0001437749-17-017131.txt : 20171013 0001437749-17-017131.hdr.sgml : 20171013 20171013170514 ACCESSION NUMBER: 0001437749-17-017131 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20171013 DATE AS OF CHANGE: 20171013 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIR T INC CENTRAL INDEX KEY: 0000353184 STANDARD INDUSTRIAL CLASSIFICATION: AIR COURIER SERVICES [4513] IRS NUMBER: 521206400 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-35476 FILM NUMBER: 171137060 BUSINESS ADDRESS: STREET 1: 3524 AIRPORT RD CITY: MAIDEN STATE: NC ZIP: 28650 BUSINESS PHONE: 7043772109 MAIL ADDRESS: STREET 1: P O BOX 488 CITY: DENVER STATE: NC ZIP: 28037 FORMER COMPANY: FORMER CONFORMED NAME: AIR TRANSPORTATION HOLDING CO INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ATLANTA EXPRESS AIRLINE CORP DATE OF NAME CHANGE: 19840321 10-Q/A 1 airt20160630_10qa.htm FORM 10-Q/A airt20160630_10qa.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q/A

(Amendment No.1)

 

(Mark one)

 

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2016

 

☐

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____

 

 

Commission File Number 001-35476

 

Air T, Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware

52-1206400

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

5930 Balsom Ridge Road, Denver, North Carolina 28037

 (Address of principal executive offices, including zip code)

(828) 464 – 8741

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒                    No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒                    No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. (See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act)

 

Large accelerated filer ☐

Accelerated filer ☐
   

Non-accelerated filer ☐

(Do not check if smaller reporting company)

Smaller reporting company ☒
 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐                    No ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Common Stock

Outstanding Shares at August 2, 2016

Common Shares, par value of $.25 per share

2,042,789

                        

 
 

 

EXPLANATORY NOTE

 

Air T, Inc. (the “Company,” “Air T,” “we” or “us”) is filing this amended Form 10-Q/A (“Form 10-Q/A”) to amend its Quarterly Report on Form 10-Q for the period ended June 30, 2016, originally filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2016 (“Original Filing”), to restate our unaudited condensed consolidated financial statements and related footnote disclosures at December 31, 2015 and March 31, 2016 and for the three months ended June 30, 2016. The previously filed consolidated financial statements for those periods should no longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10-Q/A” below.

 

Restatement Background

 

As disclosed in the Original Filing, pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on November 24, 2015 (the “Closing Date”), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). As further disclosed in the Original Filing, each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement with respect to) three-sevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement with respect to) four-sevenths of the members of the board of directors of Delphax. The Warrant expires on November 24, 2021 and 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.

 

The consolidated financial statements included in the Original Filing reflect the consolidation of Delphax with the Company and its subsidiaries from the Closing Date. Such consolidated financial statements also reflected an attribution of 62% of Delphax’s loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income (loss) attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company.

 

We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity.

 

As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests should have been 32%.

 

2
 

 

In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax.

 

This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at June 30, 2016 and for the three months ended June 30, 2016 to so correct the treatment of Air T’s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures.

 

Restatement of Other Financial Statements

 

We are concurrently filing (i) an amendment to our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the “Form 10-K/A”) to similarly restate our audited consolidated financial statements and related financial information at and for the fiscal year ended March 31, 2016 and to amend certain other items within that report, (ii) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the “2015 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2015 and for the three and nine months ended December 31, 2015 and to amend certain other items within that report, (iii) an amendment to our Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the “Q2 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at September 30, 2016 and March 31, 2016 and for the three and six months ended September 30, 2016 and to amend certain other items within that report, and (iv) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2016 (the “Q3 Form 10-Q/A”) to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2016 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 and to amend certain other items within that report.

 

Internal Control and Disclosure Controls Considerations

 

Our Chief Executive Officer and Chief Financial Officer have determined that there were deficiencies in our internal control over financial reporting that constitute material weaknesses, as defined by SEC regulations, at June 30, 2016. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined by SEC regulations, were not effective at June 30, 2016, as discussed in Part I, Item 4 of this Form 10-Q/A.

 

Items Amended in this Form 10-Q/A

 

For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement described above. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement:

 

A. Part I, Item 1. Financial Statements

B. Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

C. Part I, Item 4. Controls and Procedures

D. Part II, Item 6. Exhibits

 

In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. In addition, the Exhibit Index has been appropriately updated.

 

3
 

 

AIR T, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

     

Page

PART I
       

Item 1.

Financial Statements

    
       
 

Condensed Consolidated Statements of Loss  (Unaudited) Three Months Ended June 30, 2016 and 2015 (As Restated)

  

5
       
 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Three Months Ended June 30, 2016 and 2015 (As Restated)

  

6
       
 

Condensed Consolidated Balance Sheets June 30, 2016 (Unaudited) and March 31, 2016 (As Restated)

  

7
       
 

Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended June 30, 2016 and 2015

  

8
       
 

Condensed Consolidated Statements of Equity (Unaudited) Three Months Ended June 30, 2016 and 2015 (As Restated)

  

9
       
 

Notes to Condensed Consolidated Financial Statements (Unaudited) (As Restated)

10-27
       

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations (As Restated)

  

28-38
       

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

  

39
       

Item 4.

Controls and Procedures (As Amended)

  

39
       
       

PART II
       

Item 5.

Other information

  

39
       

Item 6.

Exhibits (As Amended)

  

40
 

Signatures

  

41
 

Exhibit Index (As Amended)

  

42
 

Certifications (As Amended)

    
 

Interactive Data Files (As Restated)

    

 

4
 

 

 Item 1. Financial Statements

 

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED) (AS RESTATED)

 

   

Three Months Ended June 30,

  
   

2016 (As Restated)

    

2015

  

Operating Revenues:

                

Overnight air cargo

   $ 16,637,165     $ 12,889,190  

Ground equipment sales

     4,254,188       4,039,237  

Ground support services

     6,800,042       5,430,093  

Printing equipment and maintenance

     2,560,088       -  

Leasing

     241,770       -  
      30,493,253       22,358,520  
                 

Operating Expenses:

                

Flight-air cargo

     8,974,565       6,373,909  

Maintenance-air cargo

     5,445,904       5,208,164  

Ground equipment sales

     3,416,324       3,129,114  

Ground support services

     5,392,668       4,715,911  

Printing equipment and maintenance

     6,007,767       -  

Research and development

     510,960       -  

General and administrative

     5,828,946       3,806,928  

Depreciation, amortization and impairment

     1,989,601       178,617  

Gain on sale of property and equipment

     -       (5,024 )
      37,566,735       23,407,619  
                 

Operating Loss

     (7,073,482 )     (1,049,099 )
                 

Non-operating Income (Expense):

                

Gain on sale of marketable securities

     143,869       -  

Foreign currency gain, net

     91,790       -  

Other-than-temporary impairment loss on investments

     (1,502,239 )     -  

Other investment income (loss), net

     42,693       (19,941 )

Interest expense and other

     (64,011 )     -  
      (1,287,898 )     (19,941 )
                 

Loss Before Income Taxes

     (8,361,380 )     (1,069,040 )
                 

Income Taxes

     (372,000 )     (333,000 )
                 

Net Loss

     (7,989,380 )     (736,040 )
                 

Net Loss Attributable to Non-controlling Interests

   $ 2,237,909     $ -  
                 
                 

Net Loss Attributable to Air T, Inc. Stockholders

   $ (5,751,471 )   $ (736,040 )
                 
                 

Loss Per Share:

                

Basic

   $ (2.42 )   $ (0.31 )

Diluted

   $ (2.42 )   $ (0.31 )
                 

Weighted Average Shares Outstanding:

                

Basic

     2,372,527       2,372,527  

Diluted

     2,372,527       2,372,527  

 

 

See notes to condensed consolidated financial statements.

  

 

5
 

 

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (AS RESTATED)

 

   

Three Months Ended June 30,

  
   

2016 (As Restated)

    

2015

  
                 

Net loss

   $ (7,989,380 )   $ (736,040 )
                 

Other comprehensive income (loss):

                
                 

Foreign currency translation loss

     (150,312 )     -  
                 

Unrealized net losses on marketable securities

    (981,370 )     (439,298 )
                 

Tax effect of net unrealized losses on marketable securities

    353,293       158,148  
                 

Total unrealized net loss on marketable securities, net of tax

    (628,077 )     (281,150 )
                 

Reclassification of other-than-temporary impairment losses on marketable securities included in net loss, net of gains on sale of marketable securities

     1,358,370       -  
                 

Tax effect of reclassification

    (489,012 )     -  
                 

Reclassification adjustment, net of tax

    869,358       -  
                 

Total Other Comprehensive Income (Loss)

     90,969       (281,150 )
                 

Total Comprehensive Loss

     (7,898,411 )     (1,017,190 )
                 

Comprehensive Loss Attributable to Non-controlling Interests

     2,285,699       -  
                 

Comprehensive Loss Attributable to Air T, Inc. Stockholders

   $ (5,612,712 )   $ (1,017,190 )

 

 

See notes to condensed consolidated financial statements.

    

 

6
 

 

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (AS RESTATED)

 

   

June 30, 2016

    

March 31, 2016 *

 
   

(As Restated)

    

(As Restated)

  
    (Unaudited)        

ASSETS

  

 

          

Current Assets:

                

Cash and cash equivalents (Delphax $495,668 and $249,528)**

   $ 3,969,976     $ 5,345,455  

Marketable securities

     4,780,300       4,944,572  

Restricted cash

    824,062       820,651  

Accounts receivable, less allowance for doubtful accounts of $355,000 and $426,000 (Delphax $1,460,541 and $1,433,494)**

     11,230,664       12,303,128  

Notes and other receivables-current

     1,056,929       592,721  

Income tax receivable

     1,136,720       719,899  

Inventories (Delphax $2,834,609 and $4,642,298)**

     15,199,716       12,274,104  

Deferred income taxes

     155,279       291,000  

Prepaid expenses and other (Delphax $665,481 and $1,034,067)**

     1,192,794       1,668,004  

Total Current Assets

     39,546,440       38,959,534  
                 

Investments in Available-For-Sale Securities

     3,603,764       4,711,343  
                 

Property and Equipment, Net (Delphax $66,605 and $625,684)**

     4,813,305       4,577,774  

Cash Surrender Value of Life Insurance Policies

     2,118,628       2,100,057  

Notes and Other Receivables - Long Term

     -       103,996  

Other Assets (Delphax $0 and $26,020)**

     291,818       317,528  

Intangible Assets, Net (Delphax $0 and $1,109,112)**

     -       1,109,112  

Goodwill (Delphax $0 and $275,408)**

     -       275,408  

Total Assets

   $ 50,373,955     $ 52,154,752  
                 

LIABILITIES AND EQUITY

                

Current Liabilities:

                

Accounts payable (Delphax $2,672,207 and $1,684,802)**

   $ 8,896,453     $ 7,003,660  

Income tax payable (Delphax $11,312 and $11,312)**

     -       11,312  

Accrued expenses (Delphax $4,409,633 and $1,926,340)**

     8,035,357       6,842,874  

Short-term debt (Delphax $2,177,827 and $1,859,300)**

     2,177,827       1,859,300  

Total Current Liabilities

    19,109,637       15,717,146  
                 

Long-Term Debt

     3,320,701       4,835  

Deferred Income Taxes

     546,000       546,000  

Other Non-current Liabilities

     24,498       615,241  
                 

Commitments and Contingencies (Notes 8 and 12)

                
                 

Equity:

                

Air T, Inc. Stockholders' Equity:

                

Preferred stock, $1.00 par value, 50,000 shares authorized

     -       -  

Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding

     593,131       593,131  

Additional paid-in capital

     4,956,171       4,956,171  

Retained earnings

     23,070,354       28,821,825  

Accumulated other comprehensive income (loss), net

     (1,760 )     (140,519 )

Total Air T, Inc. Stockholders' Equity

     28,617,896       34,230,608  

Non-controlling Interests

     (1,244,777 )     1,040,922  

Total Equity

     27,373,119       35,271,530  

Total Liabilities and Equity

  $ 50,373,955     $ 52,154,752  

 

 

* Derived from audited financial statements

    
       

**Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively

  
       

See notes to condensed consolidated financial statements.

    

 

7
 

 

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

   

Three Months Ended June 30,

  
   

2016

    

2015

  
                 

CASH FLOWS FROM OPERATING ACTIVITIES:

                

Net loss

   $ (7,989,380 )   $ (736,040 )

Adjustments to reconcile net loss to net cash used in operating activities:

                

Gain on sale of marketable securities

     (143,869 )     -  

Gain on sale of property and equipment

     -       (5,024 )

Change in accounts receivable and inventory reserves

     2,348,788       9,528  

Depreciation, amortization and impairment

     1,989,601       178,617  

Change in cash surrender value of life insurance

     (18,571 )     (20,146 )

Deferred income taxes

     -       -  

Warranty reserve

     39,001       (22,440 )

Other-than-temporary impairment loss on investments

     1,502,239       -  

Change in operating assets and liabilities:

                

Accounts receivable

     1,117,413       (774,712 )

Notes receivable

    (406,552 )     257,385  

Inventories

     (5,704,755 )     (3,729,103 )

Prepaid expenses and other assets

     534,759       211,559  

Accounts payable

     1,864,793       639,787  

Accrued expenses

     744,233       78,301  

Income taxes payable/receivable

     (428,132 )     (602,588 )

Non-current liabilities

     (207,494 )     -  

Total adjustments

    3,231,454       (3,778,836 )

Net cash used in operating activities

     (4,757,926 )     (4,514,876 )
                 

CASH FLOWS FROM INVESTING ACTIVITIES:

                

Purchases of marketable securities

     (924,623 )     (1,070,456 )

Proceeds from sale of marketable securities

     1,215,105       -  

Proceeds from sale of property and equipment

     -       19,163  

Capital expenditures

     (519,569 )     (219,496 )

Increase in restricted cash

     (3,411 )     (3,316 )

Net cash used in investing activities

     (232,498 )     (1,274,105 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES:

                

Proceeds from line of credit

     12,047,913       -  

Payments on line of credit

     (8,727,210 )     (18,704 )

Proceeds from line of credit - Delphax

     313,692       -  

Net cash provided by (used in) financing activities

     3,634,395       (18,704 )
                 

Effect of foreign currency exchange rates on cash and cash equivalents

     (19,450 )     -  
                 

NET DECREASE IN CASH AND CASH EQUIVALENTS

     (1,375,479 )     (5,807,685 )

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

     5,345,455       13,388,767  

CASH AND CASH EQUIVALENTS AT END OF PERIOD

   $ 3,969,976     $ 7,581,082  
                 

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:

                

Finished goods inventory transferred to equipment leased to customers

   $ 321,345     $ -  
                 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

                

Cash paid during the year for:

                

Interest

   $ 2,319     $ 20,497  

Income taxes

     56,133       269,701  

 

 

See notes to condensed consolidated financial statements.

      

 

8
 

 

AIR T, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (AS RESTATED)

 

   

Equity

  
   

Air T, Inc. Stockholders' Equity

                  
                                   

Accumulated

                  
   

Common Stock

    

Additional

            

Other

     Non-          
                   

Paid-In

    

Retained

    

Comprehensive

    

controlling

    

Total

  
   

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

interests

    

Equity

  

Balance, March 31, 2015

     2,372,527     $ 593,131     $ 4,929,090     $ 24,407,915     $ (134,913 )   $ -     $ 29,795,223  
                                                         

Net loss

     -       -       -       (736,040 )     -       -       (736,040 )
                                                         

Net change from marketable securities, net of tax

     -       -       -       -       (281,150 )     -       (281,150 )
                                                         

Balance, June 30, 2015

     2,372,527     $ 593,131     $ 4,929,090     $ 23,671,875     $ (416,063 )   $ -     $ 28,778,033  

 

 

 

   

Equity

  
   

Air T, Inc. Stockholders' Equity

                  
                                   

Accumulated

                  
   

Common Stock

    

Additional

            

Other

     Non-          
                   

Paid-In

    

Retained

    

Comprehensive

    

controlling

    

Total

  
   

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

interests

    

Equity

  

Balance, March 31, 2016 (As Restated)

     2,372,527     $ 593,131     $ 4,956,171     $ 28,821,825     $ (140,519 )   $ 1,040,922     $ 35,271,530  
                                                         

Net loss

     -       -       -       (5,751,471 )     -       (2,237,909 )     (7,989,380 )
                                                         

Net change from marketable securities, net of tax

     -       -       -       -       241,281       -       241,281  
                                                         

Foreign currency translation loss

     -       -       -       -       (102,522 )     (47,790 )     (150,312 )
                                                         

Balance, June 30, 2016 (As Restated)

     2,372,527     $ 593,131     $ 4,956,171     $ 23,070,354     $ (1,760 )   $ (1,244,777 )   $ 27,373,119  

 

 

See notes to condensed consolidated financial statements.

          

 

9
 

 

AIR T, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (AS RESTATED)

 

1A. Restatement of Previously Issued Consolidated Financial Statements

 

Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on November 24, 2015 (the “Closing Date”), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). Each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement with respect to) three-sevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement with respect to) four-sevenths of the members of the board of directors of Delphax. The Warrant expires on November 24, 2021 and 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.

 

 

The condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, originally filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2016 (“Original Filing”), reflect the consolidation of Delphax with the Company and its subsidiaries from the November 24, 2015 Closing Date. Such condensed consolidated financial statements also reflect an attribution of 62% of Delphax’s loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company.

 

We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity.

 

10
 

 

As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests should have been 32%.

 

In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax.

 

This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at June 30, 2016 and for the three months ended June 30, 2016 to so correct the treatment of Air T’s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures.

 

The combined impacts of all the adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form 10Q/A are provided in the tables below.

 

Financial Statement Presentation

 

In addition to the restatement of our consolidated financial statements, we have also restated the following Notes for the effects of the errors above or, as indicated, amended Notes to include additional relevant disclosures.

 

 

●

Note 1. Financial Statement Presentation (As Restated)
 

●

Note 2. Acquisition of Interests in Delphax (As Amended)
 

●

Note 4. Net Earnings Per Share (As Restated)
 

●

Note 9. Variable Interest Entities (As Restated)

 

The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements at June 30, 2016 and March 31, 2016 and for the three months ended June 30, 2016:

 

   

As Previously Reported

    

As Restated

  
                 

Consolidated Balance Sheet Information (at June 30, 2016):

               

Additional paid-in capital

   $ 4,947,665     $ 4,956,171  

Retained earnings

     25,674,678       23,070,354  

Accumulated other comprehensive income (loss), net

     66,309       (1,760 )

Total Air T, Inc. stockholders' equity

     31,281,783       28,617,896  

Non-controlling interests

     (3,908,664 )     (1,244,777 )

Total equity

     27,373,119       27,373,119  

Total liabilities and equity

     50,373,955       50,373,955  

Consolidated Balance Sheet Information (at March 31, 2016):

               

Additional paid-in capital

   $ 4,947,665     $ 4,956,171  

Retained earnings

     29,350,980       28,821,825  

Accumulated other comprehensive income (loss), net

     (117,898 )     (140,519 )

Total Air T, Inc. stockholders' equity

     34,773,878       34,230,608  

Non-controlling interests

     497,652       1,040,922  

Total equity

     35,271,530       35,271,530  

Total liabilities and equity

     52,154,752       52,154,752  

Consolidated Statement of Income (Loss):

                

Net loss attributable to non-controlling interests

   $ 4,313,078     $ 2,237,909  

Net loss attributable to Air T, Inc. stockholders

     (3,676,302 )     (5,751,471 )

Loss per share - basic

     (1.55 )     (2.42 )

Loss per share - diluted

     (1.55 )     (2.42 )

Consolidated Statement of Comprehensive Income:

                

Comprehensive loss attributable to non-controlling interests

   $ 4,406,316     $ 2,285,699  

Comprehensive loss attributable to Air T, Inc. stockholders

     (3,492,095 )     (5,612,712 )

 

11
 

 

1.

Financial Statement Presentation (As Restated)

 

The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.

 

It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Amendment No.1 on Form 10-K/A to its Annual Report on Form 10-K for the year ended March 31, 2016. The results of operations for the periods ended June 30 are not necessarily indicative of the operating results for the full year.

 

Certain reclassifications have been made to the prior period amounts to conform to the current presentation.

 

New Accounting Pronouncements

 

In May 2014, a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a five-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.

 

In February 2015, a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had no impact on the Company’s condensed consolidated financial statements.

 

In April 2015, a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, and for interim periods within those annual periods. Adoption of this standard did not have a material impact the Company’s condensed consolidated financial statements.

  

In July 2015, a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.

 

In September 2015, a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after December 15, 2015. The Company adopted this new standard beginning with the fiscal quarter ended June 30, 2016. Adoption of this new standard had no material impact on the Company’s condensed consolidated financial statements for the quarter. 

 

In January 2016, the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU) 2016-01 Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities that amends the guidance on the classification and measurement of financial instruments. ASU 2016-01 becomes effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods therein. ASU 2016-01 removes equity securities from the scope of Accounting Standards Codification (ASC) Topic 320 and creates ASC Topic 321, Investments – Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.

 

12
 

 

In March 2016, the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its 2018 fiscal year. The Company is currently evaluating the impact of this new guidance.

 

 

2.

Acquisition of Interests in Delphax (As Amended)

 

Pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on November 24, 2015 (the “Closing Date”), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the surrender of outstanding principal of $500,000 and accrued and unpaid interest under, and cancellation of, a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events).

 

Principal under the Senior Subordinated Note is due on October 24, 2020 and bears interest at an annual rate of 8.5%. Interest is to be paid in kind until, in the absence of specified events, November 24, 2017. Thereafter, interest is to be paid in cash. Interest in kind is to be paid monthly, while interest payable in cash is to be paid quarterly. The Senior Subordinated Note is guaranteed by Delphax and is secured by security interests granted by Delphax and Delphax Canada in their respective inventories, equipment, accounts receivable, cash, deposit accounts, contract rights and other specified property, as well as a pledge by Delphax of the outstanding capital stock of its subsidiaries, including Delphax Canada. Pursuant to the terms of a subordination agreement (the “Subordination Agreement”) entered into on October 2, 2015 by Delphax, Delphax Canada, the Company and the senior lender (the “Senior Lender”) that provides a revolving credit facility under an agreement with Delphax and Delphax Canada (the “Senior Credit Agreement”), the Company’s rights with respect to payment under and enforcement of the Senior Subordinated Note and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement.

 

Each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax’s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company and approximately 31% of the outstanding shares assuming conversion of the Series B Preferred Stock and the issuance of all the shares of Delphax common stock reserved for issuance under Delphax’s employee stock option plans.

 

Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Shares and interests in the Warrant sufficient to permit it to acquire up to 50% of the number of shares of Series B Preferred Stock initially purchasable under the Warrant (or holds shares of Series B Preferred Stock acquired in connection with the exercise of the Warrant equal to 50% of the number of shares of Series B Preferred Stock initially purchasable under the Warrant), then

 

 

●

holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement with respect to) three-sevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and to exercise rights of removal and replacement with respect to) four-sevenths of the members of the board of directors of Delphax; and

 

 

●

without the written consent or waiver of the Company, Delphax may not enter into specified corporate transactions.

 

Pursuant to the provision described above, beginning on November 24, 2015, three designees of the Company were elected to the board of directors of Delphax, which had a total of seven members following their election. As of June 30, 2016, three designees of the Company continued to serve on the board of directors of Delphax, which had a total of six members, as the Company had not exercised its right to require its designee to be elected as the seventh director.

 

13
 

 

The Warrant expires on November 24, 2021. In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must first make a good faith written tender offer to existing holders of Delphax common stock to purchase an aggregate amount of common stock equal to the number of shares of common stock issuable upon conversion of the Series B Preferred Stock that would be purchased upon such exercise of the Warrant. The Warrant requires that the per share purchase price to be offered in such tender offer would be equal to the then-current exercise price of the Warrant divided by the then-current conversion rate of the Series B Preferred Stock. To the extent that shares of common stock are purchased by the holder in the tender offer, the amount of shares of Series B Preferred Stock purchasable under the Warrant held by such holder is to be ratably reduced. The Warrant is to provide that it may be exercised for cash, by surrender of principal and interest under the Senior Subordinated Note equal to 0.95 times the aggregate exercise price or by surrender of a portion of the Warrant having a value equal to the aggregate exercise price based on the difference between the Warrant exercise price per share and an average market value, measured over a 20-trading day period, of Delphax common stock that would be acquired upon conversion of one share of Series B Preferred Stock.

 

As a result of the above transactions, the Company determined that it had obtained control over Delphax and has consolidated Delphax in its consolidated financial statements beginning on November 24, 2015.

 

The following table summarizes the provisional fair values of Delphax assets and liabilities as of the Closing Date:

 

   

November 24,

2015

  
         

ASSETS

        

Cash and cash equivalents

   $ 586,061  

Accounts receivable

     1,740,210  

Inventories

     3,972,802  

Other current assets

     693,590  

Property and equipment

     722,714  

Intangible assets - trade name

     120,000  

Intangible assets - patents

     1,090,000  

Goodwill

     375,408  

Total assets

   $ 9,300,785  
         

LIABILITIES

        

Accounts payable

   $ 1,663,199  

Accrued expenses

     1,949,522  

Income tax payable

     11,312  

Debt

     3,313,317  

Other long-term liabilities

     650,500  

Total liabilities

   $ 7,587,850  
         
         

Net Assets

   $ 1,712,935  

 

The Company determined that it was reasonable to use the price which it paid for its equity interests as the basis for estimating the total fair value of Delphax’s equity as of November 24, 2015 acquisition date. The effect of the Company’s equity and debt investments of $1,050,000 and $2,500,000, respectively, are not reflected in the above table. As such, the amounts presented reflect the provisional fair values of Delphax’s assets and liabilities immediately prior to the Company’s investments. The net assets amount presented above is the estimated acquisition date fair value of the non-controlling interests in Delphax.

 

Delphax’s debt immediately prior to the acquisition included approximately $508,000 due under the 90-Day Senior Subordinated Note.

 

The Company’s initial accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional.

 

14
 

 

As further discussed in Note 9, the Company recognized significant expenses in the June 30, 2016 quarter associated with Delphax employee benefit costs and write-downs of Delphax inventories, long-lived tangible and intangible assets, and goodwill. The Company concluded that the charges were necessary to reflect changes in market conditions and business outlook during the June 30, 2016 quarter and are not associated with conditions that existed as of the Closing Date. As such, these adjustments were not accounted for as “measurement period” adjustments in the accompanying condensed consolidated financial statements.

 

3.

