equipment, net of accumulated depreciation of $8,749,057 and $6,347,253 | 37,071,213 | 20,273,171 | |
Cash surrender value of life insurance policies, net of policy loans | 481,764 | 2,356,507 | |
Other tax receivables-long-term (Delphax $311,000 and $311,000)** | 311,000 | 311,000 | |
Investments in funds | 342,619 | 324,854 | |
Equity method investments | 5,465,501 | 5,032,268 | |
Other assets | 687,973 | 420,981 | |
Intangible assets, net of accumulated amortization of $1,960,734 and $1,788,598 | 1,347,606 | 1,312,472 | |
Goodwill | 4,417,605 | 4,417,605 | |
Total Assets | 117,713,811 | 97,146,886 | |
Current Liabilities: | |||
Accounts payable (Delphax $2,146,938 and $2,145,847)** | [1] | 14,730,946 | 10,181,143 |
Income tax payable (Delphax $11,312 and $11,312)** | [1] | 34,312 | 23,000 |
Accrued expenses (Delphax $3,234,808 and $3,244,514)** | [1] | 13,769,010 | 11,743,973 |
Current portion of long-term debt | 15,242,526 | 9,229,690 | |
Total Current Liabilities | 43,776,794 | 31,177,806 | |
Long-term debt (Delphax $0 and $0)** | 44,123,009 | 38,855,260 | |
Deferred tax liabilities | 689,655 | 92,000 | |
Other non-current liabilities | 775,046 | 785,797 | |
Total Liabilities | 89,364,504 | 70,910,863 | |
Redeemable non-controlling interest | 2,583,162 | 1,992,939 | |
Commitments and contingencies (Note 15) | |||
Equity: | |||
Preferred stock, $1.00 par value, 50,000 shares authorized | |||
Common stock, $.25 par value; 4,000,000 shares authorized, 2,044,614 and 2,043,607 shares issued and outstanding | 511,152 | 510,901 | |
Additional paid-in capital | 4,187,833 | 4,171,869 | |
Retained earnings | 22,075,937 | 20,695,981 | |
Accumulated other comprehensive loss | (70,677) | (260,900) | |
Total Air T, Inc. Stockholders' Equity | 26,704,245 | 25,117,851 | |
Non-controlling Interests | (938,100) | (874,767) | |
Total Equity | 25,766,145 | 24,243,084 | |
Total Liabilities and Equity | $ 117,713,811 | $ 97,146,886 | |
[1] | Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | |
Cash and cash equivalents | [1] | $ 5,612,472 | $ 4,803,238 |
Accounts receivable | [2] | 727,169 | 801,000 |
Accounts receivable | [1] | 18,634,629 | 15,157,855 |
Prepaid expenses | [1] | 1,919,611 | 1,455,566 |
Property and equipment, accumulated depreciation | 8,749,057 | 6,347,253 | |
Other tax receivables - long term | 311,000 | 311,000 | |
Intangible assets, accumulated amortization | 1,960,734 | 1,788,598 | |
Accounts payable | [1] | 14,730,946 | 10,181,143 |
Accrued expenses | [1] | $ 13,769,010 | $ 11,743,973 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 | |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 | |
Common stock, shares issued (in shares) | 2,044,614 | 2,043,607 | |
Common stock, shares outstanding (in shares) | 2,044,614 | 2,043,607 | |
Delphax [Member] | |||
Cash and cash equivalents | [2] | $ 314,481 | $ 241,430 |
Accounts receivable | [2] | 298,199 | 317,000 |
Prepaid expenses | [2] | 58,754 | 72,269 |
Other tax receivables - long term | [2] | 311,000 | 311,000 |
Accounts payable | [2] | 2,146,938 | 2,145,847 |
Accrued expenses | [2] | $ 3,234,808 | $ 3,244,514 |
[1] | Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively. | ||
[2] | Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,855,121 | $ 1,708,347 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain (Loss) on sale of property and equipment | 1,661 | (1,091) |
Change in inventory reserves | (276,494) | 24,946 |
Change in accounts receivable reserves | (74,261) | (23,849) |
Depreciation, amortization and impairment | 3,322,306 | 928,365 |
Change in cash surrender value of life insurance | (22,045) | (20,599) |
Gain on asset retirement obligation | (562,500) | |
Bargain purchase acquisition gain | (1,983,777) | (501,880) |
Change in warranty reserve | (980) | 906 |
Other-than-temporary impairment loss on investments | 771,173 | |
Unrealized loss on marketable securities | 99,471 | |
Unrealized gain on interest rate swap | (145,222) | |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,462,724) | (236,911) |
Costs and estimated earnings in excess of billings and uncompleted projects | 2,012,121 | |
Notes receivable and other non-trade receivables | (2,735,178) | 155,049 |
Inventories | 9,969,314 | 4,899,652 |
Prepaid expense and other assets | (559,682) | 488,537 |
Accounts payable | 3,262,959 | 129,166 |
Accrued expenses | 1,908,945 | (196,594) |
Income taxes payable/receivable | (541,051) | (651,923) |
Non-current liabilities | 240,745 | 125,278 |
Total adjustments | 13,016,108 | 5,327,725 |
Net cash provided by operating activities | 14,871,229 | 7,036,072 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (2,013,921) | (734,600) |
Acquisition of businesses, net of cash acquired | (3,375,700) | (2,900,000) |
Cash used for equity method investments | (263,492) | |
Investment in reinsurance entity | (2,000,000) | |
Capital expenditures | (19,973,209) | (8,259,215) |
Proceeds from sale of property and equipment | 50,602 | 1,861 |
Net cash used in investing activities | (27,575,720) | (11,891,954) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from lines of credit | 51,151,570 | 48,450,994 |
Payments on lines of credit | (58,355,499) | (46,617,448) |
Proceeds from term loan | 21,714,000 | 2,400,000 |
Payments on term loan | (3,190,136) | (800,000) |
Debt issuance costs | (107,844) | |
Proceeds from loan against cash surrender value of life insurance policies | 1,896,788 | |
Distribution to non-controlling member | (55,837) | |
Contribution from non-controlling member | 210,000 | |
Payments for repurchase of stock | (22,759) | |
Proceeds from exercise of stock options | 17,762 | |
Net cash provided by financing activities | 13,258,045 | 3,433,546 |
Effect of foreign currency exchange rates on cash and cash equivalents | 4,886 | 17,890 |
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 558,440 | (1,404,446) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 5,072,897 | 3,653,734 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 5,631,337 | 2,249,288 |
Equipment leased to customers transferred to inventory | 234,151 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 1,149,603 | 382,535 |
Income taxes | $ 358,051 | $ 1,312,980 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Mar. 31, 2017 | 2,042,789 | ||||||
Balance at Mar. 31, 2017 | $ 510,696 | $ 4,205,536 | $ 18,461,347 | $ (212,047) | $ (803,138) | $ 22,162,394 | |
Net income (loss)* | [1] | 1,390,090 | (317) | 1,389,773 | |||
Net change from marketable securities, net of tax | (379,480) | (379,480) | |||||
Foreign currency translation gain | 210,328 | 23,038 | 233,366 | ||||
Redeemable non-controlling interest | (33,550) | (33,550) | |||||
Unrealized gain on interest rate swaps, net of tax | |||||||
Balance (in shares) at Sep. 30, 2017 | 2,042,789 | ||||||
Balance at Sep. 30, 2017 | $ 510,696 | 4,171,986 | 19,851,437 | (381,199) | (780,417) | 23,372,503 | |
Balance (in shares) at Mar. 31, 2018 | 2,043,607 | ||||||
Balance at Mar. 31, 2018 | $ 510,901 | 4,171,869 | 20,695,981 | (260,900) | (874,767) | 24,243,084 | |
Net income (loss)* | [1] | 1,507,509 | (88,449) | 1,419,060 | |||
Foreign currency translation gain | 54,758 | 25,116 | 79,874 | ||||
Adoption of ASU 2016-01 | Accounting Standards Update 2016-01 [Member] | (106,341) | 106,341 | |||||
Exercise of stock options (in shares) | 1,682 | ||||||
Exercise of stock options | $ 421 | 17,341 | 17,762 | ||||
Repurchase of common stock (in shares) | (675) | ||||||
Repurchase of common stock | $ (170) | (1,377) | (21,212) | (22,759) | |||
Unrealized gain on interest rate swaps, net of tax | 29,124 | 29,124 | |||||
Balance (in shares) at Sep. 30, 2018 | 2,044,614 | ||||||
Balance at Sep. 30, 2018 | $ 511,152 | $ 4,187,833 | $ 22,075,937 | $ (70,677) | $ (938,100) | $ 25,766,145 | |
[1] | Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation. |
Note 1 - Financial Statement Pr
