Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | May 31, 2019 | Sep. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | AIR T INC | ||
Entity Central Index Key | 0000353184 | ||
Trading Symbol | airt | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,022,637 | ||
Entity Public Float | $ 34,166 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues: | ||
Operating Revenues | $ 249,834,478 | $ 194,519,345 |
Operating Expenses: | ||
Overnight air cargo | 65,099,491 | 63,049,619 |
Ground equipment sales | 38,911,228 | 41,567,109 |
Ground support services | 30,376,988 | 30,135,613 |
Commercial jet engines and parts | 60,948,561 | 20,502,205 |
Printing equipment and maintenance | 350,116 | 2,975,999 |
Research and development | 195,653 | |
General and administrative | 38,376,113 | 29,138,534 |
Depreciation and amortization | 7,686,070 | 2,428,732 |
Impairment on property and equipment | 34,504 | 250,126 |
(Gain) loss on sale of property and equipment | (13,298) | 30,232 |
241,769,773 | 190,273,822 | |
Operating Income | 8,064,705 | 4,245,523 |
Non-operating Income (Expense): | ||
Gain on sale of marketable securities | 81,388 | 93,066 |
Foreign currency loss, net | (113,528) | (228,714) |
Other-than-temporary impairment loss on investments | (2,000,000) | (1,559,972) |
Other investment income (loss), net | (373,060) | 121,860 |
Interest expense, net | (3,427,102) | (1,724,771) |
Gain on asset retirement obligation | 562,500 | |
Bargain purchase acquisition gain | 1,983,777 | 501,880 |
Unrealized gain (loss) on interest rate swap | 145,222 | (66,706) |
Unrealized gain on transition to equity method | 721,585 | |
Income (loss) from equity method investments | 340,714 | (14,644) |
(3,362,589) | (1,593,916) | |
Income Before Income Taxes | 4,702,116 | 2,651,607 |
Income Taxes | 1,502,184 | 195,000 |
Net Income | 3,199,932 | 2,456,607 |
Net (Income) Loss Attributable to Non-controlling Interests | (1,859,937) | (179,498) |
Net Income Attributable to Air T, Inc. Stockholders | $ 1,339,995 | $ 2,277,109 |
Earnings Per Share: | ||
Basic (in dollars per share) | $ 0.66 | $ 1.11 |
Diluted (in dollars per share) | $ 0.66 | $ 1.11 |
Weighted Average Shares Outstanding: | ||
Basic (in shares) | 2,034,749 | 2,042,806 |
Diluted (in shares) | 2,039,892 | 2,047,685 |
Overnight Air Cargo [Member] | ||
Operating Revenues: | ||
Operating Revenues | $ 72,978,361 | $ 72,845,353 |
Ground Equipment Sales [Member] | ||
Operating Revenues: | ||
Operating Revenues | 47,152,125 | 50,004,507 |
Ground Support Services [Member] | ||
Operating Revenues: | ||
Operating Revenues | 34,331,784 | 35,698,171 |
Commercial Jet Engines Inventory [Member] | ||
Operating Revenues: | ||
Operating Revenues | 93,968,014 | 29,506,873 |
Printing Equipment and Maintenance [Member] | ||
Operating Revenues: | ||
Operating Revenues | 654,617 | 6,144,403 |
Corporate and Other [Member] | ||
Operating Revenues: | ||
Operating Revenues | $ 749,577 | $ 320,038 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 3,199,932 | $ 2,456,607 |
Other Comprehensive Income: | ||
Foreign currency translation gain | 225,414 | 229,615 |
Unrealized loss on interest rate swaps, net of tax of $70,043 and $0 | (235,686) | |
Unrealized net loss on marketable securities, net of tax of $0 and ($324,590) | (1,463,942) | |
Reclassification of other-than-temporary impairment loss on investments, net of gains on sale of marketable securities, included in income, net of tax of $0 and $277,622 | 1,189,284 | |
Total Other Comprehensive Loss | (10,272) | (45,043) |
Total Comprehensive Income | 3,189,660 | 2,411,564 |
Comprehensive Income Attributable to Non-controlling Interests | (1,900,192) | (183,309) |
Comprehensive Income Attributable to Air T, Inc. Stockholders | $ 1,289,468 | $ 2,228,255 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unrealized loss on interest rate swaps, tax | $ 70,043 | $ 0 |
Unrealized net loss on marketable securities, tax | 0 | (324,590) |
Reclassification of other-than-temporary impairment loss on investments, tax | $ 0 | $ 277,622 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 12,524,321 | $ 4,803,238 |
Marketable securities | 1,760,052 | 290,449 |
Restricted cash | 123,409 | 269,659 |
Restricted investments | 830,925 | 1,235,405 |
Accounts receivable | 19,077,248 | 15,157,855 |
Costs and estimated earnings in excess of billings on uncompleted projects | 2,012,121 | |
Notes and other receivables-current | 5,026,549 | 658,630 |
Income tax receivable | 158,446 | 1,557,180 |
Inventories, net | 29,967,037 | 34,231,005 |
Prepaid expenses and other | 1,880,126 | 1,455,566 |
Total Current Assets | 71,348,113 | 61,671,108 |
Assets on lease, net of accumulated depreciation of $6,688,630 and $1,625,237 | 25,164,497 | 15,664,606 |
Property and equipment, net of accumulated depreciation of $5,665,498 and $4,722,016 | 4,817,912 | 4,608,565 |
Cash surrender value of life insurance policies, net of policy loans | 122,062 | 2,356,507 |
Other tax receivables-long-term (Delphax $311,000 and $311,000)* | 311,000 | 311,000 |
Deferred income taxes | 547,987 | |
Investments in funds | 463,892 | 324,854 |
Investments in securities | 621,610 | 1,026,920 |
Equity method investments | 5,610,874 | 5,032,268 |
Other assets | 491,328 | 420,981 |
Intangible assets, net of accumulated amortization of $2,156,192 and $1,788,598 | 1,225,257 | 1,312,472 |
Goodwill | 4,417,605 | 4,417,605 |
Total Assets | 115,142,137 | 97,146,886 |
Current Liabilities: | ||
Accounts payable (Delphax $2,134,053 and $2,145,847)* | 12,552,724 | 10,181,143 |
Income tax payable | 661,690 | 23,000 |
Accrued payroll and related items | 8,910,245 | 7,632,957 |
Customer deposits | 1,520,000 | 590,000 |
Other accrued expenses | 4,414,127 | 3,521,016 |
Current portion of long-term debt | 24,735,224 | 9,229,690 |
Total Current Liabilities | 52,794,010 | 31,177,806 |
Long-term debt | 32,917,765 | 38,855,260 |
Deferred tax liabilities | 92,000 | |
Other non-current liabilities | 596,598 | 785,797 |
Total Liabilities | 86,308,373 | 70,910,863 |
Redeemable non-controlling interest | 5,476,000 | 1,992,939 |
Commitments and contingencies (Note 25) | ||
Equity: | ||
Preferred stock, $1.00 par value, 50,000 shares authorized | ||
Common stock, $.25 par value; 4,000,000 shares authorized, 2,022,637 and 2,043,607 shares issued and outstanding | 505,657 | 510,901 |
Additional paid-in capital | 2,866,695 | 4,171,869 |
Retained earnings | 21,191,126 | 20,695,981 |
Accumulated other comprehensive loss | (205,086) | (260,900) |
Total Air T, Inc. Stockholders' Equity | 24,358,392 | 25,117,851 |
Non-controlling Interests | (1,000,628) | (874,767) |
Total Equity | 23,357,764 | 24,243,084 |
Total Liabilities and Equity | $ 115,142,137 | $ 97,146,886 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and cash equivalents | $ 12,524,321 | $ 4,803,238 |
Accounts receivable | 754,108 | 801,000 |
Accounts receivable | 19,077,248 | 15,157,855 |
Prepaid expenses and other | 1,880,126 | 1,455,566 |
Asset on lease, accumulated depreciation | 6,688,630 | 1,625,237 |
Property and equipment, accumulated depreciation | 5,665,498 | 4,722,016 |
Other tax receivables - long term | 311,000 | 311,000 |
Intangible assets, accumulated amortization | 2,156,192 | 1,788,598 |
Accounts payable | 12,552,724 | 10,181,143 |
Income tax payable | 661,690 | 23,000 |
Accrued payroll and related items | 8,910,245 | 7,632,957 |
Customer deposits | 1,520,000 | 590,000 |
Other accrued expenses | 4,414,127 | 3,521,016 |
Current portion of long-term debt | 24,735,224 | 9,229,690 |
Long-term debt | $ 32,917,765 | $ 38,855,260 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares issued (in shares) | 2,022,637 | 2,043,607 |
Common stock, shares outstanding (in shares) | 2,022,637 | 2,043,607 |
Delphax [Member] | ||
Cash and cash equivalents | $ 12,315 | $ 241,430 |
Accounts receivable | 294,296 | 317,000 |
Prepaid expenses and other | 58,164 | 72,269 |
Other tax receivables - long term | 311,000 | 311,000 |
Accounts payable | 2,134,053 | 2,145,847 |
Income tax payable | 0 | 11,312 |
Accrued payroll and related items | 3,146,395 | 3,244,514 |
Customer deposits | 0 | 0 |
Other accrued expenses | 11,312 | 0 |
Current portion of long-term debt | 0 | 1,788,285 |
Long-term debt | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,199,932 | $ 2,456,607 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Gain on sale of marketable securities | (81,388) | (93,066) |
(Gain) loss on sale of property and equipment | (13,298) | 30,232 |
Profit from sale of assets on lease | (946,185) | |
Change in inventory reserves | (361,477) | (1,851,036) |
Change in accounts receivable reserves | (47,321) | (177,394) |
Depreciation and amortization | 7,686,070 | 2,428,731 |
Amortization of debt issuance cost | 224,169 | 90,028 |
Impairment on property and equipment | 34,504 | 250,126 |
Change in cash surrender value of life insurance | (93,254) | (105,057) |
Deferred Income Tax Expense (Benefit), Total | (1,158,945) | (10,566) |
Gain on asset retirement obligation | (562,500) | |
Gain on bargain purchase, net of tax | (1,983,777) | (501,880) |
Change in warranty reserve | 335,632 | 122,686 |
Other-than-temporary impairment loss on investments | 2,000,000 | 1,559,972 |
Unrealized (gain) loss on interest rate swap | (145,222) | 66,706 |
Unrealized gain on transition to equity method | (721,585) | |
Unrealized loss on marketable securities | 506,620 | |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,960,509) | 4,744,262 |
Costs and estimated earnings in excess of billings on uncompleted projects | 2,012,121 | (2,012,121) |
Notes receivable and other non-trade receivables | (4,367,919) | 1,640,461 |
Inventories | 9,530,655 | (6,757,766) |
Prepaid expenses and other assets | (474,400) | 331,466 |
Accounts payable | 1,087,414 | (1,689,030) |
Accrued expenses | 4,265,221 | 1,664,200 |
Income taxes payable/ receivable | 2,037,422 | (1,442,493) |
Non-current liabilities | (349,707) | 261,180 |
Total adjustments | 17,736,428 | (2,734,444) |
Net cash provided by (used in) operating activities | 20,936,360 | (277,837) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (2,013,921) | (2,519,045) |
Proceeds from sale of marketable securities | 889,838 | 720,452 |
Acquisition of businesses, net of cash acquired | (3,375,700) | (2,400,000) |
Cash used for equity method investments | (263,492) | (2,301,026) |
Investment in funds | (100,000) | (324,854) |
Investment in reinsurance entity | (2,000,000) | |
Capital expenditures related to property and equipment | (1,319,718) | (2,119,138) |
Capital expenditures related to assets on lease | (19,149,515) | (18,096,456) |
Proceeds from sale of property and equipment | 135,537 | 3,859 |
Proceeds from sale of assets on lease | 4,193,155 | |
Net cash used in investing activities | (23,003,816) | (27,036,208) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from lines of credit | 107,511,804 | 115,533,307 |
Payments on lines of credit | (109,934,653) | (119,176,727) |
Proceeds from term loans | 27,725,000 | 38,441,000 |
Payments on term loans | (15,730,639) | (4,816,825) |
Debt issuance costs | (227,642) | (404,845) |
Proceeds from loan against cash surrender value of life insurance policies | 2,327,700 | |
Earnout payments | (1,533,041) | (1,100,000) |
Distribution to non-controlling member | (75,507) | |
Contribution from non-controlling member | 210,000 | 252,000 |
Payments for repurchase of stock | (744,173) | |
Proceeds from exercise of stock options | 17,762 | 8,638 |
Net cash provided by financing activities | 9,546,611 | 28,736,548 |
Effect of foreign currency exchange rates on cash and cash equivalents | 95,678 | (3,340) |
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 7,574,833 | 1,419,163 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | 5,072,897 | 3,653,734 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | 12,647,730 | 5,072,897 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | ||
Finished goods inventory transferred to equipment leased to customers | 251,643 | |
Equipment leased to customers transferred to inventory | 2,057,417 | |
Non-cash capital expenditures related to property & equipment | 57,586 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 2,880,149 | 1,065,785 |
Income taxes | $ 527,274 | $ 1,659,064 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Mar. 31, 2017 | 2,042,789 | ||||||
Balance at Mar. 31, 2017 | $ 510,696 | $ 4,205,536 | $ 18,461,347 | $ (212,047) | $ (803,138) | $ 22,162,394 | |
Net income* | [1] | 2,277,109 | (75,440) | 2,201,669 | |||
Loss on marketable securities, net of tax | (317,132) | (317,132) | |||||
Foreign currency translation gain | 225,804 | 3,811 | 229,615 | ||||
Redeemable non-controlling interest | (42,100) | (42,100) | |||||
Reclassification due to the Tax Cuts and Jobs Act | (42,475) | 42,475 | |||||
Exercise of stock options (in shares) | 818 | 818 | |||||
Exercise of stock options | $ 205 | 8,433 | $ 8,638 | ||||
Unrealized gain (loss) on interest rate swaps, net of tax | |||||||
Balance (in shares) at Mar. 31, 2018 | 2,043,607 | ||||||
Balance at Mar. 31, 2018 | $ 510,901 | 4,171,869 | 20,695,981 | (260,900) | (874,767) | 24,243,084 | |
Net income* | [1] | 1,339,995 | (166,116) | 1,173,879 | |||
Foreign currency translation gain | 185,159 | 40,255 | 225,414 | ||||
Redeemable non-controlling interest | (1,322,516) | $ (1,322,516) | |||||
Exercise of stock options (in shares) | 1,682 | 1,682 | |||||
Exercise of stock options | $ 421 | 17,342 | $ 17,763 | ||||
Adoption of ASU 2016-01 | (106,341) | 106,341 | |||||
Repurchase of common stock (in shares) | (22,652) | ||||||
Repurchase of common stock | $ (5,665) | (738,509) | (744,174) | ||||
Unrealized gain (loss) on interest rate swaps, net of tax | (235,686) | (235,686) | |||||
Balance (in shares) at Mar. 31, 2019 | 2,022,637 | ||||||
Balance at Mar. 31, 2019 | $ 505,657 | $ 2,866,695 | $ 21,191,126 | $ (205,086) | $ (1,000,628) | $ 23,357,764 | |