Income Taxes

 

Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

During the three-month period ended June 30, 2016, the Company recorded $372,000 in income tax benefit, which resulted in an effective tax rate of 4.4%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. Under the annual effective tax rate method, jurisdictions with a projected loss where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. The individually largest factor contributing to the difference between the federal statutory rate and the Company’s effective tax rate for the June 2016 quarter was the recognition of a valuation allowance against Delphax’s pretax loss in the period. The income tax provision for the three-month period ended June 30, 2016 differs from the federal statutory rate due also in part to the effect of state income taxes and the federal domestic production activities deduction. Additionally, the rate for the period ended June 30, 2016 includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the three-month period ended June 30, 2015, the Company recorded $333,000 in income tax benefit. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of 34.3%. The estimated annual effective tax rate differed from the U. S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax differences.

 

As described in Note 2, effective on November 24, 2015, Air T, Inc. purchased interests in Delphax. With an equity investment level by the Company of approximately 38%, Delphax is required to continue filing a separate United States corporate tax return. Furthermore, Delphax has three foreign subsidiaries located in Canada, France, and the United Kingdom which file tax returns in those jurisdictions. With few exceptions, Delphax is no longer subject to examinations by income tax authorities for tax years before 2011.

 

Delphax maintains a September 30 fiscal year. As of September 30, 2015, Delphax and its subsidiaries had estimated foreign and domestic tax loss carryforwards of $6.0 million and $7.9 million, respectively. As of that date, they had estimated foreign research and development credit carryforwards of $4.5 million, which are available to offset future income tax. The credits and net operating losses expire in varying amounts beginning in the year 2023. Domestic alternative minimum tax credits of approximately $325,000 are available to offset future income tax with no expiration date. Should there be an ownership change for purposes of Section 382 or any equivalent foreign tax rules, the utilization of the previously mentioned carryforwards may be significantly limited. Additionally, based on the anticipated liquidation of Delphax Canada, $3.2 million of the previously disclosed foreign tax loss carryforwards, $4.5 million of foreign research and development credit carryforwards, as well as other temporary differences such as fixed asset basis differences will likely go unutilized. See additional information regarding Delphax Canada in Note 9.

 

The provisions of ASC 740 require an assessment of both positive and negative evidence when determining whether it is more-likely-than-not that deferred tax assets will be recovered. In accounting for the Delphax acquisition on November 24, 2015, the Company established a full valuation allowance against Delphax’s net deferred tax assets of approximately $11,661,000. The corresponding valuation allowance at June 30, 2016 was approximately $12,772,000. The cumulative losses incurred by Delphax in recent years was the primary basis for the Company’s determination that a full valuation allowance should be established.

 

The Company has not recognized any deferred income tax assets or liabilities associated with differences between the financial reporting and tax reporting bases of investments in foreign subsidiaries or for outside basis differences associated with the Company’s investments in Delphax. The Company concluded that the conditions for such recognition were not met as of June 30, 2016. The differences in question would lead to taxable or deductible amounts upon certain events, including a repatriation of foreign assets or a sale or liquidation of the respective entity. Determination of the amount of any unrecognized deferred income tax assets or liabilities on these differences is not practicable at this time due to the complexities of the hypothetical calculation.

 

 

4.

Net Earnings (Loss) Per Share (As Restated)

 

Basic earnings (loss) per share was calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.

 

15
 

 

The computation of basic and diluted earnings (loss) per common share is as follows:

 

   

Three Months Ended June 30,

  
   

2016

    

2015

  
   

(As Restated)*

          

Net loss attributable to Air T, Inc. Stockholders as previously stated

   $ (3,676,302 )   $ (736,040 )

Net loss attributable to Air T, Inc. Stockholders as restated

   $ (5,751,471 )   $ (736,040 )

Loss Per Share:

                

Basic, as previously stated

   $ (1.55 )   $ (0.31 )

Basic, as restated

   $ (2.42 )   $ (0.31 )

Diluted, as previously stated

   $ (1.55 )   $ (0.31 )

Diluted, as restated

   $ (2.42 )   $ (0.31 )

Weighted Average Shares Outstanding:

                

Basic

     2,372,527       2,372,527  

Diluted

     2,372,527       2,372,527  

 

 

* Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.

 

The Company reported a net loss for the three-month periods ended June 30, 2016 and 2015. As a result of the net loss, there is no potential dilutive effect of outstanding stock options.  See Note 14 for a description of a transaction subsequent to June 30, 2016 that caused a reduction in the Company’s outstanding shares. Had this transaction occurred during the quarter ended June 30, 2016, basic and diluted net loss per share would have been higher than as presented above.

 

5.

Investment Securities Available For Sale

 

Investments in available-for-sale marketable securities at June 30, 2016 consisted of investments in publicly traded companies and had a fair market value of $8,384,000, an aggregate cost basis of $9,643,000, gross unrealized gains aggregating $413,000 and gross unrealized losses aggregating $1,673,000. Marketable securities at March 31, 2016 consisted of investments with a fair value of $9,656,000, an aggregate cost basis of $9,791,000, gross unrealized gains aggregating $422,000 and gross unrealized losses aggregating $557,000. Securities that had been in a continuous loss position for less than 12 months as of June 30, 2016 had an aggregate fair market value and unrealized loss of $1,182,000 and $170,000, respectively. The corresponding amounts at March 31, 2016 were $5,903,000 and $163,000. Securities that had been in a continuous loss position for more than 12 months as of June 30, 2016 had an aggregate fair market value and unrealized loss of $3,604,000 and $1,502,000, respectively. The corresponding amounts at March 31, 2016 were $4,711,000 and $395,000.

 

The Company realized gains of $144,000 and $0, respectively, from the sale of securities during the three-month periods ended June 30, 2016 and June 30, 2015. The marketable securities held by the Company as of June 30, 2016 and March 31, 2016 are classified as available-for-sale securities. The Company does not intend to liquidate marketable security holdings in Insignia Systems, Inc. (“Insignia”) within the next twelve months; as a result, the fair value of the Company’s investment in Insignia is classified as non-current in the June 30, 2016 condensed consolidated balance sheet.

 

The Company’s investment in Insignia at June 30, 2016 had an aggregate cost basis of $5,106,000 and an unrealized loss of $1,502,000. Any investment with a fair value of less than its cost basis is assessed for possible “other-than-temporary” impairment regularly and at each reporting date. Other-than-temporary impairments of available-for-sale marketable equity securities are fully recognized in the consolidated statement of income (loss). On the basis of its June 30, 2016 assessment, the Company concluded that it had suffered an other-than-temporary impairment in its Insignia investment. In reaching this conclusion, management gave significant weight to the fact that, as of June 30, 2016, the Company’s investment in Insignia had been in a continuous unrealized loss position for well over one year and the magnitude of the unrealized loss had increased sharply during the quarter ended June 30, 2016. While management believes it is reasonably possible that the unrealized loss will reverse prior to the Company’s divestment of the security, management concluded that the weight of the evidence warranted the other-than-temporary impairment as of June 30, 2016. As such, the Company’s condensed consolidated statement of income (loss) for the quarter ended June 30, 2016 includes a non-operating charge related to the Insignia securities of $1,502,000. There was no other-than-temporary impairment charge in the comparative prior quarter.

 

16
 

 

All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

 

 

6.

Inventories

 

Inventories consisted of the following:

 

   

June 30, 2016

    

March 31, 2016

  

Ground support service parts

   $ 2,065,265     $ 1,566,694  

Ground equipment manufacturing:

                

Raw materials

     2,138,404       1,549,810  

Work in process

     1,497,213       408,213  

Finished goods

     6,885,948       4,328,812  

Printing equipment and maintenance:

                

Raw materials

     3,561,714       3,319,939  

Work in process

     792,212       759,446  

Finished goods

     915,520       562,912  

Total inventories

     17,856,276       12,495,826  

Reserves

     (2,656,560

)

     (221,722

)
                 

Total, net of reserves

   $ 15,199,716     $ 12,274,104  

 

During the quarter ended June 30, 2016, the Company recorded certain inventory reserves associated with Delphax. See additional information in Note 9.

 

7.

Stock Based Compensation

 

Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though no awards may be granted under the plan after July 29, 2015. In addition, Delphax maintains a number of stock option plans. Compensation expense, based on grant date fair value, is recognized over the requisite service period for stock options which are expected to vest. 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 options were granted or exercised under Air T, Inc.’s stock option plan during the three-month periods ended June 30, 2016 and 2015. Stock-based compensation expense with respect to this plan in the amount of $0 was recognized for the three-month periods ended June 30, 2016 and 2015, respectively. At June 30, 2016, there was no unrecognized compensation expense related to the Air T, Inc. stock options.

 

No options were granted or exercised during the June 2016 quarter under any of Delphax’s stock option plans. Delphax did not recognize any stock-based compensation expense during the June 2016 quarter.

 

8.

Financing Arrangements

 

On April 1, 2015, the Company replaced its existing $7.0 million credit line with a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a $500,000 sublimit for issuances of letters of credit. Under the Revolving Credit Facility, each of the Company and its wholly-owned operating subsidiaries may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility.

 

On July 15, 2016, the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of July 15, 2016 (the “First Amendment”) with Branch Banking and Trust Company (“BB&T”) to amend the Credit Agreement (as amended, the “Credit Agreement”) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to not require that Contrail Aviation Support, LLC and Delphax be joined as borrowers under the Credit Agreement, to permit the limited guaranty of certain indebtedness of Contrail Aviation Support, LLC, to revise certain covenants to address the treatment of Contrail Aviation Support, LLC and Delphax, and to effect conforming and other changes to defined terms. On August 9, 2016, the Company and such subsidiaries entered into a Second Amendment dated as of August 9, 2016 (the “Second Amendment”) with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to increase the maximum amount available for borrowing under the Revolving Credit Facility from $20.0 million to $25.0 million, to extend the maturity of the Revolving Credit Facility from April 1, 2017 to April 1, 2018 and to adjust certain financial covenants. For additional discussion of the First Amendment and the Second Amendment, see Note 14.

 

17
 

 

Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property. As discussed in Note 9, assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax’s creditors do not have recourse to the assets of Air T, Inc. or its subsidiaries.

 

The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers 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 their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $18.0 million plus, on a cumulative basis and commencing with the fiscal year ending March 31, 2017, 50% of consolidated net income for the fiscal year then ending, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a maximum consolidated leverage ratio of 3.5 to 1.0, a minimum consolidated asset coverage ratio of 1.25 to 1.0 for the quarter ended June 30, 2016 and the quarter ending September 30, 2016, 1.50 to 1.0 for the quarters ending December 31, 2016 and March 31, 2017, and 1.75 to 1.0 thereafter, and a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to no more than $5,000,000 at any time. The agreement governing the Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.

 

As of June 30, 2016, the Company had outstanding borrowings under the Revolving Credit Facility of approximately $3.3 million. This balance is classified within long-term liabilities on the accompanying June 30, 2016 condensed consolidated balance sheet. No borrowings under the Revolving Credit Facility were outstanding at March 31, 2016.

 

As of June 30, 2016, Delphax, through its Canadian subsidiary, maintained a debt facility pursuant to the Senior Credit Agreement consisting of a $7.0 million revolving senior secured credit facility, subject to a borrowing base of North American accounts receivable and inventory. Because the Senior Credit Agreement prohibits the payment of cash dividends, the facility is not a source of liquidity to Air T, Inc. or any of its subsidiaries. Neither Air T, Inc. nor any of its subsidiaries is a guarantor of Delphax’s obligations under the Senior Credit Agreement. The facility is secured by substantially all of Delphax’s North American assets, expires in November 2018, and is subject to certain financial covenants. The facility provides for interest based upon the prime rate plus a margin (4.25% as of June 30, 2016).

 

As of June 30, 2016, Delphax had aggregate borrowings of approximately $2.1 million (approximately $1.8 million at March 31, 2016) outstanding under the Senior Credit Agreement. As was the case at March 31, 2016, Delphax has advised that at June 30, 2016 it was not in compliance with financial covenants under the Senior Credit Agreement. Due to Delphax’s noncompliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the Senior Credit Agreement and to declare all amounts outstanding due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the Senior Credit Agreement. As of the date of this report, Delphax has not regained compliance with these financial covenants.

 

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.

 

18
 

 

9.

Variable Interest Entities (As Restated)

 

A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC 810 - Consolidation , an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both:

 

 

●

the power to direct the activities that most significantly impact the economic performance of the VIE; and

 

 

●

the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE.

 

As described in Note 2, the Company acquired Delphax Series B Preferred Stock, loaned funds to Delphax, and acquired the Warrant. In accordance with ASC 810, the Company evaluated whether Delphax was a VIE as of November 24, 2015. Based principally on the fact that the Company granted Delphax subordinated financial support, the Company determined that Delphax was a VIE on that date. Therefore, it was necessary for the Company to assess whether it held any “variable interests”, as defined in ASC 810, in Delphax. The Company concluded that its investments in Delphax’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC 810.

 

After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on November 24, 2015. While various factors informed the Company’s determination, the Company assigned considerable weight to both 1) the shortness of time until June 1, 2016 when the Company would be entitled to elect four-sevenths of the members of the board of directors of Delphax and 2) the anticipated financials significance of Delphax’s activities in the periods subsequent to June 1, 2016. Since the Company became Delphax’s primary beneficiary on November 24, 2015, the Company consolidated Delphax in its consolidated financial statements beginning on that date.

 

Refer to Note 2 for the provisional fair value of the assets and liabilities of Delphax on the acquisition date.

 

19
 

 

The following table sets forth the carrying values of Delphax’s assets and liabilities as of June 30, 2016 and March 31, 2016:

 

   

June 30, 2016

    

March 31, 2016

  
   

(Unaudited)

          

ASSETS

                

Current assets:

                

Cash and cash equivalents

   $ 495,668     $ 249,528  

Accounts receivable, net

     1,460,541       1,433,494  

Inventories

     2,834,609       4,642,298  

Other current assets

     665,481       1,034,067  

Total current assets

     5,456,299       7,359,387  

Property and equipment

     66,605       625,684  

Intangible assets

     -       1,109,112  

Goodwill

     -       275,408  

Other Assets

     -       26,020  

Total assets

   $ 5,522,904     $ 9,395,611  
                 

LIABILITIES

                

Current liabilities:

                

Accounts payable

   $ 2,672,207     $ 1,684,802  

Income tax payable

     11,312       11,312  

Accrued expenses

     4,409,633       1,926,340  

Short-term debt

     2,177,827       1,859,300  

Total current liabilities

     9,270,979       5,481,754  

Long-term debt

     2,632,027       2,581,107  

Other long-term liabilities

     -       606,358  

Total liabilities

   $ 11,903,006     $ 8,669,219  
                 
                 

Net Assets

   $ (6,380,102

)

   $ 726,392  

 

Long-term debt as reflected in the above table includes approximately $132,000 and $76,000 as of June 30, 2016 and March 31, 2016, respectively, of accrued interest, due to the Company from Delphax Canada under the Senior Subordinated Note. This debt and accrued interest was eliminated for purposes of the Company’s accompanying June 30, 2016 and March 31, 2016 consolidated balance sheets.

 

The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax’s creditors do not have recourse to the assets of Air T, Inc. or its other subsidiaries.

 

20
 

 

Revenue and Expenses of Delphax . Delphax’s revenues and expenses are included in the Company’s consolidated financial statements beginning November 24, 2015. Revenues and expenses prior to the date of initial consolidation are excluded. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income (loss) for the three months ended June 30, 2016.

 

   

For the Three

Months

Ended June 30,

2016

  
   

(Unaudited)

  
         

Operating Revenues

   $ 3,210,088  
         

Operating Expenses:

        

Cost of sales

     6,601,734  

General and administrative

     1,352,152  

Research and development

     510,960  

Depreciation, amortization and impairment

     1,680,601  
      10,145,447  

Operating Loss

     (6,935,359

)
         

Non-operating Loss

     (20,940

)
         

Loss Before Income Taxes

     (6,956,299

)
         

Income Taxes

     -  
         

Net Loss

   $ (6,956,299

)

 

During the quarter ended June 30, 2016, Delphax was informed by its largest customer that the customer had decided to accelerate its plans for removing Delphax legacy printing systems from production and that Delphax should, as a consequence, expect the future volume of legacy product orders from the customer to decline markedly from prior forecasts. Furthermore, the future timeframe over which orders could be expected from this customer was being sharply curtailed. In addition to this specific customer communication, Delphax also experienced a broad-based decline in legacy product customer demand during the quarter. Sales of Delphax’s new élan printer system also did not materialize to expectations in the quarter.

 

The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax’s business outlook and alternative courses of action. During the quarter ended June 30, 2016, a number of Delphax employees were either severed or furloughed.

 

Based on consideration of all relevant information available at the time of the Original Filing, including the assessment of the outside advisory firm and in light of its expected lack of profitability and current debt load, Delphax anticipates cooperating with senior and subordinated secured lenders to permit such lenders to initiate a formal receivership filing to commence an operating liquidation of Delphax Canada, Delphax’s primary, and sole manufacturing, subsidiary. Under the terms of the subordination agreement between the Company and the senior lender under the Senior Credit Agreement, until all indebtedness under the Senior Credit Agreement has been paid in full, the Company is restricted from initiating such a process. Such a process, if in fact commenced, would likely commence during the third or fourth quarter of calendar 2016 and play out over a period of approximately 90 days, though such periods could be materially longer under certain circumstances.  

 

The adverse business developments during the quarter ended June 30, 2016 and the significantly deteriorated outlook for future orders of legacy and élan product caused the Company to reevaluate the recoverability of Delphax’s assets, both tangible and intangible. Based on this reevaluation, which involved material estimation and subjectivity (including with respect to the recovery on assets in an operating liquidation), the Company concluded that a significant increase to inventory reserves was necessary. In addition, the Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. This impairment totaled approximately $1,385,000 during the quarter ended June 30, 2016. The Company also recorded a partial impairment of Delphax related long-lived tangible assets, totaling approximately $249,000 during the quarter ended June 30, 2016. These impairment losses are reflected on the condensed consolidated statement of loss within the “depreciation, amortization and impairment” line item. Furthermore, there was an assessment regarding whether, at June 30, 2016, future severance actions under existing Delphax employee benefit plans were both probable and estimable. This assessment led to the Company establishing an estimated accrual for future severance actions. The effects of these various adjustments discussed above, which aggregated to approximately $5,610,000, are reflected in the operating results of Delphax for the quarter ended June 30, 2016.

 

21
 

 

Due to the significant judgment involved in estimating the fair value of amortizable/depreciable assets and goodwill, the Company considers these to be Level 3 fair value measurements.

 

The following presents information on Delphax’s intangible assets and goodwill at June 30, 2016 and March 31, 2016:

 

   

June 30, 2016

    

March 31, 2016

  
   

(Unaudited)

          

Tradenames

   $ 120,000     $ 120,000  

Patents

     1,090,000       1,090,000  

Goodwill

     375,000       375,000  
      1,585,000       1,585,000  

Less accumulated amortization and impairment

     (1,585,000

)

     (200,480

)

Intangible assets and goodwill, net

   $ -     $ 1,384,520  

 

The Company provisionally recorded goodwill of approximately $375,000 in connection with its investment in Delphax (Note 2). The Company estimated a subsequent impairment of this goodwill during the fiscal year ended March 31, 2016 of $100,000 and an additional impairment of $275,000 during the quarter ended June 30, 2016.

 

We 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. As disclosed in Note 2, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a VIE.

 

As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests was 32%.

 

 

10.

Geographical Information

 

Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2016 and March 31, 2016:

 

   

June 30, 2016

    

March 31, 2016

  
   

(Unaudited)

          

United States, the Company’s country of domicile

   $ 4,518,267     $ 4,240,050  

Foreign

     295,038       337,724  

Total property and equipment, net

   $ 4,813,305     $ 4,577,774  

 

Total revenue, in and outside the United States is summarized in the following table for the quarters ended June 30, 2016 and June 30, 2015:

 

   

June 30, 2016

    

June 30, 2015

  
   

(Unaudited)

    

(Unaudited)

  

United States, the Company’s country of domicile

   $ 28,231,252     $ 20,297,312  

Foreign

     2,262,001       2,061,208  

Total revenue

   $ 30,493,253     $ 22,358,520  

  

22
 

 

11.

Segment Information

 

At June 30, 2016, the Company had five business segments. The overnight air cargo segment, comprised of the Company’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning November 24, 2015. Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. See Note 9 for a discussion of recent market and business developments impacting Delphax. The Company’s leasing segment, comprised of the Company’s Air T Global Leasing, LLC subsidiary (“ATGL”), provides funding for equipment leasing transactions, which includes transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by third parties unrelated to equipment manufactured by the Company or any of its subsidiaries. ATGL commenced operations during the quarter ended December 31, 2015.

 

Each business segment has separate management teams and infrastructures that offer different products and services. The Company evaluates the performance of its business segments based on operating income. In March 2014, the Company formed Space Age Insurance Company (“SAIC”), a captive insurance company licensed in Utah, and initially capitalized with $250,000. SAIC insures risks of the Company and its subsidiaries that were not previously insured by the Company’s insurance programs and underwrites third-party risk through certain reinsurance arrangements. Beginning with the fourth quarter of fiscal year 2016, premiums paid to SAIC by the Company are allocated among the operating segments based on segment revenue and certain identified corporate expenses was allocated to the segments based on the relative benefit of those expenses to each segment. Amounts previously presented for the June quarter of 2015 have been reclassified to conform to the current period allocation of these expenses.

 

23
 

 

Segment data is summarized as follows:

 

   

Three Months Ended June 30,

  
   

2016

    

2015

  

Operating Revenues:

                

Overnight Air Cargo

   $ 16,637,165     $ 12,889,190  

Ground Equipment Sales:

                

Domestic

     5,386,069       1,978,029  

International

     1,284,619       2,061,208  

Total Ground Equipment Sales

     6,670,688       4,039,237  

Ground Support Services

     6,800,042       5,430,093  

Printing Equipment and Maintenance

                

Domestic

     2,232,706       -  

International

     977,382       -  

Total Printing Equipment and Maintenance

     3,210,088       -  

Leasing

     241,770       -  

Corporate

     281,926       265,209  

Intercompany

     (3,348,426

)

     (265,209

)

Total

   $ 30,493,253     $ 22,358,520  
                 

Operating Income (Loss):

                

Overnight Air Cargo

   $ 979,177     $ (94,443

)

Ground Equipment Sales

     342,320       (519,171

)

Ground Support Services

     (110,052

)

     (335,456

)

Printing Equipment and Maintenance

     (6,935,359

)

     -  

Leasing

     107,258       -  

Corporate

     (931,837

)

     (100,029

)

Intercompany

     (524,989

)

     -  

Total

   $ (7,073,482

)

   $ (1,049,099

)
                 

Capital Expenditures:

                

Overnight Air Cargo

   $ -     $ 24,325  

Ground Equipment Sales

     19,596       125,770  

Ground Support Services

     101,411       69,401  

Printing Equipment and Maintenance

     9,927       -  

Corporate

     388,635       -  

Leasing

     3,066,500       -  

Intercompany

     (3,066,500

)

     -  

Total

   $ 519,569     $ 219,496  
                 

Depreciation and Amortization:

                

Overnight Air Cargo

   $ 29,209     $ 34,472  

Ground Equipment Sales

     47,594       95,440  

Ground Support Services

     83,436       41,232  

Printing Equipment and Maintenance

     296,081       -  

Leasing

     132,369       -  

Corporate

     30,743       7,473  

Intercompany

     (14,351

)

     -  

Total

   $ 605,081     $ 178,617  

 

 

The elimination of intercompany revenues is related to the sale during the three months ended June 30, 2016 of ten commercial deicing units by GGS to ATGL and two élan printers by Delphax to ATGL and premiums paid to SAIC, and the elimination of intercompany operating income for such period reflects the margins on the sales of those assets, elimination of excess depreciation and amortization related to the margin on those assets, and the premiums paid to SAIC. The assets are held for lease by ATGL.

 

24
 

 

12.

Commitments and Contingencies

 

The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would not have a material adverse effect on the Company's results of operations or financial position.

 

In June 2016, the Company acquired land and entered into an agreement to construct a new corporate headquarters facility in Denver, North Carolina for an aggregate amount of approximately $1.9 million, with construction anticipated to be completed in fiscal year 2018. This facility will replace the Company’s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately $178,000. There are currently no other commitments for significant capital expenditures.

 

13.

Related Party Matters

 

Since 1979 the Company has leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately 68 acres with one 3,000-foot paved runway, approximately 20,000 square feet of hangar space and approximately 12,300 square feet of office space. The operations of Air T, MAC and ATGL are headquartered at this facility. The lease for this facility provides for monthly rent of $14,862 and expires on January 31, 2018, though the lease may be renewed by us for three additional two-year option periods through January 31, 2024. The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance.

 

Since April 1, 2015, the Company’s leasing subsidiary has acquired interests in two equipment leases originated by Vantage Financial, LLC (“Vantage”) for aggregate payments to Vantage of approximately $401,250. The interests in the acquired leases entitle the Company’s leasing subsidiary to receive lease payments from the third parties leasing the equipment for a specified period. Pursuant to the agreements between the Company’s leasing subsidiary and Vantage, Vantage’s fees for servicing the equipment leases for the leasing subsidiary (approximately $1,000) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company’s leasing subsidiary to Vantage to acquire these lease assets represent approximately 1% of Vantage’s outstanding lease assets at June 30, 2016 and the servicing income represents less than 1% of Vantage’s annual revenues.

 

14.

Subsequent Events

 

Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements.

 

Repurchase of Common Stock

 

On July 1, 2016, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Sardar Biglari, Biglari Capital Corp. and The Lion Fund II, L.P. (collectively, the “Biglari Group”), pursuant to which the Company purchased 329,738 shares of common stock, par value $0.25 (the “Common Stock”), of the Company for $24.01 per share (the “Per Share Purchase Price”), resulting in an aggregate purchase price of $7,917,000. The Per Share Purchase Price is equal, and was determined by reference, to the volume-weighted average price of the Common Stock for the thirty (30) trading days preceding the date of the Securities Purchase Agreement.

 

Pursuant to the terms of the Securities Purchase Agreement, for a period of four years following the date of the Securities Purchase Agreement, each member of the Biglari Group agreed to customary standstill restrictions (including customary provisions regarding matters submitted to shareholders and other governance matters), and the parties to the Securities Purchase Agreement agreed to abide by customary non-disparagement provisions in connection with the parties’ relationship with the Company.

 

Under the terms of the Securities Purchase Agreement, each party to the Securities Purchase Agreement has released each other party to the Securities Purchase Agreement from all claims that the releasing party has, had or may have against the released party that relate to the investment by The Lion Fund II, L.P. in the Company. The Lion Fund II, L.P. also withdrew its request received by the Company on June 8, 2016 to inspect certain of the Company’s records.