Note 1 - Financial Statement Presentation | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10 March 31, 2018. September 30 not Certain reclassifications have been made to the prior period amounts to conform to the current presentation. Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606 606 606 December 15, 2017. Effective April 1, 2018, April 1, 2018 2014 09 not 2014 09 not April 1, 2018 606 not In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities 2016 01 April 1, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 4 September 30, 2018. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, 2017 01 April 1, 2018. not In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 In February 2018, Financial Instruments Topic 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. September 30, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 twelve not not December 15, 2018, three 1. not not not 2. The Company expects to adopt the standard using a full retrospective approach and elect to apply all of the practical expedients available and applicable. The Company is still evaluating the impact of the adoption of the standard on its consolidated financial statements. In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2018, Fair Value Measurement (Topic 820 Topic December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue recognition The Company accounts for revenue in accordance with ASC 606, April 1, 2018, one not The following is a description of the Company’s performance obligations. Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. not The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or contract. Support Services The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 840 606 606. Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Product Sales Air Cargo $ 5,003,482 $ 10,523,093 Ground equipment sales 12,447,475 18,616,578 Ground support services 2,293,684 4,716,265 Commercial jet engines and parts 7,379,607 32,408,721 Printing equipment and maintenance 122,238 408,880 Corporate - - Support Services Air Cargo 11,985,052 24,081,926 Ground equipment sales 148,118 248,710 Ground support services 6,180,353 12,785,618 Commercial jet engines and parts 1,327,328 2,293,154 Printing equipment and maintenance 12,293 19,951 Corporate 16,475 16,475 Leasing Revenue Air Cargo - - Ground equipment sales 15,357 46,359 Ground support services - - Commercial jet engines and parts 1,825,861 3,027,372 Printing equipment and maintenance - - Corporate 32,182 72,249 Other Air Cargo 76,066 100,240 Ground equipment sales 227,847 311,930 Ground support services - 19,795 Commercial jet engines and parts 109,995 233,719 Printing equipment and maintenance 5,414 9,937 Corporate 131,950 267,275 Total $ 49,340,777 $ 110,208,246 The following table summarizes total revenues by segment: Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Air Cargo $ 17,064,600 $ 34,705,258 Ground equipment sales 12,838,796 19,223,577 Ground support services 8,474,037 17,521,677 Commercial jet engines and parts 10,642,791 37,962,966 Printing equipment and maintenance 139,945 438,768 Corporate 180,608 356,000 Total $ 49,340,777 $ 110,208,246 See Note 15 16 Contract Balances and Costs The Company does not September 30, 2018. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Busines s Combinations Acquisition of AirCo Assets On May 2, 2017 May 31, 2017, 145 $2,400,000. The following table summarizes the fair values of assets acquired and liabilities assumed by AirCo as of May 2, 2017, May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 The Company’s purchase price accounting reflects the estimated net fair value of the AirCo Sellers assets acquired and liabilities assumed as of the AirCo Closing Date. The transaction resulted in a bargain purchase because AirCo was a non-marketed transaction and in financial distress at the time of the acquisition. The inventory was not $278,000. $502,000. Pro forma financial information is not not Acquisition of W o rthing ton Aviation and Parts On May 4, 2018, April 6, 2018, Worthington is primarily engaged in the business of operating, distributing and selling airplane and aviation parts along with repair services. The Company agreed to acquire the assets and liabilities in exchange for payment to Worthington of $50,000 $3,300,000 Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,300 ) Total consideration $ 3,325,700 The Transaction was accounted for as a business combination in accordance with ASC Topic 805 May 4, 2018, May 4, 2018: May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Investment in JVs 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net assets acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777 As of September 30, 2018, The transaction resulted in a bargain purchase because Worthington needed access to additional capital to maintain its operations. The seller engaged in a formal bidding process and determined Air T was the best option for Worthington. The bargain purchase gain had no $589,000 $1,983,000. $83,000. The following table sets forth the revenue and expenses of Worthington, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income (loss) for the six September 30, 2018: Revenue $ 7,104,386 Cost of Sales 4,842,616 Operating Expenses 1,646,577 Operating Income 615,193 Non-operating Income 1,927,898 Net Income $ 2,543,091 Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the three six September 30, 2018 2017 April 1, 2017: Pro-Forma Three Pro-Forma Three Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 49,340,777 $ 53,543,645 Operating income (loss) (1,620,001 ) 112,480 Net income (loss) Attributable to Air T, Inc. Stockholders (1,321,185 ) 155,027 Basic income (loss) per share (0.65 ) 0.08 Dilutive income (loss) per share $ (0.65 ) $ 0.08 Pro-Forma Six Pro-Forma Six Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 111,652,117 $ 104,756,018 Operating income 779,434 2,098,294 Net income (loss) attributable to Air T, Inc. stockholders (620,366 ) 2,904,365 Basic income (loss) per share (0.30 ) 1.42 Dilutive income (loss) per share $ (0.30 ) $ 1.42 The unaudited pro forma consolidated results for the three six six September 30, 2018 six September 30, 2017. not April 1, 2017. Other Acquisitions and Business Investments On June 7, 2017, $500,000 40% 60% On December 15, 2017, $227,000. On July 31, 2018, 100% $50,000. Pro forma financial information is not not |
Note 4 - Restricted Cash
Note 4 - Restricted Cash | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows: September 30, 2018 March 31, 2018 Cash and cash equivalents $ 5,612,472 $ 4,803,238 Restricted cash 18,865 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,631,337 $ 5,072,897 |
Note 5 - Cash Surrender Value o
Note 5 - Cash Surrender Value of Life Insurance | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Life Insurance, Corporate or Bank Owned [Text Block] | 5. Cash Surrender Value of Life Insurance The Company is the beneficiary of corporate-owned life insurance policies on certain former employees with a net cash surrender value of approximately $482,000 $2,357,000 September 30, 2018 March 31, 2018, In September 2018, $1.9 September 30, 2018. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. Income Taxes During the six September 30, 2018, $6,000 0.3%. 21% six September 30, 2018 831 six September 30, 2017, $655,000 27.7%. six September 30, 2017 831 |
Note 7 - Net Earnings Per Share
Note 7 - Net Earnings Per Share | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Net Earnings Per Share Basic earnings per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows: Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ (1,321,185 ) $ 421,701 $ 1,507,509 $ 1,390,090 Income (Loss) Per Share: Basic $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Diluted $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Weighted Average Shares Outstanding: Basic 2,043,823 2,042,789 2,043,716 2,042,789 Diluted 2,043,823 2,046,945 2,049,393 2,047,305 |