[1] | Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation. |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three 3 Accounting Estimates Cash and Cash Equivalents three Foreign E xchange Variable Interest Entities Business Combinations 805, Business Combinations 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not Goodwill The Company is permitted to first not 50 not not not first second first second second Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10 Inventories may not one Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may Revenue Recognition one not We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 606 10, Principal Agent Considerations. The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass-through costs totaled $23,578,000 $23,380,000 March 31, 2019 2018, Warranty Reserves three 90 Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50% Segment s six 24 Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income. Accounting for Redeemable Non-Controlling Interest 25 fifth third not March 31, 2019 2018 not no second two not Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers , 606 606 606 December 15, 2017. 606 Effective April 1, 2018, April 1, 2018 606 not 606 not April 1, 2018 606 not In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities February 2018, 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. 2016 01 April 1, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. no March 31, 2019. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 3 March 31, 2019. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 01 April 1, 2018. not In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 Recently Issued Accounting Pronouncements In February 2016, ASU 2016 02, 842 twelve not The standard is effective for fiscal years beginning after December 15, 2018, 842 two 1 2 no may The Company adopted the standard in the fiscal year beginning April 1, 2019 not third $10.7 $11.2 Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not not not not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. not In August 2018, Fair Value Measurement (Topic 820 December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not In October 2018, Consolidation (Topic 810 810 10, December 15, 2019, not |
Note 2 - Net Earnings Per Commo
Note 2 - Net Earnings Per Common Share | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. EARNINGS PER COMMON SHARE Basic earnings per share has been calculated by dividing net income attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of earnings per common share is as follows: Year Ended March 31, 2019 2018 Net earnings attributable to Air T, Inc. Stockholders $ 1,339,995 $ 2,277,109 Earnings Per Share: Basic $ 0.66 $ 1.11 Diluted $ 0.66 $ 1.11 Weighted Average Shares Outstanding: Basic 2,034,749 2,042,806 Diluted 2,039,892 2,047,685 |
Note 3 - Restricted Cash
Note 3 - Restricted Cash | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: March 31, 2019 March 31, 2018 Cash and cash equivalents $ 12,524,321 $ 4,803,238 Restricted cash 123,409 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,647,730 $ 5,072,897 |
Note 4 - Cash Surrender Value o
Note 4 - Cash Surrender Value of Life Insurance | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Life Insurance, Corporate or Bank Owned [Text Block] | 4. CASH SURRENDER VALUE OF LIFE INSURANCE The Company is the beneficiary of corporate-owned life insurance policies on certain former employees with a net cash surrender value of approximately $122,000 $2,357,000 March 31, 2019 March 31, 2018, In fiscal 2019, $2,300,000, March 31, 2019. |
Note 5 - Investments in Securit
Note 5 - Investments in Securities | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. INVESTMENTS IN SECURITIES The Company adopted ASU 2016 01 April 1, 2018. During the year ended March 31, 2019, $71,000 $617,000, All investments in marketable securities are priced using publicly quoted market prices and are considered Level 1 In June 2018, $2,000,000 three second 2018, $2,000,000 March 31, 2019. |
Note 6 - Equity Method Investme
Note 6 - Equity Method Investments | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. EQUITY METHOD INVESTMENTS On January 16, 2018, 1,133,000 $1.25 $1,416,000, 1,900,000 26% January 16, 2018, $385,000. not three March 31, 2018. March 31, 2018, 3.4 28% $4,599,000. No March 31, 2018. $722,000 January 16, 2018. At March 31, 2019, 3.5 30% $5,162,000. March 31, 2019, $391,000 $92,000. twelve December 31, 2018 December 31, 2017 Twelve Months Ended Twelve Months Ended December 31, 2018 December 31, 2017 Revenue $ 33,236,000 $ 26,430,000 Gross Profit 12,561,000 8,401,000 Operating income (loss) 1,832,000 (908,000 ) Net income (loss) 1,399,000 (639,000 ) Net income attributable to Air T, Inc. stockholders $ 391,000 $ - |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. INVENTORIES Inventories consisted of the following: Year Ended March 31, 2019 2018 Ground support service parts $ 2,553,949 $ 2,518,942 Ground equipment manufacturing: Raw materials 2,497,876 3,314,676 Work in process 1,659,516 20,089 Finished goods 972,542 1,768,897 Printing equipment and maintenance: Raw materials 401,103 1,161,410 Finished goods 1,047,893 553,847 Commercial jet engines and parts 21,031,558 25,452,022 Total inventories 30,164,437 34,789,883 Reserves (197,400 ) (558,878 ) Total, net of reserves $ 29,967,037 $ 34,231,005 |
Note 8 - Property and Equipment
Note 8 - Property and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: Year Ended March 31, 2019 2018 Furniture, fixtures and improvements $ 8,849,418 $ 7,696,590 Building 1,633,992 1,633,992 10,483,410 9,330,582 Less accumulated depreciation (5,665,498 ) (4,722,016 ) Property and equipment, net $ 4,817,912 $ 4,608,565 |
Note 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. INTANGIBLE ASSETS AND GOODWILL Amortizable intangible assets consisted of the following: March 31, 2019 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 580,000 (319,913 ) $ 260,087 Customer relationships 751,000 (194,270 ) 556,730 Non-compete 69,700 (37,638 ) 32,062 Certification 47,000 (25,380 ) 21,620 License 250,000 (59,967 ) 190,033 Patents 1,090,000 (1,090,000 ) - Software 571,507 (428,309 ) 143,198 Other 22,242 (715 ) 21,527 Intangible assets 3,381,449 (2,156,192 ) 1,225,257 March 31, 2018 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 442,000 (229,480 ) $ 212,520 Customer relationships 751,000 (119,170 ) 631,830 Non-compete 69,700 (23,698 ) 46,002 Certification 47,000 (15,980 ) 31,020 License 250,000 (18,058 ) 231,942 Patents 1,090,000 (1,090,000 ) - Software 429,128 (291,405 ) 137,723 Other 22,242 (808 ) 21,435 Intangible assets 3,101,070 (1,788,598 ) 1,312,472 Amortization expense was approximately $368,000 $323,000 2019 2018, Annual future amortization expense for these intangible assets for the five Year ending March 31, 2020 $ 300,539 2021 280,126 2022 205,016 2023 156,470 2024 83,970 Thereafter 199,136 $ 1,225,257 Goodwill consisted of the following: Year Ended March 31, 2019 2018 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605 Certain business acquisitions have resulted in the recording of goodwill, which is not March 31, 2019 2018, $4.4 $4.2 may not not March 31, 2019 2018, no |
Note 10 - Business Combinations
Note 10 - Business Combinations | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 10. BUSINESS COMBINATIONS Acquisition of AirCo Assets On May 2, 2017 June 1, 2017, 145 $2,400,000. The following table summarizes the fair values of assets acquired and liabilities assumed by AirCo as of May 2, 2017, May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 The Company’s purchase price accounting reflects the estimated net fair value of the AirCo Sellers assets acquired and liabilities assumed as of the AirCo Closing Date. The transaction resulted in a bargain purchase because AirCo was a non-marketed transaction and in financial distress at the time of the acquisition. The inventory was not $278,000. $502,000. Pro forma financial information is not not Acquisition of Worthington Aviation Parts, Inc. On May 4, 2018, April 6, 2018, Worthington is primarily engaged in the business of operating, distributing and selling airplane and aviation parts along with repair services. The Company agreed to acquire the assets and liabilities in exchange for payment to Worthington of $50,000 $3,300,000 Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,301 ) Total consideration $ 3,325,699 The Transaction was accounted for as a business combination in accordance with ASC Topic 805 May 4, 2018, May 4, 2018: May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Other assets 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net assets acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777 The transaction resulted in a bargain purchase gain because Worthington was a non-marketed transaction and in financial distress at the time of the acquisition. The seller engaged in a formal bidding process and determined Air T was the best option for Worthington. The tax impact related to the bargain purchase gain was to record a deferred tax liability and record tax expense against the bargain purchase gain of approximately $589,000. $1,984,000. $83,000. The following table sets forth the revenue and expenses of Worthington, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2019: Income Statement Post-Acquisition Revenue $ 15,563,192 Cost of Sales 10,919,841 Operating Expenses 4,364,349 Operating Income 279,002 Non-operating Income 1,808,211 Net Income $ 2,087,213 Pro Forma Financial Information The following unaudited pro forma consolidated results of operations for the fiscal years ended March 31, 2019 2018 April 1, 2017: Pro-Forma Pro-Forma Year ended Year ended March 31, 2019 March 31, 2018 Revenue $ 251,278,349 $ 209,706,935 Earnings before taxes 7,881,644 3,594,265 Net income (loss) attributable to Air T, Inc. stockholders (766,674 ) 3,734,452 Basic income (loss) per share (0.38 ) 1.83 Dilutive income (loss) per share $ (0.38 ) $ 1.82 The unaudited pro forma consolidated results were prepared using the acquisition method of accounting and are based on the historical financial information of Worthington and the Company. The historical financial information has been adjusted to give effect to pro forma adjustments that are: (i) directly attributable to the acquisition, (ii) factually supportable and (iii) expected to have a continuing impact on the combined results. The pro forma for the year ended March 31, 2019 March 31, 2018. not April 1, 2017. Other Acquisitions On December 15, 2017, $1.00, $50,000 $125,000 In connection with the Blue Clay Capital acquisition, a Partnership Interest Conversion and General Partner Admittance Agreement (“Conversion Agreement”) was entered into effective December 31, 2017 one 1% December 31, 2017 $100,000 $10,000 January 1, 2018 $227,000 Additionally, effective December 31, 2017, Pro forma financial information is not not |
Note 11 - Variable Interest Ent
Note 11 - Variable Interest Entities | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | 11. VARIABLE INTEREST ENTITIES A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 Consolidation ● the power to direct the activities that most significantly impact the economic performance of the VIE; and ● the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Delphax warrant, each constituted a variable interest. In addition, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. The following table sets forth the carrying values of Delphax’s assets and liabilities as of March 31, 2019 2018: March 31, 2019 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 12,315 $ 241,430 Accounts receivable, net 46,844 316,542 Other current assets 58,441 72,269 Total current assets 117,600 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 428,600 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,151,235 $ 2,145,847 Income tax payable - 11,312 Accrued expenses 3,157,707 3,244,514 Short-term debt 1,749,779 1,788,285 Total current liabilities 7,058,721 7,189,958 Total liabilities $ 7,058,721 $ 7,189,958 Net assets $ (6,630,121 ) $ (6,248,717 ) The short-term debt is comprised of amounts due from Delphax to Air T, Inc. Those amounts have been eliminated in consolidation. As of March 31, 2019, $550,000 $900,000 March 31, 2018) no $1,200,000 $888,000 March 31, 2019 March 31, 2018. August 10, 2017, The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax’s creditors do not Upon petition by the Company, on August 8, 2017 March 31, 2019, The intercompany balances under the Delphax Senior Subordinated Note as of March 31, 2019 Delphax’s revenues and expenses are included in our consolidated financial statements herein. Revenues and expenses prior to the date of initial consolidation were excluded. We have determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. The Delphax warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% 33% first 67%/33% 67%/33% As a result of the application of the above-described attribution methodology, for the fiscal years ended March 31, 2019 March 31, 2018 33% 33%, The following table sets forth the revenue and expenses of Delphax that are included in the Company’s consolidated statements of income and comprehensive income for the years ended March 31, 2019 2018: March 31, 2019 March 31, 2018 Operating revenues $ - $ 5,835,266 Operating expenses: Cost of sales - 3,261,156 General and administrative 285,180 1,399,034 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 285,180 4,863,850 Operating (loss) income (285,180 ) 971,416 Non-operating expense, net (218,203 ) (742,120 ) (Loss) Income before income taxes (503,383 ) 229,296 Income tax benefit - 311,000 Net (loss) income $ (503,383 ) $ 540,296 Non-operating expense, net, includes intercompany interest expense of approximately $311,000 March 31, 2019 $670,000 March 31, 2018. March 31, 2019 2018, Unconsolidated Variable Interest Entities and Other Entities BCCM Advisors holds equity interests in certain investment funds as of March 31, 2019 March 31, 2018. not not not not March 31, 2019 $464,000. |