  

25
 

 

Acquisition of Assets of Contrail Aviation Support

 

On July 18, 2016, pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”) between Contrail Aviation Support, LLC (“Contrail Aviation”), a North Carolina limited liability company and a subsidiary of the Company, and Contrail Aviation Support, Inc. ( the “Seller”) and Joseph Kuhn, the sole shareholder of the Seller, Contrail Aviation completed the purchase of all of the assets owned, used or usable by the Seller, other than cash, equity in the Seller’s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller’s employees and Mr. Kuhn was appointed Chief Executive Officer of Contrail Aviation. Following the acquisition, Contrail Aviation comprises an additional business segment—the aircraft engine aftermarket and surplus parts segment—of the Company’s operations.

 

The consideration paid by Contrail Aviation for the acquired assets was (i) $4,937,500 in cash, which amount is subject to adjustment based on the Seller’s Net Working Capital (as defined in the Asset Purchase Agreement) as of date of closing of the acquisition and of which $300,000 is held in an escrow account to fund indemnification payments to Contrail Aviation under the Asset Purchase Agreement and (ii) equity membership units in Contrail Aviation representing 21% of the total equity membership units in Contrail Aviation. In addition, pursuant to the Asset Purchase Agreement, Contrail Aviation has agreed to pay as additional deferred consideration up to a maximum of $1,500,000 per year and $3,000,000 in the aggregate (collectively, the “Earnout Payments” and each, an “Earnout Payment”), calculated as follows:

 

(i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no Earnout Payment will be payable with respect to such Earnout Period;

 

(ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, but less than $2,000,000, the Earnout Payment for each such Earnout Period will be an amount equal to the product of (x) the EBITDA generated with respect to such Earnout Period minus $1,500,000, and (y) two (2);

 

(iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $2,000,000, but less than $4,000,000, the Earnout Payment for each such Earnout Period will be equal to $1,000,000;

 

(iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $4,000,000, the Earnout Payment for each such Earnout Period will be equal to $1,500,000; and

 

(v) if, following the fifth Earnout Period, Contrail Aviation has generated EBITDA equal to or in excess of $15,000,000 in the aggregate during all Earnout Periods, but the Seller has received or is owed less than $3,000,000 in aggregate Earnout Payments pursuant to clauses (i) through (iv), above, Contrail Aviation will make an additional Earnout Payment to the Seller in an amount equal to the difference between $3,000,000 and the aggregate Earnout Payments already received or payable pursuant to clauses (i) through (iv), above.

 

As used in the Asset Purchase Agreement, “Earnout Period” means each of the first five twelve-full-calendar-month periods following the closing of the acquisition.

 

Upon the consummation of the asset sale and in connection with the transfer of equity membership units of Contrail Aviation to the Seller, on July 18, 2016 the Company, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options permitting, at any time after the fifth anniversary of the asset sale closing date, Contrail Aviation at its election to purchase from the Seller, and permitting the Seller at its election to require Contrail Aviation to purchase from the Seller, all of the Seller’s equity membership interests Contrail Aviation at price to be agreed upon, or failing such an agreement to be determined pursuant to third-party appraisals in a process specified in the Operating Agreement.

 

The Company will account for the above described transaction as a business combination beginning with its second fiscal 2017 quarter.

 

26
 

 

Contrail Aviation Credit Agreement

 

In connection with and upon consummation of the asset acquisition by Contrail Aviation, on July 18, 2016, it entered into a Credit Agreement (the “Contrail Credit Agreement”) with BMO Harris Bank N.A. The Contrail Credit Agreement provides for revolving credit borrowings by Contrail Aviation in an amount up to the lesser of $12,000,000 and a borrowing base. The borrowing base is computed monthly and is equal to the sum of 75% of the value of eligible inventory (up to a maximum of $9,000,000) and 80% of outstanding eligible accounts receivable. Borrowings under the Contrail Credit Agreement bear interest at a rate equal to one-month LIBOR plus 2.80%, and mature in January 2018.

 

The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a first-priority security interest in substantially all of the assets of Contrail Aviation and any such subsidiary guarantors, as applicable (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, real property, and proceeds of the foregoing). The obligations of Contrail Aviation under the Contrail Credit Agreement are also guaranteed by the Company, with such guaranty limited in amount to a maximum of $1,600,000, plus interest on such amount at the rate of interest in effect under the Contrail Credit Agreement, plus costs of collection (the “BMO Limited Guaranty”).

 

The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict 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 Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of 1.75 to 1.0, a maximum ratio of total liabilities to tangible net worth of 2.5 to 1.0, and a $10,000 limitation on annual operating lease payments.

 

The Contrail Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company’s failure to own, legally and beneficially, at least 51% of the voting equity in Contrail Aviation.

 

Amendments to Revolving Credit Facility

 

On July 15, 2016, the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of July 15, 2016 (the “First Amendment”) with Branch Banking and Trust Company (“BB&T”) to amend the Credit Agreement (as amended, the “Credit Agreement”) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to:

 

 

●

not require that Contrail Aviation be joined as a borrower under the Credit Agreement;

 

●

not require that Delphax be joined as a borrower under the Credit Agreement;

 

●

permit the BMO Limited Guaranty;

 

●

revise certain covenants to address the treatment of Contrail Aviation and Delphax; and

 

●

effect conforming and other changes to defined terms.

 

On August 9, 2016, the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a Second Amendment dated as of August 9, 2016 (the “Second Amendment”) with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to:

 

 

●

increase the maximum amount available for borrowing under the Revolving Credit Facility from $20.0 million to $25.0 million;
     

 

●

extend the maturity of the Revolving Credit Facility from April 1, 2017 to April 1, 2018;
     

 

●

reduce the required consolidated tangible net worth from $22.0 million to the sum of $18.0 million plus, on a cumulative annual basis commencing with the fiscal year ending March 31, 2017, 50% of consolidated net income for the year then ended;
     

 

●

adjust the minimum consolidated asset coverage ratio for the quarter ended June 30, 2016 and the quarter ending September 30, 2016 to 1.25 and for the quarters ending December 31, 2016 and March 31, 2017 to 1.50;
     

 

●

add a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to no more than $5,000,000 at any time; and
     

 

●

adjust the definitions of terms used in the financial covenants to address the impact of non-wholly owned subsidiaries and the BMO Limited Guaranty.

 

27
 

  

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. (As Restated)

 

As discussed in the Explanatory Note in this Form 10-Q/A and in Note 1A of the Notes to Condensed Consolidated Financial Statements (Unaudited) included in Part I, Item 1 of this Form 10-Q/A, we are restating our consolidated financial statements and related disclosures at June 30, 2016 and March 31, 2016 and for the three months ended June 30, 2016. The following discussion and analysis of our financial condition and results of operations incorporates the restated amounts.

 

Overview

 

Air T, Inc. (the “Company,” “Air T,” “we” or “us”) is a decentralized holding company with ownership interests in a broad set of operating and financial assets that are designed to expand, strengthen and diversify our cash earnings power. Our goal is to build on Air T’s core businesses, to expand into adjacent industries, and when appropriate, to acquire companies that we believe fit into the Air T family.

 

At June 30, 2016, we operated wholly owned subsidiaries in three core industry segments:

 

 

•

overnight air cargo, comprised of our Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, which operates in the air express delivery services industry;

 

 

•

ground equipment sales, comprised of our Global Ground Support, LLC (“GGS”) subsidiary, which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers; and

 

 

•

ground support services, comprised of our Global Aviation Services, LLC (“GAS”) subsidiary, which provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers.

 

We added two other businesses during the second half of fiscal year 2016, both of which are reported in separate segments. In October 2015, we formed a wholly owned equipment leasing subsidiary, Air T Global Leasing, LLC (“ATGL”), which comprises our leasing segment, and in November 2015 we made equity and debt investments in Delphax Technologies Inc. (“Delphax”), a printing equipment manufacturer and maintenance provider, which comprises our printing equipment and maintenance segment.

 

On July 18, 2016, Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned, used or usable by Contrail Aviation Support, Inc. (the “Seller”), other than cash, equity in the Seller’s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller’s employees. The acquisition consideration paid to the Seller included equity membership units in Contrail Aviation representing 21% of the total equity membership units in Contrail Aviation. As a result, the Company owns equity membership units in Contrail Aviation representing the remaining 79% of the total equity membership units in Contrail Aviation. Following the acquisition, Contrail Aviation comprises an additional business segment—the aircraft engine aftermarket and surplus parts segment—of the Company’s operations.

 

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.

 

 

Following is a table detailing revenues by segment and by major customer category:

 

(Dollars in thousands)

                                
   

Three Months Ended June 30,

  
   

2016

    

2015

  
                                 

Overnight Air Cargo Segment:

                                

FedEx

   $ 16,637       55

%

   $ 12,889       58

%
                                 

Ground Equipment Sales Segment:

                                

Military

     885       3

%

     150       1

%

Commercial - Domestic

     2,084       7

%

     1,828       8

%

Commercial - International

     1,285       4

%

     2,061       9

%
      4,254       14

%

     4,039       18

%
                                 

Ground Support Services Segment

     6,800       22

%

     5,430       24

%
                                 

Printing Equipment and Maintenance

                                

Domestic

     1,583       5

%

     -       0

%

International

     977       3

%

     -       0

%
      2,560       8

%

     -       0

%
                                 

Leasing

     242       1

%

     -       0

%
                                 
    $ 30,493       100

%

   $ 22,358       100

%

 

28
 

 

MAC and CSA are two of seven companies in the U.S. that have North American feeder airlines under contract with FedEx. With a relationship with FedEx spanning over 35 years, MAC and CSA operate and maintain Cessna Caravan, ATR-42 and ATR-72 aircraft that fly daily small-package cargo routes throughout the eastern United States, upper Midwest and the Caribbean. MAC and CSA’s revenues are derived principally pursuant to “dry-lease” service contracts with FedEx.

 

On June 1, 2015, MAC and CSA entered into new dry-lease agreements with FedEx which together cover all of the revenue aircraft operated by MAC and CSA and replace all prior dry-lease service contracts. These dry-lease agreements provide for the lease of specified aircraft by MAC and CSA in return for the payment of monthly rent with respect to each aircraft leased, which monthly rent was increased from the prior dry-lease service contracts to reflect an estimate of a fair market rental rate. These new dry-lease agreements provide that FedEx determines the type of aircraft and schedule of routes to be flown by MAC and CSA, with all other operational decisions made by MAC and CSA, respectively. The new dry-lease agreements provide for the reimbursement by FedEx of MAC and CSA’s costs, without mark up, incurred in connection with the operation of the leased aircraft for the following: fuel, landing fees, third-party maintenance, parts and certain other direct operating costs. Unlike prior dry-lease contracts, under the new dry-lease agreements, certain operational costs incurred by MAC and CSA in operating the aircraft under the new dry-lease agreements are not reimbursed by FedEx at cost, and such operational costs are borne solely by MAC and CSA. Under the new dry-lease agreements, MAC and CSA are required to perform maintenance of the leased aircraft in return for a maintenance fee based upon an hourly maintenance labor rate, which has been increased from the rate in place under the prior dry-lease service contracts. Under prior dry-lease service contracts, the hourly maintenance labor rate had not been adjusted since 2008. The new dry-lease agreements provide for the payment by FedEx to MAC and CSA of a monthly administrative fee based on the number and type of aircraft leased and routes operated. The amount of the monthly administrative fee under the new dry-lease agreements is greater than under the prior dry-lease service contracts with FedEx, in part to reflect the greater monthly lease payment per aircraft and that certain operational costs are borne by MAC and CSA and not reimbursed. The amount of the administrative fee is subject to adjustment based on the number of aircraft operated, routes flown and whether aircraft are considered to be soft-parked.

 

On June 1, 2016, the new dry-lease agreements were amended to extend the expiration date to May 31, 2020. The new dry-lease agreements may be terminated by FedEx or MAC and CSA, respectively, at any time upon 90 days’ written notice and FedEx may at any time terminate the lease of any particular aircraft thereunder upon 10 days’ written notice. In addition, each of the dry-lease agreements provides that FedEx may terminate the agreement upon written notice if 60% or more of MAC or CSA’s revenue (excluding revenues arising from reimbursement payments under the dry-lease agreement) is derived from the services performed by it pursuant to the respective dry-lease agreement, FedEx becomes MAC or CSA’s only customer, or MAC or CSA employs less than six employees. As of the date of this report, FedEx would have been permitted to terminate each of the dry-lease agreements under this provision. The Company believes that the short-term nature of its agreements with FedEx is standard within the airfreight contract delivery service industry, where performance is measured on a daily basis. FedEx has been a customer of the Company since 1980. Loss of its contracts with FedEx would have a material adverse effect on the Company.

 

Under the dry-lease service contracts in place during the first two months of the fiscal quarter ended June 30, 2015, FedEx leased its aircraft to MAC and CSA for a nominal amount and paid a monthly administrative fee to MAC and CSA to operate the aircraft. Under these contracts, all direct costs related to the operation of the aircraft (including fuel, outside maintenance, landing fees and pilot costs) were passed through to FedEx without markup. In connection with the June 1, 2016 amendment extending the term of the new dry-lease agreements to May 31, 2020, the weighted average administrative fee rate paid with respect to leased aircraft was reduced by over 2% from the fee rate in place prior to the amendment. Because a portion of the administrative fee funds the payment of certain operational costs incurred by MAC and CSA in operating the aircraft that are not reimbursed by FedEx and are expected to increase substantially from the levels incurred in the fiscal year ended March 31, 2016 and the first two months of the quarter ended June 30, 2016, the reduction in the administrative fee is anticipated to have a much more significant impact on the segment’s operating income. As of June 30, 2016, MAC and CSA had an aggregate of 78 aircraft under agreement with FedEx.  Pursuant to the dry-lease agreements with FedEx, FedEx determines the schedule of routes to be flown by MAC and CSA.  Included within the 78 aircraft is 1 Cessna Caravan aircraft that is considered soft-parked.  Soft-parked aircraft remain covered under our agreements with FedEx although at a reduced administrative fee compared to aircraft that are in operation.  MAC and CSA continue to perform maintenance on soft-parked aircraft, but they are not crewed and do not operate on scheduled routes.

 

29
 

 

Pass-through costs under the dry-lease agreements with FedEx totaled $5,092,000 and $6,515,000 for the three-month periods ended June 30, 2016 and 2015, respectively.

 

As of June 30, 2016, MAC and CSA had an aggregate of 78 aircraft under its dry-lease agreements with FedEx.  Included within the 78 aircraft is 1 Cessna Caravan aircraft that is considered soft-parked. Soft-parked aircraft remain covered under our agreements with FedEx although at a reduced administrative fee compared to aircraft that are in operation.  MAC and CSA continue to perform maintenance on soft-parked aircraft, but they are not crewed and do not operate on scheduled routes.

 

GGS manufactures, sells and services aircraft deicers and other specialized equipment on a worldwide basis. GGS manufactures five basic models of mobile deicing equipment with capacities ranging from 700 to 2,800 gallons. GGS also offers fixed-pedestal-mounted deicers. Each model can be customized as requested by the customer, including single operator configuration, fire suppressant equipment, open basket or enclosed cab design, a patented forced-air deicing nozzle and on-board glycol blending system to substantially reduce glycol usage, color and style of the exterior finish. GGS also manufactures five models of scissor-lift equipment, for catering, cabin service and maintenance service of aircraft, and has developed a line of decontamination equipment, flight-line tow tractors, glycol recovery vehicles and other special purpose mobile equipment. GGS competes primarily on the basis of the quality, performance and reliability of its products, prompt delivery, customer service and price.

 

In July 2009, GGS was awarded a new contract to supply deicing trucks to the USAF, which expired in July 2014. On May 15, 2014, GGS was awarded a new contract to supply deicing trucks to the USAF. The initial contract award is for two years through July 13, 2016 with four additional one-year extension options that may be exercised by the USAF. The first extension option under the contract has been exercised, extending the term of the contract to July 13, 2017.

 

In September 2010, GGS was awarded a contract to supply flight-line tow tractors to the USAF. The contract award was for one year commencing September 28, 2010 with four additional one-year extension options that may be exercised by the USAF. All option periods under the contract have been exercised and the contract expired in September 2015. Because the USAF is not obligated to purchase a set or minimum number of units under these contracts, the value of these contracts, as well as the number of units to be delivered, depends upon the USAF’s requirements and available funding.

 

GGS contributed approximately $4,254,000 and $4,039,000 to the Company’s revenues for the three-month periods ended June 30, 2016 and 2015, respectively, representing a $215,000 (5%) increase. At June 30, 2016, GGS’s order backlog was $12.1 million as compared to $10.0 million at March 31, 2016 and $39.9 million at June 30, 2015.

 

GAS provides the aircraft ground support equipment, fleet, and facility maintenance services. At June 30, 2016, GAS was providing ground support equipment, fleet, and facility maintenance services to more than 75 customers at 67 North American airports.

 

GAS contributed approximately $6,800,000 and $5,430,000 to the Company’s revenues for the three-month periods ended June 30, 2016 and 2015, respectively, representing a $1,370,000 (25%) increase.

 

On November 24, 2015, the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax’s Canadian operating subsidiary for a combination of cash and the surrender of outstanding principal of $500,000 and accrued and unpaid interest thereunder, and cancellation of, a 90-Day Senior Subordinated Note purchased at face value by the Company from that Delphax subsidiary on October 2, 2015 and (ii) for $1,050,000 in cash a total of 43,000 shares (the “Shares”) of Delphax’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). Each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to anti-dilution adjustments. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax’s employee stock option plans, at June 30, 2016 the number of shares of common stock underlying the Shares represent approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of the Shares and approximately 31% of the outstanding shares assuming conversion of the Shares and the issuance of all the shares of Delphax common stock reserved for issuance under Delphax’s employee stock option plans. Under the agreement that provided for the Company’s purchase of these interests, on November 24, 2015 three designees of the Company were elected to the board of directors of Delphax, which had a total of seven members following their election. Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to Air T under the Senior Subordinated Note or we continue to hold a specified number of the Shares and interests in the Warrant holders of the Series B Preferred Stock, voting as a separate class, the Company would be entitled to elect, after June 1, 2016, four-sevenths of the members of the board of directors of Delphax and, without the written consent or waiver of the Company, Delphax may not enter into specified corporate transactions. At June 30, 2016, three designees of the Company continued to serve on the board of directors of Delphax, which had a total of six members. As a result of these transactions, we determined that, even though Delphax was not a subsidiary of the Company, we had obtained control over Delphax in conjunction with the acquisition of the interests described above, and we have consolidated Delphax in Air T’s consolidated financial statements beginning on November 24, 2015.

 

30
 

 

Delphax designs, manufactures and sells advanced digital print production equipment (including high-speed, high-volume cut-sheet and continuous roll-fed printers), maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales has historically been related to service and support provided after the sale, including the sale of consumable items for installed printing systems. Delphax’s legacy consumables production business was expected to generate cash flow while Delphax rolled-out its next generation élan commercial inkjet printer. Our investments in Delphax were intended to support the commercial rollout and manufacturing costs of the new Delphax élan™ 500 digital color print system, which combines advances in inkjet and paper-handling technologies in a production class sheet-fed system offering full CMYK color and 1600 dpi print quality at speeds of up to 500 letter impressions per minute.

 

As of June 30, 2016, three designees of the Company continued to serve on the board of directors of Delphax, which had a total of six members, as the Company had not exercised its right to require its designee to be elected as the seventh director.

 

On April 4, 2016, ATGL purchased two élan™ 500 printers from Delphax for $650,000 for lease to a third party. One of those acquired printers was subject to an existing lease to a third party which has been assigned to ATGL.

 

We organized ATGL on October 6, 2015. ATGL provides funding for equipment leasing transactions, which may include transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by third parties unrelated to equipment manufactured by us. 

 

In March 2014, the Company formed Space Age Insurance Company (“SAIC”), a captive insurance company licensed in Utah, and initially capitalized with $250,000. SAIC insures risks of the Company and its subsidiaries that were not previously insured by the Company’s insurance programs and underwrites third-party risk through certain reinsurance arrangements. The activities of SAIC are included within the corporate results in the accompanying financial statements.

 

As noted above, on July 18, 2016, pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”) between Contrail Aviation, a subsidiary of the Company, the Seller and Joseph Kuhn, the sole shareholder of the Seller, Contrail Aviation completed the purchase of all of the assets owned, used or usable by the Seller, other than cash, equity in the Seller’s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller’s employees and Mr. Kuhn was appointed Chief Executive Officer of Contrail Aviation.

 

The consideration paid by Contrail Aviation for the acquired assets was (i) $4,937,500 in cash, which amount is subject to adjustment based on the Seller’s Net Working Capital (as defined in the Asset Purchase Agreement) as of date of closing of the acquisition and of which $300,000 is held in an escrow account to fund indemnification payments to Contrail Aviation under the Asset Purchase Agreement and (ii) equity membership units in Contrail Aviation representing 21% of the total equity membership units in Contrail Aviation. In addition, pursuant to the Asset Purchase Agreement, Contrail Aviation has agreed to pay as additional deferred consideration up to a maximum of $1,500,000 per year and $3,000,000 in the aggregate (collectively, the “Earnout Payments” and each, an “Earnout Payment”), calculated as follows:

 

(i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than $1,500,000, no Earnout Payment will be payable with respect to such Earnout Period;

 

(ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $1,500,000, but less than $2,000,000, the Earnout Payment for each such Earnout Period will be an amount equal to the product of (x) the EBITDA generated with respect to such Earnout Period minus $1,500,000, and (y) two (2);

 

(iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $2,000,000, but less than $4,000,000, the Earnout Payment for each such Earnout Period will be equal to $1,000,000;

 

(iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of $4,000,000, the Earnout Payment for each such Earnout Period will be equal to $1,500,000; and

 

(v) if, following the fifth Earnout Period, Contrail Aviation has generated EBITDA equal to or in excess of $15,000,000 in the aggregate during all Earnout Periods, but the Seller has received or is owed less than $3,000,000 in aggregate Earnout Payments pursuant to clauses (i) through (iv), above, Contrail Aviation will make an additional Earnout Payment to the Seller in an amount equal to the difference between $3,000,000 and the aggregate Earnout Payments already received or payable pursuant to clauses (i) through (iv), above.

 

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As used in the Asset Purchase Agreement, “Earnout Period” means each of the first five twelve-full-calendar-month periods following the closing of the acquisition.

 

Upon the consummation of the asset sale and in connection with the transfer of equity membership units of Contrail Aviation to the Seller, on July 18, 2016 the Company, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options permitting, at any time after the fifth anniversary of the asset sale closing date, Contrail Aviation at its election to purchase from the Seller, and permitting the Seller at its election to require Contrail Aviation to purchase from the Seller, all of the Seller’s equity membership interests Contrail Aviation at price to be agreed upon, or failing such an agreement to be determined pursuant to third-party appraisals in a process specified in the Operating Agreement.  

 

First Quarter Highlights

 

The first quarter of fiscal 2017 saw the Company revenues net of intercompany eliminations increased by $8,135,000 (36%) from the prior year comparable quarter. Operating loss net of intercompany eliminations increased by $6,024,000 compared to the prior year quarter principally due to significant negative operating results of Delphax, including related asset impairments described below.

 

Revenues from the air cargo segment increased $3,748,000 (29%) compared to the first quarter of the prior fiscal year, while operating income increased $1,074,000 reflecting the greater administrative fee amount paid under the new dry-lease agreements which became effective on June 1, 2015. Increased administrative fees were partially offset by the increase in the monthly rental rate for leased aircraft under the June 2015 agreement, which increased monthly rental rates to reflect an estimate of a fair market value rental rate. In addition, the segment’s maintenance revenues increased as a result of higher hourly maintenance labor rates in place under the June 2015 agreement for the full quarter compared to only one month of the impact in the prior year quarter. The June 2015 agreement effected the first hourly maintenance labor rate increase in eight years. In connection with the June 1, 2016 amendment extending the term of the new dry-lease agreements to May 31, 2020, the weighted average administrative fee rate paid with respect to leased aircraft was reduced by over 2% from the fee rate in place prior to the amendment. Because a portion of the administrative fee funds the payment of certain operational costs incurred by MAC and CSA in operating the aircraft that are not reimbursed by FedEx and are expected to increase substantially from the levels incurred in the fiscal year ended March 31, 2016, the reduction in the administrative fee is anticipated to have a much more significant impact on the segment’s operating income for the remainder of the current fiscal year. 

 

Revenues for GGS increased $215,000 (5%) compared to the first quarter of the prior fiscal year. The segment’s operating loss net of intercompany eliminations of $141,000 decreased by $378,000 (73%) from $519,000 of operating loss in the prior year’s comparable quarter. The increase in GGS revenues and reduction in operating loss is attributable principally to increase in sales volume.

 

Revenues from our GAS subsidiary increased by $1,370,000 (25%) compared to the first quarter of the prior fiscal year as a result of the company’s growth in new markets and services offered to new and existing customers and strong parts sales. Operating loss improved by $225,000 (67%) to $110,000 for the current year period compared to operating loss in the prior year quarter primarily due to the impact of increased revenues.

 

Delphax contributed revenues net of intercompany eliminations of $2,560,000 in the current year quarter. Since Delphax was acquired on November 24, 2015, no related results are included in the first quarter of the prior fiscal year. As noted above, consolidated operating loss increased from the first quarter of the prior fiscal year primarily due to an operating loss net of intercompany eliminations of $6,991,000 incurred by Delphax.

 

During the quarter ended June 30, 2016, Delphax was informed by its largest customer that the customer had decided to accelerate its plans for removing Delphax legacy printing systems from production and that Delphax should, as a consequence, expect the future volume of legacy product orders from the customer to decline markedly from prior forecasts. Furthermore, the future timeframe over which orders could be expected from this customer was being sharply curtailed. In addition to this specific customer communication, Delphax also experienced a broad-based decline in legacy product customer demand during the quarter. Sales of Delphax’s new élan printer system also did not materialize to expectations in the quarter.

 

The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax’s business outlook and alternative courses of action. During the quarter ended June 30, 2016, a number of Delphax employees were either severed or furloughed.

 

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Based on consideration of all available relevant information at the time of the Original Filing, including the assessment of the outside advisory firm and in light of expected lack of profitability and current debt load, Delphax anticipates cooperating with senior and subordinated secured lenders to permit such lenders to initiate a formal receivership filing to commence an operating liquidation of Delphax Canada, Delphax’s primary, and sole manufacturing, subsidiary. Under the terms of the subordination agreement between the Company and the senior lender under the Senior Credit Agreement, until all indebtedness under the Senior Credit Agreement has been paid in full, the Company is restricted from initiating such a process. Such a process, if in fact commenced, would likely commence during the third or fourth quarter of calendar 2016 and play out over a period of approximately 90 days, though such periods could be materially longer under certain circumstances.