Note 8 - Investments in Securit
Note 8 - Investments in Securities | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Investments in Securities The Company adopted ASU 2016 01 April 1, 2018. At September 30, 2018, $75,000 $193,000, All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 In June 2018, $2,000,000 3 $2,000,000 September 30, 2018. |
Note 9 - Equity Method Investme
Note 9 - Equity Method Investments | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 9. Equity Method Investments The Company’s investment in Insignia Systems, Inc. (“Insignia”) is accounted for under the equity method of accounting. At September 30, 2018, 3.5 29% $4,898,000. September 30, 2018, $55,000 three June 30, 2018 $24,000. The Company’s investment in The Fence Store LLC (“TFS”) is also accounted for under the equity method of accounting. The Company’s net investment basis is approximately $566,000 September 30, 2018. September 30, 2018, $129,000 |
Note 10 - Inventories
Note 10 - Inventories | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 10. Inventories Inventories consisted of the following: September 30, 2018 March 31, 2018 Ground support service parts $ 2,532,639 $ 2,489,433 Ground equipment manufacturing: Raw materials 3,829,494 3,198,939 Work in process 1,972,549 20,089 Finished goods 4,117,452 1,768,897 Printing equipment and maintenance Raw materials 870,592 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 15,732,368 25,452,022 Total inventories $ 29,450,138 $ 34,231,005 |
Note 11 - Employee and Non-empl
Note 11 - Employee and Non-employee Stock Options | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Employee and Non-employee Stock Options Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. No three six September 30, 2018 2017. 1,682 three September 30, 2018 $10.56. $0 three six September 30, 2018 2017, September 30, 2018, no No three six September 30, 2018 2017 |
Note 12 - Financing Arrangement
Note 12 - Financing Arrangements | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at September 30, 2018 March 31, 2018, September 30, 2018 March 31, 2018 Maturity Date Revolver $ 6,972,133 $ - November 30, 2019 Term Note A 9,250,000 9,750,000 January 1, 2028 Term Note B 4,625,000 4,875,000 January 1, 2028 Term Note D 1,640,800 1,674,400 January 1, 2028 Air T Debt 22,487,933 16,299,400 Revolver 5,000,000 5,000,000 February 21, 2019 Term Loan 716,775 2,404,775 March 26, 2019 AirCo Debt 5,716,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,515,465 9,920,000 January 26, 2021 Term Loan 18,000,000 - September 14, 2021 Contrail Debt 27,515,465 24,746,062 Term Loan 3,400,000 - November 30, 2019 MB&T - Revolver 650,000 - November 30, 2019 Worthington Debt 4,050,000 - Total Debt 59,770,173 48,450,238 Less: Unamortized Debt Issuance Costs (404,638 ) (365,288 ) Total Debt, net $ 59,365,535 $ 48,084,950 At September 30, 2018, Due by Amount September 30, 2019 $ 15,287,544 September 30, 2020 17,473,185 September 30, 2021 16,195,244 September 30, 2022 1,567,200 September 30, 2023 1,567,200 Thereafter 7,679,800 59,770,173 Less: Unamortized Debt Issuance Costs (404,638 ) $ 59,365,535 Refer to the Company’s Form 10 March 31, 2018 September 30, 2018, On September 14, 2018, $18,000,000 September 14, 2021. 1 375 two A319 100. The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. As part of the Company’s interest rate risk management strategy, the Company uses derivative instruments to minimize significant unanticipated earnings fluctuations that may 4.56% 5.09%, January 2028. As of August 1, 2018, 815 30. September 30, 2018 March 31, 2018, $116,295 $66,706, six September 30, 2018, $145,000 $29,000, |
Note 13 - Variable Interest Ent
Note 13 - Variable Interest Entities | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 13. Variable Interest Entities A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 Consolidation ● the power to direct the activities that most significantly impact the economic performance of the VIE; and ● the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Warrant, each constituted a variable interest. In addition, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. The following table sets forth the carrying values of Delphax’s assets and liabilities as of September 30, 2018 March 31, 2018: September 30, 2018 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 314,481 $ 241,430 Accounts receivable, net 40,844 316,542 Other current assets 58,754 72,269 Total current assets 414,079 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 725,079 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,146,938 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,234,808 3,244,514 Short-term debt 1,772,660 1,788,285 Total current liabilities 7,165,718 7,189,958 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,165,718 $ 7,189,958 Net Assets $ (6,440,639 ) $ (6,248,717 ) The short-term debt is comprised of amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of September 30, 2018, $725,000 $900,000 March 31, 2018) no $1,048,000 $888,000 September 30, 2018 March 31, 2018. August 10, 2017, The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax’s creditors do not On January 6, 2017, no January 6, 2017, January 6, 2017, 10.5% 18%, no January 6, 2017, May 31, 2017 $141,000. first six 2017, In light of continuing events of default under the Delphax Senior Credit Agreement and the conclusion of final production run by Delphax Canada of consumable products for Delphax’s legacy printing systems, on July 13, 2017, August 10, 2017, July 26, 2017. July 26, 2017 $1,510,000. August 8, 2017, not August 10, 2017, With it being adjudged bankrupt on August 8, 2017, one one no September 30, 2018, The intercompany balances under the Delphax Senior Subordinated Note as of September 30, 2018 Delphax’s revenues and expenses are included in our consolidated financial statements beginning November 24, 2015 September 30, 2018. 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the quarters ended September 30, 2018 September 30, 2017 33% 0%, The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income (loss) for the six September 30, 2018 2017. 2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 4,434,303 Operating Expenses: Cost of sales - 2,583,807 General and administrative 222,244 1,001,896 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 222,244 3,789,363 Operating Income (Loss) (222,244 ) 644,940 Non-operating Expenses, net (45,782 ) (188,000 ) Income (Loss) Before Income Taxes (268,026 ) 456,940 Income Taxes - - Net Income (Loss) $ (268,026 ) $ 456,940 Non-operating income (expense), net, includes interest expense of approximately $159,000 September 30, 2018 $440,000 September 30, 2017. three September 30, 2018 2017, Unconsolidated Variable Interest Entities and Other Entities As discussed in Note 3, March 31, 2018 September 30, 2018. not not not not September 30, 2018 $343,000. As discussed in Note 8, $2,000,000. not not |
Note 14 - Share Repurchase
Note 14 - Share Repurchase | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. S hare Repurchase On May 14, 2014, 750,000 10b 18, September 30, 2018, 675 $23,000. |
Note 15 - Geographical Informat
Note 15 - Geographical Information | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Geographical Reporting Disclosure [Text Block] | 15. Geographical information Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of September 30, 2018 March 31, 2018: September 30, 2018 March 31, 2018 United States $ 5,224,050 $ 5,209,831 Foreign 31,847,163 15,063,340 Total property and equipment, net $ 37,071,213 $ 20,273,171 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at September 30, 2018. September 30, 2018 March 31, 2018 September 30, 2018 March 31, 2018 Australia $ 5,246 $ - United Kingdom 5,142 - Canada 17,993 - Mexico 3,516,541 4,352,257 Romania 3,293,210 3,626,136 Netherlands 6,202,377 7,084,947 China 18,806,654 - Total property and equipment, net $ 31,847,163 $ 15,063,340 Total revenue, in and outside the United States is summarized in the following table for the six September 30, 2018 September 30, 2017: September 30, 2018 September 30, 2017 United States $ 96,788,427 $ 85,319,178 Foreign 13,419,819 11,239,685 Total revenue $ 110,208,246 $ 96,558,863 |