Note 12 - Financing Arrangement
Note 12 - Financing Arrangements | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. FINANCING ARRANGEMENTS On March 29, 2019, March 28, 2019 ( 1 $17,000,000; 2 4.00% 1.00%; 3 three May 11, 2018 March 28, 2019, December 21, 2017, Borrowings of the Company and its subsidiaries are summarized below at March 31, 2019 March 31, 2018, March 31, 2019 March 31, 2018 Maturity Date Interest Rate Priority Unused commitments Revolver $ 12,403,213 $ - November 30, 2019 Prime - 1% Secured $ 4,596,787 Term Note A 8,750,000 9,750,000 January 1, 2028 1-month LIBOR + 2% Secured Term Note B 4,375,000 4,875,000 January 1, 2028 4.50% Secured Term Note D 1,607,200 1,674,400 January 1, 2028 1-month LIBOR + 2% Secured Air T Debt - MBT 27,135,413 16,299,400 Revolver 3,820,000 5,000,000 May 21, 2019 7.50% Secured 1,180,000 Term Loan - 2,404,775 March 26, 2019 7.25% Secured Term Loan 450,000 - December 17, 2019 7.50% Secured Term Loan 400,000 - June 17, 2020 7.25% Secured Term Loan 2,100,000 - June 17, 2020 8.50% AirCo Debt - MBT 6,770,000 7,404,775 Revolver - 14,826,062 May 5, 2019 1-month LIBOR + 3% Secured 20,000,000 Term Loan 8,616,336 9,920,000 January 26, 2021 1-month LIBOR + 3.75% Secured Term Loan 15,500,000 - September 14, 2021 1-month LIBOR + 3.75% Secured Contrail Debt - Old National 24,116,336 24,746,062 Total Debt 58,021,749 48,450,238 Less: Unamortized Debt Issuance Costs (368,760 ) (365,288 ) Total Debt, net $ 57,652,989 $ 48,084,950 The Air T revolving credit facility, as well as Term Note A, Term Note B and Term Note D are guaranteed by certain subsidiaries of the Company, secured by a first The Contrail revolving credit facility contains affirmative and negative covenants, including covenants that restricted the ability of Contrail Aviation and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The weighted average interest rate on short term borrowings outstanding as of March 31, 2019 March 31, 2018 5.27% 7.25%, At March 31, 2019, Fiscal year ended Amount 2020 $ 24,735,224 2021 18,188,725 2022 5,067,200 2023 1,567,200 2024 1,567,200 Thereafter 6,896,200 58,021,749 Less: Unamortized Debt Issuance Costs (368,760 ) $ 57,652,989 The Company assumes various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements such as debt and lease agreements. Fair Value of Debt s March 31, 2019 2018, 2 1 Interest Expense, net March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Contractual interest 3,290,788 1,695,898 Amortization of deferred financing costs 193,942 90,028 Interest income (57,628 ) (61,154 ) Total 3,427,102 1,724,771 As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may 4.56% 5.09%, January 2028. As of August 1, 2018, 815 30. March 31, 2019 March 31, 2018, $227,000 $8,500, March 31, 2019, $145,000 $236,000, |
Note 13 - Lease Arrangements
Note 13 - Lease Arrangements | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 13. LEASE ARRANGEMENTS The Company has operating lease commitments for office equipment and some of its office and maintenance facilities. Refer to “Item 2. At March 31, 2019, March 31, 2019 Year ended March 31, 2020 $ 3,133,000 2021 2,115,000 2022 1,625,000 2023 1,241,000 2024 692,000 Thereafter 6,267,000 Total minimum lease payments $ 15,073,000 The Company’s rent expense excluding Delphax for operating leases totaled approximately $4,564,000 $4,520,000 2019 2018, $201,000 $337,000 2019 2018, $13,000 $95,000 2019 2018, |
Note 14 - Assets on Lease
Note 14 - Assets on Lease | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 14. ASSETS ON LEASE The Company leases equipment to third third As of March 31, 2019, Year ended March 31, 2020 $ 3,055,164 2021 710,364 2022 80,264 2023 58,404 2024 4,867 Thereafter - Total minimum lease payments $ 3,909,063 |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures and reports financial assets and liabilities at fair value, on a recurring basis. Fair value measurement is classified and disclosed in one three Level 1: Level 2: not Level 3: no The following consolidated balance sheet items are measured at fair value: Fair Value Measurements at March 31, 2019 2018 Marketable securities (Level 1) $ 3,212,587 $ 2,552,774 Interest rate swaps (Level 2) $ 227,214 $ 66,706 Acquisition contingent consideration obligations (Level 3) $ 488,905 $ 1,955,987 Redeemable non-controlling interest (Level 3) $ 5,476,000 $ 1,992,939 The fair values of our interest rate swaps are based on the market standard methodology of netting the discounted expected future variable cash receipts and the discounted future fixed cash payments. The variable cash receipts are based on an expectation of future interest rates derived from observed market interest rate forward curves. Since these inputs are observable in active markets over the terms that the instruments are held, the derivatives are classified as Level 2 The fair value of the acquisition contingent consideration obligations is based on a discounted cash flow analysis using projected EBITDA over the earn-out period and is classified as Level 3 The fair value of the redeemable non-controlling interest is based on a combination of market approach and income approach and is classified as Level 3 The fair value measurements which use significant observable inputs (Level 3 Acquisition Contingent Consideration Obligations Redeemable Non- Controlling Interest Beginning Balance as of April 1, 2018 $ 1,955,987 $ 1,992,939 Payment of contingent consideration (1,533,041 ) - Contribution from non-controlling member - 210,000 Distribution to non-controlling member - (75,508 ) Net income attributable to non-controlling interests - 2,026,053 Fair value adjustment - 1,322,516 Interest accrued on contingent consideration 65,959 - Ending Balance as of March 31, 2019 $ 488,905 $ 5,476,000 The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, notes receivable and accounts payable approximate their fair value at March 31, 2019 2018. |
Note 16 - Share Repurchase
Note 16 - Share Repurchase | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 16. SHARE REPURCHASE On May 14, 2014, 750,000 10b 18, March 31, 2019, 22,652 $743,747. March 31, 2019 |
Note 17 - Employee and Non-empl
Note 17 - Employee and Non-employee Stock Options | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 17. EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors. In addition, Delphax maintains a number of stock option plans. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses the Black-Scholes option pricing model to value stock options granted under the Air T, Inc. plan and the Delphax plans. The key assumptions for this valuation method include the expected term of the option, stock price volatility, risk-free interest rate and dividend yield. Many of these assumptions are judgmental and highly sensitive in the determination of compensation expense. No March 31, 2019 2018. $0 March 31, 2019 2018, March 31, 2019, no No March 31, 2019 2018 Option activity, which only reflects the activity of Air T, Inc., is summarized as follows: Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 10.03 5.13 140,193 Granted - - Exercised (1,682 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 Exercisable at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 |
Note 18 - Major Customer
Note 18 - Major Customer | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 18. MAJOR CUSTOMER Approximately 29% 38% 2019 2018, 20% 15% March 31, 2019 2018, |
Note 19 - Revenue Recognition
Note 19 - Revenue Recognition | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 19. REVENUE RECOGNITION Performance Obligations The following is a description of the Company’s performance obligations as of March 31, 2019: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, printing equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. not The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance, printer maintenance, and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 840 606 606. The following table summarizes disaggregated revenues by type: Year Ended March 31, 2019 Product Sales Air Cargo $ 23,043,526 Ground equipment sales 45,896,643 Ground support services 9,108,328 Commercial jet engines and parts 78,174,197 Printing equipment and maintenance 591,565 Corporate and other - Support Services Air Cargo 49,781,134 Ground equipment sales 647,714 Ground support services 25,172,445 Commercial jet engines and parts 5,239,282 Printing equipment and maintenance 47,055 Corporate and other 88,893 Leasing Revenue Air Cargo - Ground equipment sales 77,073 Ground support services - Commercial jet engines and parts 10,188,727 Printing equipment and maintenance - Corporate and other 126,480 Other Air Cargo 153,701 Ground equipment sales 530,695 Ground support services 51,011 Commercial jet engines and parts 365,808 Printing equipment and maintenance 15,997 Corporate and other 534,204 Total $ 249,834,478 The following table summarizes total revenues by segment: Year Ended March 31, 2019 Air Cargo $ 72,978,361 Ground equipment sales 47,152,125 Ground support services 34,331,784 Printing equipment and maintenance 654,617 Commercial jet engines and parts 93,968,014 Corporate and other 749,577 Total $ 249,834,478 See Note 23 24 Contract Balances and Costs Contract liabilities relate to deferred revenue and advanced customer deposits with respect to product sales. Contract liabilities are included in accrued expenses on the accompanying consolidated balance sheets. The following table presents outstanding contract liabilities and the amount of outstanding April 1, 2018 March 31, 2019: Outstanding Contract Liabilities as of April 1, 2018 Outstanding Contract Liabilities Recognized as Revenue As of March 31, 2019 $ 1,866,843 As of April 1, 2018 $ 590,837 For the year ended March 31, 2019 $ 590,837 Performance obligations related to product sales are expected to be satisfied within one |
Note 20 - Income Taxes
Note 20 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 20. INCOME TAXES The components of income tax expense (benefit) were as follows: Years Ended March 31, 2019 2018 Current: Federal $ 2,225,000 $ (133,000 ) State 418,000 183,000 Foreign 23,000 156,000 Total current 2,666,000 206,000 Deferred: Federal (1,105,000 ) (14,000 ) State (58,816 ) 3,000 Total deferred (1,163,816 ) (11,000 ) Total $ 1,502,184 $ 195,000 Income tax expense was different from the amount computed by applying the statutory federal income tax rate of 21% 30.8% March 31, 2019 March 31, 2018 Year Ended March 31, 2019 2018 Expected Federal income tax expense U.S. statutory rate $ 978,000 21.0 % $ 818,000 30.8 % State income taxes, net of federal benefit 171,000 3.7 % 129,000 4.9 % Permanent differences, other (61,000 ) -1.3 % 21,000 0.8 % Micro-captive insurance benefit (197,000 ) -4.2 % (320,000 ) -12.1 % Change in valuation allowance 1,405,000 30.2 % (1,116,000 ) -42.1 % Domestic production activities deduction - 0.0 % (15,000 ) -0.6 % Income attributable to minority interest - Contrail Aviation (434,000 ) -9.3 % (79,000 ) -3.0 % Bargain purchase gain (417,000 ) -9.0 % (155,000 ) -5.8 % Tax rate change applied to deferreds - 0.0 % 2,297,000 86.6 % Deferred benefit for outside basis difference recorded on Delphax CFCs 31,000 0.7 % (811,000 ) -30.6 % Deferred benefit for increase in Canadian tax credits for Delphax - 0.0 % (149,000 ) -5.6 % Recognition of AMT tax credits as tax receivable - 0.0 % (311,000 ) -11.7 % Other differences, net 26,184 0.6 % (114,000 ) -4.3 % Income tax expense $ 1,502,184 32.4 % $ 195,000 7.3 % Delphax Solutions and Delphax Technologies, which generated losses for the periods ending March 31, 2019 March 31, 2018 not $383,000 $973,000 March 31, 2019 March 31, 2018. March 31: 2019 2018 Accrued vacation $ 322,000 $ 343,000 Property and equipment - 264,000 Accounts and notes receivable reserve 115,000 103,000 Employee severance reserve - 549,000 Net operating loss carryforwards 7,516,000 6,083,000 Federal/Canadian tax credits 4,486,000 4,486,000 Unrealized gains/losses 833,000 2,324,000 Outside basis difference on CFCs 1,431,000 - Investments in partnerships 534,000 - Disallowed capital loss 463,000 - Other deferred tax assets 301,000 236,000 Total deferred tax assets 16,001,000 14,388,000 Prepaid expenses (115,000 ) (337,000 ) 263A inventory capitalization - (28,000 ) Inventory basis difference (434,000 ) (179,000 ) Property and equipment (233,000 ) - Investments in partnerships - (270,000 ) Other deferred tax liabilities (83,000 ) (83,000 ) Total deferred tax liabilities (865,000 ) (897,000 ) Net deferred tax asset $ 15,136,000 $ 13,491,000 Less valuation allowance (14,658,000 ) (13,583,000 ) Net deferred tax asset (liability) $ 478,000 $ (92,000 ) Delphax As described in Note 11, November 24, 2015, 38%, three no 2014. Delphax maintains a September 30 September 30, 2018 not $13.4 $15.2 $4.5 2023. not December 31, 2017. $311,000 September 30, 2019. 382 may 11 $6.4 11. The provisions of ASC 740 not $13.0 March 31, 2019 $13.0 March 31, 2018. |
Note 21 - Employee Benefits
Note 21 - Employee Benefits | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 21. EMPLOYEE BENEFITS The Company has a 401 1165 March 31, 2019 2018 $630,000 $559,000, The Company, in each of the past three 2019 2018 $2,434,000 $1,188,000, |
Note 22 - Quarterly Financial I
Note 22 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 22. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (in thousands, except per share data) First Second Third Fourth Quarter Quarter Quarter Quarter 2019 Operating Revenues $ 60,867 $ 49,341 $ 63,623 $ 76,003 Operating Income 2,604 (1,620 ) 1,465 5,616 Net Income (Loss) Attributable to Air T, Inc Stockholders 2,829 (1,321 ) (2,715 ) 2,547 Basic Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 Diluted Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 |
Note 23 - Geographical Informat