 

The adverse business developments during the quarter ended June 30, 2016 and the significantly deteriorated outlook for future orders of legacy and élan product caused the Company to reevaluate the recoverability of Delphax’s assets, both tangible and intangible. Based on this reevaluation, which involved material estimation and subjectivity (including with respect to the recovery on assets in an operating liquidation), the Company concluded that a significant increase to inventory reserves was necessary. In addition, the Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. The Company also recorded a partial impairment of Delphax related long-lived tangible assets. Furthermore, there was an assessment regarding whether, at June 30, 2016, future severance actions under existing Delphax employee benefit plans were both probable and estimable. This assessment led to the Company establishing an estimated accrual for future severance actions. The effects of these various adjustments, which aggregated to approximately $5,610,000, are reflected in the operating results of Delphax for the quarter ended June 30, 2016.

 

Results for the quarter ended June 30, 2016 include a non-operating charge of approximately $1,502,000 related to the Company’s investment in marketable securities of Insignia Systems, Inc. (“Insignia”). While the Company does not intend to liquidate its securities holdings in Insignia within twelve months, the Company recognized an impairment loss on the investment during the quarter ended June 30, 2016 due in part to the magnitude of the loss position in the investment, which increased sharply during the quarter, and the fact that the investment had been in a continuous loss position for well over one year.

  

The segment operating income intercompany eliminations of $525,000 consisted primarily of the eliminations of the margin of $483,000 from the sale of ten commercial deicing units by GGS to ATGL and the margin of $56,000 from the purchase of 2 élan printers by ATGL from Delphax, which assets are held by ATGL for leasing. The segment revenue eliminations for these transactions for GGS and Delphax were $2,416,000 and $650,000, respectively. Segment revenue and operating income eliminations of $282,000 reflect premiums paid to SAIC.

 

 

Critical Accounting Policies and Estimates

 

The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions to determine certain assets, liabilities, revenues and expenses. Management bases these estimates and assumptions upon the best information available at the time of the estimates or assumptions. The Company’s estimates and assumptions could change materially as conditions within and beyond our control change. Accordingly, actual results could differ materially from estimates. The Company believes that the following are its most significant accounting policies:

 

Allowance for Doubtful Accounts. An allowance for doubtful accounts receivable is established based on management’s estimates of the collectability of accounts receivable. The required allowance is determined using information such as customer credit history, industry information, credit reports, customer financial condition and the collectability of outstanding receivables. The estimates can be affected by changes in the financial strength of the aviation industry, customer credit issues or general economic conditions.

 

Inventories. The Company’s inventories are valued at the lower of cost or market. Provisions for excess and obsolete inventories are based on assessment of the marketability of slow-moving and obsolete inventories. Historical parts usage, current period sales, estimated future demand and anticipated transactions between willing buyers and sellers provide the basis for estimates. Estimates are subject to volatility and can be affected by reduced equipment utilization, existing supplies of used inventory available for sale, the retirement of aircraft or ground equipment, changes in the financial strength of the aviation industry, and market developments impacting both legacy and next-generation products and services of our printing equipment and maintenance segment.

 

Warranty Reserves. The Company warranties its ground equipment products for up to a three-year period from date of sale. Product warranty reserves are recorded at time of sale based on the historical average warranty cost and are adjusted as actual warranty cost becomes known. Delphax warranties its equipment for a period of 90 days commencing with installation, except in the European Union, where it is generally one year from product shipment date. Similarly, Delphax warranties spare parts and supplies for a period of 90 days from shipment date. These warranty reserves are reviewed quarterly and adjustments are made based on actual claims experience in order to properly estimate the amounts necessary to settle future and existing claims.

 

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Income Taxes. Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The most significant estimates in the Company’s accounting for income taxes concern assessing the probability of realizing tax loss and credit carryforwards and deductible book/tax temporary differences.

 

Revenue Recognition. Cargo revenue is recognized upon completion of contract terms. Revenues from maintenance and ground support services and services within our printing equipment and maintenance segment are recognized when the service has been performed. Revenue from product sales is recognized when contract terms are completed and ownership has passed to the customer.

 

Business Combinations. The Company accounts for business combinations in accordance with FASB Codification Section 805 (“ASC 805”) Business Combinations. Consistent with ASC 805, the Company accounts for each business combination by applying the acquisition method. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. Goodwill is recognized for the excess of the estimated fair value of the acquiree’s equity over the identifiable net assets acquired. For business combinations where non-controlling interests remain after the acquisition, assets (including goodwill) and liabilities of the acquired business are recorded at the full fair value and the portion of the acquisition date fair value attributable to non-controlling interests is recorded as a separate line item within the equity section of the Company’s consolidated balance sheet.

 

The acquisition method permits the Company a period of time after the acquisition date during which the Company may adjust the provisional amounts recognized in a business combination. This period of time is referred to as the “measurement period”. The measurement period provides an acquirer with a reasonable time to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. The Company is required to recognize adjustments to the provisional amounts, with a corresponding adjustment to goodwill, in the reporting period in which the adjustments to the provisional amounts are determined. Thus, the Company would adjust its consolidated financial statements as needed, including recognizing in its current-period earnings the full effect of changes in depreciation, amortization, or other income effects, by line item, if any, as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date. No measurement period adjustments were recognized during the quarters ended June 30, 2016 and 2015.

 

Income statement activity of an acquired business is reflected within the Company’s consolidated statements of income (loss) and comprehensive income (loss) commencing with the date of acquisition. Amounts for pre-acquisition periods are excluded.

 

Acquisition-related costs are costs the Company incurs to effect a business combination. Those costs may include such items as finder’s fees; advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received.

 

Impairment of long-lived assets and goodwill. The Company performs an annual impairment test of goodwill. An impairment test is also carried out anytime events or changes in circumstances indicate that goodwill might be impaired. Goodwill is tested for impairment at a level of reporting referred to as the reporting unit. The applicable accounting standards provide for two methods to assess goodwill for possible impairment, one qualitative and the other a two-step quantitative method.

 

The Company is permitted to first assess qualitative factors to determine whether it is more likely than not (this is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying value, including goodwill. In qualitatively evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market developments, cost factors, and the overall financial performance of the reporting unit. If, after assessing these events and circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the first and second steps of the quantitative goodwill impairment test are unnecessary. In the first step of the quantitative method, recoverability of goodwill is evaluated by estimating the fair value of the reporting unit’s goodwill using multiple techniques, including a discounted cash flow model income approach and a market approach. The estimated fair value is then compared to the carrying value of the reporting unit. If the fair value of a reporting unit is less than its carrying value, a second step is performed to determine the amount of impairment loss, if any. The second step requires allocation of the reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. Impairment losses, limited to the carrying value of goodwill, represent the excess of the carrying amount of goodwill over its implied fair value.

 

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In accordance with the applicable accounting guidance, the Company evaluates the recoverability of depreciable/amortizable tangible and intangible assets whenever events occur that indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the asset is unrecoverable by estimating the sum of the future cash flows expected to result from the asset, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge must be recognized based on the estimated fair value of the asset.

 

Attribution of net income or loss of partially-owned consolidated entities. In the case of Delphax, we determined that the attribution of net income or loss should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. Our investment in the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax’s net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity.

 

The above-described attribution methodology applies only to our investments in Delphax. We establish the appropriate attribution methodology on an entity-specific basis.  

 

Marketable securities. In accordance with Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities, and based on our intentions regarding these instruments, we classify all of our marketable equity securities as available-for-sale. Marketable equity securities are reported at fair value, with all unrealized gains (losses) reflected net of tax either within equity on our consolidated balance sheets, or as a line item in our consolidated statements of comprehensive income (loss). If we determine that an investment has experienced an other-than-temporary decline in fair value, we recognize the investment loss in non-operating income, net in the consolidated statement of income (loss). We regularly evaluate our investments for impairment using both quantitative and qualitative criteria. For equity securities, we consider, among other things, both the length of time that a security has been in a continuous unrealized loss position and the magnitude of such unrealized loss relative to our cost basis in the security. Other than our investment in Insignia Systems, Inc., which we intend to hold for at least a year, all of our marketable securities investments are classified as current based on the nature of the investments and their availability for use in current operations.

   

Seasonality

 

GGS’s business has historically been seasonal, with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season. The Company had worked to reduce GGS’s seasonal fluctuation in revenues and earnings by increasing military and international sales and broadening its product line to increase revenues and earnings throughout the year. In July 2009, GGS was awarded a new contract to supply deicing trucks to the USAF, which expired in July 2014. On May 15, 2014, GGS was awarded a new contract to supply deicing trucks to the USAF. The initial contract award is for two years through July 13, 2016 with four additional one-year extension options that may be exercised by the USAF. The value of the contract, as well as the number of units to be delivered, depends upon annual requirements and available funding to the USAF. Although GGS has retained the USAF deicer contract, orders under the contract have not been sufficient to offset the seasonal trend for commercial sales. As a result, GGS revenues and operating income have resumed their seasonal nature. Our other reporting segments are not susceptible to seasonal trends.          

 

Results of Operations

 

First Quarter 2017 Compared to First Quarter 2016

 

Consolidated revenue net of intercompany eliminations increased by $8,135,000 (36%) to $30,493,000 for the three-month period ended June 30, 2016 compared to the equivalent prior period. The increase in revenues can be principally attributed to the increase in the overnight air cargo segment of $3,748,000 (29%). Administrative fee revenues substantially increased reflecting the greater administrative fee amount paid under the new dry-lease agreements which became effective on June 1, 2015. Increased administrative fees were partially offset by the increase in the monthly rental rate for leased aircraft under the June 2015 agreement, which increased monthly rental rates to reflect an estimate of a fair market value rental rate. In addition, the segment’s maintenance revenues increased as a result of higher hourly maintenance labor rates in place under the June 2015 agreement for the full quarter compared to only one month of the impact in the prior year quarter. Revenue in the ground equipment sales segment increased by $215,000 (5%) this quarter as a result of increased sales volumes. Revenues in our ground support services segment increased $1,370,000 (25%) primarily as a result of the company’s growth in new markets and services offered to new and existing customers. Consolidated revenue also increased by $2,560,000 due to the inclusion of the printing equipment and maintenance segment in consolidated results as the result of the acquisition of interests in Delphax on November 24, 2015.

 

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Operating expenses net of intercompany eliminations increased by $14,159,000 (60%) to $37,567,000 in the current year quarter compared to the equivalent prior period. Delphax accounted for the majority of this change. As discussed in the above Overview section, the Company recognized significant expenses in the June 2016 quarter associated with right-downs of Delphax inventories and impairments of Delphax long-lived tangible and intangible assets, as well as of goodwill. Charges were also recorded for anticipated employee severance obligations. There was an increase of $2,189,000 in air cargo aircraft monthly rental expense under the terms of the previously mentioned new dry-lease agreements with FedEx effective June 1, 2016. Pass through costs for the overnight air cargo segment totaled $5,092,000 and $6,515,000 for the three-month periods ended June 30, 2016 and 2015, respectively. Ground equipment sales segment operating expenses increased $163,000 (4%) driven principally by increased sales volume, with margins affected by product mix. Ground support services segment operating costs increased by $1,144,000 (20%) as the segment increased staffing, including leadership, marketing and data analysis roles, and made other infrastructure improvements, including facility upgrades, training, and additional controls, to position the business for anticipated growth during the fiscal year in providing services to new customers and at new locations.

 

General and administrative expenses increased $2,022,000 (53%) to $5,829,000 for the three-month period ended June 30, 2016 compared to the equivalent prior period. General and administrative expense increased by $1,352,000 due to the inclusion of Delphax in consolidated results. General and administrative expense also increased by $468,000 for the GAS segment as discussed above as well as professional fees at the corporate level.

 

Consolidated operating loss net of intercompany eliminations for the quarter ended June 30, 2016 was $7,073,000, compared to operating loss of $1,049,000 for the same quarter of the prior year principally due to significant negative operating results of Delphax including related asset impairment described above. Operating income for the air cargo segment increased resulting from the greater administrative fee amount paid under the new dry-lease agreements, as well as maintenance revenue increases as a result of the higher hourly maintenance labor rate during the three-month period ended June 30, 2016. Operating loss net of intercompany eliminations for the ground equipment segment decreased by $378,000 as a result of increased sales volumes. Operating results for the ground support services segment improved from the prior year quarter primarily as increased revenues began to offset the costs of infrastructure improvements made in prior periods to position the segment for growth.

 

Non-operating income decreased by $1,268,000 for the three-month period ended June 30, 2016 compared to the prior period principally due to the impairment loss on the investments in Insignia described above.

 

Pretax loss was $7,292,000 higher for the three-month period ended June 30, 2016 compared to the prior year comparable period, primarily due to the operating loss at Delphax.

 

During the three-month period ended June 30, 2016, the Company recorded $372,000 in income tax benefit, which resulted in an effective tax rate of 4.4%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. Under the annual effective tax rate method, jurisdictions with a projected loss where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. The individually largest factor contributing to the difference between the federal statutory rate and the Company’s effective tax rate for the June 2016 quarter was the recognition of a valuation allowance against Delphax’s pretax loss in the period. The income tax provision for the three-month period ended June 30, 2016 differs from the federal statutory rate due also in part to the effect of state income taxes and the federal domestic production activities deduction. Additionally, the rate for the period ended June 30, 2016 includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section 831(b). During the three-month period ended June 30, 2015, the Company recorded $333,000 in income tax benefit. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of 34.3%. The estimated annual effective tax rate differed from the U. S. federal statutory rate of 34% primarily due to the effect of state income taxes offset by permanent tax differences.

 

Liquidity and Capital Resources

 

As of June 30, 2016, the Company held approximately $4.8 million in cash and cash equivalents. Of this amount, $824,000 was restricted with $250,000 in cash held as statutory reserve of SAIC and the remaining $574,000 pledged to secure SAIC’s participation in certain reinsurance pools, and $3,065,000 was invested in accounts not insured by the Federal Deposit Insurance Corporation (“FDIC”).

 

As of June 30, 2016, the Company’s working capital amounted to $20,437,000, a decrease of $2,806,000 compared to March 31, 2016.

 

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As of June 30, 2016, the Company had a senior secured revolving credit facility of $20.0 million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a sublimit for issuances of letters of credit of up to $500,000. Under the Revolving Credit Facility, each of the Company, MAC, CSA, GGS, GAS and ATGL may make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of one-month LIBOR plus 1.50%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.15%. The Company includes commitment fee expense within the interest expense and other line item of the accompanying consolidated statements of income. Amounts applied to repay borrowings under the Revolving Credit Facility may be reborrowed, subject to the terms of the facility.

 

On July 15, 2016, the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of July 15, 2016 (the “First Amendment”) with Branch Banking and Trust Company (“BB&T”) to amend the Credit Agreement (as amended, the “Credit Agreement”) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to not require that Contrail Aviation and Delphax be joined as borrowers under the Credit Agreement, to permit the BMO Limited Guaranty (as defined below), to revise certain covenants to address the treatment of Contrail Aviation and Delphax, and to effect conforming and other changes to defined terms. On August 9, 2016, the Company and such subsidiaries entered into a Second Amendment dated as of August 9, 2016 (the “Second Amendment”) with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to increase the maximum amount available for borrowing under the Revolving Credit Facility from $20.0 million to $25.0 million, to extend the maturity of the Revolving Credit Facility from April 1, 2017 to April 1, 2018 and to adjust certain financial covenants.

 

Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a first-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property.

 

The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers 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 their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of $18.0 million plus, on a cumulative basis and commencing with the fiscal year ending March 31, 2017, 50% of consolidated net income for the fiscal year then ended, a minimum consolidated fixed charge coverage ratio of 1.35 to 1.0, a maximum consolidated leverage ratio of 3.5 to 1.0, a minimum consolidated asset coverage ratio of 1.25 to 1.0 for the quarter ended June 30, 2016 and the quarter ending September 30, 2016, 1.50 to 1.0 for the quarters ending December 31, 2016 and March 31, 2017, and 1.75 to 1.0 thereafter, and a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to no more than $5,000,000 at any time. The Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.

 

The Company is exposed to changes in interest rates on its prior line of credit and its current revolving credit facility. If the LIBOR interest rate had been increased by one percentage point, based on the weighted average balance outstanding for the year, the change in annual interest expense would have been negligible.

 

As of June 30, 2016, Delphax maintained a debt facility consisting of a $7.0 million revolving senior secured credit facility, subject to a borrowing base of North American accounts receivable and inventory. Because Delphax’s senior credit facility prohibits the payment of cash dividends, it is not a source of liquidity to Air T, Inc. or any of its other subsidiaries. Neither Air T nor any of its subsidiaries (other than Delphax and subsidiaries of Delphax) is a guarantor of Delphax’s obligations under its senior credit facility.

 

The Delphax senior credit facility is secured by substantially all of its North American assets, expires in November 2018, prohibits payment of cash dividends by Delphax and is subject to certain financial covenants.  The Delphax senior credit facility provides for interest based upon the prime rate plus a margin (4.25% as of June 30, 2016). As of June 30, 2016, Delphax had aggregate borrowings of $2,140,000 outstanding under its senior credit facility. Delphax has advised that at June 30, 2016 it was not in compliance with financial covenants under the agreement governing its senior credit facility. Due to Delphax’s non-compliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the facility and to declare all amounts outstanding under the senior credit facility due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the senior credit facility. As of the date of this report, Delphax has not regained compliance with these financial covenants. In the event that Delphax is denied access to additional borrowings under the senior credit facility, unless it obtains access to other adequate sources of liquidity, which may include cash from operations, Delphax may be unable to adequately fund its operations or pay its debts as they come due. Delphax has recently implemented cost-savings initiatives, including employee furloughs, to minimize ongoing cash needs.

 

37
 

 

In connection with and upon consummation of the asset acquisition by Contrail Aviation, on July 18, 2016, it entered into a Credit Agreement (the “Contrail Credit Agreement”) with BMO Harris Bank N.A. The Contrail Credit Agreement provides for revolving credit borrowings by Contrail Aviation in an amount up to the lesser of $12,000,000 and a borrowing base. The borrowing base is computed monthly and is equal to the sum of 75% of the value of eligible inventory (up to a maximum of $9,000,000) and 80% of outstanding eligible accounts receivable. Borrowings under the Contrail Credit Agreement bear interest at a rate equal to one-month LIBOR plus 2.80%, and mature in January 2018. The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a first-priority security interest in substantially all of the assets of Contrail Aviation and any such subsidiary guarantors, as applicable (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, real property, and proceeds of the foregoing). The obligations of Contrail Aviation under the Contrail Credit Agreement are also guaranteed by the Company, with such guaranty limited in amount to a maximum of $1,600,000, plus interest on such amount at the rate of interest in effect under the Contrail Credit Agreement, plus costs of collection (the “BMO Limited Guaranty”).

 

The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict 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 Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of 1.75 to 1.0, a maximum ratio of total liabilities to tangible net worth of 2.5 to 1.0, and a $10,000 limitation on annual operating lease payments. The Contrail Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company’s failure to own, legally and beneficially, at least 51% of the voting equity in Contrail Aviation.

 

Cash Flows

 

Following is a table of changes in cash flow for the periods ended June 30, 2016 and 2015:

 

   

Three Months Ended June 30,

  
   

2016

    

2015

  
                 

Net cash used in operating activities

   $ (4,758,000

)

   $ (4,515,000

)

Net cash used in investing activities

     (232,000

)

     (1,274,000

)

Net cash provided by (used in) financing activities

     3,634,000       (19,000

)

Effect of foreign currency exchange rates on cash and cash equivalents

     (19,000

)

     -  
                 

Net decrease in cash and cash equivalents

   $ (1,375,000

)

   $ (5,808,000

)

 

Cash used in operating activities was $243,000 more for the three-month period ended June 30, 2016 compared to the similar prior year period, resulting from a variety of offsetting factors.

 

Cash used in investing activities for the three-month period ended June 30, 2016 was $1,042,000 less than the comparable prior year period due primarily to $1,215,000 of proceeds from the sale of marketable securities during the quarter ended June 30, 2016.

 

Cash provided by financing activities of $3,653,000 compared to a net use of cash in the comparable prior period. This was primarily due to $3,321,000 in borrowings under the Company’s line of credit in the current quarter.

 

Impact of Inflation

 

The Company believes that inflation has not had a material effect on its operations, because increased costs to date have generally been passed on to its customers. Under the terms of its overnight air cargo business contracts the major cost components of its operations, consisting principally of fuel, and certain other direct operating costs, and certain maintenance costs are reimbursed by its customer. Significant increases in inflation rates could, however, have a material impact on future revenue and operating income.

 

38
 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures (As Amended)

 

In connection with the preparation of the Original Filing, an evaluation was carried out by the Company’s management, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (Exchange Act)) as of June 30, 2016. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. At the time the Original Filing was filed on August 15, 2016, our Chief Executive Officer and Chief Financial Officer concluded our disclosure controls and procedures were effective as of June 30, 2016.

 

Subsequent to that evaluation, management reassessed the effectiveness of our disclosure controls and procedures as of June 30, 2016. As a result of this reassessment, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2016. Our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective due to the following material weaknesses in internal control over financial reporting which existed as of June 30, 2016:

 

 

●

we did not establish an appropriate methodology for attributing the net income or loss of Delphax to the non-controlling interests. Specifically, our attribution was based solely on our ownership of the Series B Preferred Stock rather than on a methodology that gave appropriate consideration to all of Air T’s investments in Delphax and Delphax Canada. As a result of our failure to establish an appropriate attribution methodology it was necessary to restate our unaudited condensed consolidated financial statements as included in the Original Filing; and

 

 

●

a lack of effective internal controls for the analysis of the accounting guidance applicable to recognition of our investments in Delphax. Specifically, our previous conclusions that Delphax was a VIE and that Air T was Delphax’s primary beneficiary were based in part on considerations which were not supportable under GAAP.

 

The Company’s development of its plan to remediate these material weaknesses is ongoing. While such plan has not yet been finalized, the Company anticipates that its plan will include the further engagement of accounting consultants to assist the Company with respect to accounting for complex accounting transactions.

 

There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended June 30, 2016 that materially affected, or was reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II -- OTHER INFORMATION

 

Item 5. Other information

 

On August 9, 2016, the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a Second Amendment dated as of August 9, 2016 with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to:

 

 

●

increase the maximum amount available for borrowing under the Revolving Credit Facility from $20.0 million to $25.0 million;

 

●

extend the maturity of the Revolving Credit Facility from April 1, 2017 to April 1, 2018;

 

●

reduce the required consolidated tangible net worth from $22.0 million to the sum of $18.0 million plus, on a cumulative annual basis commencing with the fiscal year ending March 31, 2017, 50% of consolidated net income for the year then ended;

 

●

adjust the minimum consolidated asset coverage ratio for the quarter ended June 30, 2016 and the quarter ending September 30, 2016 to 1.25 and for the quarters ending December 31, 2016 and March 31, 2017 to 1.50;

 

●

add a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to no more than $5,000,000 at any time; and

 

●

adjust the definitions of terms used in the financial covenants to address the impact of non-wholly owned subsidiaries and the BMO Limited Guaranty.

 

39
 

 

Item 6. Exhibits (As Amended)

 

(a)

Exhibits

 

 

 

No.

Description

 

 

 

 

 

 

 

 

 

 

31.1

Section 302 Certification of Chief Executive Officer and President

 

 

 

 

 

 

31.2

Section 302 Certification of Chief Financial Officer

 

 

 

 

 

 

32.1

Section 1350 Certifications

 

 

 

 

 

 

101

The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

 

40
 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

AIR T, INC.

 

 

Date: October 13, 2017

 

 

/s/ Nick Swenson

 

 

 

Nick Swenson, Chief Executive Officer and Director

 

 

 

 

 

 

 

 

 

 

 

/s/ Candice Otey

 

 

 

Candice Otey, Chief Financial Officer

 

 

41
 

 

AIR T, INC.

EXHIBIT INDEX (AS AMENDED)

 

 

(a)

Exhibits

 

 

No.

Description

 

 

 

 

31.1

Section 302 Certification of Chief Executive Officer and President

 

 

 

 

31.2

Section 302 Certification of Chief Financial Officer

 

 

 

 

32.1

Section 1350 Certifications

 

 

 

 

101

The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements.

 

42

 EX-31.1 2 ex_96161.htm EXHIBIT 31.1 ex_96161.htm

Exhibit 31.1

 

SECTION 302 CERTIFICATION

 

I, Nick Swenson, certify that:

 

  1. I have reviewed this Form 10-Q/A of Air T, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b)

Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

     
  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

    

Date:  October 13, 2017

 

 

 

 

 

/s/ Nick Swenson

 

 

 

Nick Swenson

 

 

 

Chief Executive Officer

 

 

 EX-31.2 3 ex_96162.htm EXHIBIT 31.2 ex_96162.htm

Exhibit 31.2

 

SECTION 302 CERTIFICATION

 

I, Candice Otey, certify that:

 

 

1.