Note 16 - Segment Information
Note 16 - Segment Information | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. Segment Information The Company has six Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,064,600 $ 18,081,073 $ 34,705,258 $ 34,823,248 Ground Equipment Sales: Domestic 11,069,537 15,046,892 16,361,554 20,323,258 International 1,775,983 469,217 2,871,080 1,142,507 Total Ground Equipment Sales 12,845,520 15,516,109 19,232,634 21,465,765 Ground Support Services 8,474,037 8,801,326 17,521,677 17,914,399 Printing Equipment and Maintenance Domestic 2,824 280,328 193,726 1,724,310 International 137,121 1,022,594 245,042 2,709,993 Total Printing Equipment and Maintenance 139,945 1,302,922 438,768 4,434,303 Commercial Jet Engines and Parts: Domestic 5,341,234 2,275,190 27,659,269 10,466,075 International 5,301,557 2,851,729 10,303,697 7,387,185 Total Commercial Jet Engines and Parts 10,642,791 5,126,919 37,962,966 17,853,260 Corporate 189,297 325,349 364,689 651,628 Intercompany (15,412 ) (292,208 ) (17,746 ) (583,740 ) Total $ 49,340,777 $ 48,861,490 $ 110,208,246 $ 96,558,863 Operating Income (Loss): Overnight Air Cargo $ 197,870 $ 896,506 $ 1,254,562 $ 1,713,172 Ground Equipment Sales 697,557 1,165,430 1,091,057 1,331,224 Ground Support Services (742,482 ) 276,113 (830,206 ) 632,937 Printing Equipment and Maintenance (413,298 ) (482,222 ) (654,368 ) 441,814 Commercial Jet Engines and Parts 574,974 (48,760 ) 3,788,153 762,180 Corporate (1,934,819 ) (1,381,192 ) (3,665,694 ) (2,244,210 ) Intercompany 198 49,783 198 51,109 Total $ (1,620,001 ) $ 475,658 $ 983,701 $ 2,688,226 Capital Expenditures: Overnight Air Cargo $ 28,460 $ 20,346 $ 34,456 $ 20,346 Ground Equipment Sales 156,230 2,258 296,320 2,258 Ground Support Services 8,062 117,919 60,500 143,284 Printing Equipment and Maintenance - 8,491 - 8,491 Commercial Jet Engines and Parts 19,286,871 7,078,004 19,470,692 7,082,981 Corporate 34,010 542,202 111,240 1,001,855 Total $ 19,513,634 $ 7,769,220 $ 19,973,209 $ 8,259,215 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 21,178 $ 30,128 $ 43,941 $ 61,144 Ground Equipment Sales 65,384 117,499 156,733 250,379 Ground Support Services 119,816 113,625 244,871 225,256 Printing Equipment and Maintenance 15,307 3,316 29,638 8,007 Commercial Jet Engines and Parts 1,456,129 151,338 2,554,062 197,114 Corporate 150,416 114,956 295,711 189,115 Intercompany (1,324 ) (1,324 ) (2,649 ) (2,650 ) Total $ 1,826,905 $ 529,538 $ 3,322,306 $ 928,365 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. Commitments and Contingencies Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned by Contrail Aviation Support, Inc. (the “Seller”) in July 2016. $1,500,000 $3,000,000 $2,900,000 $1,000,000 September 30, 2018 $1,972,000, $1,516,000 $456,000, September 30, 2018. Contrail Aviation entered into with the Seller an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”). The Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation, the Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying consolidated balance sheets. |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 6 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 18. Subsequent Events Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements. On October 2, 2018, 15,000 $503,000. As discussed in Note 8, October 2018, $1,100,000 December 31, 2018 September 30, 2018, no On November 12, 2018, No. 2 $10,000,000 $13,000,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 606 606 606 December 15, 2017. Effective April 1, 2018, April 1, 2018 2014 09 not 2014 09 not April 1, 2018 606 not In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities 2016 01 April 1, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 4 September 30, 2018. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 December 15, 2017, 2017 01 April 1, 2018. not In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 In February 2018, Financial Instruments Topic 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. September 30, 2018. not Recently Issued Accounting Pronouncements In February 2016, 2016 02, Leases (Topic 842 twelve not not December 15, 2018, three 1. not not not 2. The Company expects to adopt the standard using a full retrospective approach and elect to apply all of the practical expedients available and applicable. The Company is still evaluating the impact of the adoption of the standard on its consolidated financial statements. In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. In August 2018, Fair Value Measurement (Topic 820 Topic December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Product Sales Air Cargo $ 5,003,482 $ 10,523,093 Ground equipment sales 12,447,475 18,616,578 Ground support services 2,293,684 4,716,265 Commercial jet engines and parts 7,379,607 32,408,721 Printing equipment and maintenance 122,238 408,880 Corporate - - Support Services Air Cargo 11,985,052 24,081,926 Ground equipment sales 148,118 248,710 Ground support services 6,180,353 12,785,618 Commercial jet engines and parts 1,327,328 2,293,154 Printing equipment and maintenance 12,293 19,951 Corporate 16,475 16,475 Leasing Revenue Air Cargo - - Ground equipment sales 15,357 46,359 Ground support services - - Commercial jet engines and parts 1,825,861 3,027,372 Printing equipment and maintenance - - Corporate 32,182 72,249 Other Air Cargo 76,066 100,240 Ground equipment sales 227,847 311,930 Ground support services - 19,795 Commercial jet engines and parts 109,995 233,719 Printing equipment and maintenance 5,414 9,937 Corporate 131,950 267,275 Total $ 49,340,777 $ 110,208,246 Three Months Ended Six Months Ended September 30, 2018 September 30, 2018 Air Cargo $ 17,064,600 $ 34,705,258 Ground equipment sales 12,838,796 19,223,577 Ground support services 8,474,037 17,521,677 Commercial jet engines and parts 10,642,791 37,962,966 Printing equipment and maintenance 139,945 438,768 Corporate 180,608 356,000 Total $ 49,340,777 $ 110,208,246 |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Worthington Aviation Parts, Inc [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Investment in JVs 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net assets acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,300 ) Total consideration $ 3,325,700 |
Business Combination, Revenue and Expense Transactions [Table Text Block] | Revenue $ 7,104,386 Cost of Sales 4,842,616 Operating Expenses 1,646,577 Operating Income 615,193 Non-operating Income 1,927,898 Net Income $ 2,543,091 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro-Forma Three Pro-Forma Three Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 49,340,777 $ 53,543,645 Operating income (loss) (1,620,001 ) 112,480 Net income (loss) Attributable to Air T, Inc. Stockholders (1,321,185 ) 155,027 Basic income (loss) per share (0.65 ) 0.08 Dilutive income (loss) per share $ (0.65 ) $ 0.08 Pro-Forma Six Pro-Forma Six Months Ended Months Ended September 30, 2018 September 30, 2017 Revenue $ 111,652,117 $ 104,756,018 Operating income 779,434 2,098,294 Net income (loss) attributable to Air T, Inc. stockholders (620,366 ) 2,904,365 Basic income (loss) per share (0.30 ) 1.42 Dilutive income (loss) per share $ (0.30 ) $ 1.42 |
Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 |
Note 4 - Restricted Cash (Table
Note 4 - Restricted Cash (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, 2018 March 31, 2018 Cash and cash equivalents $ 5,612,472 $ 4,803,238 Restricted cash 18,865 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 5,631,337 $ 5,072,897 |