Note 23 - Geographical Information | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Geographical Reporting Disclosure [Text Block] | 23. GEOGRAPHICAL INFORMATION Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and similar tangible long-lived assets, net of accumulated depreciation, held outside the United States are summarized in the following table as of March 31, 2019 March 31, 2018: March 31, March 31, 2019 2018 United States $ 4,946,997 $ 5,209,831 Foreign 25,035,412 15,063,340 Total property and equipment, net $ 29,982,409 $ 20,273,171 The Company’s tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines on lease at March 31, 2019. March 31, 2019 Country March 31, 2019 March 31, 2018 Australia $ 5,186 $ - Mexico 2,680,825 4,352,257 Netherlands 5,541,072 7,084,947 China 16,808,329 - Romania - 3,626,136 $ 25,035,412 $ 15,063,340 Total revenue, located in the United States, and outside the United States is summarized in the following table as of March 31, 2019 March 31, 2018: March 31, March 31, 2019 2018 United States $ 211,816,770 $ 175,727,524 Foreign 38,017,708 18,791,821 Total revenue $ 249,834,478 $ 194,519,345 |
Note 24 - Segment Information
Note 24 - Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 24. SEGMENT INFORMATION The Company has six Year Ended March 31, 2019 2018 Operating Revenues: Overnight Air Cargo $ 72,978,361 $ 72,845,353 Ground Equipment Sales: Domestic 40,706,629 47,394,193 International 6,445,496 2,641,842 Total Ground Equipment Sales 47,152,125 50,036,035 Ground Support Services 34,331,784 35,710,005 Printing Equipment and Maintenance: Domestic 321,723 3,675,193 International 347,584 2,711,689 Total Printing Equipment and Maintenance 669,307 6,386,882 Commercial Jet Engines and Parts: Domestic 68,856,992 25,324,231 International 31,224,628 13,438,290 Total Commercial Jet Engines and Parts 100,081,620 38,762,521 Corporate and Other 1,975,748 2,657,837 Intercompany (7,354,467 ) (11,879,288 ) Total $ 249,834,478 $ 194,519,345 Operating Income (Loss): Overnight Air Cargo $ 1,911,067 $ 4,127,322 Ground Equipment Sales 3,419,786 3,840,907 Ground Support Services (1,266,465 ) (179,152 ) Printing Equipment and Maintenance (1,388,434 ) (749,846 ) Commercial Jet Engines and Parts 11,609,370 2,003,111 Corporate and Other (6,899,256 ) (3,535,774 ) Intercompany 678,637 (1,261,045 ) Total $ 8,064,705 $ 4,245,523 Capital Expenditures: Overnight Air Cargo $ 57,806 $ 40,668 Ground Equipment Sales 371,902 219,592 Ground Support Services 150,745 363,420 Printing Equipment and Maintenance - 181,895 Commercial Jet Engines and Parts 19,679,737 18,305,930 Corporate and Other 209,043 1,104,089 Total $ 20,469,233 $ 20,215,594 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 82,102 $ 110,810 Ground Equipment Sales 263,945 433,184 Ground Support Services 446,417 471,776 Printing Equipment and Maintenance 9,085 13,135 Commercial Jet Engines and Parts 6,301,426 1,174,764 Corporate and Other 585,247 480,487 Intercompany 32,352 (5,298 ) Total $ 7,720,574 $ 2,678,858 |
Note 25 - Commitments and Conti
Note 25 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 25. COMMITMENTS AND CONTINGENCIES Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned by Contrail Aviation Support, Inc. (the “Seller”) in July 2016. $1,500,000 $3,000,000 $2,900,000 $2,500,000 March 31, 2019 $480,000, $24,000 $456,000, March 31, 2019. Contrail Aviation entered into an Operating Agreement (the “Operating Agreement”) with the Seller providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”). The Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation commencing on the fifth July 18, 2021. The Company currently expects that none may not no |
Note 26 - Related Party Matters
Note 26 - Related Party Matters | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 26. RELATED PARTY MATTERS Since 1979 68 one 3,000 20,000 12,300 $14,862 January 31, 2018. July 31, 2017. During the fiscal year ended March 31, 2016, two $401,250. third $1,000 1% March 31, 2016. 1% 2019 March 31, 2019, no Contrail Aviation Support, LLC leases its corporate and operating facilities at Verona, Wisconsin from Cohen Kuhn Properties, LLC, a corporation whose stock is owned by Mr. Joseph Kuhn, Chief Executive Officer and Mrs. Miriam Kuhn, Chief Financial Officer equally. The facility consists of approximately 21,000 $161,000 April 1, 2018 March 31, 2019. June 30, 2021, 5 no third On December 15, 2017, $1.00, $50,000 December 27, 2017, one December 31, 2017, 52,000 |
Note 27 - Subsequent Events
Note 27 - Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 27. SUBSEQUENT EVENTS Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Equity Method Investments [Policy Text Block] | Investments under the E quity M ethod not 20% may In applying the equity method, the Company records the investment at cost and subsequently increase or decrease the carrying amount of the investment by our proportionate share of the net earnings or losses. The Company records dividends or other equity distributions as reductions in the carrying value of the investment. In the event that net losses of the investee reduce the carrying amount to zero, additional net losses may not For investments that have a different fiscal year-end, if the difference is not three 3 |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign E xchange |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities |
Business Combinations Policy [Policy Text Block] | Business Combinations 805, Business Combinations 805, . The acquisition method permits the Company a period of time after the acquisition date during which the Company may Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded. Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may Changes in estimate of the fair value of earn-out obligations subsequent to the acquisition date are not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company is permitted to first not 50 not not not first second first second second |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The estimated amortizable lives of the intangible assets are as follows: Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10 |
Inventory, Policy [Policy Text Block] | Inventories may not one |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three seven ten 30 Engine assets on lease or held for lease are stated at cost, less accumulated depreciation. Certain costs incurred in connection with the acquisition of engine assets are capitalized as part of the cost of such assets. Major overhauls which improve functionality or extend original useful life are capitalized and depreciated over the estimated remaining useful life of the equipment. The Company depreciates the engines on a straight-line basis over the assets useful life from the acquisition date to a residual value. The Company believes this methodology accurately reflects the typical holding period for the assets and, that the residual value assumption reasonably approximates the selling price of the assets. The Company assesses long-lived assets for impairment when events and circumstances indicate the assets may |
Revenue [Policy Text Block] | Revenue Recognition one not We evaluate gross versus net presentation on revenues from products or services purchased and resold in accordance with the revenue recognition criteria outlined in Codification section 606 10, Principal Agent Considerations. The Company, under the terms of its overnight air cargo dry-lease service contracts, passes through to its air cargo customer certain cost components of its operations without markup. The cost of fuel, landing fees, outside maintenance, parts and certain other direct operating costs are included in operating expenses and billed to the customer, at cost, and included in overnight air cargo revenue on the accompanying statements of income. These pass-through costs totaled $23,578,000 $23,380,000 March 31, 2019 2018, |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserves three 90 |
Income Tax, Policy [Policy Text Block] | Income Taxes A valuation allowance against net deferred tax assets is recorded when it is more likely than not not not not 50% |
Segment Reporting, Policy [Policy Text Block] | Segment s six 24 Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer reviews financial information by business segment for purposes of allocating resources and evaluating financial performance. Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income. |
Redeemable Noncontrolling Interest Policy [Policy Text Block] | Accounting for Redeemable Non-Controlling Interest 25 fifth third not March 31, 2019 2018 not no second two not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent ly Adopted Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers , 606 606 606 December 15, 2017. 606 Effective April 1, 2018, April 1, 2018 606 not 606 not April 1, 2018 606 not In January 2016, 2016 01, Recognition and Measurement of Financial Assets and Financial Liabilities 825 10 2016 01 December 15, 2017, 2016 01 320 321, Investments – Equity Securities February 2018, 2016 01, December 15, 2017, June 15, 2018, not June 15, 2018. 2016 01 April 1, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 2016 15 December 15, 2017, may 2016 15 April 1, 2018. no March 31, 2019. In November 2016, 2016 18, Statement of Cash Flows (Topic 230 2016 18 one 2016 18 December 15, 2017. 2016 18 April 1, 2018. 2016 18 1 no 2 3 March 31, 2019. In January 2017, 2017 01, Clarifying the Definition of a Business (Topic 805 . December 15, 2017 2017 01 April 1, 2018. not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 01 April 1, 2018. not In August 2017, 2017 12 Derivatives and Hedging (Topic 815 December 15, 2018. August 1, 2018. August 1, 2018 Recently Issued Accounting Pronouncements In February 2016, ASU 2016 02, 842 twelve not The standard is effective for fiscal years beginning after December 15, 2018, 842 two 1 2 no may The Company adopted the standard in the fiscal year beginning April 1, 2019 not third $10.7 $11.2 Upon adoption, the Company elected practical expedients related to a) short term lease exemption b) not not not not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 not December 15, 2019, December 15, 2018, not In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350 December 15, 2019 January 1, 2017. not In August 2018, Fair Value Measurement (Topic 820 December 15, 2019. 3 not In August 2018, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350 40 December 15, 2019, December 15, 2020, December 15, 2021. not In October 2018, Consolidation (Topic 810 810 10, December 15, 2019, not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Asset Useful Lives [Table Text Block] | Years Software 3 Trade names 5 Certification 5 Non-compete 5 License 5 Patents 9 Customer relationship 10 |
Note 2 - Net Earnings Per Com_2
Note 2 - Net Earnings Per Common Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended March 31, 2019 2018 Net earnings attributable to Air T, Inc. Stockholders $ 1,339,995 $ 2,277,109 Earnings Per Share: Basic $ 0.66 $ 1.11 Diluted $ 0.66 $ 1.11 Weighted Average Shares Outstanding: Basic 2,034,749 2,042,806 Diluted 2,039,892 2,047,685 |
Note 3 - Restricted Cash (Table
Note 3 - Restricted Cash (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2019 March 31, 2018 Cash and cash equivalents $ 12,524,321 $ 4,803,238 Restricted cash 123,409 269,659 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,647,730 $ 5,072,897 |
Note 6 - Equity Method Invest_2
Note 6 - Equity Method Investments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Twelve Months Ended Twelve Months Ended December 31, 2018 December 31, 2017 Revenue $ 33,236,000 $ 26,430,000 Gross Profit 12,561,000 8,401,000 Operating income (loss) 1,832,000 (908,000 ) Net income (loss) 1,399,000 (639,000 ) Net income attributable to Air T, Inc. stockholders $ 391,000 $ - |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Year Ended March 31, 2019 2018 Ground support service parts $ 2,553,949 $ 2,518,942 Ground equipment manufacturing: Raw materials 2,497,876 3,314,676 Work in process 1,659,516 20,089 Finished goods 972,542 1,768,897 Printing equipment and maintenance: Raw materials 401,103 1,161,410 Finished goods 1,047,893 553,847 Commercial jet engines and parts 21,031,558 25,452,022 Total inventories 30,164,437 34,789,883 Reserves (197,400 ) (558,878 ) Total, net of reserves $ 29,967,037 $ 34,231,005 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Year Ended March 31, 2019 2018 Furniture, fixtures and improvements $ 8,849,418 $ 7,696,590 Building 1,633,992 1,633,992 10,483,410 9,330,582 Less accumulated depreciation (5,665,498 ) (4,722,016 ) Property and equipment, net $ 4,817,912 $ 4,608,565 |
Note 9 - Intangible Assets an_2
Note 9 - Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2019 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 580,000 (319,913 ) $ 260,087 Customer relationships 751,000 (194,270 ) 556,730 Non-compete 69,700 (37,638 ) 32,062 Certification 47,000 (25,380 ) 21,620 License 250,000 (59,967 ) 190,033 Patents 1,090,000 (1,090,000 ) - Software 571,507 (428,309 ) 143,198 Other 22,242 (715 ) 21,527 Intangible assets 3,381,449 (2,156,192 ) 1,225,257 March 31, 2018 Gross Accumulated Net Book Carrying Amount Amortization Value Tradenames $ 442,000 (229,480 ) $ 212,520 Customer relationships 751,000 (119,170 ) 631,830 Non-compete 69,700 (23,698 ) 46,002 Certification 47,000 (15,980 ) 31,020 License 250,000 (18,058 ) 231,942 Patents 1,090,000 (1,090,000 ) - Software 429,128 (291,405 ) 137,723 Other 22,242 (808 ) 21,435 Intangible assets 3,101,070 (1,788,598 ) 1,312,472 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Year ending March 31, 2020 $ 300,539 2021 280,126 2022 205,016 2023 156,470 2024 83,970 Thereafter 199,136 $ 1,225,257 |
Schedule of Goodwill [Table Text Block] | Year Ended March 31, 2019 2018 Goodwill, at original cost $ 4,793,013 $ 4,793,013 Less accumulated impairment (375,408 ) (375,408 ) Goodwill, net of impairment $ 4,417,605 $ 4,417,605 |
Note 10 - Business Combinatio_2
