Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Current Assets:
Cash and cash equivalents	$ 1,621,890	$ 5,345,455	[1]
Marketable securities	3,196,810	4,944,572
Restricted cash	820,651	820,651
Accounts receivable, less allowance for doubtful accounts of $437,000 and $426,000	15,239,948	12,303,128
Notes and other receivables-current	1,318,865	592,721
Income tax receivable	1,582,145	719,899
Inventories, net	20,946,720	12,274,104
Deferred Tax Assets, Net of Valuation Allowance, Current	71,126	291,000
Prepaid expenses and other	1,192,275	1,668,004
Total Current Assets	45,990,430	38,959,534
Available-For-Sale marketable securities	2,876,399	4,711,343
Property and Equipment, net	5,168,905	4,577,774
Cash surrender value of life insurance policies	2,264,689	2,100,057
Notes and other receivables - long-term		103,996
Other assets	402,439	317,528
Intangible assets, net	1,139,922	1,109,112
Goodwill	4,185,265	275,408
Total Assets	62,028,049	52,154,752
Current Liabilities:
Accounts payable	9,054,684	7,003,660
Income tax payable		11,312
Accrued expenses	6,706,927	6,842,874
Short-term debt	1,163,577	1,859,300
Total Current Liabilities	16,925,188	15,717,146
Long-term debt	18,358,742	4,835
Deferred income taxes	546,000	546,000
Other non-current liabilities	2,992,435	615,241
Total Liabilities	38,822,365	16,883,222
Redeemable non-controlling interest	1,127,019
Commitments and Contingencies (Notes 9 and 13)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding at December 31, 2016, 2,372,527 shares issued and outstanding at March 31, 2016	510,696	593,131
Additional paid-in capital	4,260,030	4,947,665
Retained earnings	20,452,393	29,350,980
Accumulated other comprehensive income (loss), net	134,130	(117,898)
Total Air T, Inc. Stockholders' Equity	25,357,249	34,773,878
Non-controlling Interests	(3,278,584)	497,652
Total Equity	22,078,665	35,271,530
Total Liabilities and Equity	$ 62,028,049	$ 52,154,752

[1] Derived from audited consolidated financial statements.