Note 7 - Net Earnings Per Sha_2
Note 7 - Net Earnings Per Share (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Net Income (Loss) Attributable to Air T, Inc. Stockholders $ (1,321,185 ) $ 421,701 $ 1,507,509 $ 1,390,090 Income (Loss) Per Share: Basic $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Diluted $ (0.65 ) $ 0.21 $ 0.74 $ 0.68 Weighted Average Shares Outstanding: Basic 2,043,823 2,042,789 2,043,716 2,042,789 Diluted 2,043,823 2,046,945 2,049,393 2,047,305 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2018 March 31, 2018 Ground support service parts $ 2,532,639 $ 2,489,433 Ground equipment manufacturing: Raw materials 3,829,494 3,198,939 Work in process 1,972,549 20,089 Finished goods 4,117,452 1,768,897 Printing equipment and maintenance Raw materials 870,592 747,778 Finished goods 395,044 553,847 Commercial jet engines and parts 15,732,368 25,452,022 Total inventories $ 29,450,138 $ 34,231,005 |
Note 12 - Financing Arrangeme_2
Note 12 - Financing Arrangements (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2018 March 31, 2018 Maturity Date Revolver $ 6,972,133 $ - November 30, 2019 Term Note A 9,250,000 9,750,000 January 1, 2028 Term Note B 4,625,000 4,875,000 January 1, 2028 Term Note D 1,640,800 1,674,400 January 1, 2028 Air T Debt 22,487,933 16,299,400 Revolver 5,000,000 5,000,000 February 21, 2019 Term Loan 716,775 2,404,775 March 26, 2019 AirCo Debt 5,716,775 7,404,775 Revolver - 14,826,062 May 5, 2019 Term Loan 9,515,465 9,920,000 January 26, 2021 Term Loan 18,000,000 - September 14, 2021 Contrail Debt 27,515,465 24,746,062 Term Loan 3,400,000 - November 30, 2019 MB&T - Revolver 650,000 - November 30, 2019 Worthington Debt 4,050,000 - Total Debt 59,770,173 48,450,238 Less: Unamortized Debt Issuance Costs (404,638 ) (365,288 ) Total Debt, net $ 59,365,535 $ 48,084,950 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Due by Amount September 30, 2019 $ 15,287,544 September 30, 2020 17,473,185 September 30, 2021 16,195,244 September 30, 2022 1,567,200 September 30, 2023 1,567,200 Thereafter 7,679,800 59,770,173 Less: Unamortized Debt Issuance Costs (404,638 ) $ 59,365,535 |
Note 13 - Variable Interest E_2
Note 13 - Variable Interest Entities (Tables) - Delphax [Member] | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | September 30, 2018 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 314,481 $ 241,430 Accounts receivable, net 40,844 316,542 Other current assets 58,754 72,269 Total current assets 414,079 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 725,079 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,146,938 $ 2,145,847 Income tax payable 11,312 11,312 Accrued expenses 3,234,808 3,244,514 Short-term debt 1,772,660 1,788,285 Total current liabilities 7,165,718 7,189,958 Long-term debt - - Other long-term liabilities - - Total liabilities $ 7,165,718 $ 7,189,958 Net Assets $ (6,440,639 ) $ (6,248,717 ) |
Condensed Income Statement [Table Text Block] | 2018 2017 (Unaudited) (Unaudited) Operating Revenues $ - $ 4,434,303 Operating Expenses: Cost of sales - 2,583,807 General and administrative 222,244 1,001,896 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 222,244 3,789,363 Operating Income (Loss) (222,244 ) 644,940 Non-operating Expenses, net (45,782 ) (188,000 ) Income (Loss) Before Income Taxes (268,026 ) 456,940 Income Taxes - - Net Income (Loss) $ (268,026 ) $ 456,940 |
Note 15 - Geographical Inform_2
Note 15 - Geographical Information (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | September 30, 2018 March 31, 2018 United States $ 5,224,050 $ 5,209,831 Foreign 31,847,163 15,063,340 Total property and equipment, net $ 37,071,213 $ 20,273,171 September 30, 2018 March 31, 2018 Australia $ 5,246 $ - United Kingdom 5,142 - Canada 17,993 - Mexico 3,516,541 4,352,257 Romania 3,293,210 3,626,136 Netherlands 6,202,377 7,084,947 China 18,806,654 - Total property and equipment, net $ 31,847,163 $ 15,063,340 |
Revenue from External Customers by Geographic Areas [Table Text Block] | September 30, 2018 September 30, 2017 United States $ 96,788,427 $ 85,319,178 Foreign 13,419,819 11,239,685 Total revenue $ 110,208,246 $ 96,558,863 |
Note 16 - Segment Information (
Note 16 - Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Six Months Ended September 30, 2018 2017 2018 2017 Operating Revenues by Segment: Overnight Air Cargo $ 17,064,600 $ 18,081,073 $ 34,705,258 $ 34,823,248 Ground Equipment Sales: Domestic 11,069,537 15,046,892 16,361,554 20,323,258 International 1,775,983 469,217 2,871,080 1,142,507 Total Ground Equipment Sales 12,845,520 15,516,109 19,232,634 21,465,765 Ground Support Services 8,474,037 8,801,326 17,521,677 17,914,399 Printing Equipment and Maintenance Domestic 2,824 280,328 193,726 1,724,310 International 137,121 1,022,594 245,042 2,709,993 Total Printing Equipment and Maintenance 139,945 1,302,922 438,768 4,434,303 Commercial Jet Engines and Parts: Domestic 5,341,234 2,275,190 27,659,269 10,466,075 International 5,301,557 2,851,729 10,303,697 7,387,185 Total Commercial Jet Engines and Parts 10,642,791 5,126,919 37,962,966 17,853,260 Corporate 189,297 325,349 364,689 651,628 Intercompany (15,412 ) (292,208 ) (17,746 ) (583,740 ) Total $ 49,340,777 $ 48,861,490 $ 110,208,246 $ 96,558,863 Operating Income (Loss): Overnight Air Cargo $ 197,870 $ 896,506 $ 1,254,562 $ 1,713,172 Ground Equipment Sales 697,557 1,165,430 1,091,057 1,331,224 Ground Support Services (742,482 ) 276,113 (830,206 ) 632,937 Printing Equipment and Maintenance (413,298 ) (482,222 ) (654,368 ) 441,814 Commercial Jet Engines and Parts 574,974 (48,760 ) 3,788,153 762,180 Corporate (1,934,819 ) (1,381,192 ) (3,665,694 ) (2,244,210 ) Intercompany 198 49,783 198 51,109 Total $ (1,620,001 ) $ 475,658 $ 983,701 $ 2,688,226 Capital Expenditures: Overnight Air Cargo $ 28,460 $ 20,346 $ 34,456 $ 20,346 Ground Equipment Sales 156,230 2,258 296,320 2,258 Ground Support Services 8,062 117,919 60,500 143,284 Printing Equipment and Maintenance - 8,491 - 8,491 Commercial Jet Engines and Parts 19,286,871 7,078,004 19,470,692 7,082,981 Corporate 34,010 542,202 111,240 1,001,855 Total $ 19,513,634 $ 7,769,220 $ 19,973,209 $ 8,259,215 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 21,178 $ 30,128 $ 43,941 $ 61,144 Ground Equipment Sales 65,384 117,499 156,733 250,379 Ground Support Services 119,816 113,625 244,871 225,256 Printing Equipment and Maintenance 15,307 3,316 29,638 8,007 Commercial Jet Engines and Parts 1,456,129 151,338 2,554,062 197,114 Corporate 150,416 114,956 295,711 189,115 Intercompany (1,324 ) (1,324 ) (2,649 ) (2,650 ) Total $ 1,826,905 $ 529,538 $ 3,322,306 $ 928,365 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 49,340,777 | $ 48,861,490 | $ 110,208,246 | $ 96,558,863 |
Overnight Air Cargo [Member] | ||||
Revenues | ||||
Revenues | 76,066 | 100,240 | ||
Revenues | 17,064,600 | 18,081,073 | 34,705,258 | 34,823,248 |
Overnight Air Cargo [Member] | Product [Member] | ||||
Revenues | 5,003,482 | 10,523,093 | ||
Overnight Air Cargo [Member] | Service [Member] | ||||
Revenues | 11,985,052 | 24,081,926 | ||
Ground Equipment Sales [Member] | ||||
Revenues | 15,357 | 46,359 | ||
Revenues | 227,847 | 311,930 | ||
Revenues | 12,838,796 | 15,516,109 | 19,223,577 | 21,465,765 |
Ground Equipment Sales [Member] | Product [Member] | ||||
Revenues | 12,447,475 | 18,616,578 | ||
Ground Equipment Sales [Member] | Service [Member] | ||||
Revenues | 148,118 | 248,710 | ||
Ground Support Services [Member] | ||||
Revenues | ||||
Revenues | 19,795 | |||
Revenues | 8,474,037 | 8,801,326 | 17,521,677 | 17,914,399 |
Ground Support Services [Member] | Product [Member] | ||||
Revenues | 2,293,684 | 4,716,265 | ||
Ground Support Services [Member] | Service [Member] | ||||
Revenues | 6,180,353 | 12,785,618 | ||
Commercial Jet Engines Inventory [Member] | ||||
Revenues | 1,825,861 | 3,027,372 | ||