I have reviewed this Form 10-Q/A of Air T, Inc.;

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: October 13, 2017

 

 

 

/s/ Candice Otey

 

 

 

Candice Otey

 

                                                                          

 

Chief Financial Officer

 

 

 EX-32.1 4 ex_96163.htm EXHIBIT 32.1 ex_96163.htm

 Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Air T, Inc. (the "Company") Quarterly Report on Form 10-Q/A for the period ended June 30, 2016 as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Nick Swenson, Chief Executive Officer, and Candice Otey, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

 

 

Date: October 13, 2017

 

 

 

 

/s/ Nick Swenson

 

 

 

Nick Swenson, Chief Executive Officer

 

 

 

 

 
       
       
    /s/ Candice Otey  
    Candice Otey, Chief Financial Officer  
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background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">United States, the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s country of domicile</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,518,267</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,240,050</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Foreign</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,038</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">337,724</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total property and equipment, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,813,305</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,577,774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Total revenue, in and outside the United States is summarized in the following table for the quarters ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2015:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:justify;text-indent:-72pt;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">United States, the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s country of domicile</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,231,252</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,297,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Foreign</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,262,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,061,208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total revenue</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,493,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,358,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 3416324 3129114 5392668 4715911 2065265 1566694 250000 1585000 1585000 9000000 0.75 0.8 132000 76000 5445904 5208164 5000000 3.5 2.5 1.25 1.5 1.75 1.25 1.5 18000000 22000000 1.75 1.35 0.62 0.32 3 10 2 3 2 14862 401250 0.5 0.33 0.67 0.5 6007767 0.01 0.5 EXPLANATORY NOTE Air T, Inc. (the &quot;Company,&quot; &quot;Air T,&quot; &quot;we&quot; or &quot;us&quot;) is filing this amended Form 10-Q/A (&quot;Form 10-Q/A&quot;) to amend its Quarterly Report on Form 10-Q for the period ended June 30, 2016, originally filed with the Securities and Exchange Commission (the &quot;SEC&quot;) on August 15, 2016 (&quot;Original Filing&quot;), to restate our unaudited condensed consolidated financial statements and related footnote disclosures at December 31, 2015 and March 31, 2016 and for the three months ended June 30, 2016. The previously filed consolidated financial statements for those periods should no longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in &#x201c;Items Amended in this Form 10- Q/A&#x201d; below. Restatement Background As disclosed in the Original Filing, pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the &quot;Securities Purchase Agreement&quot;) among the Company, Delphax Technologies Inc. (&quot;Delphax&quot;) and its subsidiary, Delphax Technologies Canada Limited (&quot;Delphax Canada&quot;), on November 24, 2015 (the &quot;Closing Date&quot;), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the &quot;Senior Subordinated Note&quot;) issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax&#x2019;s Series B Preferred Stock (the &quot;Series B Preferred Stock&quot;) and a Stock Purchase Warrant (the &quot;Warrant&quot;) to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). As further disclosed in the Original Filing, each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to antidilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement with respect to) threesevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement with respect to) four-sevenths of the members of the board of directors of Delphax. The Warrant expires on November 24, 2021 and 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. The consolidated financial statements included in the Original Filing reflect the consolidation of Delphax with the Company and its subsidiaries from the Closing Date. Such consolidated financial statements also reflected an attribution of 62% of Delphax's loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income (loss) attributable to Air T, Inc. stockholders. Such attribution was based on the Company&#x2019;s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T's investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax's net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses. The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity. As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests should have been 32%. In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax. This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at June 30, 2016 and for the three months ended June 30, 2016 to so correct the treatment of Air T's interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures. Restatement of Other Financial Statements We are concurrently filing (i) an amendment to our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the &quot;Form 10-K/A&quot;) to similarly restate our audited consolidated financial statements and related financial information at and for the fiscal year ended March 31, 2016 and to amend certain other items within that report, (ii) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the &quot;2015 Form 10-Q/A&quot;) to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2015 and for the three and nine months ended December 31, 2015 and to amend certain other items within that report, (iii) an amendment to our Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the &quot;Q2 Form 10-Q/A&quot;) to similarly restate our unaudited condensed consolidated financial statements and related financial information at September 30, 2016 and March 31, 2016 and for the three and six months ended September 30, 2016 and to amend certain other items within that report, and (iv) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2016 (the &quot;Q3 Form 10-Q/A&quot;) to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2016 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 and to amend certain other items within that report. Internal Control and Disclosure Controls Considerations Our Chief Executive Officer and Chief Financial Officer have determined that there were deficiencies in our internal control over financial reporting that constitute material weaknesses, as defined by SEC regulations, at June 30, 2016. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined by SEC regulations, were not effective at June 30, 2016, as discussed in Part I, Item 4 of this Form 10-Q/A. Items Amended in this Form 10-Q/A For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement described above. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement: A. Part I, Item 1. Financial Statements B. Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations C. Part I, Item 4. Controls and Procedures D. Part II, Item 6. Exhibits In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. In addition, the Exhibit Index has been appropriately updated. true --03-31 Q1 2017 2016-06-30 10-Q/A 0000353184 2042789 Yes Smaller Reporting Company AIR T INC No No airt <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1A.</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> <div style="display: inline; text-decoration: underline;">Restatement of Previously Issued Consolidated Financial Statements</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to a Securities Purchase Agreement dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015 (</div>the &#x201c;Securities Purchase Agreement&#x201d;) among the Company, Delphax Technologies Inc. (&#x201c;Delphax&#x201d;) and its subsidiary, Delphax Technologies Canada Limited (&#x201c;Delphax Canada&#x201d;), on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015 (</div>the &#x201c;Closing Date&#x201d;), the Company purchased (i) at face value a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500,000</div> principal amount Five-Year Senior Subordinated Promissory Note (the &#x201c;Senior Subordinated Note&#x201d;) issued by Delphax Canada for a combination of cash and the outstanding principal of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> and accrued and unpaid interest under a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div>-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015 </div>pursuant to the Securities Purchase Agreement and (ii) for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050,000</div> in cash a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,000</div> shares of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Series B Preferred Stock (the &#x201c;Series B Preferred Stock&#x201d;) and a Stock Purchase Warrant (the &#x201c;Warrant&#x201d;) to acquire an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,600</div> shares of Series B Preferred Stock at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.4728</div> per share (subject to adjustment for specified dilutive events). Each share of Series B Preferred Stock is convertible into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> shares of common stock of Delphax, subject to anti-dilution adjustments, and has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> liquidation preference over shares of common stock of Delphax. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding&nbsp;at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38%</div> of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement&nbsp;with respect to) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-sevenths of the board of directors of Delphax, and after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2016 </div>the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement&nbsp;with respect to) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div>-sevenths of the members of the board of directors of Delphax. The Warrant expires on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2021 </div>and 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.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The condensed consolidated financial statements included in the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Quarterly Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>originally filed with the Securities and Exchange Commission (the &#x201c;SEC&#x201d;) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 15, 2016 (</div>&#x201c;Original Filing&#x201d;), reflect the consolidation of Delphax with the Company and its subsidiaries from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015 </div>Closing Date. Such condensed consolidated financial statements also reflect an attribution of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62%</div> of Delphax&#x2019;s loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income attributable to Air T, Inc. stockholders. Such attribution was based on the Company&#x2019;s ownership of the Series B Preferred Stock, which represented approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38%</div> of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have concluded that it was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T&#x2019;s investments in Delphax and Delphax Canada. As disclosed above, the 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> of any Delphax dividends paid, with the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33%</div> paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. </div>We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s net losses are attributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">/33%</div>) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33%</div> share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.&nbsp; The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or</div>&nbsp;losses to non-controlling interests because Delphax is a variable interest entity.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As a result of the application of the above-described attribution methodology, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the attribution of Delphax losses to non-controlling interests should have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32%.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q/A is being filed to restate our unaudited condensed consolidated financial<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> statements at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>to so correct the treatment of Air T&#x2019;s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The combined impacts of all the adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10Q/A</div> are provided in the tables below.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Financial Statement Presentation</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In addition to the restatement of our consolidated financial statements, we have also restated the following Notes for <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">the effects of the errors above or, as indicated, amended Notes to include additional relevant disclosures.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:54pt;">&nbsp;</td> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div><div style="display: inline; font-size:10pt;font-family:Times New Roman, Times, serif;">. Financial Statement Presentation (As Restated)</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:54pt;">&nbsp;</td> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Acquisition of I<div style="display: inline; font-size:10pt;font-family:Times New Roman, Times, serif;">nterests in Delphax (As Amended)</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:54pt;">&nbsp;</td> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Net Earnings Per Share (As Restated)</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:54pt;">&nbsp;</td> <td style="width:18pt;vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Variable Interest Entities (As Restated)</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements at <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016:</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">As Previously Reported</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">As Restated</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 66%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Balance Sheet Information (at June 30, 2016):<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Additional paid-in capital</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,947,665</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,956,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retained earnings</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,674,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,070,354</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accumulated other comprehensive income (loss), net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,760</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Air T, Inc. stockholders' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,281,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,617,896</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,908,664</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,244,777</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,373,119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,373,119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities and equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,373,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,373,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Balance Sheet Information (at March 31, 2016):<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Additional paid-in capital</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,947,665</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,956,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retained earnings</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,350,980</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,821,825</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accumulated other comprehensive income (loss), net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(117,898</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140,519</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Air T, Inc. stockholders' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,773,878</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,230,608</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">497,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,040,922</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,271,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,271,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities and equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,154,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,154,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statement of Income (Loss):</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,313,078</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,237,909</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. stockholders</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,676,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,751,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss per share - basic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss per share - diluted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statement of Comprehensive Income:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Comprehensive loss attributable to non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,406,316</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,285,699</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Comprehensive loss attributable to Air T, Inc. stockholders</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,492,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,612,712</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table> </div></div> 1056929 592721 2672207 1684802 8896453 7003660 2672207 1684802 1460541 1433494 11230664 12303128 1460541 1433494 11312 11312 11312 11312 11312 4409633 1926340 8035357 6842874 4409633 1926340 66309 -1760 -117898 -140519 4947665 4956171 4947665 4956171 3231454 -3778836 0 0 0 355000 426000 0 0 68 50373955 52154752 5522904 9395611 39546440 38959534 5456299 7359387 -6380102 726392 9643000 9791000 1502000 395000 170000 163000 1182000 5903000 3604000 4711000 144000 0 0 413000 422000 1673000 557000 1502000 5106000 3603764 4711343 0.38 3000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Acquisition of Interests in Delphax</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; text-decoration: underline;"> (As Amended</div><div style="display: inline; text-decoration: underline;">)</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:24pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to a Securities Purchase Agreement dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015 (</div>the &#x201c;Securities Purchase Agreement&#x201d;) among the Company, Delphax Technologies Inc. (&#x201c;Delphax&#x201d;) and its subsidiary, Delphax Technologies Canada Limited (&#x201c;Delphax Canada&#x201d;), on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015 (</div>the &#x201c;Closing Date&#x201d;), the Company purchased (i) at face value a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500,000</div> principal amount Five-Year Senior Subordinated Promissory Note (the &#x201c;Senior Subordinated Note&#x201d;) issued by Delphax Canada for a combination of cash and the surrender of outstanding principal of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> and accrued and unpaid interest under, and cancellation of, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div>-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015 </div>pursuant to the Securities Purchase Agreement and (ii) for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050,000</div> in cash a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">43,000</div> shares of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Series B Preferred Stock (the &#x201c;Series B Preferred Stock&#x201d;) and a Stock Purchase Warrant (the &#x201c;Warrant&#x201d;) to acquire an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,600</div> shares of Series B Preferred Stock at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33.4728</div> per share (subject to adjustment for specified dilutive events).</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Principal under the Senior Subordinated Note is due on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 24, 2020 </div>and bears interest at an annual rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.5%.</div> Interest is to be paid in kind until, in the absence of specified events, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2017. </div>Thereafter, interest is to be paid in cash. Interest in kind is to be paid monthly, while interest payable in cash is to be paid quarterly. The Senior Subordinated Note is guaranteed by Delphax and is secured by security interests granted by Delphax and Delphax Canada in their respective inventories, equipment, accounts receivable, cash, deposit accounts, contract rights and other specified property, as well as a pledge by Delphax of the outstanding capital stock of its subsidiaries, including Delphax Canada. Pursuant to the terms of a subordination agreement (the &#x201c;Subordination Agreement&#x201d;) entered into on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2, 2015 </div>by Delphax, Delphax Canada, the Company and the senior lender (the &#x201c;Senior Lender&#x201d;) that provides a revolving credit facility under an agreement with Delphax and Delphax Canada (the &#x201c;Senior Credit Agreement&#x201d;), the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s rights with respect to payment under and enforcement of the Senior Subordinated Note and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Each share of Series B Preferred Stock is convertible into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> shares of common stock of Delphax, subject to anti-dilution adjustments, and has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> liquidation preference over shares of common stock of Delphax. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38%</div> of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31%</div> of the outstanding shares assuming conversion of the Series B Preferred Stock and the issuance of all the shares of Delphax common stock reserved for issuance under Delphax&#x2019;s employee stock option plans.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Shares and interests in the Warrant sufficient to permit it to acquire up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the number of shares of Series B Preferred Stock initially purchasable under the Warrant (or holds shares of Series B Preferred Stock acquired in connection with the exercise of the Warrant equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the number of shares of Series B Preferred Stock initially purchasable under the Warrant), then</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:middle;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align:top;width:93.4%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement&nbsp;with respect to) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-sevenths of the board of directors of Delphax, and after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2016 </div>the holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and to exercise rights of removal and replacement with respect to) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div>-sevenths of the members of the board of directors of Delphax; and</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:middle;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&#x25cf;</div> </td> <td style="vertical-align:top;width:93.4%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">without the written consent or waiver of the Company, Delphax <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> enter into specified corporate transactions.</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the provision described above, beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> designees of the Company were elected to the board of directors of Delphax, which had a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> members following their election. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> designees of the Company continued to serve on the board of directors of Delphax, which had a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> members, as the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercised its right to require its designee to be elected as the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seventh</div> director.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Warrant expires on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2021. </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> make a good faith written tender offer to existing holders of Delphax common stock to purchase an aggregate amount of common stock equal to the number of shares of common stock issuable upon conversion of the Series B Preferred Stock that would be purchased upon such exercise of the Warrant. The Warrant requires that the per share purchase price to be offered in such tender offer would be equal to the then-current exercise price of the Warrant divided by the then-current conversion rate of the Series B Preferred Stock. To the extent that shares of common stock are purchased by the holder in the tender offer, the amount of shares of Series B Preferred Stock purchasable under the Warrant held by such holder is to be ratably reduced. The Warrant is to provide that it <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be exercised for cash, by surrender of principal and interest under the Senior Subordinated Note equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.95</div> times the aggregate exercise price or by surrender of a portion of the Warrant having a value equal to the aggregate exercise price based on the difference between the Warrant exercise price per share and an average market value, measured over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div>-trading day period, of Delphax common stock that would be acquired upon conversion of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of Series B Preferred Stock.</div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As a result of the above transactions, the Company determined that it had obtained control over Delphax and has consolidated Delphax in<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;its consolidated financial statements beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following table summarizes the provisional fair values of Delphax assets and liabilities as of the Closing Date:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">November 24,</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 83%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">ASSETS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">586,061</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accounts receivable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,740,210</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,972,802</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Other current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">693,590</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Property and equipment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,714</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intangible assets - trade name</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intangible assets - patents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,408</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,300,785</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">LIABILITIES</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accounts payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,663,199</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accrued expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,949,522</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Income tax payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,313,317</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">650,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,587,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Net Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,712,935</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company determined that it was reasonable to use the price which it paid for its equity interests as the basis for estimating the total fair value of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s equity as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015 </div>acquisition date. The effect of the Company&#x2019;s equity and debt investments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,500,000,</div> respectively, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reflected in the above table. As such, the amounts presented reflect the provisional fair values of Delphax&#x2019;s assets and liabilities immediately prior to the Company&#x2019;s investments. The net assets amount presented above is the estimated acquisition date fair value of the non-controlling interests in Delphax.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s debt immediately prior to the acquisition included approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$508,000</div> due under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div>-Day Senior Subordinated Note.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s initial accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As further discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> the Company recognized significant expenses in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>quarter associated with Delphax employee benefit costs and write-downs of Delphax inventories, long-lived tangible and intangible assets, and goodwill. The Company concluded that the charges were necessary to reflect changes in market conditions and business outlook during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>quarter and are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> associated with conditions that existed as of the Closing Date. As such, these adjustments were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> accounted for as &#x201c;measurement period&#x201d; adjustments in the accompanying condensed consolidated financial statements.</div></div> 9300785 586061 693590 1740210 1663199 120000 1090000 3972802 7587850 1712935 508000 3313317 650500 722714 495668 249528 5345455 13388767 3969976 7581082 495668 249528 -1375479 -5807685 2118628 2100057 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Commitments and Contingencies</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material adverse effect on the Company's results of operations or financial position.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the Company acquired land and entered into an agreement to construct a new corporate headquarters facility in Denver, North Carolina for an aggregate amount of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.9</div> million, with construction anticipated to be completed in fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> This facility will replace the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$178,000.</div> There are currently <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other commitments for significant capital expenditures.</div></div></div> 0.25 0.25 0.25 4000000 4000000 2372527 2372527 2372527 2372527 593131 593131 -5612712 -1017190 -3492095 -2285699 -4406316 -7898411 -1017190 100 6601734 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Financing Arrangements</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2015, </div>the Company replaced its existing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.0</div> million credit line with a senior secured revolving credit facility of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20.0</div> million (the &#x201c;Revolving Credit Facility&#x201d;). The Revolving Credit Facility includes a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> sublimit for issuances of letters of credit. Under the Revolving Credit Facility, each of the Company and its wholly-owned operating subsidiaries <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month LIBOR plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50%,</div> although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.15%.</div> Amounts applied to repay borrowings under the Revolving Credit Facility <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be reborrowed, subject to the terms of the facility.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016, </div>the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 (</div>the &#x201c;First Amendment&#x201d;) with Branch Banking and Trust Company (&#x201c;BB&amp;T&#x201d;) to amend the Credit Agreement (as amended, the &#x201c;Credit Agreement&#x201d;) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require that Contrail Aviation Support, LLC and Delphax be joined as borrowers under the Credit Agreement, to permit the limited guaranty of certain indebtedness of Contrail Aviation Support, LLC, to revise certain covenants to address the treatment of Contrail Aviation Support, LLC and Delphax, and to effect conforming and other changes to defined terms. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 9, 2016, </div>the Company and such subsidiaries entered into a Second Amendment dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 9, 2016 (</div>the &#x201c;Second Amendment&#x201d;) with BB&amp;T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to increase the maximum amount available for borrowing under the Revolving Credit Facility from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20.0</div> million to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million, to extend the maturity of the Revolving Credit Facility from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2018 </div>and to adjust certain financial covenants. For additional discussion of the First Amendment and the Second Amendment, see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property. As discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s creditors do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have recourse to the assets of Air T, Inc. or its subsidiaries.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers 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 their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.0</div> million plus, on a cumulative basis and commencing with the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of consolidated net income for the fiscal year then ending, a minimum consolidated fixed charge coverage ratio of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.35</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0,</div> a maximum consolidated leverage ratio of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0,</div> a minimum consolidated asset coverage ratio of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25</div></div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0</div> for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and the quarter ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50</div></div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0</div> for the quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0</div> thereafter, and a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000</div> at any time. The agreement governing the Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company had outstanding borrowings under the Revolving Credit Facility of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.3</div> million. This balance is classified within long-term liabilities on the accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>condensed consolidated balance sheet. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div></div> borrowings under the Revolving Credit Facility were outstanding at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>Delphax, through its Canadian subsidiary, maintained a debt facility pursuant to the Senior Credit Agreement consisting of a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.0</div> million revolving senior secured credit facility, subject to a borrowing base of North American accounts receivable and inventory. Because the Senior Credit Agreement prohibits the payment of cash dividends, the facility is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> a source of liquidity to Air T, Inc. or any of its subsidiaries. Neither Air T, Inc.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;nor any of its subsidiaries is a guarantor of Delphax&#x2019;s obligations under the Senior Credit Agreement. The facility is secured by substantially all of Delphax&#x2019;s North American assets, expires in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>and is subject to certain financial covenants. The facility provides for interest based upon the prime rate plus a margin (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.25%</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016).</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>Delphax had aggregate borrowings of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.1</div> million (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016) </div>outstanding under the Senior Credit Agreement. As was the case at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016, </div>Delphax has advised that at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>it was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> in compliance with financial covenants under the Senior Credit Agreement. Due to Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s noncompliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the Senior Credit Agreement and to declare all amounts outstanding due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the Senior Credit Agreement. As of the date of this report, Delphax has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> regained compliance with these financial covenants.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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.</div></div> 0.028 2500000 0.0425 0.085 155279 291000 11661000 12772000 546000 546000 29209 34472 47594 95440 83436 41232 296081 132369 30743 7473 -14351 605081 178617 0.015 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Stock Based Compensation</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be granted under the plan after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 29, 2015. </div>In addition, Delphax maintains a number of stock option plans. Compensation expense, based on grant date fair value,<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;is recognized over the requisite service period for stock options which are expected to vest. 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.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div></div></div></div> options were granted or exercised under Air T, Inc.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s stock option plan during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> Stock-based compensation expense with respect to this plan in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div></div> was recognized for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> unrecognized compensation expense related to the Air T, Inc. stock options.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div></div> options were granted or exercised during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>quarter under any of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s stock option plans. Delphax did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognize any stock-based compensation expense during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>quarter.</div></div></div> -2.42 -0.31 -1.55 -0.31 -2.42 -0.31 -1.55 -0.31 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Net Earnings (Loss) Per Share</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; text-decoration: underline;"> (As Restated)</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Basic earnings<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;(loss)&nbsp;per share was calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The computation of basic and diluted earnings (loss) per common share is as follows:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0px" cellpadding="0pt" cellspacing="0pt" style="margin: 0pt auto 0pt 0pt; font-size: 10pt; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended June 30,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(As Restated)*</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. Stockholders as <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">previously stated</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,676,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(736,040</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. Stockholders as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,751,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(736,040</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss Per Share:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic, as previously stated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic, as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted, as previously stated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted, as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted Average Shares Outstanding:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt;">&nbsp;</div> <div style=" margin: 0pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td colspan="8" style="vertical-align:bottom;width:100%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">* Earnings per common share have been restated for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1A.</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company reported a net loss for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> As a result of the net loss, there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> potential dilutive effect of outstanding stock options.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp; See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> for a description of a transaction subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>that caused a reduction in the Company&#x2019;s outstanding shares. Had this transaction occurred during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016,&nbsp;</div>basic and diluted&nbsp;net loss per share&nbsp;would have been higher than as presented above.</div></div></div> -19450 0.044 0.343 0.34 0.34 0 300000 120000 120000 1090000 1090000 1109112 91790 5024 5828946 3806928 1352152 375000 0 275408 375408 275408 275408 375000 375000 100000 275000 1600000 249000 1502239 -8361380 -1069040 -6956299 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Income Taxes</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$372,000</div> in income tax benefit, which resulted in an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.4%.</div> The Company records income taxes using an estimated annual effective tax rate for interim reporting. Under the annual effective tax rate method, jurisdictions with a projected loss where <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. The individually largest factor contributing to the difference between the federal statutory rate and the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s effective tax rate for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>quarter was the recognition of a valuation allowance against Delphax&#x2019;s pretax loss in the period. The income tax provision for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>differs from the federal statutory rate due also in part to the effect of state income taxes and the federal domestic production activities deduction. Additionally, the rate for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>includes the estimated benefit for the exclusion of income for the Company&#x2019;s captive insurance company subsidiary afforded under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">831</div>(b). During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2015, </div>the Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$333,000</div> in income tax benefit. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.3%.</div> The estimated annual effective tax rate differed from the U. S. federal statutory rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34%</div></div> primarily due to the effect of state income taxes offset by permanent tax differences.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015, </div>Air T, Inc. purchased interests in Delphax. With an equity investment level by the Company of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38%,</div> Delphax is required to continue filing a separate United States corporate tax return. Furthermore, Delphax has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> foreign subsidiaries located in Canada, France, and the United Kingdom which file tax returns in those jurisdictions. With few exceptions, Delphax is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer subject to examinations by income tax authorities for tax years before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Delphax maintains a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30 </div>fiscal year. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2015, </div>Delphax and its subsidiaries had estimated foreign and domestic tax loss carryforwards of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.0</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million, respectively. As of that date, they had estimated foreign research and development credit carryforwards of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million, which are available to offset future income tax. The credits and net operating losses expire in varying amounts beginning in the year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2023.</div> Domestic alternative minimum tax credits of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$325,000</div> are available to offset future income tax with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> expiration date. Should there be an ownership change for purposes of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> or any equivalent foreign tax rules, the utilization of the previously mentioned carryforwards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be significantly limited. Additionally, based on the anticipated liquidation of Delphax Canada, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.2</div> million of the previously disclosed foreign tax loss carryforwards, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million of foreign research and development credit carryforwards, as well as other temporary differences such as fixed asset basis differences will likely go unutilized. See additional information regarding Delphax Canada in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div> require an assessment of both positive and negative evidence when determining whether it is more-likely-than-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that deferred tax assets will be recovered. In accounting for the Delphax acquisition on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015, </div>the Company established a full valuation allowance against Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s net deferred tax assets of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,661,000.</div> The corresponding valuation allowance at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>was approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,772,000.</div> The cumulative losses incurred by Delphax in recent years was the primary basis for the Company&#x2019;s determination that a full valuation allowance should be established.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognized any deferred income tax assets or liabilities associated with differences between the financial reporting and tax reporting bases of investments in foreign subsidiaries or for outside basis differences associated with the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s investments in Delphax. The Company concluded that the conditions for such recognition were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>The differences in question would lead to taxable or deductible amounts upon certain events, including a repatriation of foreign assets or a sale or liquidation of the respective entity. Determination of the amount of any unrecognized deferred income tax assets or liabilities on these differences is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> practicable at this time due to the complexities of the hypothetical calculation.</div></div></div> -372000 -333000 56133 269701 1136720 719899 1864793 639787 -1117413 774712 744233 78301 428132 602588 18571 20146 5704755 3729103 2348788 9528 -207494 -534759 -211559 406552 -257385 3411 3316 0 1109112 1109112 1384520 2319 20497 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.7pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.7pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Inventories</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Inventories consisted of the following:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Ground support service parts</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,065,265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,566,694</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Ground equipment manufacturing:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Raw materials</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,138,404</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,549,810</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Work in process</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,497,213</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">408,213</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Finished goods</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,885,948</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,328,812</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Printing equipment and maintenance:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Raw materials</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,561,714</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,319,939</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Work in process</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">792,212</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">759,446</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Finished goods</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">915,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">562,912</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,856,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,495,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Reserves</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,656,560</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(221,722</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total, net of reserves</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,199,716</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,274,104</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company recorded certain inventory reserves associated with Delphax. See additional information in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div></div> 6885948 4328812 915520 562912 17856276 12495826 2834609 4642298 15199716 12274104 2834609 4642298 2138404 1549810 3561714 3319939 2656560 221722 1497213 408213 792212 759446 42693 -19941 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Investment Securities Available For Sale</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Investments in available-for-sale marketable securities at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>consisted of investments in publicly traded companies and had a fair market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,384,000,</div> an aggregate cost basis of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,643,000,</div> gross unrealized gains aggregating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$413,000</div> and gross unrealized losses aggregating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,673,000.</div> Marketable securities at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>consisted of investments with a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,656,000,</div> an aggregate cost basis of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,791,000,</div> gross unrealized gains aggregating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$422,000</div> and gross unrealized losses aggregating <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$557,000.</div> Securities that had been in a continuous loss position for less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>had an aggregate fair market value and unrealized loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,182,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$170,000,</div> respectively. The corresponding amounts at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,903,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$163,000.