Note 10 - Business Combinations (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Worthington Aviation Parts, Inc [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 4, 2018 ASSETS Accounts receivable $ 1,929,120 Inventories 4,564,437 Other current assets 149,792 Property and equipment 391,892 Other assets 189,607 Intangible assets - tradename 138,000 Total assets 7,362,848 LIABILITIES Accounts payable 1,289,150 Accrued expenses 175,222 Deferred tax liability 589,000 Total liabilities 2,053,372 Net assets acquired $ 5,309,476 Consideration paid $ 3,350,000 Less: Cash acquired (24,301 ) Bargain purchase gain $ 1,983,777 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Earnest money $ 50,000 Cash consideration 3,300,000 Cash acquired (24,301 ) Total consideration $ 3,325,699 |
Business Combination, Revenue and Expense Transactions [Table Text Block] | Income Statement Post-Acquisition Revenue $ 15,563,192 Cost of Sales 10,919,841 Operating Expenses 4,364,349 Operating Income 279,002 Non-operating Income 1,808,211 Net Income $ 2,087,213 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro-Forma Pro-Forma Year ended Year ended March 31, 2019 March 31, 2018 Revenue $ 251,278,349 $ 209,706,935 Earnings before taxes 7,881,644 3,594,265 Net income (loss) attributable to Air T, Inc. stockholders (766,674 ) 3,734,452 Basic income (loss) per share (0.38 ) 1.83 Dilutive income (loss) per share $ (0.38 ) $ 1.82 |
Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | May 2, 2017 Assets acquired and liabilities assumed at fair value: Accounts receivables $ 748,936 Inventories 3,100,000 Property and equipment 26,748 Accounts payable (313,117 ) Accrued expenses (382,687 ) Net assets acquired $ 3,179,880 Net assets acquired 3,179,880 Consideration paid 2,400,000 Bargain purchase gain $ 779,880 |
Note 11 - Variable Interest E_2
Note 11 - Variable Interest Entities (Tables) - Delphax [Member] | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | March 31, 2019 March 31, 2018 ASSETS Current assets: Cash and cash equivalents $ 12,315 $ 241,430 Accounts receivable, net 46,844 316,542 Other current assets 58,441 72,269 Total current assets 117,600 630,241 Other tax receivables-long-term 311,000 311,000 Total assets $ 428,600 $ 941,241 LIABILITIES Current liabilities: Accounts payable $ 2,151,235 $ 2,145,847 Income tax payable - 11,312 Accrued expenses 3,157,707 3,244,514 Short-term debt 1,749,779 1,788,285 Total current liabilities 7,058,721 7,189,958 Total liabilities $ 7,058,721 $ 7,189,958 Net assets $ (6,630,121 ) $ (6,248,717 ) |
Condensed Income Statement [Table Text Block] | March 31, 2019 March 31, 2018 Operating revenues $ - $ 5,835,266 Operating expenses: Cost of sales - 3,261,156 General and administrative 285,180 1,399,034 Research and development - 195,653 Depreciation, amortization and impairment - 8,007 285,180 4,863,850 Operating (loss) income (285,180 ) 971,416 Non-operating expense, net (218,203 ) (742,120 ) (Loss) Income before income taxes (503,383 ) 229,296 Income tax benefit - 311,000 Net (loss) income $ (503,383 ) $ 540,296 |
Note 12 - Financing Arrangeme_2
Note 12 - Financing Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2019 March 31, 2018 Maturity Date Interest Rate Priority Unused commitments Revolver $ 12,403,213 $ - November 30, 2019 Prime - 1% Secured $ 4,596,787 Term Note A 8,750,000 9,750,000 January 1, 2028 1-month LIBOR + 2% Secured Term Note B 4,375,000 4,875,000 January 1, 2028 4.50% Secured Term Note D 1,607,200 1,674,400 January 1, 2028 1-month LIBOR + 2% Secured Air T Debt - MBT 27,135,413 16,299,400 Revolver 3,820,000 5,000,000 May 21, 2019 7.50% Secured 1,180,000 Term Loan - 2,404,775 March 26, 2019 7.25% Secured Term Loan 450,000 - December 17, 2019 7.50% Secured Term Loan 400,000 - June 17, 2020 7.25% Secured Term Loan 2,100,000 - June 17, 2020 8.50% AirCo Debt - MBT 6,770,000 7,404,775 Revolver - 14,826,062 May 5, 2019 1-month LIBOR + 3% Secured 20,000,000 Term Loan 8,616,336 9,920,000 January 26, 2021 1-month LIBOR + 3.75% Secured Term Loan 15,500,000 - September 14, 2021 1-month LIBOR + 3.75% Secured Contrail Debt - Old National 24,116,336 24,746,062 Total Debt 58,021,749 48,450,238 Less: Unamortized Debt Issuance Costs (368,760 ) (365,288 ) Total Debt, net $ 57,652,989 $ 48,084,950 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal year ended Amount 2020 $ 24,735,224 2021 18,188,725 2022 5,067,200 2023 1,567,200 2024 1,567,200 Thereafter 6,896,200 58,021,749 Less: Unamortized Debt Issuance Costs (368,760 ) $ 57,652,989 |
Interest Income and Interest Expense Disclosure [Table Text Block] | March 31, 2019 March 31, 2018 Contractual interest 3,290,788 1,695,898 Amortization of deferred financing costs 193,942 90,028 Interest income (57,628 ) (61,154 ) Total 3,427,102 1,724,771 |
Note 13 - Lease Arrangements (T
Note 13 - Lease Arrangements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ended March 31, 2020 $ 3,133,000 2021 2,115,000 2022 1,625,000 2023 1,241,000 2024 692,000 Thereafter 6,267,000 Total minimum lease payments $ 15,073,000 |
Note 14 - Assets on Lease (Tabl
Note 14 - Assets on Lease (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Receivables from Leased Asset [Table Text Block] | Year ended March 31, 2020 $ 3,055,164 2021 710,364 2022 80,264 2023 58,404 2024 4,867 Thereafter - Total minimum lease payments $ 3,909,063 |
Note 15 - Fair Value of Finan_2
Note 15 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at March 31, 2019 2018 Marketable securities (Level 1) $ 3,212,587 $ 2,552,774 Interest rate swaps (Level 2) $ 227,214 $ 66,706 Acquisition contingent consideration obligations (Level 3) $ 488,905 $ 1,955,987 Redeemable non-controlling interest (Level 3) $ 5,476,000 $ 1,992,939 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Acquisition Contingent Consideration Obligations Redeemable Non- Controlling Interest Beginning Balance as of April 1, 2018 $ 1,955,987 $ 1,992,939 Payment of contingent consideration (1,533,041 ) - Contribution from non-controlling member - 210,000 Distribution to non-controlling member - (75,508 ) Net income attributable to non-controlling interests - 2,026,053 Fair value adjustment - 1,322,516 Interest accrued on contingent consideration 65,959 - Ending Balance as of March 31, 2019 $ 488,905 $ 5,476,000 |
Note 17 - Employee and Non-em_2
Note 17 - Employee and Non-employee Stock Options (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Aggregate Exercise Price Remaining Intrinsic Shares Per Share Life (Years) Value Outstanding at March 31, 2017 10,000 $ 10.08 6.15 $ 101,000 Granted - - Exercised (818 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2018 9,182 10.03 5.13 140,193 Granted - - Exercised (1,682 ) 10.56 Forfeited - - Repurchased - - Outstanding at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 Exercisable at March 31, 2019 7,500 $ 9.91 4.07 $ 152,075 |
Note 19 - Revenue Recognition (
Note 19 - Revenue Recognition (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended March 31, 2019 Product Sales Air Cargo $ 23,043,526 Ground equipment sales 45,896,643 Ground support services 9,108,328 Commercial jet engines and parts 78,174,197 Printing equipment and maintenance 591,565 Corporate and other - Support Services Air Cargo 49,781,134 Ground equipment sales 647,714 Ground support services 25,172,445 Commercial jet engines and parts 5,239,282 Printing equipment and maintenance 47,055 Corporate and other 88,893 Leasing Revenue Air Cargo - Ground equipment sales 77,073 Ground support services - Commercial jet engines and parts 10,188,727 Printing equipment and maintenance - Corporate and other 126,480 Other Air Cargo 153,701 Ground equipment sales 530,695 Ground support services 51,011 Commercial jet engines and parts 365,808 Printing equipment and maintenance 15,997 Corporate and other 534,204 Total $ 249,834,478 Year Ended March 31, 2019 Air Cargo $ 72,978,361 Ground equipment sales 47,152,125 Ground support services 34,331,784 Printing equipment and maintenance 654,617 Commercial jet engines and parts 93,968,014 Corporate and other 749,577 Total $ 249,834,478 |
Contract with Customer, Asset and Liability [Table Text Block] | Outstanding Contract Liabilities as of April 1, 2018 Outstanding Contract Liabilities Recognized as Revenue As of March 31, 2019 $ 1,866,843 As of April 1, 2018 $ 590,837 For the year ended March 31, 2019 $ 590,837 |
Note 20 - Income Taxes (Tables)
Note 20 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended March 31, 2019 2018 Current: Federal $ 2,225,000 $ (133,000 ) State 418,000 183,000 Foreign 23,000 156,000 Total current 2,666,000 206,000 Deferred: Federal (1,105,000 ) (14,000 ) State (58,816 ) 3,000 Total deferred (1,163,816 ) (11,000 ) Total $ 1,502,184 $ 195,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended March 31, 2019 2018 Expected Federal income tax expense U.S. statutory rate $ 978,000 21.0 % $ 818,000 30.8 % State income taxes, net of federal benefit 171,000 3.7 % 129,000 4.9 % Permanent differences, other (61,000 ) -1.3 % 21,000 0.8 % Micro-captive insurance benefit (197,000 ) -4.2 % (320,000 ) -12.1 % Change in valuation allowance 1,405,000 30.2 % (1,116,000 ) -42.1 % Domestic production activities deduction - 0.0 % (15,000 ) -0.6 % Income attributable to minority interest - Contrail Aviation (434,000 ) -9.3 % (79,000 ) -3.0 % Bargain purchase gain (417,000 ) -9.0 % (155,000 ) -5.8 % Tax rate change applied to deferreds - 0.0 % 2,297,000 86.6 % Deferred benefit for outside basis difference recorded on Delphax CFCs 31,000 0.7 % (811,000 ) -30.6 % Deferred benefit for increase in Canadian tax credits for Delphax - 0.0 % (149,000 ) -5.6 % Recognition of AMT tax credits as tax receivable - 0.0 % (311,000 ) -11.7 % Other differences, net 26,184 0.6 % (114,000 ) -4.3 % Income tax expense $ 1,502,184 32.4 % $ 195,000 7.3 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Accrued vacation $ 322,000 $ 343,000 Property and equipment - 264,000 Accounts and notes receivable reserve 115,000 103,000 Employee severance reserve - 549,000 Net operating loss carryforwards 7,516,000 6,083,000 Federal/Canadian tax credits 4,486,000 4,486,000 Unrealized gains/losses 833,000 2,324,000 Outside basis difference on CFCs 1,431,000 - Investments in partnerships 534,000 - Disallowed capital loss 463,000 - Other deferred tax assets 301,000 236,000 Total deferred tax assets 16,001,000 14,388,000 Prepaid expenses (115,000 ) (337,000 ) 263A inventory capitalization - (28,000 ) Inventory basis difference (434,000 ) (179,000 ) Property and equipment (233,000 ) - Investments in partnerships - (270,000 ) Other deferred tax liabilities (83,000 ) (83,000 ) Total deferred tax liabilities (865,000 ) (897,000 ) Net deferred tax asset $ 15,136,000 $ 13,491,000 Less valuation allowance (14,658,000 ) (13,583,000 ) Net deferred tax asset (liability) $ 478,000 $ (92,000 ) |
Note 22 - Quarterly Financial_2
Note 22 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 2019 Operating Revenues $ 60,867 $ 49,341 $ 63,623 $ 76,003 Operating Income 2,604 (1,620 ) 1,465 5,616 Net Income (Loss) Attributable to Air T, Inc Stockholders 2,829 (1,321 ) (2,715 ) 2,547 Basic Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 Diluted Earnings (Loss) per share 1.38 (0.65 ) (1.34 ) 1.25 2018 Operating Revenues $ 47,697 $ 48,861 $ 44,501 $ 53,460 Operating Income 2,213 476 552 1,005 Net Income (Loss) Attributable to Air T, Inc Stockholders 968 422 (672 ) 1,559 Basic Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 Diluted Earnings (Loss) per share 0.47 0.21 (0.33 ) 0.76 |
Note 23 - Geographical Inform_2
Note 23 - Geographical Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | March 31, March 31, 2019 2018 United States $ 4,946,997 $ 5,209,831 Foreign 25,035,412 15,063,340 Total property and equipment, net $ 29,982,409 $ 20,273,171 Country March 31, 2019 March 31, 2018 Australia $ 5,186 $ - Mexico 2,680,825 4,352,257 Netherlands 5,541,072 7,084,947 China 16,808,329 - Romania - 3,626,136 $ 25,035,412 $ 15,063,340 |
Revenue from External Customers by Geographic Areas [Table Text Block] | March 31, March 31, 2019 2018 United States $ 211,816,770 $ 175,727,524 Foreign 38,017,708 18,791,821 Total revenue $ 249,834,478 $ 194,519,345 |
Note 24 - Segment Information (
Note 24 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended March 31, 2019 2018 Operating Revenues: Overnight Air Cargo $ 72,978,361 $ 72,845,353 Ground Equipment Sales: Domestic 40,706,629 47,394,193 International 6,445,496 2,641,842 Total Ground Equipment Sales 47,152,125 50,036,035 Ground Support Services 34,331,784 35,710,005 Printing Equipment and Maintenance: Domestic 321,723 3,675,193 International 347,584 2,711,689 Total Printing Equipment and Maintenance 669,307 6,386,882 Commercial Jet Engines and Parts: Domestic 68,856,992 25,324,231 International 31,224,628 13,438,290 Total Commercial Jet Engines and Parts 100,081,620 38,762,521 Corporate and Other 1,975,748 2,657,837 Intercompany (7,354,467 ) (11,879,288 ) Total $ 249,834,478 $ 194,519,345 Operating Income (Loss): Overnight Air Cargo $ 1,911,067 $ 4,127,322 Ground Equipment Sales 3,419,786 3,840,907 Ground Support Services (1,266,465 ) (179,152 ) Printing Equipment and Maintenance (1,388,434 ) (749,846 ) Commercial Jet Engines and Parts 11,609,370 2,003,111 Corporate and Other (6,899,256 ) (3,535,774 ) Intercompany 678,637 (1,261,045 ) Total $ 8,064,705 $ 4,245,523 Capital Expenditures: Overnight Air Cargo $ 57,806 $ 40,668 Ground Equipment Sales 371,902 219,592 Ground Support Services 150,745 363,420 Printing Equipment and Maintenance - 181,895 Commercial Jet Engines and Parts 19,679,737 18,305,930 Corporate and Other 209,043 1,104,089 Total $ 20,469,233 $ 20,215,594 Depreciation, Amortization and Impairment: Overnight Air Cargo $ 82,102 $ 110,810 Ground Equipment Sales 263,945 433,184 Ground Support Services 446,417 471,776 Printing Equipment and Maintenance 9,085 13,135 Commercial Jet Engines and Parts 6,301,426 1,174,764 Corporate and Other 585,247 480,487 Intercompany 32,352 (5,298 ) Total $ 7,720,574 $ 2,678,858 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2019USD ($) | |