Revenues | 109,995 | 233,719 | ||
Revenues | 10,642,791 | 5,125,244 | 37,962,966 | 17,850,585 |
Commercial Jet Engines Inventory [Member] | Product [Member] | ||||
Revenues | 7,379,607 | 32,408,721 | ||
Commercial Jet Engines Inventory [Member] | Service [Member] | ||||
Revenues | 1,327,328 | 2,293,154 | ||
Printing Equipment and Maintenance [Member] | ||||
Revenues | ||||
Revenues | 5,414 | 9,937 | ||
Revenues | 139,945 | 1,302,922 | 438,768 | 4,434,303 |
Printing Equipment and Maintenance [Member] | Product [Member] | ||||
Revenues | 122,238 | 408,880 | ||
Printing Equipment and Maintenance [Member] | Service [Member] | ||||
Revenues | 12,293 | 19,951 | ||
Corporate Segment [Member] | ||||
Revenues | 32,182 | 72,249 | ||
Revenues | 131,950 | 267,275 | ||
Revenues | 180,608 | $ 34,816 | 356,000 | $ 70,563 |
Corporate Segment [Member] | Product [Member] | ||||
Revenues | ||||
Corporate Segment [Member] | Service [Member] | ||||
Revenues | $ 16,475 | $ 16,475 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) | Jul. 31, 2018 | May 04, 2018 | Jun. 07, 2017 | May 31, 2017 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | $ 1,983,777 | $ 501,880 | |||||||
Payments to Acquire Equity Method Investments | 263,492 | ||||||||
Worthington Aviation Parts, Inc [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 3,300,000 | ||||||||
Deferred Income Tax Expense (Benefit), Total | 589,000 | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | 1,983,000 | ||||||||
Payment for Earnest Money Deposit | $ 50,000 | ||||||||
Business Combination, Acquisition Related Costs | 83,000 | ||||||||
Blue Clay Capital Management, LLC [Member] | |||||||||
Business Combination, Fair Value Amount for Each General Partnership Interest | $ 227,000 | ||||||||
Ambry Hill Technologies, LLC [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 50,000 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
AirCo [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |||||||||
Payments to Acquire Businesses, Gross | $ 2,400,000 | ||||||||
Deferred Income Tax Expense (Benefit), Total | 278,000 | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | $ 502,000 | ||||||||
SAIC [Member] | TFS Partners [Member] | |||||||||
Payments to Acquire Equity Method Investments | $ 500,000 | ||||||||
Equity Method Investment, Ownership Percentage | 40.00% | ||||||||
TFS Partners [Member] | Fence Store LLC [Member] | |||||||||
Equity Method Investment, Ownership Percentage | 60.00% |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($) | May 02, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Consideration paid | $ 3,375,700 | $ 2,900,000 | |
AirCo [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |||
Accounts receivables | $ 748,936 | ||
Inventories | 3,100,000 | ||
Property and equipment | 26,748 | ||
Accounts payable | (313,117) | ||
Accrued expenses | (382,687) | ||
Net assets acquired | 3,179,880 | ||
Consideration paid | 2,400,000 | ||
Bargain purchase gain | $ 779,880 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Summary of Total Consideration (Details) - Worthington Aviation Parts, Inc [Member] | May 04, 2018USD ($) |
Earnest money | $ 50,000 |
Cash consideration | 3,300,000 |
Cash acquired | (24,301) |
Total consideration | $ 3,325,700 |
Note 3 - Business Combination_5
Note 3 - Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($) | May 04, 2018 | Sep. 30, 2018 | Sep. 30, 2017 |
Consideration paid | $ 3,375,700 | $ 2,900,000 | |
Worthington Aviation Parts, Inc [Member] | |||
Accounts receivable | $ 1,929,120 | ||
Inventories | 4,564,437 | ||
Other current assets | 149,792 | ||
Property and equipment | 391,892 | ||
Investment in JVs | 189,607 | ||
Total assets | 7,362,848 | ||
Accounts payable | 1,289,150 | ||
Accrued expenses | 175,222 | ||
Deferred tax liability | 589,000 | ||
Total liabilities | 2,053,372 | ||
Net assets acquired | 5,309,476 | ||
Consideration paid | 3,350,000 | ||
Less: Cash acquired | (24,301) | ||
Bargain purchase gain | 1,983,777 | ||
Worthington Aviation Parts, Inc [Member] | Trade Names [Member] | |||
Intangible assets - tradename | $ 138,000 |
Note 3 - Business Combination_6
Note 3 - Business Combinations - Revenue and Expenses of Worthington (Details) - Worthington Aviation Parts, Inc [Member] | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue | $ 7,104,386 |
Cost of Sales | 4,842,616 |
Operating Expenses | 1,646,577 |
Operating Income | 615,193 |
Non-operating Income | 1,927,898 |
Net Income | $ 2,543,091 |
Note 3 - Business Combination_7
Note 3 - Business Combinations - Pro Forma Information (Details) - Worthington Aviation Parts, Inc [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | $ 49,340,777 | $ 53,543,645 | $ 111,652,117 | $ 104,756,018 |
Operating income (loss) | (1,620,001) | 112,480 | 779,434 | 2,098,294 |
Net income (loss) Attributable to Air T, Inc. Stockholders | $ (1,321,185) | $ 155,027 | $ (620,366) | $ 2,904,365 |
Basic income (loss) per share (in dollars per share) | $ (0.65) | $ 0.08 | $ (0.30) | $ 1.42 |
Dilutive income (loss) per share (in dollars per share) | $ (0.65) | $ 0.08 | $ (0.30) | $ 1.42 |
Note 4 - Restricted Cash - Cash
Note 4 - Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | |
Cash and cash equivalents (Delphax $314,481 and $241,430)** | [1] | $ 5,612,472 | $ 4,803,238 | ||
Restricted cash | 18,865 | 269,659 | |||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 5,631,337 | $ 5,072,897 | $ 2,249,288 | $ 3,653,734 | |
[1] | Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively. |
Note 5 - Cash Surrender Value_2
Note 5 - Cash Surrender Value of Life Insurance (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Cash Surrender Value of Life Insurance | $ 481,764 | $ 481,764 | $ 2,356,507 | |
Proceeds from Loan Against Cash Surrender Value of Life Insurance Policies | $ 1,900,000 | $ 1,896,788 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Expense (Benefit), Total | $ (393,000) | $ 281,000 | $ (6,000) | $ 655,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (0.30%) | 27.70% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 7 - Net Earnings Per Sha_3
Note 7 - Net Earnings Per Share - Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Income (Loss) Attributable to Air T, Inc. Stockholders | $ (1,321,185) | $ 421,701 | $ 1,507,509 | $ 1,390,090 |
Basic (in dollars per share) | $ (0.65) | $ 0.21 | $ 0.74 | $ 0.68 |
Diluted (in dollars per share) | $ (0.65) | $ 0.21 | $ 0.74 | $ 0.68 |
Basic (in shares) | 2,043,823 | 2,042,789 | 2,043,716 | 2,042,789 |
Diluted (in shares) | 2,043,823 | 2,046,945 | 2,049,393 | 2,047,305 |
Note 8 - Investments in Secur_2
Note 8 - Investments in Securities (Details Textual) | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Equity Securities, FV-NI, Unrealized Gain | $ 75,000 |
Equity Securities, FV-NI, Unrealized Loss | $ 193,000 |
Debt Securities, Held-to-Maturity, Term | 3 years |
Debt Securities, Held-to-maturity, Total | $ 2,000,000 |
Note 9 - Equity Method Invest_2
Note 9 - Equity Method Investments (Details Textual) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Equity Method Investments | $ 5,465,501 | $ 5,465,501 | $ 5,032,268 | ||
Income (Loss) from Equity Method Investments, Total | $ 160,558 | $ 61,840 | $ 169,741 | $ 29,937 | |
Insignia [Member] | |||||
Equity Method Investment, Number of Shares Held | 3.5 | 3.5 | |||
Equity Method Investment, Ownership Percentage | 29.00% | 29.00% | |||
Equity Method Investments | $ 4,898,000 | $ 4,898,000 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 55,000 | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total | 24,000 | 24,000 | |||
Fence Store LLC [Member] | |||||
Equity Method Investments | 566,000 | $ 566,000 | |||
Income (Loss) from Equity Method Investments, Total | $ 129,000 |
Note 10 - Inventories - Invento
Note 10 - Inventories - Inventories (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Ground support service parts | $ 2,532,639 | $ 2,489,433 |