</div> Securities that had been in a continuous loss position for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>had an aggregate fair market value and unrealized loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,604,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,502,000,</div> respectively. The corresponding amounts at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,711,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$395,000.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company realized gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$144,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0,</div> respectively, from the sale of securities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2015. </div>The marketable securities held by the Company as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>are classified as available-for-sale securities. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> intend to liquidate marketable security holdings in Insignia Systems, Inc. (&#x201c;Insignia&#x201d;) within the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months; as a result, the fair value of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s investment in Insignia is classified as non-current in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>condensed consolidated balance sheet.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s investment in Insignia at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>had an aggregate cost basis of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,106,000</div> and an unrealized loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,502,000.</div> Any investment with a fair value of less than its cost basis is assessed for possible &#x201c;other-than-temporary&#x201d; impairment regularly and at each reporting date. Other-than-temporary impairments of available-for-sale marketable equity securities are fully recognized in the consolidated statement of income (loss). On the basis of its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>assessment, the Company concluded that it had suffered an other-than-temporary impairment in its Insignia investment. In reaching this conclusion, management gave significant weight to the fact that, as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company&#x2019;s investment in Insignia had been in a continuous unrealized loss position for well over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and the magnitude of the unrealized loss had increased sharply during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>While management believes it is reasonably possible that the unrealized loss will reverse prior to the Company&#x2019;s divestment of the security, management concluded that the weight of the evidence warranted the other-than-temporary impairment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>As such, the Company&#x2019;s condensed consolidated statement of income (loss) for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>includes a non-operating charge related to the Insignia securities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,502,000.</div> There was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other-than-temporary impairment charge in the comparative prior quarter.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">All securities are priced using publicly quoted market prices and are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> fair value measurements.</div></div> P2Y 11903006 8669219 50373955 50373955 52154752 52154752 19109637 15717146 9270979 5481754 3300000 2100000 1800000 0 0.0015 20000000 500000 25000000 7000000 12000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">United States, the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s country of domicile</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,518,267</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,240,050</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Foreign</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,038</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">337,724</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total property and equipment, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,813,305</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,577,774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 3320701 4835 2632027 2581107 8384000 9656000 4780300 4944572 143869 0 -3908664 -1244777 497652 1040922 3634395 -18704 -232498 -1274105 -4757926 -4514876 -5751471 -736040 -3676302 -736040 0 -2237909 -4313078 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">New Accounting Pronouncements</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing,<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company&#x2019;s consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2015, </div>a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s condensed consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2015, </div>a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2015, </div>and for interim periods within those annual periods. Adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s condensed consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2015, </div>a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016 </div>and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015, </div>a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2015. </div>The Company adopted this new standard beginning with the fiscal quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>Adoption of this new standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;impact on the Company&#x2019;s condensed consolidated financial statements for the quarter.&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</div> that amends the guidance on the classification and measurement of financial instruments. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> becomes effective for public business entities in fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods therein. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> removes equity securities from the scope of Accounting Standards Codification (ASC) Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div> and creates ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">321,</div> Investments &#x2013; Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> fiscal year. The Company is currently evaluating the impact of this new guidance.</div></div></div></div></div></div> 321345 4518267 4240050 295038 337724 4813305 4577774 -1287898 -19941 -20940 103996 5 37566735 23407619 10145447 -7073482 -1049099 -6935359 979177 -94443 342320 -519171 -110052 -335456 -6935359 107258 -931837 -100029 -524989 6000000 7900000 0 26020 291818 317528 26020 1358370 869358 -150312 -102522 -47790 -281150 -281150 241281 241281 489012 90969 -281150 -981370 -439298 -628077 -281150 -353293 -158148 24498 615241 606358 -64011 1502000 0 1502239 1050000 4937500 924623 1070456 519569 219496 24325 19596 125770 101411 69401 9927 388635 3066500 -3066500 0 0 1 1 50000 50000 0 0 665481 1034067 1192794 1668004 665481 1034067 12047913 313692 1215105 19163 39001 -22440 -7989380 -736040 -6956299 -736040 -5751471 -2237909 66605 625684 4813305 4577774 66605 625684 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;">Related Party Matters</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1979</div> the Company has leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">68</div> acres with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000</div>-foot paved runway, approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,000</div> square feet of hangar space and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,300</div> square feet of office space. The operations of Air T, MAC and ATGL are headquartered at this facility. The lease for this facility provides for monthly rent of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,862</div> and expires on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2018, </div>though the lease <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be renewed by us for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div>-year option periods through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2024. </div>The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2015, </div>the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s leasing subsidiary has acquired interests in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> equipment leases originated by Vantage Financial, LLC (&#x201c;Vantage&#x201d;) for aggregate payments to Vantage of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$401,250.</div> The interests in the acquired leases entitle the Company&#x2019;s leasing subsidiary to receive lease payments from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties leasing the equipment for a specified period. Pursuant to the agreements between the Company&#x2019;s leasing subsidiary and Vantage, Vantage&#x2019;s fees for servicing the equipment leases for the leasing subsidiary (approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div>) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company&#x2019;s leasing subsidiary to Vantage to acquire these lease assets represent approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of Vantage&#x2019;s outstanding lease assets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and the servicing income represents less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of Vantage&#x2019;s annual revenues.</div></div></div> 8727210 18704 510960 510960 824062 820651 25674678 23070354 29350980 28821825 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">United States, the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s country of domicile</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,231,252</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,297,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Foreign</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,262,001</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,061,208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total revenue</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,493,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,358,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 16637165 12889190 4254188 4039237 6800042 5430093 2560088 241770 30493253 22358520 28231252 20297312 2262001 2061208 3210088 16637165 12889190 5386069 1978029 1284619 2061208 6670688 4039237 6800042 5430093 2232706 977382 3210088 241770 281926 265209 -3348426 -265209 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">ASSETS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Current assets:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">495,668</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">249,528</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accounts receivable, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,460,541</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,433,494</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,834,609</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,642,298</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Other current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">665,481</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,034,067</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,456,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,387</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Property and equipment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">625,684</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Intangible assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,109,112</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,408</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,522,904</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,395,611</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">LIABILITIES</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Current liabilities:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accounts payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,672,207</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,684,802</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Income tax payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accrued expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,409,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,926,340</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Short-term debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,177,827</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,859,300</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total current liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,270,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,481,754</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Long-term debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,632,027</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,581,107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,358</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,903,006</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,669,219</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Net Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,380,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">726,392</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">For the Three</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">Months</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">Ended June 30,</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 85%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Revenues</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,210,088</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Expenses:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Cost of sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,601,734</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">General and administrative</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,352,152</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Research and development</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">510,960</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Depreciation, amortization and impairment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,601</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,145,447</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,935,359</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Non-operating Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,940</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Loss Before Income Taxes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,956,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Income Taxes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td style="padding-bottom: 1px;">&nbsp;</td> <td style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Net Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,956,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0px" cellpadding="0pt" cellspacing="0pt" style="margin: 0pt auto 0pt 0pt; font-size: 10pt; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Three Months Ended June 30,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(As Restated)*</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. Stockholders as <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">previously stated</div></div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,676,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(736,040</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. Stockholders as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,751,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(736,040</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss Per Share:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic, as previously stated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic, as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted, as previously stated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted, as restated</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.31</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted Average Shares Outstanding:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Basic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-indent: 18pt;">Diluted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,372,527</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">As Previously Reported</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); width: 1%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">As Restated</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 66%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> <td style="width: 14%;">&nbsp;</td> <td style="width: 1%;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Balance Sheet Information (at June 30, 2016):<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Additional paid-in capital</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,947,665</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,956,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retained earnings</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,674,678</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,070,354</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accumulated other comprehensive income (loss), net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,309</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,760</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Air T, Inc. stockholders' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,281,783</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,617,896</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,908,664</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,244,777</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,373,119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,373,119</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities and equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,373,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,373,955</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Balance Sheet Information (at March 31, 2016):<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> </div></div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Additional paid-in capital</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,947,665</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,956,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Retained earnings</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,350,980</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,821,825</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accumulated other comprehensive income (loss), net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(117,898</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(140,519</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Air T, Inc. stockholders' equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,773,878</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,230,608</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">497,652</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,040,922</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,271,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,271,530</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total liabilities and equity</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,154,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,154,752</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statement of Income (Loss):</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,313,078</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,237,909</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net loss attributable to Air T, Inc. stockholders</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,676,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,751,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss per share - basic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loss per share - diluted</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1.55</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.42</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Consolidated Statement of Comprehensive Income:</div></div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt; width: 14%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 1%;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Comprehensive loss attributable to non-controlling interests</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,406,316</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,285,699</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 66%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Comprehensive loss attributable to Air T, Inc. stockholders</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,492,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,612,712</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Tradenames</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Patents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Less accumulated amortization and impairment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(200,480</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Intangible assets and goodwill, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,384,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Ground support service parts</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,065,265</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,566,694</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Ground equipment manufacturing:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Raw materials</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,138,404</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,549,810</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Work in process</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,497,213</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">408,213</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Finished goods</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,885,948</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,328,812</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Printing equipment and maintenance:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Raw materials</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,561,714</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,319,939</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Work in process</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">792,212</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">759,446</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Finished goods</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">915,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">562,912</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,856,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,495,826</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Reserves</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,656,560</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(221,722</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total, net of reserves</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,199,716</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,274,104</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">November 24,</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 83%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">ASSETS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">586,061</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accounts receivable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,740,210</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,972,802</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Other current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">693,590</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Property and equipment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">722,714</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intangible assets - trade name</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intangible assets - patents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,408</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,300,785</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">LIABILITIES</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accounts payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,663,199</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Accrued expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,949,522</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Income tax payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,313,317</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">650,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,587,850</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">Net Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,712,935</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.8pt;margin-top:0pt;text-align:center;">Three Months Ended June 30,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Revenues:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,637,165</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,889,190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,386,069</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,978,029</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,284,619</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,061,208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,670,688</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,039,237</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,800,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,430,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,706</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">977,382</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,210,088</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,770</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">281,926</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">265,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,348,426</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(265,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,493,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,358,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Income (Loss):</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">979,177</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(94,443</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,320</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(519,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(110,052</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(335,456</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,935,359</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107,258</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(931,837</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(100,029</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(524,989</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,073,482</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,049,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Capital Expenditures:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,325</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,596</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,770</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,411</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,401</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,927</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">388,635</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,066,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,066,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">519,569</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Depreciation and Amortization:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,594</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,440</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,436</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,232</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296,081</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,369</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,351</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,081</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178,617</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 7000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Segment Information</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:24pt;margin-right:0pt;margin-top:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> business segments. The overnight air cargo segment, comprised of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Mountain Air Cargo, Inc. (&#x201c;MAC&#x201d;) and CSA Air, Inc. (&#x201c;CSA&#x201d;) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company&#x2019;s Global Ground Support, LLC (&#x201c;GGS&#x201d;) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company&#x2019;s Global Aviation Services, LLC (&#x201c;GAS&#x201d;) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015. </div>Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax&#x2019;s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> for a discussion of recent market and business developments impacting Delphax. The Company&#x2019;s leasing segment, comprised of the Company&#x2019;s Air T Global Leasing, LLC subsidiary (&#x201c;ATGL&#x201d;), provides funding for equipment leasing transactions, which includes transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> parties unrelated to equipment manufactured by the Company or any of its subsidiaries. ATGL commenced operations during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2015.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Each business segment has separate management teams and infrastructures that offer different products and services.<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;The Company&nbsp;evaluates the performance of&nbsp;its business segments based on operating income. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2014, </div>the Company formed Space Age Insurance Company (&#x201c;SAIC&#x201d;), a captive insurance company licensed in Utah, and initially capitalized with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> SAIC insures risks of the Company and its subsidiaries that were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> previously insured by the Company&#x2019;s insurance programs and underwrites <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party risk through certain reinsurance arrangements. Beginning with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> premiums paid to SAIC by the Company are allocated among the operating segments based on segment revenue and certain identified corporate expenses was allocated to the segments based on the relative benefit of those expenses to each segment. Amounts previously presented for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June </div>quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> have been reclassified to conform to the current period allocation of these expenses.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Segment data is summarized as follows:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:5.8pt;margin-top:0pt;text-align:center;">Three Months Ended June 30,</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2015</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Revenues:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,637,165</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,889,190</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,386,069</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,978,029</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,284,619</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,061,208</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,670,688</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,039,237</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,800,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,430,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Domestic</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,706</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">International</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">977,382</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,210,088</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">241,770</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">281,926</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">265,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,348,426</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(265,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,493,253</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,358,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Income (Loss):</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">979,177</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(94,443</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">342,320</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(519,171</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(110,052</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(335,456</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,935,359</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107,258</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(931,837</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(100,029</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(524,989</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,073,482</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,049,099</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Capital Expenditures:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,325</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,596</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,770</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">101,411</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,401</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,927</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">388,635</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,066,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,066,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">519,569</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">219,496</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Depreciation and Amortization:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Overnight Air Cargo</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,209</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,472</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Equipment Sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47,594</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95,440</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Ground Support Services</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,436</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,232</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Printing Equipment and Maintenance</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">296,081</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Leasing</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">132,369</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Corporate</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,473</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Intercompany</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,351</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Total</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,081</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">178,617</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The elimination of intercompany revenues is related to the sale during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> commercial deicing units by GGS to ATGL and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> &eacute;lan printers by Delphax to ATGL and premiums paid to SAIC, and the elimination of intercompany operating income for such period reflects the margins on the sales of those assets, elimination of excess depreciation and amortization related to the margin on those assets, and the premiums paid to SAIC. The assets are held for lease by ATGL.</div></div> 5610000 0 0 0 2372527 2372527 2372527 2372527 2177827 1859300 2177827 1859300 2177827 1859300 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Financial Statement Presentation</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; text-decoration: underline;"> (As Restated)</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The condensed consolidated financial statements of Air T, Inc. (the &#x201c;Company&#x201d;) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> Amendment <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.1</div> on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K/A to its Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016. </div>The results of operations for the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the operating results for the full year.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Certain reclassifications have been made to the prior period amounts to conform to the current presentation.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">New Accounting Pronouncements</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing,<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company&#x2019;s consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2015, </div>a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impact on the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s condensed consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2015, </div>a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2015, </div>and for interim periods within those annual periods. Adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s condensed consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2015, </div>a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2016 </div>and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015, </div>a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2015. </div>The Company adopted this new standard beginning with the fiscal quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>Adoption of this new standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;impact on the Company&#x2019;s condensed consolidated financial statements for the quarter.&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2016, </div>the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</div> that amends the guidance on the classification and measurement of financial instruments. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> becomes effective for public business entities in fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017, </div>including interim periods therein. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">01</div> removes equity securities from the scope of Accounting Standards Codification (ASC) Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">320</div> and creates ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">321,</div> Investments &#x2013; Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016, </div>the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> fiscal year. The Company is currently evaluating the impact of this new guidance.</div></div> 0 0 0 31281783 28617896 34773878 34230608 27373119 27373119 35271530 35271530 593131 4929090 24407915 -134913 29795223 593131 4929090 23671875 -416063 28778033 593131 4956171 28821825 -140519 1040922 593131 4956171 23070354 -1760 -1244777 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Subsequent Events</div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Repurchase of Common Stock</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2016, </div>the Company entered into a securities purchase agreement (the &#x201c;Securities Purchase Agreement&#x201d;) with Sardar Biglari, Biglari Capital Corp. and The Lion Fund II, L.P. (collectively, the &#x201c;Biglari Group&#x201d;), pursuant to which the Company purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">329,738</div> shares of common stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.25</div> (the &#x201c;Common Stock&#x201d;), of the Company for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24.01</div> per share (the &#x201c;Per Share Purchase Price&#x201d;), resulting in an aggregate purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,917,000.</div> The Per Share Purchase Price is equal, and was determined by reference, to the volume-weighted average price of the Common Stock for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">thirty</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div>) trading days preceding the date of the Securities Purchase Agreement.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pursuant to the terms of the Securities Purchase Agreement, for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> years following the date of the Securities Purchase Agreement, each member of the Biglari Group agreed to customary standstill restrictions (including customary provisions regarding matters submitted to shareholders and other governance matters), and the parties to the Securities Purchase Agreement agreed to abide by customary non-disparagement provisions in connection with the parties<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019; relationship with the Company.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Under the terms of the Securities Purchase Agreement, each party to the Securities Purchase Agreement has released each other party to the Securities Purchase Agreement from all claims that the releasing party has, had or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>have against the released party that relate to the investment by The Lion Fund II, L.P. in the Company. The Lion Fund II, L.P. also withdrew its request received by the Company on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 8, 2016 </div>to inspect certain of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s records.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Acquisition of Assets of Contrail Aviation Support</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2016, </div>pursuant to an Asset Purchase Agreement (the &#x201c;Asset Purchase Agreement&#x201d;) between Contrail Aviation Support, LLC (&#x201c;Contrail Aviation&#x201d;), a North Carolina limited liability company and a subsidiary of the Company, and Contrail Aviation Support, Inc. ( the &#x201c;Seller&#x201d;) and Joseph Kuhn, the sole shareholder of the Seller, Contrail Aviation completed the purchase of all of the assets owned, used or usable by the Seller, other than cash, equity in the Seller<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller&#x2019;s employees and Mr. Kuhn was appointed Chief Executive Officer of Contrail Aviation. Following the acquisition, Contrail Aviation comprises an additional business segment&#x2014;the aircraft engine aftermarket and surplus parts segment&#x2014;of the Company&#x2019;s operations.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The consideration paid by Contrail Aviation for the acquired assets was (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,937,500</div> in cash, which amount is subject to adjustment based on the Seller<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Net Working Capital (as defined in the Asset Purchase Agreement) as of date of closing of the acquisition and of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> is held in an escrow account to fund indemnification payments to Contrail Aviation under the Asset Purchase Agreement and (ii) equity membership units in Contrail Aviation representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21%</div> of the total equity membership units in Contrail Aviation. In addition, pursuant to the Asset Purchase Agreement, Contrail Aviation has agreed to pay as additional deferred consideration up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,000</div> per year and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,000,000</div> in the aggregate (collectively, the &#x201c;Earnout Payments&#x201d; and each, an &#x201c;Earnout Payment&#x201d;), calculated as follows:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,000,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> Earnout Payment will be payable with respect to such Earnout Period;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,000,</div> but less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000,000,</div> the Earnout Payment for each such Earnout Period will be an amount equal to the product of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">x</div>) the EBITDA generated with respect to such Earnout Period minus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,000,</div> and (y) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>);</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,000,000,</div> but less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000,000,</div> the Earnout Payment for each such Earnout Period will be equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,000;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000,000,</div> the Earnout Payment for each such Earnout Period will be equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,500,000;</div> and</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">(v) if, following the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> Earnout Period, Contrail Aviation has generated EBITDA equal to or in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> in the aggregate during all Earnout Periods, but the Seller has received or is owed less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,000,000</div> in aggregate Earnout Payments pursuant to clauses (i) through (iv), above, Contrail Aviation will make an additional Earnout Payment to the Seller in an amount equal to the difference between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,000,000</div> and the aggregate Earnout Payments already received or payable pursuant to clauses (i) through (iv), above.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As used in the Asset Purchase Agreement, &#x201c;Earnout Period&#x201d; means each of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five twelve</div>-full-calendar-month periods following the closing of the acquisition.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Upon the consummation of the asset sale and in connection with the transfer of equity membership units of Contrail Aviation to the Seller, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2016 </div>the Company, Contrail Aviation and the Seller entered into an Operating Agreement (the &#x201c;Operating Agreement&#x201d;) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options permitting, at any time after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary of the asset sale closing date, Contrail Aviation at its election to purchase from the Seller, and permitting the Seller at its election to require Contrail Aviation to purchase from the Seller, all of the Seller<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s equity membership interests Contrail Aviation at price to be agreed upon, or failing such an agreement to be determined pursuant to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party appraisals in a process specified in the Operating Agreement.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company will account for the above described transaction as a business combination beginning with its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> quarter.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Contrail Aviation Credit Agreement</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with and upon consummation of the asset acquisition by Contrail Aviation, on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 18, 2016, </div>it entered into a Credit Agreement (the &#x201c;Contrail Credit Agreement&#x201d;) with BMO Harris Bank N.A. The Contrail Credit Agreement provides for revolving credit borrowings by Contrail Aviation in an amount up to the lesser of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,000,000</div> and a borrowing base. The borrowing base is computed monthly and is equal to the sum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75%</div> of the value of eligible inventory (up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9,000,000</div>) and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> of outstanding eligible accounts receivable. Borrowings under the Contrail Credit Agreement bear interest at a rate equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-month LIBOR plus <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.80%,</div> and mature in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-priority security interest in substantially all of the assets of Contrail Aviation and any such subsidiary guarantors, as applicable (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, real property, and proceeds of the foregoing). The obligations of Contrail Aviation under the Contrail Credit Agreement are also guaranteed by the Company, with such guaranty limited in amount to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,600,000,</div> plus interest on such amount at the rate of interest in effect under the Contrail Credit Agreement, plus costs of collection (the &#x201c;BMO Limited Guaranty&#x201d;).</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict 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 Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.75</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0,</div> a maximum ratio of total liabilities to tangible net worth of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.5</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0,</div> and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,000</div> limitation on annual operating lease payments.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Contrail Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s failure to own, legally and beneficially, at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51%</div> of the voting equity in Contrail Aviation.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Amendments to Revolving Credit Facility</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016, </div>the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 15, 2016 (</div>the &#x201c;First Amendment&#x201d;) with Branch Banking and Trust Company (&#x201c;BB&amp;T&#x201d;) to amend the Credit Agreement (as amended, the &#x201c;Credit Agreement&#x201d;) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require that Contrail Aviation be joined as a borrower under the Credit Agreement;</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require that Delphax be joined as a borrower under the Credit Agreement;</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">permit the BMO Limited Guaranty;</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">revise certain covenants to address the treatment of Contrail Aviation and Delphax; and</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">effect conforming and other changes to defined terms.</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 9, 2016, </div>the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a Second Amendment dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 9, 2016 (</div>the &#x201c;Second Amendment&#x201d;) with BB&amp;T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to:</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <table border="0px" cellpadding="0pt" cellspacing="0pt" style="; text-indent: 0px; font-size: 10pt; margin: 0pt; min-width: 700px;"> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">increase the maximum amount available for borrowing under the Revolving Credit Facility from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20.0</div> million to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million;</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;">&nbsp;</td> <td style="vertical-align: top; width: 3%;">&nbsp;</td> <td style="vertical-align: top; width: 92%;">&nbsp;</td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">extend the maturity of the Revolving Credit Facility from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 1, 2018;</div></div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;">&nbsp;</td> <td style="vertical-align: top; width: 3%;">&nbsp;</td> <td style="vertical-align: top; width: 92%;">&nbsp;</td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">reduce the required consolidated tangible net worth from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.0</div> million to the sum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18.0</div> million plus, on a cumulative annual basis commencing with the fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of consolidated net income for the year then ended;</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;">&nbsp;</td> <td style="vertical-align: top; width: 3%;">&nbsp;</td> <td style="vertical-align: top; width: 92%;">&nbsp;</td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">adjust the minimum consolidated asset coverage ratio for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and the quarter ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2016 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25</div></div> and for the quarters ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017 </div>to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.50</div>;</div></div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;">&nbsp;</td> <td style="vertical-align: top; width: 3%;">&nbsp;</td> <td style="vertical-align: top; width: 92%;">&nbsp;</td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">add a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000</div> at any time; and</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 5%;">&nbsp;</td> <td style="vertical-align: top; width: 3%;">&nbsp;</td> <td style="vertical-align: top; width: 92%;">&nbsp;</td> </tr> <tr> <td style="vertical-align: middle; width: 5%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align: top; width: 3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align: top; width: 92%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">adjust the definitions of terms used in the financial covenants to address the impact of non-wholly owned subsidiaries and the BMO Limited Guaranty.