Revenues, Total | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 | |
Warranty Term on Ground Equipment Products | 3 years | ||||||||||
Number of Reportable Segments | 6 | ||||||||||
Subsequent Event [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||
Operating Lease, Right-of-Use Asset | $ 10,700,000 | ||||||||||
Operating Lease, Liability, Total | $ 11,200,000 | ||||||||||
Overnight Air Cargo [Member] | |||||||||||
Revenues, Total | $ 72,978,361 | 72,845,353 | |||||||||
Overnight Air Cargo [Member] | Cargo and Freight [Member] | |||||||||||
Revenues, Total | $ 23,578,000 | $ 23,380,000 | |||||||||
Computer Equipment [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||||
Flight Equipment [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||||
Equipment Leased to Other Party [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||||
Building [Member] | |||||||||||
Property, Plant and Equipment, Useful Life | 30 years |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Amortizable Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Computer Software, Intangible Asset [Member] | |
Intangible asset, useful life (Year) | 3 years |
Trade Names [Member] | |
Intangible asset, useful life (Year) | 5 years |
Certification Marks [Member] | |
Intangible asset, useful life (Year) | 5 years |
Noncompete Agreements [Member] | |
Intangible asset, useful life (Year) | 5 years |
Licensing Agreements [Member] | |
Intangible asset, useful life (Year) | 5 years |
Patents [Member] | |
Intangible asset, useful life (Year) | 9 years |
Customer Relationships [Member] | |
Intangible asset, useful life (Year) | 10 years |
Note 2 - Net Earnings Per Com_3
Note 2 - Net Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Stockholders | $ 2,547,000 | $ (2,715,000) | $ (1,321,000) | $ 2,829,000 | $ 1,559,000 | $ (672,000) | $ 422,000 | $ 968,000 | $ 1,339,995 | $ 2,277,109 |
Basic (in dollars per share) | $ 1.25 | $ (1.34) | $ (0.65) | $ 1.38 | $ 0.76 | $ (0.33) | $ 0.21 | $ 0.47 | $ 0.66 | $ 1.11 |
Diluted (in dollars per share) | $ 1.25 | $ (1.34) | $ (0.65) | $ 1.38 | $ 0.76 | $ (0.33) | $ 0.21 | $ 0.47 | $ 0.66 | $ 1.11 |
Basic (in shares) | 2,034,749 | 2,042,806 | ||||||||
Diluted (in shares) | 2,039,892 | 2,047,685 |
Note 3 - Restricted Cash - Cash
Note 3 - Restricted Cash - Cash, Cash Equivalent and Restricted Cash (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Cash and cash equivalents | $ 12,524,321 | $ 4,803,238 | |
Restricted cash | 123,409 | 269,659 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 12,647,730 | $ 5,072,897 | $ 3,653,734 |
Note 4 - Cash Surrender Value_2
Note 4 - Cash Surrender Value of Life Insurance (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Surrender Value of Life Insurance | $ 122,062 | $ 2,356,507 |
Proceeds from Loan Against Cash Surrender Value of Life Insurance Policies | $ 2,327,700 |
Note 5 - Investments in Secur_2
Note 5 - Investments in Securities (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Equity Securities, FV-NI, Unrealized Gain | $ 71,000 | ||
Equity Securities, FV-NI, Unrealized Loss | 617,000 | ||
Debt Securities, Held-to-maturity, Total | $ 2,000,000 | ||
Debt Securities, Held-to-Maturity, Term | 3 years | ||
Other than Temporary Impairment Losses, Investments, Total | $ 2,000,000 | $ 1,559,972 |
Note 6 - Equity Method Invest_3
Note 6 - Equity Method Investments (Details Textual) - USD ($) | Jan. 16, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | Jan. 15, 2018 |
Payments to Acquire Equity Method Investments | $ 263,492 | $ 2,301,026 | ||||||
Equity Method Investments | $ 5,032,268 | $ 5,610,874 | $ 5,032,268 | |||||
Insignia [Member] | ||||||||
Equity Security, Number of Shares Purchased During Period | 1,133,000 | |||||||
Equity Security, Shares Purchased, Price Per Share | $ 1.25 | |||||||
Equity Method Investment, Aggregate Cost | $ 1,416,000,000,000 | |||||||
Equity Security Number Of Shares Purchased | 1,900,000 | |||||||
Equity Method Investment, Ownership Percentage | 26.00% | 28.00% | 30.00% | 28.00% | ||||
Payments to Acquire Equity Method Investments | $ 385,000 | |||||||
Equity Method Investment, Number of Shares Held | 3,400,000 | 3,500,000 | 3,400,000 | |||||
Equity Method Investments | $ 4,599,000 | $ 5,162,000 | $ 4,599,000 | |||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total | $ 0 | 92,000 | 0 | |||||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 391,000 | $ 1,399,000 | $ 722,000 | $ (639,000) | ||||
[1] | Amounts represent results since The Fence Store's inception in May, 2017 |
Note 6 - Equity Method Invest_4
Note 6 - Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | |
Net income attributable to Air T, Inc. stockholders | $ 340,714 | $ (14,644) | |||
Insignia [Member] | |||||
Revenue | $ 33,236,000 | $ 26,430,000 | |||
Gross Profit | 12,561,000 | 8,401,000 | |||
Operating income (loss) | 1,832,000 | (908,000) | |||
Net income (loss) | $ 391,000 | 1,399,000 | $ 722,000 | (639,000) | |
Net income attributable to Air T, Inc. stockholders | $ 391,000 | ||||
[1] | Amounts represent results since The Fence Store's inception in May, 2017 |
Note 7 - Inventories - Inventor
Note 7 - Inventories - Inventories (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Ground support service parts | $ 2,553,949 | $ 2,518,942 |
Inventory Gross | 30,164,437 | 34,789,883 |
Reserves | (197,400) | (558,878) |
Total, net of reserves | 29,967,037 | 34,231,005 |
Ground Equipment Manufacturing [Member] | ||
Raw materials | 2,497,876 | 3,314,676 |
Work in process | 1,659,516 | 20,089 |
Finished goods | 972,542 | 1,768,897 |
Printing Equipment and Maintenance [Member] | ||
Raw materials | 401,103 | 1,161,410 |
Finished goods | 1,047,893 | 553,847 |
Commercial Jet Engines Inventory [Member] | ||
Inventory Gross | $ 21,031,558 | $ 25,452,022 |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Property and equipment, gross | $ 10,483,410 | $ 9,330,582 |
Less accumulated depreciation | (5,665,498) | (4,722,016) |
Property and equipment, net | 4,817,912 | 4,608,565 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 8,849,418 | 7,696,590 |
Building [Member] | ||
Property and equipment, gross | $ 1,633,992 | $ 1,633,992 |
Note 9 - Intangible Assets an_3
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 368,000 | $ 323,000 |
Goodwill, Ending Balance | 4,417,605 | 4,417,605 |
Contrail Aviation Support, Inc. [Member] | ||
Goodwill, Ending Balance | $ 4,200,000 | $ 4,200,000 |
Note 9 - Intangible Assets an_4
Note 9 - Intangible Assets and Goodwill - Summary of Intangible Assets (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Intangible Assets, Gross Carrying Amount | $ 3,381,449 | $ 3,101,070 |
Intangible Assets, Accumulated Amortization | (2,156,192) | (1,788,598) |
Intangible Assets, Net Book Value | 1,225,257 | 1,312,472 |
Trade Names [Member] | ||
Intangible Assets, Gross Carrying Amount | 580,000 | 442,000 |
Intangible Assets, Accumulated Amortization | (319,913) | (229,480) |
Intangible Assets, Net Book Value | 260,087 | 212,520 |
Customer Relationships [Member] | ||
Intangible Assets, Gross Carrying Amount | 751,000 | 751,000 |
Intangible Assets, Accumulated Amortization | (194,270) | (119,170) |
Intangible Assets, Net Book Value | 556,730 | 631,830 |
Noncompete Agreements [Member] | ||
Intangible Assets, Gross Carrying Amount | 69,700 | 69,700 |
Intangible Assets, Accumulated Amortization | (37,638) | (23,698) |
Intangible Assets, Net Book Value | 32,062 | 46,002 |
Certification Marks [Member] | ||
Intangible Assets, Gross Carrying Amount | 47,000 | 47,000 |
Intangible Assets, Accumulated Amortization | (25,380) | (15,980) |
Intangible Assets, Net Book Value | 21,620 | 31,020 |
Licensing Agreements [Member] | ||
Intangible Assets, Gross Carrying Amount | 250,000 | 250,000 |
Intangible Assets, Accumulated Amortization | (59,967) | (18,058) |
Intangible Assets, Net Book Value | 190,033 | 231,942 |
Patents [Member] | ||
Intangible Assets, Gross Carrying Amount | 1,090,000 | 1,090,000 |
Intangible Assets, Accumulated Amortization | (1,090,000) | (1,090,000) |
Intangible Assets, Net Book Value | ||
Computer Software, Intangible Asset [Member] | ||
Intangible Assets, Gross Carrying Amount | 571,507 | 429,128 |
Intangible Assets, Accumulated Amortization | (428,309) | (291,405) |
Intangible Assets, Net Book Value | 143,198 | 137,723 |
Other Intangible Assets [Member] | ||
Intangible Assets, Gross Carrying Amount | 22,242 | 22,242 |
Intangible Assets, Accumulated Amortization | (715) | (808) |
Intangible Assets, Net Book Value | $ 21,527 | $ 21,435 |
Note 9 - Intangible Assets an_5
Note 9 - Intangible Assets and Goodwill - Future Amortization of Intangible Assets (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
2020 | $ 300,539 | |
2021 | 280,126 | |
2022 | 205,016 | |
2023 | 156,470 | |
2024 | 83,970 | |
Thereafter | 199,136 | |
Total | $ 1,225,257 | $ 1,312,472 |
Note 9 - Intangible Assets an_6
Note 9 - Intangible Assets and Goodwill - Goodwill (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Goodwill, at original cost | $ 4,793,013 | $ 4,793,013 |
Less accumulated impairment | (375,408) | (375,408) |
Goodwill, net of impairment | $ 4,417,605 | $ 4,417,605 |
Note 10 - Business Combinatio_3
Note 10 - Business Combinations (Details Textual) - USD ($) | May 04, 2018 | Dec. 15, 2017 | May 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred Income Tax Expense (Benefit), Total | $ (1,158,945) | $ (10,566) | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | $ 1,983,777 | $ 501,880 | |||
Chief Investment Officer [Member] | |||||
Annual Salary After the Acquisition | $ 50,000 | ||||
Worthington Aviation Parts, Inc [Member] | |||||
Payments to Acquire Businesses, Gross | $ 3,300,000 | ||||
Deferred Income Tax Expense (Benefit), Total | 589,000 | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | 1,984,000 | ||||
Payment for Earnest Money Deposit | 50,000 | ||||
Business Combination, Acquisition Related Costs | 83,000 | ||||
Business Combination, Consideration Transferred, Total | $ 3,325,699 | ||||
Blue Clay Capital Management, LLC [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 1 | ||||
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Percent | 1.00% | ||||
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount | $ 100,000 | ||||
Business Combination, Fair Value Amount for Each General Partnership Interest | 227,000 | ||||
Blue Clay Capital Management, LLC [Member] | BCCP LO [Member] | |||||
Business Combination, Conversion Agreement, Aggregate Capital Accounts of Each Fund, Amount | 10,000 | ||||
Blue Clay Capital Management, LLC [Member] | Chief Investment Officer [Member] | |||||
Annual Salary After the Acquisition | 50,000 | ||||
Blue Clay Capital Management, LLC [Member] | Chief Operating Officer and Chief Financial Officer [Member] | |||||
Annual Salary After the Acquisition | $ 125,000 | ||||
AirCo [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | $ 2,400,000 | ||||
Deferred Income Tax Expense (Benefit), Total | 278,000 | ||||
Business Combination, Bargain Purchase, Gain Recognized, Amount, Net | $ 502,000 |
Note 10 - Business Combinatio_4
Note 10 - Business Combinations - Assets Acquired and Liabilities Assumed by AirCo (Details) - USD ($) | May 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Consideration paid | $ 3,375,700 | $ 2,400,000 | |
AirCo [Member] | Acquired Inventory and Principal Business Assets, and Assumed Specified Liabilities, of Aircraft Instrument and Radio Company, Incorporated, and Aircraft Instrument and Radio Services, Inc. [Member] | |||
Accounts receivables | $ 748,936 | ||
Inventories | 3,100,000 | ||
Property and equipment | 26,748 | ||
Accounts payable | (313,117) | ||
Accrued expenses | (382,687) | ||
Net assets acquired | 3,179,880 | ||
Consideration paid | 2,400,000 | ||
Bargain purchase gain | $ 779,880 |
Note 10 - Business Combinatio_5
Note 10 - Business Combinations - Summary of Total Consideration (Details) - Worthington Aviation Parts, Inc [Member] | May 04, 2018USD ($) |
Earnest money | $ 50,000 |
Cash consideration | 3,300,000 |
Cash acquired | (24,301) |
Total consideration | $ 3,325,699 |
Note 10 - Business Combinatio_6
Note 10 - Business Combinations - Assets Acquired and Liabilities Assumed by Worthington (Details) - USD ($) | May 04, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Consideration paid | $ 3,375,700 | $ 2,400,000 | |
Worthington Aviation Parts, Inc [Member] | |||
Accounts receivable | $ 1,929,120 | ||
Inventories | 4,564,437 | ||
Other current assets | 149,792 | ||
Property and equipment | 391,892 | ||
Other assets | 189,607 | ||
Total assets | 7,362,848 | ||
Accounts payable | 1,289,150 | ||
Accrued expenses | 175,222 | ||
Deferred tax liability | 589,000 | ||
Total liabilities | 2,053,372 | ||
Net assets acquired | 5,309,476 | ||
Consideration paid | 3,350,000 | ||
Less: Cash acquired | (24,301) | ||
Bargain purchase gain | 1,983,777 | ||
Worthington Aviation Parts, Inc [Member] | Trade Names [Member] | |||
Intangible assets - tradename | $ 138,000 |
Note 10 - Business Combinatio_7
Note 10 - Business Combinations - Revenue and Expenses of Worthington (Details) - Worthington Aviation Parts, Inc [Member] | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue | $ 15,563,192 |
Cost of Sales | 10,919,841 |
Operating Expenses | 4,364,349 |
Operating Income | 279,002 |
Non-operating Income | 1,808,211 |
Net Income | $ 2,087,213 |
Note 10 - Business Combinatio_8
Note 10 - Business Combinations - Pro Forma Information (Details) - Worthington Aviation Parts, Inc [Member] - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | $ 251,278,349 | $ 209,706,935 |
Earnings before taxes | 7,881,644 | 3,594,265 |
Net income (loss) attributable to Air T, Inc. stockholders | $ (766,674) | $ 3,734,452 |
Basic income (loss) per share (in dollars per share) | $ (0.38) | $ 1.83 |
Dilutive income (loss) per share (in dollars per share) | $ (0.38) | $ 1.82 |
Note 11 - Variable Interest E_3