Inventory Gross | 29,450,138 | 34,231,005 |
Ground Equipment Manufacturing [Member] | ||
Raw materials | 3,829,494 | 3,198,939 |
Work in process | 1,972,549 | 20,089 |
Finished goods | 4,117,452 | 1,768,897 |
Printing Equipment and Maintenance [Member] | ||
Raw materials | 870,592 | 747,778 |
Finished goods | 395,044 | 553,847 |
Commercial Jet Engines Inventory [Member] | ||
Inventory Gross | $ 15,732,368 | $ 25,452,022 |
Note 11 - Employee and Non-em_2
Note 11 - Employee and Non-employee Stock Options (Details Textual) - Employee and Non Employee Director Options [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,682 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 10.56 | |||
Allocated Share-based Compensation Expense, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | $ 0 | ||
Delphax [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | 0 |
Note 12 - Financing Arrangeme_3
Note 12 - Financing Arrangements (Details Textual) - USD ($) | Sep. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | $ 29,124 | $ 29,124 | ||||
Interest Rate Swap [Member] | ||||||
Derivative Asset, Total | $ 116,295 | 116,295 | ||||
Derivative Liability, Total | $ 66,706 | |||||
Derivative, Gain on Derivative | 145,000 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | $ 29,000 | |||||
Additional ONB Loan Agreement [Member] | ONB [Member] | Term Loan, Two [Member] | ||||||
Debt Instrument, Face Amount | $ 18,000,000 | |||||
Additional ONB Loan Agreement [Member] | ONB [Member] | Term Loan, Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||
MBT Credit Agreement [Member] | MBT [Member] | Term Loan A [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 4.56% | |||||
MBT Credit Agreement [Member] | MBT [Member] | Term Loan D [Member] | Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 5.09% |
Note 12 - Financing Arrangeme_4
Note 12 - Financing Arrangements - Long-term Debt (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | |
Long-term debt, gross | $ 59,770,173 | $ 48,450,238 |
Less: Unamortized Debt Issuance Costs | (404,638) | (365,288) |
Total Debt, net | 59,365,535 | 48,084,950 |
Parent Company [Member] | ||
Long-term debt, gross | 22,487,933 | 16,299,400 |
AirCo [Member] | ||
Long-term debt, gross | 5,716,775 | 7,404,775 |
Contrail Aviation Inc. [Member] | ||
Long-term debt, gross | 27,515,465 | 24,746,062 |
Worthington Aviation Parts, Inc [Member] | ||
Long-term debt, gross | 4,050,000 | |
Revolving Loan [Member] | Parent Company [Member] | ||
Long-term debt, gross | $ 6,972,133 | |
Maturity Date | Nov. 30, 2019 | |
Revolving Loan [Member] | AirCo [Member] | ||
Long-term debt, gross | $ 5,000,000 | 5,000,000 |
Maturity Date | Feb. 21, 2019 | |
Revolving Loan [Member] | Contrail Aviation Inc. [Member] | ||
Long-term debt, gross | 14,826,062 | |
Maturity Date | May 5, 2019 | |
Revolving Loan [Member] | Worthington Aviation Parts, Inc [Member] | ||
Long-term debt, gross | $ 650,000 | |
Maturity Date | Nov. 30, 2019 | |
Term Loan A [Member] | Parent Company [Member] | ||
Long-term debt, gross | $ 9,250,000 | 9,750,000 |
Maturity Date | Jan. 1, 2028 | |
Term Loan B [Member] | Parent Company [Member] | ||
Long-term debt, gross | $ 4,625,000 | 4,875,000 |
Maturity Date | Jan. 1, 2028 | |
Term Loan D [Member] | Parent Company [Member] | ||
Long-term debt, gross | $ 1,640,800 | 1,674,400 |
Maturity Date | Jan. 1, 2028 | |
Term Loan [Member] | AirCo [Member] | ||
Long-term debt, gross | $ 716,775 | 2,404,775 |
Maturity Date | Mar. 26, 2019 | |
Term Loan [Member] | Contrail Aviation Inc. [Member] | ||
Long-term debt, gross | $ 9,515,465 | 9,920,000 |
Maturity Date | Jan. 26, 2021 | |
Term Loan [Member] | Worthington Aviation Parts, Inc [Member] | ||
Long-term debt, gross | $ 3,400,000 | |
Maturity Date | Nov. 30, 2019 | |
Term Loan, Two [Member] | Contrail Aviation Inc. [Member] | ||
Long-term debt, gross | $ 18,000,000 | |
Maturity Date | Sep. 14, 2021 |
Note 12 - Financing Arrangeme_5
Note 12 - Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
September 30, 2019 | $ 15,287,544 | |
September 30, 2020 | 17,473,185 | |
September 30, 2021 | 16,195,244 | |
September 30, 2022 | 1,567,200 | |
September 30, 2023 | 1,567,200 | |
Thereafter | 7,679,800 | |
Long-term debt, gross | 59,770,173 | $ 48,450,238 |
Less: Unamortized Debt Issuance Costs | (404,638) | (365,288) |
Long-term debt, total | $ 59,365,535 | $ 48,084,950 |
Note 13 - Variable Interest E_3
Note 13 - Variable Interest Entities (Details Textual) - USD ($) | Jan. 06, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | Jul. 26, 2017 | Jan. 05, 2017 |
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage | 0.00% | |||||||
Interest Expense, Total | $ 714,091 | $ 322,199 | $ 1,421,290 | $ 471,718 | ||||
Investments in Funds, Noncurrent | 342,619 | $ 342,619 | $ 324,854 | |||||
Delphax [Member] | ||||||||
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent | 67.00% | |||||||
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests | 33.00% | |||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage | 33.00% | |||||||
Delphax Canada [Member] | Delphax [Member] | ||||||||
Financing Receivable, Net, Total | $ 1,510,000 | |||||||
Senior Notes [Member] | Delphax Canada [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 18.00% | 10.50% | ||||||
Line of Credit Facility, Forbearance Fee Amount | $ 141,000 | |||||||
Delphax [Member] | Senior Subordinated Note [Member] | ||||||||
Short-term Debt, Total | 725,000 | $ 725,000 | 900,000 | |||||
Delphax [Member] | Senior Subordinated Note [Member] | Nonoperating Income (Expense) [Member] | ||||||||
Interest Expense, Total | 159,000 | |||||||
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member] | ||||||||
Interest Payable, Current | 1,048,000 | 1,048,000 | $ 888,000 | |||||
Delphax [Member] | Delphax Senior Credit Agreement [Member] | ||||||||
Short-term Debt, Total | 0 | 0 | ||||||
Delphax [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | Nonoperating Income (Expense) [Member] | ||||||||
Interest Expense, Total | $ 440,000 | |||||||
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member] | ||||||||
Investments in Funds, Noncurrent | 343,000 | 343,000 | ||||||
Investment in Oxbridge RE NS [Member] | ||||||||
Investments in Funds, Noncurrent | $ 2,000,000 | $ 2,000,000 |
Note 13 - Variable Interest E_4
Note 13 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | |
Cash and cash equivalents | [1] | $ 5,612,472 | $ 4,803,238 |
Accounts receivable, net | [1] | 18,634,629 | 15,157,855 |
Other current assets | 3,393,812 | 658,630 | |
Total current assets | 64,543,095 | 61,671,108 | |
Total assets | 117,713,811 | 97,146,886 | |
Accounts payable | [1] | 14,730,946 | 10,181,143 |
Income tax payable | [1] | 34,312 | 23,000 |
Accrued expenses | [1] | 13,769,010 | 11,743,973 |
Total current liabilities | 43,776,794 | 31,177,806 | |
Total liabilities | 89,364,504 | 70,910,863 | |
Delphax [Member] | Reportable Legal Entities [Member] | |||
Cash and cash equivalents | 314,481 | 241,430 | |
Accounts receivable, net | 40,844 | 316,542 | |
Other current assets | 58,754 | 72,269 | |
Total current assets | 414,079 | 630,241 | |
Other tax receivables-long-term | 311,000 | 311,000 | |
Total assets | 725,079 | 941,241 | |
Accounts payable | 2,146,938 | 2,145,847 | |
Income tax payable | 11,312 | 11,312 | |
Accrued expenses | 3,234,808 | 3,244,514 | |
Short-term Debt, Total | 1,772,660 | 1,788,285 | |
Total current liabilities | 7,165,718 | 7,189,958 | |
Total liabilities | 7,165,718 | 7,189,958 | |
Net Assets | $ (6,440,639) | $ (6,248,717) | |
[1] | Amounts related to Delphax as of September 30, 2018 and March 31, 2018, respectively. |
Note 13 - Variable Interest E_5
Note 13 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 49,340,777 | $ 48,861,490 | $ 110,208,246 | $ 96,558,863 |
General and administrative | 9,070,053 | 7,276,486 | 17,654,856 | 13,861,154 |