</div> </td> </tr> </table></div> 4500000 325000 3200000 4500000 24.01 329738 7917000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:top;width:4.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div> </td> <td style="vertical-align:top;width:95.7%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Variable Interest Entities</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; text-decoration: underline;"> (As Restated)</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">A variable interest entity (&quot;VIE&quot;) 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810</div> - <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">Consolidation</div> , an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both:</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:middle;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align:top;width:93.4%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">the power to direct the activities that most significantly impact the economic performance of the VIE; and</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="vertical-align:middle;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:left;">&nbsp;</div> </td> <td style="vertical-align:top;width:3.3%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">&#x25cf;</div> </td> <td style="vertical-align:top;width:93.4%;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:0.8pt;margin-top:0pt;text-align:justify;">the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE.</div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> the Company acquired Delphax Series B Preferred Stock, loaned funds to Delphax, and acquired the Warrant. In accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810,</div> the Company evaluated whether Delphax was a VIE as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015. </div>Based principally on the fact that the Company granted Delphax subordinated financial support, the Company determined that Delphax was a VIE on that date. Therefore, it was necessary for the Company to assess whether it held any &#x201c;variable interests&#x201d;, as defined in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810,</div> in Delphax. The Company concluded that its investments in Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax&#x2019;s &#x201c;primary beneficiary&#x201d;, as defined in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">810.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015. </div>While various factors informed the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s determination, the Company assigned considerable weight to both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) the shortness of time until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2016 </div>when the Company would be entitled to elect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div>-sevenths of the members of the board of directors of Delphax and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) the anticipated financials significance of Delphax&#x2019;s activities in the periods subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2016. </div>Since the Company became Delphax&#x2019;s primary beneficiary on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015, </div>the Company consolidated Delphax in its consolidated financial statements beginning on that date.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Refer to Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> for the provisional fair value of the assets and liabilities of Delphax on the acquisition date.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following table sets forth the carrying values of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s assets and liabilities as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016:</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 70%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">ASSETS</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Current assets:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Cash and cash equivalents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">495,668</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">249,528</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accounts receivable, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,460,541</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,433,494</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Inventories</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,834,609</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,642,298</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Other current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">665,481</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,034,067</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total current assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,456,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,387</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Property and equipment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">625,684</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Intangible assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,109,112</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,408</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,020</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,522,904</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,395,611</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">LIABILITIES</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Current liabilities:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accounts payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,672,207</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,684,802</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Income tax payable</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Accrued expenses</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,409,633</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,926,340</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 27pt;">Short-term debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,177,827</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,859,300</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total current liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,270,979</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,481,754</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Long-term debt</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,632,027</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,581,107</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other long-term liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,358</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 45pt;">Total liabilities</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,903,006</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,669,219</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Net Assets</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,380,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">726,392</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Long-term debt as reflected in the above table includes approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$132,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$76,000</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016, </div>respectively, of accrued interest, due to the Company from Delphax Canada under the Senior Subordinated Note. This debt and accrued interest was eliminated for purposes of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s accompanying <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>consolidated balance sheets.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s creditors do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have recourse to the assets of Air T, Inc. or its other subsidiaries.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Revenue and Expenses of Delphax</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> . Delphax&#x2019;s revenues and expenses are included in the Company&#x2019;s consolidated financial statements beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 24, 2015. </div>Revenues and expenses prior to the date of initial consolidation are excluded. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company&#x2019;s condensed consolidated statement of income (loss) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">For the Three</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">Months</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">Ended June 30,</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 85%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Revenues</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,210,088</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Expenses:</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Cost of sales</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,601,734</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">General and administrative</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,352,152</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Research and development</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">510,960</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 18pt;">Depreciation, amortization and impairment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,680,601</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,145,447</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Operating Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,935,359</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Non-operating Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(20,940</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Loss Before Income Taxes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,956,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Income Taxes</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>&nbsp;</td> <td style="padding-bottom: 1px;">&nbsp;</td> <td style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Net Loss</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 12%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,956,299</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>Delphax was informed by its largest customer that the customer had decided to accelerate its plans for removing Delphax legacy printing systems from production and that Delphax should, as a consequence, expect the future volume of legacy product orders from the customer to decline markedly from prior forecasts. Furthermore, the future timeframe over which orders could be expected from this customer was being sharply curtailed. In addition to this specific customer communication, Delphax also experienced a broad-based decline in legacy product customer demand during the quarter. Sales of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s new &eacute;lan printer system also did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> materialize to expectations in the quarter.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s business outlook and alternative courses of action. During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>a number of Delphax employees were either severed or furloughed.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Based on consideration of all relevant information<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> available at the time of the Original Filing, including the assessment of the outside advisory firm and in light of its expected lack of profitability and current debt load, Delphax anticipates cooperating with senior and subordinated secured lenders to permit such lenders to initiate a formal receivership filing to commence an operating liquidation of Delphax Canada, Delphax&#x2019;s primary, and sole manufacturing, subsidiary. Under the terms of the subordination agreement between the Company and the senior lender under the Senior Credit Agreement, until all indebtedness under the Senior Credit Agreement has been paid in full, the Company is restricted from initiating such a process. Such a process, if in fact commenced, would likely commence during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of calendar <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and play out over a period of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days, though such periods could be materially longer under certain circumstances. &nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The adverse business developments during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and the significantly deteriorated outlook for future orders of legacy and &eacute;lan product caused the Company to reevaluate the recoverability of Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s assets, both tangible and intangible. Based on this reevaluation, which involved material estimation and subjectivity (including with respect to the recovery on assets in an operating liquidation), the Company concluded that a significant increase to inventory reserves was necessary. In addition, the Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. This impairment totaled approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,385,000</div> during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>The Company also recorded a partial impairment of Delphax related long-lived tangible assets, totaling approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$249,000</div> during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016. </div>These impairment losses are reflected on the condensed consolidated statement of loss within the &#x201c;depreciation, amortization and impairment&#x201d; line item. Furthermore, there was an assessment regarding whether, at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>future severance actions under existing Delphax employee benefit plans were both probable and estimable. This assessment led to the Company establishing an estimated accrual for future severance actions. The effects of these various adjustments discussed above, which aggregated to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,610,000,</div> are reflected in the operating results of Delphax for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016.</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Due to the significant judgment involved in estimating the fair value of amortizable/depreciable assets and goodwill, the Company considers these to be Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements.</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The following presents information on Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s intangible assets and goodwill at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016:</div></div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; font-size: 10pt; font-family: Times New Roman,Times,serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">June 30, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">March 31, 2016</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:1.8pt;margin-top:0pt;text-align:center;">(Unaudited)</div> </td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: center; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt; width: 64%;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Tradenames</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Patents</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; text-indent: 9pt;">Goodwill</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">375,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Less accumulated amortization and impairment</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,585,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(200,480</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: Times New Roman,Times,serif; font-size: 10pt;"> <div style=" font-family: Times New Roman,Times,serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Intangible assets and goodwill, net</div> </td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 15%; text-align: right; font-family: Times New Roman,Times,serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,384,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: Times New Roman,Times,serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company provisionally recorded goodwill of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$375,000</div> in connection with its investment in Delphax (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>). The Company estimated a subsequent impairment of this goodwill during the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2016 </div>of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> and an additional impairment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$275,000</div> during the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We determined that the attribution of Delphax net income or loss should be based on consideration of all of Air T<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s investments in Delphax and Delphax Canada. As disclosed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> the 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> of any Delphax dividends paid, with the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33%</div> paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. </div>We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s net losses are attributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">/33%</div>) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">67%</div> / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33%</div> share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.&nbsp; The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or</div>&nbsp;losses to non-controlling interests because Delphax is a VIE.</div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As a result of the application of the above-described attribution methodology, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three </div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2016, </div>the attribution of Delphax losses to non-controlling interests was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32%.</div></div></div></div> 2372527 2372527 2372527 2372527 Derived from audited financial statements Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A. 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Maintenance-air cargo Maintenance costs of flying customer aircraft (parts purchases, aircraft maintenance, mechanics). Ground equipment sales Cost of sales for, Global (GGS) to manufacture & provide deicers and other specialized equipment products to passenger & cargo airlines. Ground support services Cost of sales for GAS to provide the ground handling equipment and maintenance services for different airlines. 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Document Fiscal Period Focus Leasing [Member] Represents information pertaining to leasing or to the segment by the name of "Leasing." Document Fiscal Year Focus Printing equipment and maintenance Represents the expense associated with printing equipment and maintenance. 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Stockholders' Equity airt_PercentageOfConsolidatedNetIncome Percentage of Consolidated Net Income Represents the percentage of consolidated net income required by the financial covenants for the credit agreement. us-gaap_InventoryRawMaterials Raw materials Commitments and Contingencies (Notes 8 and 12) us-gaap_Liabilities Total liabilities airt_MaximumAmountOfAssetsTheCompanyAndItsSubsidiariesLeaseOrHoldForLeasingRequiredByTheFinancialCovenantsForTheCreditAgreement Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement Represents maximum amount of assets the company and it's subsidiaries lease or hold for leasing required by the financial covenants for the credit agreement. Long-lived Tangible Assets [Member] Represents information about long-lived tangible assets. Delphax [Member] Represents information pertaining to Delphax Technologies, Inc. CASH FLOWS FROM OPERATING ACTIVITIES: Securities Purchase Agreement [Member] Represents information pertaining to the securities purchase agreement. Notes and other receivables-current Five Year Senior Subordinated Promissory Note [Member] A five year senior subordinated note is a bond that takes priority over other debt securities sold by the issuer. In the event the issuer goes bankrupt, senior subordinated debt holders receive priority for [must receive] repayment [prior] relative to junior and unsecured (general) creditors. However senior subordinated notes are junior to Senior Notes and Senior bond holders. Allowance for doubtful accounts Accounts receivable, less allowance for doubtful accounts of $355,000 and $426,000 (Delphax $1,460,541 and $1,433,494)** Accounts receivable Accounts receivable, net airt_AccumulatedAmortizationAndImpairmentOfInfiniteIntangibleAssetsAndImpairmentOfGoodwill Less accumulated amortization and impairment Accumulated amount of amortization of infinite intangible assets and impairment of goodwill. Statement [Line Items] Net change from marketable securities, net of tax airt_IntangibleAssetsGrossIncludingGoodwill Intangible assets and goodwill, gross Represents the amount before amortization of assets and impairment of goodwill. us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent Reclassification adjustment, net of tax us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax Total unrealized net loss on marketable securities, net of tax AOCI Attributable to Parent [Member] UNITED STATES airt_DebtInstrumentCancellationOutstandingPrincipalSurrendered Debt Instrument, Cancellation, Outstanding Principal Surrendered Represents the outstanding principal surrendered in the cancellation of a debt instrument. Delphax 90-Day Senior Subordinated Note [Member] Represents information pertaining to the 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement. airt_BusinessCombinationSharesAcquired Business Combination, Shares Acquired Represents the number of the acquired company's shares acquired by the acquiring company in a business combination. Current Assets: airt_BusinessCombinationWarrantsAcquiredExercisePricePerShare Business Combination, Warrants Acquired, Exercise Price Per Share Represents the price per share of each share acquired upon exercise of warrants that were acquired in a business combination. airt_BusinessCombinationWarrantsAcquiredNumberOfSecuritiesCalledByWarrants Business Combination, Warrants Acquired, Number of Securities Called by Warrants Represents the number of securities, acquired in a business combination, into which the warrants may be converted. Series B Preferred Stock of Delphax [Member] Represents information pertaining to Delphax's Series B Preferred Stock. airt_BusinessCombinationSharesAcquiredPercentageOfTheSharesOfAcquiredEntitysCommonStockThatWouldBeOutstandingAssumingConversionAndIssuanceOfAllSharesReservedForIssuanceUnderEmployeeStockOptionPlans Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion and Issuance of All Shares Reserved for Issuance Under Employee Stock Option Plans With regard to acquired shares in a business combination, this element represents the percentage of the shares of the acquired entity's common stock that would be outstanding assuming conversion of the Shares and the issuance of all the shares of the acquired entity’s common stock reserved for issuance under the acquired entity’s employee stock option plans (based on the number of shares of the acquired entity's common stock outstanding and reserved for issuance under the acquired entity's employee stock option plans prior to the business combination). airt_BusinessCombinationWarrantsAcquiredExerciseForCashMeasurementPeriod Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period With regard to warrants acquired in a business combination, this element represents the trading period over which the average market value of common stock is measured in order to determine eligibility to exercise warrants for cash. airt_BusinessCombinationWarrantsAcquiredConditionUnderWhichWarrantsMayBeExercisedForCashNumberOfTimesTheAggregateExercisePrice Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price With regard to warrants acquired in a business combination, this element represents the number of times the aggregate exercise price that the surrender of principal and interest under the Senior Subordinated Note must be in order to exercise the warrants for cash. Foreign currency translation loss airt_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIncomeTaxesPayable Income tax payable Represents the amount of income taxes payable assumed at the acquisition date. airt_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAccruedExpenses Accrued expenses Amount of the liability representing accrued expenses assumed at the acquisition date. us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease NET DECREASE IN CASH AND CASH EQUIVALENTS Effect of foreign currency exchange rates on cash and cash equivalents us-gaap_OtherComprehensiveIncomeLossNetOfTax Total Other Comprehensive Income (Loss) us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest Loss Before Income Taxes Loss Before Income Taxes Net cash provided by (used in) financing activities us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations Net cash used in investing activities Total equity Total Equity Balance Balance airt_InitialCapital Initial Capital Represents the amount of initial capital made to form a business. Business Acquisition, Acquiree [Domain] us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations Net cash used in operating activities Business Acquisition [Axis] us-gaap_DerivativeBasisSpreadOnVariableRate Derivative, Basis Spread on Variable Rate Period of April 01, 2016 to March 31, 2017 [Member] Represents information regarding the period of April 01, 2016 to March 31, 2017. Other comprehensive income (loss): Period of April 01, 2016 to June 30, 2016 [Member] Represents information regarding period of April 01, 2016 to June 30, 2016. us-gaap_BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHigh Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High Period of October 01, 2016 to December 31, 2016 [Member] Represents information regarding the period of October 01, 2016 to December 31, 2016. Period of July 01, 2016 to September 30, 2016 [Member] Represents information regarding the period of July 01, 2016 to September 30, 2016. Period of January 01, 2017 to March 31, 2017 [Member] Represents information regarding the period of January 01, 2017 to March 31, 2017. After March 31, 2017 [Member] Represents information regarding after March 31, 2017 period. airt_NumberOfElanPrintersSold Number of Elan Printers Sold Represents the total number of elan printers sold. airt_NumberOfCommercialDeicingUnitsSold Number of Commercial Deicing Units Sold Represents the total number of commercial deicing units sold. Biglari Group [Member] Represents information regarding the Biglari Group. BMO Harris Bank N.A. [Member] Represents information regarding BMO Harris Bank N.A. airt_MinimumDebtServiceCoverageRatio Minimum Debt Service Coverage Ratio Represents the minimum debt service coverage ratio required by the debt agreement. Noncontrolling Interest [Member] airt_MaximumRatioOfTotalLiabilitiesToTangibleNetWorth Maximum Ratio of Total Liabilities to Tangible Net Worth Represents the maximum ratio of total liabilities to tangible net worth required by the debt agreement. airt_AnnualOperatingLeasePaymentsLimitation Annual Operating Lease Payments Limitation Represents the total amount of annual operating lease payments limitation according to the debt agreement. Retained Earnings [Member] us-gaap_LineOfCredit Long-term Line of Credit Additional Paid-in Capital [Member] Equity Component [Domain] Common Stock [Member] Equity Components [Axis] Contrail Aviation Support LLC. [Member] Represents information regarding the Contrail Aviation Support LLC. airt_BusinessCombinationContingentConsiderationArrangementEarnoutPayment Business Combination, Contingent Consideration Arrangement, Earnout Payment Represents information about earnout payment payable. Short-term debt Short-term debt Short-term debt (Delphax $2,177,827 and $1,859,300)** airt_BusinessCombinationContingentConsiderationArrangementsEBITDAThreshold Business Combination, Contingent Consideration Arrangements, EBITDA Threshold Represents information regarding the EBITDA threshold. airt_LineOfCreditFacilityMaximumBorrowingCapacityPercentageOfEligibleInventory Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory Represents the percentage of eligible inventory in computation of borrowing base. airt_LineOfCreditFacilityMaximumBorrowingCapacityMaximumValueOfEligibleInventoryIncludedInBorrowingBase Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base Represents the maximum value of eligible inventory included in borrowing base. airt_LineOfCreditFacilityMaximumBorrowingCapacityPercentageOfOutstandingEligibleAccountsReceivable Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable Represents the percentage of outstanding eligible accounts receivable in computation of borrowing base. 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EBITDA Range 1 [Member] Represents EBITDA range 1. Proceeds from line of credit us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses Available-for-sale Securities, Gross Realized Losses Little Mountain Airport [Member] Represents information pertaining to the lease of the Little Mountain Airport in Maiden, North Carolina. Leasing Subsidiary [Member] Represents information pertaining to the Company's leasing subsidiary. Vantage [Member] Represents information pertaining to Vantage Financial, LLC. William R. Foudray, a director of the Company, is the Executive Vice President and co-founder of Vantage. airt_BusinessCombinationContingentConsiderationArrangementEarnoutPaymentCalculationMultiplier Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier Represents the multiplier use in earnout payment calculation. International [Member] International [member] airt_PaymentsToAcquireInterestsInEquipmentLeases Payments to Acquire Interests in Equipment Leases Represents the amount of payments made during the period to acquire interests in equipment leases. EBITDA Range 4 [Member] Represents EBITDA Range 4. us-gaap_AvailableForSaleSecuritiesGrossRealizedGains Available-for-sale Securities, Gross Realized Gains airt_EquipmentLeasePaymentsPercentageOfOutstandingLeaseAssets Equipment Lease Payments, Percentage of Outstanding Lease Assets Represents the equipment lease payments as a percentage of outstanding lease assets as of the balance sheet date. airt_FeesForServicingEquipmentLeasesIncludedInAcquisitionPayments Fees for Servicing Equipment Leases, Included in Acquisition Payments Represents the amount of fees for servicing equipment leases that were included in acquisition payments. 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Tax Credit Carryforward [Axis] Geographical [Axis] airt_SharesOfPreferredStockAcquiredInConnectionWithTheExerciseOfTheWarrantAsAPercentageOfTheNumberOfPreferredSharesInitiallyPurchasableUnderTheWarrant Shares of Preferred Stock Acquired in Connection With the Exercise of the Warrant as a Percentage of the Number of Preferred Shares Initially Purchasable under the Warrant Represents a conditional number of shares of a certain class of preferred stock acquired in connection with the exercise of the Warrant, expressed as a percentage of the number of shares of a certain class of preferred stock initially purchasable under the Warrant. Tax Credit Carryforward, Name [Domain] Other Non-current Liabilities Other long-term liabilities airt_MinimumFixedChargeCoverageRatio Minimum Fixed Charge Coverage Ratio A covenant ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. The minimum fixed charge coverage ratio required by the financial covenants for the credit agreement. Alternative Minimum Tax Credit Carryforward [Member] Represents information pertaining to an alternative minimum tax credit carryforward. airt_MinimumAssetCoverageRatio Minimum Asset Coverage Ratio Consolidated minimum asset covenant coverage ratio determines a company's ability to cover debt obligations with its assets after all liabilities have been satisfied.The minimum consolidated asset coverage ratio required by the financial covenants for the credit agreement. us-gaap_OperatingLossCarryforwards Operating Loss Carryforwards Trade Names [Member] airt_OperatingLeasesMonthlyRent Operating Leases Monthly Rent Item represent monthly rent on operating leases. us-gaap_DeferredTaxLiabilitiesNoncurrent Deferred Income Taxes Company Controlled by Company's Officer and Directors [Member] Represents a company controlled by the Company's officers and directors (or former officers and directors). Income Taxes Income Tax Expense (Benefit) us-gaap_EffectiveIncomeTaxRateContinuingOperations Effective Income Tax Rate Reconciliation, Percent airt_NumberOfAdditionalLeaseOptionPeriods Number of Additional Lease Option Periods The item represents number of additional lease option periods. Segments [Axis] Segments [Domain] us-gaap_PolicyTextBlockAbstract Accounting Policies Other-than-temporary impairment loss on investments Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net Credit Facility [Domain] Contrail Aviation Inc. [Member] Represents information pertaining to the acquisition of Contrail Aviation Inc. Statement [Table] Revolving Credit Facility [Member] Credit Facility [Axis] Ground Equipment Manufacturing [Member] Inventory used for ground equipment manufacturing. Income Statement [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Class of Stock [Domain] Patents [Member] Class of Stock [Axis] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Finite-Lived Intangible Assets, Major Class Name [Domain] Contingent Consideration Type [Domain] Finite-Lived Intangible Assets by Major Class [Axis] us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Contingent Consideration by Type [Axis] airt_PercentageOfConsolidatedSubsidiariesDividendsAttributableToParent Percentage of Consolidated Subsidiaries Dividends Attributable to Parent Represents the percentage of dividends paid by consolidated subsidiaries that are attributable to parent. Long-Term Debt Long-term debt us-gaap_SecuredLongTermDebt Secured Long-term Debt, Noncurrent Inventory [Domain] airt_NetIncomeLossAttributableToNoncontrollingInterestPercentage Net Income (Loss) Attributable to Noncontrolling Interest, Percentage The percentage of Net Income (Loss) attributable to noncontrolling interest. Inventory [Axis] us-gaap_LiabilitiesCurrent Total Current Liabilities Total current liabilities airt_PercentageOfConsolidatedSubsidiariesDividendsAttributableToNoncontrollingInterests Percentage of Consolidated Subsidiaries Dividends Attributable to Noncontrolling Interests Represents the percentage of dividends paid by consolidated subsidiaries that attributable to noncontrolling interest. Gain on sale of marketable securities Gain on sale of marketable securities us-gaap_PaymentsToAcquireBusinessesGross Payments to Acquire Businesses, Gross Geographical Reporting Disclosure [Text Block] The entire disclosure for reporting geographical information including data and tables. us-gaap_OperatingExpenses General and administrative General and administrative Accounting Changes and Error Corrections [Text Block] airt_NumberOfForeignSubsidiaries Number of Foreign Subsidiaries The number of foreign subsidiaries owned. Canada, France, and United Kingdom [Member] Information relating to locations in Canada, France, and the United Kingdom. Business Combination Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] Proceeds from sale of marketable securities Income Tax Disclosure [Text Block] Letter of Credit [Member] Short-term Debt, Type [Domain] Short-term Debt, Type [Axis] us-gaap_GuaranteeObligationsMaximumExposure Guarantor Obligations, Maximum Exposure, Undiscounted Income tax payable (Delphax $11,312 and $11,312)** Income tax payable Income tax payable us-gaap_SeveranceCosts1 Severance Costs Accounts payable (Delphax $2,672,207 and $1,684,802)** Accounts payable Accounts payable Accrued expenses (Delphax $4,409,633 and $1,926,340)** Accrued expenses Accrued expenses Long-term Debt, Type [Axis] us-gaap_GoodwillImpairmentLoss Goodwill, Impairment Loss Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) Counterparty Name [Domain] Long-term Debt, Type [Domain] Counterparty Name [Axis] us-gaap_PaymentsToAcquireMarketableSecurities Purchases of marketable securities Depreciation and Amortization us-gaap_DepreciationAndAmortization Weighted Average Shares Outstanding: us-gaap_GoodwillGross Goodwill Current Liabilities: us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment Proceeds from sale of property and equipment us-gaap_Assets Total Assets Total assets us-gaap_IncreaseDecreaseInRestrictedCash Increase in restricted cash us-gaap_GainLossOnDispositionOfAssets1 Gain on sale of property and equipment Capital Expenditures us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Capital expenditures Net loss attributable to Air T, Inc. Stockholders Net loss attributable to Air T, Inc. stockholders Net Loss Attributable to Air T, Inc. 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Document And Entity Information - shares
 3 Months Ended
Jun. 30, 2016
Aug. 02, 2016
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 Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Entity Common Stock, Shares Outstanding (in shares)   2,042,789
Document Type 10-Q/A  
Document Period End Date Jun. 30, 2016  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Amendment Flag true  
Amendment Description EXPLANATORY NOTE Air T, Inc. (the "Company," "Air T," "we" or "us") is filing this amended Form 10-Q/A ("Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for the period ended June 30, 2016, originally filed with the Securities and Exchange Commission (the "SEC") on August 15, 2016 ("Original Filing"), to restate our unaudited condensed consolidated financial statements and related footnote disclosures at December 31, 2015 and March 31, 2016 and for the three months ended June 30, 2016. The previously filed consolidated financial statements for those periods should no longer be relied upon. This Form 10-Q/A also amends certain other items in the Original Filing, as listed in “Items Amended in this Form 10- Q/A” below. Restatement Background As disclosed in the Original Filing, pursuant to a Securities Purchase Agreement dated as of October 2, 2015 (the "Securities Purchase Agreement") among the Company, Delphax Technologies Inc. ("Delphax") and its subsidiary, Delphax Technologies Canada Limited ("Delphax Canada"), on November 24, 2015 (the "Closing Date"), the Company purchased (i) at face value a $2,500,000 principal amount Five-Year Senior Subordinated Promissory Note (the "Senior Subordinated Note") issued by Delphax Canada for a combination of cash and the outstanding principal of $500,000 and accrued and unpaid interest under a 90-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on October 2, 2015 pursuant to the Securities Purchase Agreement and (ii) for $1,050,000 in cash a total of 43,000 shares of Delphax’s Series B Preferred Stock (the "Series B Preferred Stock") and a Stock Purchase Warrant (the "Warrant") to acquire an additional 95,600 shares of Series B Preferred Stock at a price of $33.4728 per share (subject to adjustment for specified dilutive events). As further disclosed in the Original Filing, each share of Series B Preferred Stock is convertible into 100 shares of common stock of Delphax, subject to antidilution adjustments, and has no liquidation preference over shares of common stock of Delphax. No dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement with respect to) threesevenths of the board of directors of Delphax, and after June 1, 2016 the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement with respect to) four-sevenths of the members of the board of directors of Delphax. The Warrant expires on November 24, 2021 and 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. The consolidated financial statements included in the Original Filing reflect the consolidation of Delphax with the Company and its subsidiaries from the Closing Date. Such consolidated financial statements also reflected an attribution of 62% of Delphax's loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income (loss) attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately 38% of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. We have concluded that it was not appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T's investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately 67% of any Delphax dividends paid, with the remaining 33% paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests. We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax's net losses are attributed first to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (67% /33%) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial 67% / 33% share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses. The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or losses to non-controlling interests because Delphax is a variable interest entity. As a result of the application of the above-described attribution methodology, for the three months ended June 30, 2016, the attribution of Delphax losses to non-controlling interests should have been 32%. In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax. This Form 10-Q/A is being filed to restate our unaudited condensed consolidated financial statements at June 30, 2016 and for the three months ended June 30, 2016 to so correct the treatment of Air T's interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures. Restatement of Other Financial Statements We are concurrently filing (i) an amendment to our Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the "Form 10-K/A") to similarly restate our audited consolidated financial statements and related financial information at and for the fiscal year ended March 31, 2016 and to amend certain other items within that report, (ii) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2015 (the "2015 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2015 and for the three and nine months ended December 31, 2015 and to amend certain other items within that report, (iii) an amendment to our Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the "Q2 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at September 30, 2016 and March 31, 2016 and for the three and six months ended September 30, 2016 and to amend certain other items within that report, and (iv) an amendment to our Quarterly Report on Form 10-Q for the period ended December 31, 2016 (the "Q3 Form 10-Q/A") to similarly restate our unaudited condensed consolidated financial statements and related financial information at December 31, 2016 and March 31, 2016 and for the three and nine months ended December 31, 2016 and 2015 and to amend certain other items within that report. Internal Control and Disclosure Controls Considerations Our Chief Executive Officer and Chief Financial Officer have determined that there were deficiencies in our internal control over financial reporting that constitute material weaknesses, as defined by SEC regulations, at June 30, 2016. Accordingly, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures, as defined by SEC regulations, were not effective at June 30, 2016, as discussed in Part I, Item 4 of this Form 10-Q/A. Items Amended in this Form 10-Q/A For the convenience of the reader, this Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement described above. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement: A. Part I, Item 1. Financial Statements B. Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations C. Part I, Item 4. Controls and Procedures D. Part II, Item 6. Exhibits In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. In addition, the Exhibit Index has been appropriately updated.  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Loss (Unaudited) (As Restated) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating Revenues:    
Operating Revenues $ 30,493,253 $ 22,358,520
Operating Expenses:    
Flight-air cargo 8,974,565 6,373,909
Maintenance-air cargo 5,445,904 5,208,164
Ground equipment sales 3,416,324 3,129,114
Ground support services 5,392,668 4,715,911
Printing equipment and maintenance 6,007,767
Research and development 510,960
General and administrative 5,828,946 3,806,928
Depreciation, amortization and impairment 1,989,601 178,617
Gain on sale of property and equipment (5,024)
37,566,735 23,407,619
Operating Loss (7,073,482) (1,049,099)
Non-operating Income (Expense):    
Gain on sale of marketable securities 143,869
Foreign currency gain, net 91,790
Other-than-temporary impairment loss on investments (1,502,239)
Other investment income (loss), net 42,693 (19,941)
Interest expense and other (64,011)
(1,287,898) (19,941)
Loss Before Income Taxes (8,361,380) (1,069,040)
Income Taxes (372,000) (333,000)
Net Loss (7,989,380) (736,040)
Net Loss Attributable to Non-controlling Interests 2,237,909
Net Loss Attributable to Air T, Inc. Stockholders $ (5,751,471) [1] $ (736,040)
Loss Per Share:    
Basic (in dollars per share) $ (2.42) [1] $ (0.31)
Diluted (in dollars per share) $ (2.42) [1] $ (0.31)
Weighted Average Shares Outstanding:    
Basic (in shares) 2,372,527 [1] 2,372,527
Diluted (in shares) 2,372,527 [1] 2,372,527
Overnight Air Cargo [Member]    
Operating Revenues:    
Operating Revenues $ 16,637,165 $ 12,889,190
Ground Equipment Sales [Member]    
Operating Revenues:    
Operating Revenues 4,254,188 4,039,237
Ground Support Services [Member]    
Operating Revenues:    
Operating Revenues 6,800,042 5,430,093
Printing Equipment and Maintenance [Member]    
Operating Revenues:    
Operating Revenues 2,560,088
Leasing [Member]    
Operating Revenues:    
Operating Revenues $ 241,770
[1] Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (As Restated) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Net loss $ (7,989,380) $ (736,040)
Other comprehensive income (loss):    
Foreign currency translation loss (150,312)
Unrealized net losses on marketable securities (981,370) (439,298)
Tax effect of net unrealized losses on marketable securities 353,293 158,148
Total unrealized net loss on marketable securities, net of tax (628,077) (281,150)
Reclassification of other-than-temporary impairment losses on marketable securities included in net loss, net of gains on sale of marketable securities 1,358,370
Tax effect of reclassification (489,012)
Reclassification adjustment, net of tax 869,358
Total Other Comprehensive Income (Loss) 90,969 (281,150)
Total Comprehensive Loss (7,898,411) (1,017,190)
Comprehensive Loss Attributable to Non-controlling Interests 2,285,699
Comprehensive Loss Attributable to Air T, Inc. Stockholders $ (5,612,712) $ (1,017,190)
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
 [1]
Current Assets:    
Cash and cash equivalents (Delphax $495,668 and $249,528)** $ 3,969,976 $ 5,345,455
Marketable securities 4,780,300 4,944,572
Restricted cash 824,062 820,651
Accounts receivable, less allowance for doubtful accounts of $355,000 and $426,000 (Delphax $1,460,541 and $1,433,494)** 11,230,664 12,303,128
Notes and other receivables-current 1,056,929 592,721
Income tax receivable 1,136,720 719,899
Inventories (Delphax $2,834,609 and $4,642,298)** 15,199,716 12,274,104
Deferred income taxes 155,279 291,000
Prepaid expenses and other (Delphax $665,481 and $1,034,067)** 1,192,794 1,668,004
Total Current Assets 39,546,440 38,959,534
Investments in Available-For-Sale Securities 3,603,764 4,711,343
Property and Equipment, Net (Delphax $66,605 and $625,684)** 4,813,305 4,577,774
Cash Surrender Value of Life Insurance Policies 2,118,628 2,100,057
Notes and Other Receivables - Long Term 103,996
Other Assets (Delphax $0 and $26,020)** 291,818 317,528
Intangible Assets, Net (Delphax $0 and $1,109,112)** 1,109,112
Goodwill (Delphax $0 and $275,408)** 275,408
Total Assets 50,373,955 52,154,752
Current Liabilities:    
Accounts payable (Delphax $2,672,207 and $1,684,802)** 8,896,453 7,003,660
Income tax payable (Delphax $11,312 and $11,312)** 11,312
Accrued expenses (Delphax $4,409,633 and $1,926,340)** 8,035,357 6,842,874
Short-term debt (Delphax $2,177,827 and $1,859,300)** 2,177,827 1,859,300
Total Current Liabilities 19,109,637 15,717,146
Long-Term Debt 3,320,701 4,835
Deferred Income Taxes 546,000 546,000
Other Non-current Liabilities 24,498 615,241
Commitments and Contingencies (Notes 8 and 12)
Equity:    
Preferred stock, $1.00 par value, 50,000 shares authorized 0 0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding 593,131 593,131
Additional paid-in capital 4,956,171 4,956,171
Retained earnings 23,070,354 28,821,825
Accumulated other comprehensive income (loss), net (1,760) (140,519)
Total Air T, Inc. Stockholders' Equity 28,617,896 34,230,608
Non-controlling interests (1,244,777) 1,040,922
Total Equity 27,373,119 35,271,530
Total Liabilities and Equity $ 50,373,955 $ 52,154,752
[1] Derived from audited financial statements
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Condensed Consolidated Balance Sheets (As Restated) (Current Period Unaudited) (Parentheticals) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Cash and cash equivalents $ 3,969,976 $ 5,345,455 [1]
Allowance for doubtful accounts 355,000 426,000 [2]
Accounts receivable 11,230,664 12,303,128 [1]
Inventories 15,199,716 12,274,104 [1]
Prepaid expenses and other 1,192,794 1,668,004 [1]
Property and Equipment, Net 4,813,305 4,577,774 [1]
Other Assets 291,818 317,528 [1]
Intangible Assets, Net 1,109,112 [1]
Goodwill 275,408 [1]
Accounts payable 8,896,453 7,003,660 [1]
Income tax payable 11,312 [1]
Accrued expenses 8,035,357 6,842,874 [1]
Short-term debt $ 2,177,827 $ 1,859,300 [1]
Preferred stock, par value (in dollars per share) $ 1 $ 1 [2]
Preferred stock, authorized (in shares) 50,000 50,000 [2]
Common stock, par value (in dollars per share) $ 0.25 $ 0.25 [2]
Common stock, authorized (in shares) 4,000,000 4,000,000 [2]
Common stock, issued (in shares) 2,372,527 2,372,527 [2]
Common stock, outstanding (in shares) 2,372,527 2,372,527 [2]
Delphax [Member]    
Cash and cash equivalents [3] $ 495,668 $ 249,528 [2]
Accounts receivable [3] 1,460,541 1,433,494 [2]
Inventories [3] 2,834,609 4,642,298 [2]
Prepaid expenses and other [3] 665,481 1,034,067 [2]
Property and Equipment, Net [3] 66,605 625,684 [2]
Other Assets [3] 0 26,020 [2]
Intangible Assets, Net [3] 0 1,109,112 [2]
Goodwill [3] 0 275,408 [2]
Accounts payable [3] 2,672,207 1,684,802 [2]
Income tax payable [3] 11,312 11,312 [2]
Accrued expenses [3] 4,409,633 1,926,340 [2]
Short-term debt [3] $ 2,177,827 $ 1,859,300 [2]
[1] Derived from audited financial statements
[2] Derived from audited financial statements
[3] Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (7,989,380) $ (736,040)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of marketable securities (143,869)
Gain on sale of property and equipment (5,024)
Change in accounts receivable and inventory reserves 2,348,788 9,528
Depreciation, amortization and impairment 1,989,601 178,617
Change in cash surrender value of life insurance (18,571) (20,146)
Deferred income taxes
Warranty reserve 39,001 (22,440)
Other-than-temporary impairment loss on investments 1,502,239
Change in operating assets and liabilities:    
Accounts receivable 1,117,413 (774,712)
Notes receivable (406,552) 257,385
Inventories (5,704,755) (3,729,103)
Prepaid expenses and other assets 534,759 211,559
Accounts payable 1,864,793 639,787
Accrued expenses 744,233 78,301
Income taxes payable/receivable (428,132) (602,588)
Non-current liabilities (207,494)
Total adjustments 3,231,454 (3,778,836)
Net cash used in operating activities (4,757,926) (4,514,876)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (924,623) (1,070,456)
Proceeds from sale of marketable securities 1,215,105
Proceeds from sale of property and equipment 19,163
Capital expenditures (519,569) (219,496)
Increase in restricted cash (3,411) (3,316)
Net cash used in investing activities (232,498) (1,274,105)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from line of credit 12,047,913
Payments on line of credit (8,727,210) (18,704)
Net cash provided by (used in) financing activities 3,634,395 (18,704)
Effect of foreign currency exchange rates on cash and cash equivalents (19,450)
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,375,479) (5,807,685)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,345,455 [1] 13,388,767
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,969,976 7,581,082
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:    
Finished goods inventory transferred to equipment leased to customers 321,345
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 2,319 20,497
Income taxes 56,133 269,701
Delphax [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from line of credit 313,692
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD [2],[3] 249,528  
CASH AND CASH EQUIVALENTS AT END OF PERIOD [2] $ 495,668  
[1] Derived from audited financial statements
[2] Amounts related to Delphax as of June 30, 2016 and March 31, 2016, respectively
[3] Derived from audited financial statements
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Condensed Consolidated Statements of Equity (Unaudited) (As Restated) - 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, 2015 2,372,527          
Balance at Mar. 31, 2015 $ 593,131 $ 4,929,090 $ 24,407,915 $ (134,913) [1] $ 29,795,223
Net loss (736,040) (736,040)
Net change from marketable securities, net of tax (281,150) (281,150)
Balance (in shares) at Jun. 30, 2015 2,372,527          
Balance at Jun. 30, 2015 $ 593,131 4,929,090 23,671,875 (416,063) [1] 28,778,033
Foreign currency translation loss          
Balance (in shares) at Mar. 31, 2016 2,372,527          
Balance at Mar. 31, 2016 $ 593,131 4,956,171 28,821,825 (140,519) 1,040,922 [1] 35,271,530 [2]
Net loss (5,751,471) (2,237,909) (7,989,380)
Net change from marketable securities, net of tax 241,281 241,281
Balance (in shares) at Jun. 30, 2016 2,372,527          
Balance at Jun. 30, 2016 $ 593,131 4,956,171 23,070,354 (1,760) (1,244,777) [1] 27,373,119
Foreign currency translation loss $ (102,522) $ (47,790) $ (150,312)
[1] Excludes amount attributable to redeemable non-controlling interest in Contrail Aviation
[2] Derived from audited financial statements
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Note 1A - Restatement of Previously Issued Consolidated Financial Statements
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Accounting Changes and Error Corrections [Text Block]
1A.
Restatement of Previously Issued Consolidated Financial Statements
 