Note 11 - Variable Interest Entities (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Expense, Total | $ 3,427,102 | $ 1,724,771 |
Investments in Funds, Noncurrent | $ 463,892 | $ 324,854 |
Delphax [Member] | ||
Percentage of Consolidated Subsidiaries Dividends Attributable to Parent | 67.00% | |
Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests | 33.00% | |
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage | 33.00% | 33.00% |
Delphax [Member] | Senior Subordinated Note [Member] | ||
Short-term Debt, Total | $ 550,000 | $ 900,000 |
Delphax [Member] | Senior Subordinated Note [Member] | Short-term Debt [Member] | ||
Interest Payable, Current | 1,200,000 | 888,000 |
Delphax [Member] | Delphax Senior Credit Agreement [Member] | ||
Short-term Debt, Total | 0 | |
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member] | ||
Investments in Funds, Noncurrent | 464,000 | |
Investment Funds Purchased from Blue Clay Capital Management, LLC [Member] | Senior Subordinated Note and Delphax Senior Debt Credit Agreement [Member] | ||
Interest Expense, Total | $ 311,000 | $ 670,000 |
Note 11 - Variable Interest E_4
Note 11 - Variable Interest Entities - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Cash and cash equivalents | $ 12,524,321 | $ 4,803,238 |
Accounts receivable, net | 19,077,248 | 15,157,855 |
Total current assets | 71,348,113 | 61,671,108 |
Total assets | 115,142,137 | 97,146,886 |
Accounts payable | 12,552,724 | 10,181,143 |
Income tax payable | 661,690 | 23,000 |
Total current liabilities | 52,794,010 | 31,177,806 |
Total liabilities | 86,308,373 | 70,910,863 |
Delphax [Member] | Reportable Legal Entities [Member] | ||
Cash and cash equivalents | 12,315 | 241,430 |
Accounts receivable, net | 46,844 | 316,542 |
Other current assets | 58,441 | 72,269 |
Total current assets | 117,600 | 630,241 |
Other tax receivables-long-term | 311,000 | 311,000 |
Total assets | 428,600 | 941,241 |
Accounts payable | 2,151,235 | 2,145,847 |
Income tax payable | 11,312 | |
Accrued expenses | 3,157,707 | 3,244,514 |
Short-term Debt, Total | 1,749,779 | 1,788,285 |
Total current liabilities | 7,058,721 | 7,189,958 |
Total liabilities | 7,058,721 | 7,189,958 |
Net assets | $ (6,630,121) | $ (6,248,717) |
Note 11 - Variable Interest E_5
Note 11 - Variable Interest Entities - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues, Total | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 |
General and administrative | 38,376,113 | 29,138,534 | ||||||||
Research and development | 195,653 | |||||||||
Depreciation, amortization and impairment | 7,720,574 | 2,678,858 | ||||||||
241,769,773 | 190,273,822 | |||||||||
Operating (loss) income | $ 5,616,000 | $ 1,465,000 | $ (1,620,000) | $ 2,604,000 | $ 1,005,000 | $ 552,000 | $ 476,000 | $ 2,213,000 | 8,064,705 | 4,245,523 |
Non-operating expense, net | (3,362,589) | (1,593,916) | ||||||||
(Loss) Income before income taxes | 4,702,116 | 2,651,607 | ||||||||
Income tax benefit | 1,502,184 | 195,000 | ||||||||
Net (loss) income | 3,199,932 | 2,456,607 | ||||||||
Delphax [Member] | ||||||||||
Revenues, Total | 5,835,266 | |||||||||
Cost of sales | 3,261,156 | |||||||||
General and administrative | 285,180 | 1,399,034 | ||||||||
Research and development | 195,653 | |||||||||
Depreciation, amortization and impairment | 8,007 | |||||||||
285,180 | 4,863,850 | |||||||||
Operating (loss) income | (285,180) | 971,416 | ||||||||
Non-operating expense, net | (218,203) | (742,120) | ||||||||
(Loss) Income before income taxes | (503,383) | 229,296 | ||||||||
Income tax benefit | 311,000 | |||||||||
Net (loss) income | $ (503,383) | $ 540,296 |
Note 12 - Financing Arrangeme_3
Note 12 - Financing Arrangements (Details Textual) - USD ($) | Mar. 29, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | $ (235,686) | ||
Interest Rate Swap [Member] | |||
Derivative Liability, Total | 227,000 | $ 8,500 | |
Derivative, Gain on Derivative | 145,000 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | $ 236,000 | ||
Short-term Debt [Member] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 5.27% | 7.25% | |
MBT [Member] | MBT Credit Agreement [Member] | Interest Rate Swap [Member] | Term Loan A [Member] | |||
Derivative, Fixed Interest Rate | 4.56% | ||
MBT [Member] | MBT Credit Agreement [Member] | Interest Rate Swap [Member] | Term Loan D [Member] | |||
Derivative, Fixed Interest Rate | 5.09% | ||
MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 17,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
MBT [Member] | MBT Credit Agreement [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | (1.00%) |
Note 12 - Financing Arrangeme_4
Note 12 - Financing Arrangements - Long-term Debt (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
$ 58,021,749 | $ 48,450,238 | |
Less: Unamortized Debt Issuance Costs | (368,760) | (365,288) |
57,652,989 | 48,084,950 | |
Parent Company [Member] | ||
27,135,413 | 16,299,400 | |
AirCo [Member] | ||
6,770,000 | 7,404,775 | |
Contrail Aviation Inc. [Member] | ||
24,116,336 | 24,746,062 | |
Revolving Loan [Member] | Parent Company [Member] | ||
$ 12,403,213 | 0 | |
Maturity Date | Nov. 30, 2019 | |
Unused commitments | $ 4,596,787 | |
Revolving Loan [Member] | Parent Company [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | (1.00%) | |
Revolving Loan [Member] | AirCo [Member] | ||
$ 3,820,000 | 5,000,000 | |
Maturity Date | May 21, 2019 | |
Unused commitments | $ 1,180,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Revolving Loan [Member] | Contrail Aviation Inc. [Member] | ||
$ 0 | 14,826,062 | |
Maturity Date | May 5, 2019 | |
Unused commitments | $ 20,000,000 | |
Revolving Loan [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |
Term Loan A [Member] | Parent Company [Member] | ||
$ 8,750,000 | 9,750,000 | |
Maturity Date | Jan. 1, 2028 | |
Term Loan A [Member] | Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Term Loan B [Member] | Parent Company [Member] | ||
$ 4,375,000 | 4,875,000 | |
Maturity Date | Jan. 1, 2028 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |
Term Loan D [Member] | Parent Company [Member] | ||
$ 1,607,200 | 1,674,400 | |
Maturity Date | Jan. 1, 2028 | |
Term Loan D [Member] | Parent Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Term Loan [Member] | AirCo [Member] | ||
$ 0 | 2,404,775 | |
Maturity Date | Mar. 26, 2019 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |
Term Loan [Member] | Contrail Aviation Inc. [Member] | ||
$ 8,616,336 | 9,920,000 | |
Maturity Date | Jan. 26, 2021 | |
Term Loan [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |
Term Loan, Two [Member] | AirCo [Member] | ||
$ 450,000 | 0 | |
Maturity Date | Dec. 17, 2019 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Term Loan, Two [Member] | Contrail Aviation Inc. [Member] | ||
$ 15,500,000 | 0 | |
Maturity Date | Sep. 14, 2021 | |
Term Loan, Two [Member] | Contrail Aviation Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |
Term Loan Three [Member] | AirCo [Member] | ||
$ 400,000 | 0 | |
Maturity Date | Jun. 17, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |
Term Loan Four [Member] | AirCo [Member] | ||
$ 2,100,000 | $ 0 | |
Maturity Date | Jun. 17, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.50% |
Note 12 - Financing Arrangeme_5
Note 12 - Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
2020 | $ 24,735,224 | |
2021 | 18,188,725 | |
2022 | 5,067,200 | |
2023 | 1,567,200 | |
Thereafter | 6,896,200 | |
58,021,749 | $ 48,450,238 | |
Less: Unamortized Debt Issuance Costs | (368,760) | (365,288) |
$ 57,652,989 | $ 48,084,950 |
Note 12 - Financing Arrangeme_6
Note 12 - Financing Arrangements - Components of Net Interest Expense (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Contractual interest | $ 3,290,788 | $ 1,695,898 |
Amortization of deferred financing costs | 224,169 | 90,028 |
Interest income | (57,628) | (61,154) |
Interest Expense, Total | $ 3,427,102 | $ 1,724,771 |
Note 13 - Lease Arrangements (D
Note 13 - Lease Arrangements (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Leases, Rent Expense, Total | $ 4,564,000 | $ 4,520,000 |
Delphax [Member] | ||
Operating Leases, Rent Expense, Total | 13,000 | 95,000 |
Related Party [Member] | ||
Operating Leases, Rent Expense, Total | $ 201,000 | $ 337,000 |
Note 13 - Lease Arrangements -
Note 13 - Lease Arrangements - Future Minimum Annual Lease Payments (Details) | Mar. 31, 2019USD ($) |
2020 | $ 3,133,000 |
2021 | 2,115,000 |
2022 | 1,625,000 |
2023 | 1,241,000 |
2024 | 692,000 |
Thereafter | 6,267,000 |
Total minimum lease payments | $ 15,073,000 |
Note 14 - Assets on Lease - Ann
Note 14 - Assets on Lease - Annual Lease Payments Receivable (Details) | Mar. 31, 2019USD ($) |
2020 | $ 3,055,164 |
2021 | 710,364 |
2022 | 80,264 |
2023 | 58,404 |
2024 | 4,867 |
Thereafter | |
Total minimum lease payments | $ 3,909,063 |
Note 15 - Fair Value of Finan_3
Note 15 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Redeemable non-controlling interest (Level 3) | $ 5,476,000 | $ 1,992,939 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities (Level 1) | 3,212,587 | 2,552,774 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liability, Total | 227,214 | 66,706 |
Fair Value, Inputs, Level 3 [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | $ 488,905 | $ 1,955,987 |
Note 15 - Fair Value of Finan_4
Note 15 - Fair Value of Financial Instruments - Fair VAlue of Redeemable Non-controlling Interest and Acquisition Contingent Consideration Obligations (Details) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Acquisition Contingent Consideration Obligations [Member] | |
Beginning Balance as of April 1, 2018 | $ 1,955,987 |
Payment of contingent consideration | (1,533,041) |
Interest accrued on contingent consideration | 65,959 |
Ending Balance as of March 31, 2019 | 488,905 |
Redeemable Noncontrolling Interest [Member] | |
Beginning Balance as of April 1, 2018 | 1,992,939 |
Payment of contingent consideration | (75,508) |
Contribution from non-controlling member | 210,000 |
Net income attributable to non-controlling interests | 2,026,053 |
Fair value adjustment | 1,322,516 |
Ending Balance as of March 31, 2019 | $ 5,476,000 |
Note 16 - Share Repurchase (Det
Note 16 - Share Repurchase (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | May 14, 2014 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 750,000 | |
Stock Repurchased During Period, Shares | 22,652 | |
Stock Repurchased During Period, Value | $ 743,747 |
Note 17 - Employee and Non-em_3
Note 17 - Employee and Non-employee Stock Options (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Employee and Non Employee Director Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Payment Arrangement, Expense | $ 0 | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | |
Employee and Non Employee Director Options [Member] | Delphax [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Note 17 - Employee and Non-em_4
Note 17 - Employee and Non-employee Stock Options - Summary of Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Outstanding, shares (in shares) | 9,182 | 10,000 | |
Granted, shares (in shares) | 0 | 0 | |
Exercised, shares (in shares) | (1,682) | (818) | |
Forfeited, shares (in shares) | |||
Repurchased, shares (in shares) | 0 | 0 | |
Outstanding, shares (in shares) | 7,500 | 9,182 | 10,000 |
Exercisable, shares (in shares) | 7,500 | ||
Outstanding, weighted average exercise price per share (in dollars per share) | $ 10.03 | $ 10.08 | |
Granted, weighted average exercise price per share (in dollars per share) | 0 | 0 | |
Exercised, weighted average exercise price per share (in dollars per share) | 10.56 | 10.56 | |
Forfeited, weighted average exercise price per share (in dollars per share) | |||
Repurchased, weighted average exercise price per share (in dollars per share) | 0 | 0 | |
Outstanding, weighted average exercise price per share (in dollars per share) | 9.91 | $ 10.03 | $ 10.08 |
Exercisable, weighted average exercise price per share (in dollars per share) | $ 9.91 | ||
Outstanding, weighted average remaining life (Year) | 4 years 25 days | 5 years 47 days | 6 years 54 days |
Exercisable, weighted average remaining life (Year) | 4 years 25 days | ||
Outstanding, aggregate intrinsic value | $ 152,075 | $ 140,193 | $ 101,000 |
Exercisable, aggregate intrinsic value | $ 152,075 |
Note 18 - Major Customer (Detai
Note 18 - Major Customer (Details Textual) - Customer Concentration Risk [Member] - FedEx Corporation [Member] | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 29.00% | 38.00% |
Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 20.00% | 15.00% |
Note 19 - Revenue Recognition -
Note 19 - Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues, Total | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 |
Overnight Air Cargo [Member] | ||||||||||
Leasing Revenue | ||||||||||
Revenues, other | 153,701 | |||||||||
Revenues, Total | 72,978,361 | 72,845,353 | ||||||||
Overnight Air Cargo [Member] | Product [Member] | ||||||||||
Revenues | 23,043,526 | |||||||||
Overnight Air Cargo [Member] | Service [Member] | ||||||||||
Revenues | 49,781,134 | |||||||||
Ground Equipment Sales [Member] | ||||||||||
Leasing Revenue | 77,073 | |||||||||
Revenues, other | 530,695 | |||||||||
Revenues, Total | 47,152,125 | 50,004,507 | ||||||||
Ground Equipment Sales [Member] | Product [Member] | ||||||||||
Revenues | 45,896,643 | |||||||||
Ground Equipment Sales [Member] | Service [Member] | ||||||||||
Revenues | 647,714 | |||||||||
Ground Support Services [Member] | ||||||||||
Leasing Revenue | ||||||||||
Revenues, other | 51,011 | |||||||||
Revenues, Total | 34,331,784 | 35,698,171 | ||||||||
Ground Support Services [Member] | Product [Member] | ||||||||||
Revenues | 9,108,328 | |||||||||
Ground Support Services [Member] | Service [Member] | ||||||||||
Revenues | 25,172,445 | |||||||||
Printing Equipment and Maintenance [Member] | ||||||||||
Leasing Revenue | ||||||||||
Revenues, other | 15,997 | |||||||||
Revenues, Total | 654,617 | 6,144,403 | ||||||||