Research and development | 195,653 | |||
Depreciation, amortization and impairment | 1,826,905 | 529,538 | 3,322,306 | 928,365 |
50,960,778 | 48,385,832 | 109,224,545 | 93,870,637 | |
Operating Income (Loss) | (1,620,001) | 475,658 | 983,701 | 2,688,226 |
Non-operating Expenses, net | (199,989) | 283,809 | 865,420 | (324,879) |
Income (Loss) Before Income Taxes | (1,819,990) | 759,467 | 1,849,121 | 2,363,347 |
Income Tax Expense (Benefit), Total | (393,000) | 281,000 | (6,000) | 655,000 |
Net Income (Loss) | $ (1,426,990) | $ 478,467 | 1,855,121 | 1,708,347 |
Delphax [Member] | ||||
Revenues | 4,434,303 | |||
Cost of sales | 2,583,807 | |||
General and administrative | 222,244 | 1,001,896 | ||
Research and development | 195,653 | |||
Depreciation, amortization and impairment | 8,007 | |||
222,244 | 3,789,363 | |||
Operating Income (Loss) | (222,244) | 644,940 | ||
Non-operating Expenses, net | (45,782) | (188,000) | ||
Income (Loss) Before Income Taxes | (268,026) | 456,940 | ||
Income Tax Expense (Benefit), Total | ||||
Net Income (Loss) | $ (268,026) | $ 456,940 |
Note 14 - Share Repurchase (Det
Note 14 - Share Repurchase (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | May 14, 2014 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 750,000 | ||
Stock Repurchased and Retired During Period, Shares | 675 | ||
Stock Repurchased and Retired During Period, Value | $ 23,000 | $ (22,759) |
Note 15 - Geographical Inform_3
Note 15 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Non-current Assets | $ 37,071,213 | $ 20,273,171 |
UNITED STATES | ||
Non-current Assets | 5,224,050 | 5,209,831 |
AUSTRALIA | ||
Non-current Assets | 5,246 | |
Non-US [Member] | ||
Non-current Assets | 31,847,163 | 15,063,340 |
UNITED KINGDOM | ||
Non-current Assets | 5,142 | |
CANADA | ||
Non-current Assets | 17,993 | |
MEXICO | ||
Non-current Assets | 3,516,541 | 4,352,257 |
ROMANIA | ||
Non-current Assets | 3,293,210 | 3,626,136 |
NETHERLANDS | ||
Non-current Assets | 6,202,377 | 7,084,947 |
CHINA | ||
Non-current Assets | $ 18,806,654 |
Note 15 - Geographical Inform_4
Note 15 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 49,340,777 | $ 48,861,490 | $ 110,208,246 | $ 96,558,863 |
UNITED STATES | ||||
Revenues | 96,788,427 | 85,319,178 | ||
Non-US [Member] | ||||
Revenues | $ 13,419,819 | $ 11,239,685 |
Note 16 - Segment Information_2
Note 16 - Segment Information (Details Textual) | 6 Months Ended |
Sep. 30, 2018 | |
Number of Operating Segments | 6 |
Note 16 - Segment Information -
Note 16 - Segment Information - Segment Data (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 49,340,777 | $ 48,861,490 | $ 110,208,246 | $ 96,558,863 |
Operating Income (Loss) | (1,620,001) | 475,658 | 983,701 | 2,688,226 |
Capital Expenditures | 19,513,634 | 7,769,220 | 19,973,209 | 8,259,215 |
Depreciation and Amortization | 1,826,905 | 529,538 | 3,322,306 | 928,365 |
Corporate, Non-Segment [Member] | ||||
Revenues | 189,297 | 325,349 | 364,689 | 651,628 |
Operating Income (Loss) | (1,934,819) | (1,381,192) | (3,665,694) | (2,244,210) |
Capital Expenditures | 34,010 | 542,202 | 111,240 | 1,001,855 |
Depreciation and Amortization | 150,416 | 114,956 | 295,711 | 189,115 |
Intersegment Eliminations [Member] | ||||
Revenues | (15,412) | (292,208) | (17,746) | (583,740) |
Operating Income (Loss) | 198 | 49,783 | 198 | 51,109 |
Depreciation and Amortization | (1,324) | (1,324) | (2,649) | (2,650) |
Overnight Air Cargo [Member] | ||||
Revenues | 17,064,600 | 18,081,073 | 34,705,258 | 34,823,248 |
Overnight Air Cargo [Member] | Operating Segments [Member] | ||||
Revenues | 17,064,600 | 18,081,073 | 34,705,258 | 34,823,248 |
Operating Income (Loss) | 197,870 | 896,506 | 1,254,562 | 1,713,172 |
Capital Expenditures | 28,460 | 20,346 | 34,456 | 20,346 |
Depreciation and Amortization | 21,178 | 30,128 | 43,941 | 61,144 |
Ground Equipment Sales [Member] | ||||
Revenues | 12,838,796 | 15,516,109 | 19,223,577 | 21,465,765 |
Ground Equipment Sales [Member] | Operating Segments [Member] | ||||
Revenues | 12,845,520 | 15,516,109 | 19,232,634 | 21,465,765 |
Operating Income (Loss) | 697,557 | 1,165,430 | 1,091,057 | 1,331,224 |
Capital Expenditures | 156,230 | 2,258 | 296,320 | 2,258 |
Depreciation and Amortization | 65,384 | 117,499 | 156,733 | 250,379 |
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Revenues | 11,069,537 | 15,046,892 | 16,361,554 | 20,323,258 |
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member] | ||||
Revenues | 1,775,983 | 469,217 | 2,871,080 | 1,142,507 |
Ground Support Services [Member] | ||||
Revenues | 8,474,037 | 8,801,326 | 17,521,677 | 17,914,399 |
Ground Support Services [Member] | Operating Segments [Member] | ||||
Revenues | 8,474,037 | 8,801,326 | 17,521,677 | 17,914,399 |
Operating Income (Loss) | (742,482) | 276,113 | (830,206) | 632,937 |
Capital Expenditures | 8,062 | 117,919 | 60,500 | 143,284 |
Depreciation and Amortization | 119,816 | 113,625 | 244,871 | 225,256 |
Printing Equipment and Maintenance [Member] | ||||
Revenues | 139,945 | 1,302,922 | 438,768 | 4,434,303 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | ||||
Revenues | 139,945 | 1,302,922 | 438,768 | 4,434,303 |
Operating Income (Loss) | (413,298) | (482,222) | (654,368) | 441,814 |
Capital Expenditures | 8,491 | 8,491 | ||
Depreciation and Amortization | 15,307 | 3,316 | 29,638 | 8,007 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Revenues | 2,824 | 280,328 | 193,726 | 1,724,310 |
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member] | ||||
Revenues | 137,121 | 1,022,594 | 245,042 | 2,709,993 |
Commercial Jet Engines [Member] | Operating Segments [Member] | ||||
Revenues | 10,642,791 | 5,126,919 | 37,962,966 | 17,853,260 |
Operating Income (Loss) | 574,974 | (48,760) | 3,788,153 | 762,180 |
Capital Expenditures | 19,286,871 | 7,078,004 | 19,470,692 | 7,082,981 |
Depreciation and Amortization | 1,456,129 | 151,338 | 2,554,062 | 197,114 |
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member] | ||||
Revenues | 5,341,234 | 2,275,190 | 27,659,269 | 10,466,075 |
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member] | ||||
Revenues | $ 5,301,557 | $ 2,851,729 | $ 10,303,697 | $ 7,387,185 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) - Contrail Aviation Inc. [Member] - USD ($) | Sep. 30, 2018 | Jul. 18, 2016 |
Business Combination, Contingent Consideration, Liability, Total | $ 1,972,000 | |
Accrued Expense [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 1,516,000 | |
Other Noncurrent Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 456,000 | |
Contrail Aviation Support LLC. [Member] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year | $ 1,500,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,000,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability | $ 2,900,000 | |
Business Combination, Contingent Consideration Arrangement, Earnout Payment | $ 1,000,000 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) - USD ($) | Oct. 02, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Nov. 12, 2018 |
Stock Repurchased and Retired During Period, Shares | 675 | ||||||
Stock Repurchased and Retired During Period, Value | $ 23,000 | $ (22,759) | |||||
Other than Temporary Impairment Losses, Investments, Total | $ 771,173 | ||||||
Revolving Credit Facility [Member] | MBT [Member] | Credit Agreement Amendment [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | |||||
Scenario, Forecast [Member] | Investment in Oxbridge RE NS [Member] | |||||||
Other than Temporary Impairment Losses, Investments, Total | $ 1,100,000 | ||||||
Subsequent Event [Member] | |||||||
Stock Repurchased and Retired During Period, Shares | 15,000 | ||||||
Stock Repurchased and Retired During Period, Value | $ 503,000 | ||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | MBT [Member] | Credit Agreement Amendment [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,000,000 |