Printing Equipment and Maintenance [Member] | Product [Member] | ||||||||||
Revenues | 591,565 | |||||||||
Printing Equipment and Maintenance [Member] | Service [Member] | ||||||||||
Revenues | 47,055 | |||||||||
Commercial Jet Engines Inventory [Member] | ||||||||||
Leasing Revenue | 10,188,727 | |||||||||
Revenues, other | 365,808 | |||||||||
Revenues, Total | 93,968,014 | 29,506,873 | ||||||||
Commercial Jet Engines Inventory [Member] | Product [Member] | ||||||||||
Revenues | 78,174,197 | |||||||||
Commercial Jet Engines Inventory [Member] | Service [Member] | ||||||||||
Revenues | 5,239,282 | |||||||||
Corporate and Other [Member] | ||||||||||
Leasing Revenue | 126,480 | |||||||||
Revenues, other | 534,204 | |||||||||
Revenues, Total | 749,577 | $ 320,038 | ||||||||
Corporate and Other [Member] | Product [Member] | ||||||||||
Revenues | ||||||||||
Corporate and Other [Member] | Service [Member] | ||||||||||
Revenues | $ 88,893 |
Note 19 - Revenue Recognition_2
Note 19 - Revenue Recognition - Contract Liabilities (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Outstanding Contract Liabilities | $ 1,866,843 | $ 590,837 |
Outstanding Contract Liabilities, Recognized as Revenue | $ 590,837 |
Note 20 - Income Taxes (Details
Note 20 - Income Taxes (Details Textual) | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Nov. 24, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 30.80% | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 1,405,000 | $ (1,116,000) | |
Deferred Tax Assets, Valuation Allowance, Total | 14,658,000 | 13,583,000 | |
Delphax [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 38.00% | ||
Delphax [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 383,000 | 973,000 | |
Open Tax Year | 2014 2015 2016 2017 2018 | ||
Estimated Future Liquidation Loss on Tax Attributes | $ 6,400,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 13,000,000 | $ 13,000,000 | |
Delphax [Member] | Foreign Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 13,400,000 | ||
Delphax [Member] | Foreign Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | 4,500,000 | ||
Delphax [Member] | Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 15,200,000 | ||
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 311,000 | ||
Delphax [Member] | Canada, France, and United Kingdom [Member] | |||
Number of Foreign Subsidiaries | 3 |
Note 20 - Income Taxes - Provis
Note 20 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Current: | ||
Federal | $ 2,225,000 | $ (133,000) |
State | 418,000 | 183,000 |
Foreign | 23,000 | 156,000 |
Total current | 2,666,000 | 206,000 |
Deferred: | ||
Federal | (1,105,000) | (14,000) |
State | (58,816) | 3,000 |
Total deferred | (1,158,945) | (10,566) |
Total | $ 1,502,184 | $ 195,000 |
Note 20 - Income Taxes - Differ
Note 20 - Income Taxes - Difference in Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Expected Federal income tax expense U.S. statutory rate | $ 978,000 | $ 818,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 30.80% |
State income taxes, net of federal benefit | $ 171,000 | $ 129,000 |
State income taxes, net of Federal benefit, percentage | 3.70% | 4.90% |
Permanent differences, other | $ (61,000) | $ 21,000 |
Permanent differences, other, percentage | (1.30%) | 0.80% |
Micro-captive insurance benefit | $ (197,000) | $ (320,000) |
Micro-captive insurance benefit, percentage | (4.20%) | (12.10%) |
Change in valuation allowance | $ 1,405,000 | $ (1,116,000) |
Change in valuation allowance, percentage | 30.20% | (42.10%) |
Domestic production activities deduction | $ (15,000) | |
Domestic production activities deduction, percentage | 0.00% | (0.60%) |
Income attributable to minority interest - Contrail Aviation | $ (434,000) | $ (79,000) |
Income Attributable to Minority Interest - Contrail Aviation, percentage | (9.30%) | (3.00%) |
Bargain purchase gain | $ (417,000) | $ (155,000) |
Bargain purchase gain, percentage | (9.00%) | (5.80%) |
Tax rate change applied to deferreds | $ 2,297,000 | |
Tax rate change applied to deferreds, percentage | 0.00% | 86.60% |
Deferred benefit for outside basis difference recorded on Delphax CFCs | $ 31,000 | $ (811,000) |
Deferred benefit for outside basis difference recorded on Delphax CFCs, percentage | 0.70% | (30.60%) |
Deferred benefit for increase in Canadian tax credits for Delphax | $ (149,000) | |
Deferred benefit for increase in Canadian tax credits for Delphax, percentage | 0.00% | (5.60%) |
Recognition of AMT tax credits as tax receivable | $ (311,000) | |
Recognition of AMT tax credits as tax receivable, percentage | 0.00% | (11.70%) |
Other differences, net | $ 26,184 | $ (114,000) |
Other differences, net, percentage | 0.60% | 4.30% |
Total | $ 1,502,184 | $ 195,000 |
Income tax expense, percentage | 32.40% | 7.30% |
Note 20 - Income Taxes - Deferr
Note 20 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Accrued vacation | $ 322,000 | $ 343,000 |
Property and equipment | 264,000 | |
Accounts and notes receivable reserve | 115,000 | 103,000 |
Employee severance reserve | 549,000 | |
Net operating loss carryforwards | 7,516,000 | 6,083,000 |
Federal/Canadian tax credits | 4,486,000 | 4,486,000 |
Unrealized gains/losses | 833,000 | 2,324,000 |
Outside basis difference on CFCs | 1,431,000 | |
Investments in partnerships | 534,000 | |
Disallowed capital loss | 463,000 | |
Other deferred tax assets | 301,000 | 236,000 |
Total deferred tax assets | 16,001,000 | 14,388,000 |
Prepaid expenses | (115,000) | (337,000) |
263A inventory capitalization | (28,000) | |
Inventory basis difference | (434,000) | (179,000) |
Property and equipment | (233,000) | |
Investments in partnerships | (270,000) | |
Other deferred tax liabilities | (83,000) | (83,000) |
Total deferred tax liabilities | (865,000) | (897,000) |
Net deferred tax asset | 15,136,000 | 13,491,000 |
Less valuation allowance | (14,658,000) | (13,583,000) |
Net deferred tax liability | $ 478,000 | |
Net deferred tax asset | $ (92,000) |
Note 21 - Employee Benefits (De
Note 21 - Employee Benefits (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 630,000 | $ 559,000 |
General and Administrative Expense [Member] | ||
Other Labor-related Expenses | $ 2,434,000 | $ 1,188,000 |
Note 22 - Quarterly Financial_3
Note 22 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues, Total | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 |
Operating (loss) income | 5,616,000 | 1,465,000 | (1,620,000) | 2,604,000 | 1,005,000 | 552,000 | 476,000 | 2,213,000 | 8,064,705 | 4,245,523 |
Stockholders | $ 2,547,000 | $ (2,715,000) | $ (1,321,000) | $ 2,829,000 | $ 1,559,000 | $ (672,000) | $ 422,000 | $ 968,000 | $ 1,339,995 | $ 2,277,109 |
Basic Earnings (Loss) per share (in dollars per share) | $ 1.25 | $ (1.34) | $ (0.65) | $ 1.38 | $ 0.76 | $ (0.33) | $ 0.21 | $ 0.47 | $ 0.66 | $ 1.11 |
Diluted Earnings (Loss) per share (in dollars per share) | $ 1.25 | $ (1.34) | $ (0.65) | $ 1.38 | $ 0.76 | $ (0.33) | $ 0.21 | $ 0.47 | $ 0.66 | $ 1.11 |
Note 23 - Geographical Inform_3
Note 23 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Non-current Assets | $ 29,982,409 | $ 20,273,171 |
UNITED STATES | ||
Non-current Assets | 4,946,997 | 5,209,831 |
AUSTRALIA | ||
Non-current Assets | 5,186 | |
Non-US [Member] | ||
Non-current Assets | 25,035,412 | 15,063,340 |
MEXICO | ||
Non-current Assets | 2,680,825 | 4,352,257 |
NETHERLANDS | ||
Non-current Assets | 5,541,072 | 7,084,947 |
CHINA | ||
Non-current Assets | 16,808,329 | |
ROMANIA | ||
Non-current Assets | $ 3,626,136 |
Note 23 - Geographical Inform_4
Note 23 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues, Total | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 |
UNITED STATES | ||||||||||
Revenues, Total | 211,816,770 | 175,727,524 | ||||||||
Non-US [Member] | ||||||||||
Revenues, Total | $ 38,017,708 | $ 18,791,821 |
Note 24 - Segment Information_2
Note 24 - Segment Information (Details Textual) | 12 Months Ended |
Mar. 31, 2019 | |
Number of Operating Segments | 6 |
Note 24 - Segment Information -
Note 24 - Segment Information - Segment Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 76,003,000 | $ 63,623,000 | $ 49,341,000 | $ 60,867,000 | $ 53,460,000 | $ 44,501,000 | $ 48,861,000 | $ 47,697,000 | $ 249,834,478 | $ 194,519,345 |
Operating Income (Loss) | $ 5,616,000 | $ 1,465,000 | $ (1,620,000) | $ 2,604,000 | $ 1,005,000 | $ 552,000 | $ 476,000 | $ 2,213,000 | 8,064,705 | 4,245,523 |
Capital Expenditures | 20,469,233 | 20,215,594 | ||||||||
Depreciation, Amortization and Impairment | 7,720,574 | 2,678,858 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Revenues | 1,975,748 | 2,657,837 | ||||||||
Operating Income (Loss) | (6,899,256) | (3,535,774) | ||||||||
Capital Expenditures | 209,043 | 1,104,089 | ||||||||
Depreciation, Amortization and Impairment | 585,247 | 480,487 | ||||||||
Intersegment Eliminations [Member] | ||||||||||
Revenues | (7,354,467) | (11,879,288) | ||||||||
Operating Income (Loss) | 678,637 | (1,261,045) | ||||||||
Depreciation, Amortization and Impairment | 32,352 | (5,298) | ||||||||
Overnight Air Cargo [Member] | ||||||||||
Revenues | 72,978,361 | 72,845,353 | ||||||||
Overnight Air Cargo [Member] | Operating Segments [Member] | ||||||||||
Revenues | 72,978,361 | 72,845,353 | ||||||||
Operating Income (Loss) | 1,911,067 | 4,127,322 | ||||||||
Capital Expenditures | 57,806 | 40,668 | ||||||||
Depreciation, Amortization and Impairment | 82,102 | 110,810 | ||||||||
Ground Equipment Sales [Member] | ||||||||||
Revenues | 47,152,125 | 50,004,507 | ||||||||
Ground Equipment Sales [Member] | Operating Segments [Member] | ||||||||||
Revenues | 47,152,125 | 50,036,035 | ||||||||
Operating Income (Loss) | 3,419,786 | 3,840,907 | ||||||||
Capital Expenditures | 371,902 | 219,592 | ||||||||
Depreciation, Amortization and Impairment | 263,945 | 433,184 | ||||||||
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member] | ||||||||||
Revenues | 40,706,629 | 47,394,193 | ||||||||
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member] | ||||||||||
Revenues | 6,445,496 | 2,641,842 | ||||||||
Ground Support Services [Member] | ||||||||||
Revenues | 34,331,784 | 35,698,171 | ||||||||
Ground Support Services [Member] | Operating Segments [Member] | ||||||||||
Revenues | 34,331,784 | 35,710,005 | ||||||||
Operating Income (Loss) | (1,266,465) | (179,152) | ||||||||
Capital Expenditures | 150,745 | 363,420 | ||||||||
Depreciation, Amortization and Impairment | 446,417 | 471,776 | ||||||||
Printing Equipment and Maintenance [Member] | ||||||||||
Revenues | 654,617 | 6,144,403 | ||||||||
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | ||||||||||
Revenues | 669,307 | 6,386,882 | ||||||||
Operating Income (Loss) | (1,388,434) | (749,846) | ||||||||
Capital Expenditures | 181,895 | |||||||||
Depreciation, Amortization and Impairment | 9,085 | 13,135 | ||||||||
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member] | ||||||||||
Revenues | 321,723 | 3,675,193 | ||||||||
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member] | ||||||||||
Revenues | 347,584 | 2,711,689 | ||||||||
Commercial Jet Engines [Member] | Operating Segments [Member] | ||||||||||
Revenues | 100,081,620 | 38,762,521 | ||||||||
Operating Income (Loss) | 11,609,370 | 2,003,111 | ||||||||
Capital Expenditures | 19,679,737 | 18,305,930 | ||||||||
Depreciation, Amortization and Impairment | 6,301,426 | 1,174,764 | ||||||||
Commercial Jet Engines [Member] | Operating Segments [Member] | Domestic [Member] | ||||||||||
Revenues | 68,856,992 | 25,324,231 | ||||||||
Commercial Jet Engines [Member] | Operating Segments [Member] | International [Member] | ||||||||||
Revenues | $ 31,224,628 | $ 13,438,290 |
Note 25 - Commitments and Con_2
Note 25 - Commitments and Contingencies (Details Textual) - Contrail Aviation Inc. [Member] - USD ($) | Mar. 31, 2019 | Jul. 18, 2016 |
Business Combination, Contingent Consideration, Liability, Total | $ 480,000 | |
Accrued Expense [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 24,000 | |
Other Noncurrent Liabilities [Member] | ||
Business Combination, Contingent Consideration, Liability, Noncurrent | 456,000 | |
Contrail Aviation Support LLC. [Member] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value High, Per Year | $ 1,500,000 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 3,000,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Earnout Liability | $ 2,900,000 | |
Business Combination, Contingent Consideration Arrangement, Earnout Payment | $ 2,500,000 |
Note 26 - Related Party Matte_2
Note 26 - Related Party Matters (Details Textual) | Jan. 31, 2018USD ($) | Dec. 27, 2017shares | Dec. 15, 2017USD ($) | Mar. 31, 2019USD ($)ft²a | Mar. 31, 2016USD ($) |
Chief Investment Officer [Member] | |||||
Annual Salary After the Acquisition | $ 50,000 | ||||
Blue Clay Capital Management, LLC [Member] | |||||
Business Combination, Consideration Transferred, Total | 1 | ||||
Blue Clay Capital Management, LLC [Member] | Chief Investment Officer [Member] | |||||
Annual Salary After the Acquisition | $ 50,000 | ||||
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member] | |||||
Area of Real Estate Property | a | 68 | ||||
Operating Leases Monthly Rent | $ 14,862 | ||||
Number of Interests Acquired in Equipment Leases During the Period | 2 | ||||
Vantage [Member] | Leasing Subsidiary [Member] | |||||
Payments to Acquire Interests in Equipment Leases | $ 401,250 | ||||
Fees for Servicing Equipment Leases, Included in Acquisition Payments | $ 1,000 | ||||
Equipment Lease Payments, Percentage of Outstanding Lease Assets | 1.00% | ||||
Servicing Income as a Percentage of the Related Party's Annual Revenues | 1.00% | ||||
Contrail Aviation Support, Inc. [Member] | Contrail Aviation Support LLC. [Member] | |||||
Area of Real Estate Property | ft² | 21,000 | ||||
Operating Lease, Payments | $ 161,000 | ||||
Lessee, Operating Lease, Renewal Term | 5 years | ||||
Blue Clay Capital Management, LLC [Member] | |||||
Related Party Transaction, Stock Issued During Period | shares | 52,000 |