Pursuant to a Securities Purchase Agreement dated as of
October 2, 2015 (
the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on
November 24, 2015 (
the “Closing Date”), the Company purchased (i) at face value a
$2,500,000
principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the outstanding principal of
$500,000
and accrued and unpaid interest under a
90
-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on
October 2, 2015
pursuant to the Securities Purchase Agreement and (ii) for
$1,050,000
in cash a total of
43,000
shares of Delphax
’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional
95,600
shares of Series B Preferred Stock at a price of
$33.4728
per share (subject to adjustment for specified dilutive events). Each share of Series B Preferred Stock is convertible into
100
shares of common stock of Delphax, subject to anti-dilution adjustments, and has
no
liquidation preference over shares of common stock of Delphax.
No
dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represented approximately
38%
of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company. Holders of the Series B Preferred Stock, voting as a separate class, were initially entitled to elect (and exercise rights of removal and replacement with respect to)
three
-sevenths of the board of directors of Delphax, and after
June 1, 2016
the holders of the Series B Preferred Stock, voting as a separate class, were entitled to elect (and to exercise rights of removal and replacement with respect to)
four
-sevenths of the members of the board of directors of Delphax. The Warrant expires on
November 24, 2021
and 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.
 
 
The condensed consolidated financial statements included in the Company
’s Quarterly Report on Form
10
-Q for the period ended
June 30, 2016,
originally filed with the Securities and Exchange Commission (the “SEC”) on
August 15, 2016 (
“Original Filing”), reflect the consolidation of Delphax with the Company and its subsidiaries from the
November 24, 2015
Closing Date. Such condensed consolidated financial statements also reflect an attribution of
62%
of Delphax’s loss for periods commencing as of the Closing Date to non-controlling interests in the determination of consolidated net income attributable to Air T, Inc. stockholders. Such attribution was based on the Company’s ownership of the Series B Preferred Stock, which represented approximately
38%
of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company.
 
We have concluded that it was
not
appropriate to base attribution solely on our ownership of the Series B Preferred Stock and that our attribution methodology should be based on consideration of all of Air T’s investments in Delphax and Delphax Canada. As disclosed above, the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately
67%
of any Delphax dividends paid, with the remaining
33%
paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests.
We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax
’s net losses are attributed
first
to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (
67%
/33%
) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial
67%
/
33%
share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or
 losses to non-controlling interests because Delphax is a variable interest entity.
 
As a result of the application of the above-described attribution methodology, for the
three
months ended
June 30, 2016,
the attribution of Delphax losses to non-controlling interests should have been
32%.
 
In addition, we are also correcting otherwise immaterial errors associated with our elimination of intercompany transactions between Air T, Inc. and Delphax.
 
This Form
10
-Q/A is being filed to restate our unaudited condensed consolidated financial
statements at
June 
30,
2016
and for the
three
months ended
June 30, 2016
to so correct the treatment of Air T’s interests in Delphax with respect to the attribution of Delphax losses and the elimination of intercompany interest and to correct and expand related disclosures.
 
The combined impacts of all the adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form
10Q/A
are provided in the tables below.
 
Financial Statement Presentation
 
In addition to the restatement of our consolidated financial statements, we have also restated the following Notes for
the effects of the errors above or, as indicated, amended Notes to include additional relevant disclosures.
 
 
●
Note
1
. Financial Statement Presentation (As Restated)
 
●
Note
2.
Acquisition of I
nterests in Delphax (As Amended)
 
●
Note
4.
Net Earnings Per Share (As Restated)
 
●
Note
9.
Variable Interest Entities (As Restated)
 
The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements at
June 30, 2016
and
March 31, 2016
and for the
three
months ended
June 30, 2016:
 
   
As Previously Reported
    
As Restated
  
                 
Consolidated Balance Sheet Information (at June 30, 2016):
  
 
 
 
  
 
 
 
Additional paid-in capital
   $
4,947,665
     $
4,956,171
  
Retained earnings
    
25,674,678
      
23,070,354
  
Accumulated other comprehensive income (loss), net
    
66,309
      
(1,760
 )
Total Air T, Inc. stockholders' equity
    
31,281,783
      
28,617,896
  
Non-controlling interests
    
(3,908,664
 )    
(1,244,777
 )
Total equity
    
27,373,119
      
27,373,119
  
Total liabilities and equity
    
50,373,955
      
50,373,955
  
Consolidated Balance Sheet Information (at March 31, 2016):
  
 
 
 
  
 
 
 
Additional paid-in capital
   $
4,947,665
     $
4,956,171
  
Retained earnings
    
29,350,980
      
28,821,825
  
Accumulated other comprehensive income (loss), net
    
(117,898
 )    
(140,519
 )
Total Air T, Inc. stockholders' equity
    
34,773,878
      
34,230,608
  
Non-controlling interests
    
497,652
      
1,040,922
  
Total equity
    
35,271,530
      
35,271,530
  
Total liabilities and equity
    
52,154,752
      
52,154,752
  
Consolidated Statement of Income (Loss):
  
 
 
 
  
 
 
 
Net loss attributable to non-controlling interests
   $
4,313,078
     $
2,237,909
  
Net loss attributable to Air T, Inc. stockholders
    
(3,676,302
 )    
(5,751,471
 )
Loss per share - basic
    
(1.55
 )    
(2.42
 )
Loss per share - diluted
    
(1.55
 )    
(2.42
 )
Consolidated Statement of Comprehensive Income:
  
 
 
 
  
 
 
 
Comprehensive loss attributable to non-controlling interests
   $
4,406,316
     $
2,285,699
  
Comprehensive loss attributable to Air T, Inc. stockholders
    
(3,492,095
 )    
(5,612,712
 )
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Note 1 - Financial Statement Presentation (As Restated)
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
1.
Financial Statement Presentation
(As Restated)
 
The condensed consolidated financial statements of Air T, Inc. (the “Company”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented
not
misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.
 
It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's
Amendment
No.1
on Form
10
-K/A to its Annual Report on Form
10
-K for the year ended
March 31, 2016.
The results of operations for the periods ended
June 30
are
not
necessarily indicative of the operating results for the full year.
 
Certain reclassifications have been made to the prior period amounts to conform to the current presentation.
 
New Accounting Pronouncements
 
In
May 2014,
a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a
five
-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after
December 15, 2017,
including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.
 
In
February 2015,
a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had
no
impact on the Company
’s condensed consolidated financial statements.
 
In
April 2015,
a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after
December 15, 2015,
and for interim periods within those annual periods. Adoption of this standard did
not
have a material impact the Company
’s condensed consolidated financial statements.
 
 
In
July 2015,
a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after
December 15, 2016
and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.
 
In
September 2015,
a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after
December 15, 2015.
The Company adopted this new standard beginning with the fiscal quarter ended
June 30, 2016.
Adoption of this new standard had
no
material
 impact on the Company’s condensed consolidated financial statements for the quarter. 
 
In
January 2016,
the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU)
2016
-
01
Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities
that amends the guidance on the classification and measurement of financial instruments. ASU
2016
-
01
becomes effective for public business entities in fiscal years beginning after
December 15, 2017,
including interim periods therein. ASU
2016
-
01
removes equity securities from the scope of Accounting Standards Codification (ASC) Topic
320
and creates ASC Topic
321,
Investments – Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
No.
2016
-
02,
Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than
12
months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
March 2016,
the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its
2018
fiscal year. The Company is currently evaluating the impact of this new guidance.
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Note 2 - Acquisition of Interests in Delphax (As Amended)
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
2.
Acquisition of Interests in Delphax
(As Amended
)
 
Pursuant to a Securities Purchase Agreement dated as of
October 2, 2015 (
the “Securities Purchase Agreement”) among the Company, Delphax Technologies Inc. (“Delphax”) and its subsidiary, Delphax Technologies Canada Limited (“Delphax Canada”), on
November 24, 2015 (
the “Closing Date”), the Company purchased (i) at face value a
$2,500,000
principal amount Five-Year Senior Subordinated Promissory Note (the “Senior Subordinated Note”) issued by Delphax Canada for a combination of cash and the surrender of outstanding principal of
$500,000
and accrued and unpaid interest under, and cancellation of, a
90
-Day Senior Subordinated Note purchased at face value by the Company from Delphax Canada on
October 2, 2015
pursuant to the Securities Purchase Agreement and (ii) for
$1,050,000
in cash a total of
43,000
shares of Delphax
’s Series B Preferred Stock (the “Series B Preferred Stock”) and a Stock Purchase Warrant (the “Warrant”) to acquire an additional
95,600
shares of Series B Preferred Stock at a price of
$33.4728
per share (subject to adjustment for specified dilutive events).
 
Principal under the Senior Subordinated Note is due on
October 24, 2020
and bears interest at an annual rate of
8.5%.
Interest is to be paid in kind until, in the absence of specified events,
November 24, 2017.
Thereafter, interest is to be paid in cash. Interest in kind is to be paid monthly, while interest payable in cash is to be paid quarterly. The Senior Subordinated Note is guaranteed by Delphax and is secured by security interests granted by Delphax and Delphax Canada in their respective inventories, equipment, accounts receivable, cash, deposit accounts, contract rights and other specified property, as well as a pledge by Delphax of the outstanding capital stock of its subsidiaries, including Delphax Canada. Pursuant to the terms of a subordination agreement (the “Subordination Agreement”) entered into on
October 2, 2015
by Delphax, Delphax Canada, the Company and the senior lender (the “Senior Lender”) that provides a revolving credit facility under an agreement with Delphax and Delphax Canada (the “Senior Credit Agreement”), the Company
’s rights with respect to payment under and enforcement of the Senior Subordinated Note and enforcement of its security interests are subordinated to the rights of the Senior Lender under the Senior Credit Agreement.
 
Each share of Series B Preferred Stock is convertible into
100
shares of common stock of Delphax, subject to anti-dilution adjustments, and has
no
liquidation preference over shares of common stock of Delphax.
No
dividends are required to be paid with respect to the shares of Series B Preferred Stock, except that ratable dividends (on an as-converted basis) are to be paid in the event that dividends are paid on the common stock of Delphax. Based on the number of shares of Delphax common stock outstanding and reserved for issuance under Delphax
’s employee stock option plans at the Closing Date, the number of shares of common stock underlying the Series B Preferred Stock purchased by the Company represent approximately
38%
of the shares of Delphax common stock that would be outstanding assuming conversion of Series B Preferred Stock held by the Company and approximately
31%
of the outstanding shares assuming conversion of the Series B Preferred Stock and the issuance of all the shares of Delphax common stock reserved for issuance under Delphax’s employee stock option plans.
 
Pursuant to the terms of the Series B Preferred Stock, for so long as amounts are owed to the Company under the Senior Subordinated Note or the Company continues to hold a specified number of the Shares and interests in the Warrant sufficient to permit it to acquire up to
50%
of the number of shares of Series B Preferred Stock initially purchasable under the Warrant (or holds shares of Series B Preferred Stock acquired in connection with the exercise of the Warrant equal to
50%
of the number of shares of Series B Preferred Stock initially purchasable under the Warrant), then
 
 
●
holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and exercise rights of removal and replacement with respect to)
three
-sevenths of the board of directors of Delphax, and after
June 1, 2016
the holders of the Series B Preferred Stock, voting as a separate class, would be entitled to elect (and to exercise rights of removal and replacement with respect to)
four
-sevenths of the members of the board of directors of Delphax; and
 
 
●
without the written consent or waiver of the Company, Delphax
may
not
enter into specified corporate transactions.
 
Pursuant to the provision described above, beginning on
November 24, 2015,
three
designees of the Company were elected to the board of directors of Delphax, which had a total of
seven
members following their election. As of
June 30, 2016,
three
designees of the Company continued to serve on the board of directors of Delphax, which had a total of
six
members, as the Company had
not
exercised its right to require its designee to be elected as the
seventh
director.
 
The Warrant expires on
November 24, 2021.
In the event that Delphax were to declare a cash dividend on its common stock, the Warrant provides that the holder of the Warrant would participate in the dividend as if the Warrant had been exercised in full and the shares of Series B Preferred Stock acquired upon exercise had been fully converted into Delphax common stock. The Warrant provides that, prior to any exercise of the Warrant, the holder of the Warrant must
first
make a good faith written tender offer to existing holders of Delphax common stock to purchase an aggregate amount of common stock equal to the number of shares of common stock issuable upon conversion of the Series B Preferred Stock that would be purchased upon such exercise of the Warrant. The Warrant requires that the per share purchase price to be offered in such tender offer would be equal to the then-current exercise price of the Warrant divided by the then-current conversion rate of the Series B Preferred Stock. To the extent that shares of common stock are purchased by the holder in the tender offer, the amount of shares of Series B Preferred Stock purchasable under the Warrant held by such holder is to be ratably reduced. The Warrant is to provide that it
may
be exercised for cash, by surrender of principal and interest under the Senior Subordinated Note equal to
0.95
times the aggregate exercise price or by surrender of a portion of the Warrant having a value equal to the aggregate exercise price based on the difference between the Warrant exercise price per share and an average market value, measured over a
20
-trading day period, of Delphax common stock that would be acquired upon conversion of
one
share of Series B Preferred Stock.
 
As a result of the above transactions, the Company determined that it had obtained control over Delphax and has consolidated Delphax in
 its consolidated financial statements beginning on
November 24, 2015.
 
The following table summarizes the provisional fair values of Delphax assets and liabilities as of the Closing Date:
 
   
November 24,
2015
  
         
ASSETS
        
Cash and cash equivalents
   $
586,061
  
Accounts receivable
    
1,740,210
  
Inventories
    
3,972,802
  
Other current assets
    
693,590
  
Property and equipment
    
722,714
  
Intangible assets - trade name
    
120,000
  
Intangible assets - patents
    
1,090,000
  
Goodwill
    
375,408
  
Total assets
   $
9,300,785
  
         
LIABILITIES
        
Accounts payable
   $
1,663,199
  
Accrued expenses
    
1,949,522
  
Income tax payable
    
11,312
  
Debt
    
3,313,317
  
Other long-term liabilities
    
650,500
  
Total liabilities
   $
7,587,850
  
         
         
Net Assets
   $
1,712,935
  
 
The Company determined that it was reasonable to use the price which it paid for its equity interests as the basis for estimating the total fair value of Delphax
’s equity as of
November 24, 2015
acquisition date. The effect of the Company’s equity and debt investments of
$1,050,000
and
$2,500,000,
respectively, are
not
reflected in the above table. As such, the amounts presented reflect the provisional fair values of Delphax’s assets and liabilities immediately prior to the Company’s investments. The net assets amount presented above is the estimated acquisition date fair value of the non-controlling interests in Delphax.
 
Delphax
’s debt immediately prior to the acquisition included approximately
$508,000
due under the
90
-Day Senior Subordinated Note.
 
The Company
’s initial accounting for its acquisition of interests in Delphax is currently incomplete. Therefore, as permitted by the applicable accounting guidance, the above amounts are provisional.
 
As further discussed in Note
9,
the Company recognized significant expenses in the
June 30, 2016
quarter associated with Delphax employee benefit costs and write-downs of Delphax inventories, long-lived tangible and intangible assets, and goodwill. The Company concluded that the charges were necessary to reflect changes in market conditions and business outlook during the
June 30, 2016
quarter and are
not
associated with conditions that existed as of the Closing Date. As such, these adjustments were
not
accounted for as “measurement period” adjustments in the accompanying condensed consolidated financial statements.
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Note 3 - Income Taxes
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
3.
Income Taxes
 
Income taxes have been provided using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
 
During the
three
-month period ended
June 30, 2016,
the Company recorded
$372,000
in income tax benefit, which resulted in an effective tax rate of
4.4%.
The Company records income taxes using an estimated annual effective tax rate for interim reporting. Under the annual effective tax rate method, jurisdictions with a projected loss where
no
tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. The individually largest factor contributing to the difference between the federal statutory rate and the Company
’s effective tax rate for the
June 2016
quarter was the recognition of a valuation allowance against Delphax’s pretax loss in the period. The income tax provision for the
three
-month period ended
June 30, 2016
differs from the federal statutory rate due also in part to the effect of state income taxes and the federal domestic production activities deduction. Additionally, the rate for the period ended
June 30, 2016
includes the estimated benefit for the exclusion of income for the Company’s captive insurance company subsidiary afforded under Section
831
(b). During the
three
-month period ended
June 30, 2015,
the Company recorded
$333,000
in income tax benefit. The start-up of SAIC was a significant factor in the prior period estimated annual tax rate of
34.3%.
The estimated annual effective tax rate differed from the U. S. federal statutory rate of
34%
primarily due to the effect of state income taxes offset by permanent tax differences.
 
As described in Note
2,
effective on
November 24, 2015,
Air T, Inc. purchased interests in Delphax. With an equity investment level by the Company of approximately
38%,
Delphax is required to continue filing a separate United States corporate tax return. Furthermore, Delphax has
three
foreign subsidiaries located in Canada, France, and the United Kingdom which file tax returns in those jurisdictions. With few exceptions, Delphax is
no
longer subject to examinations by income tax authorities for tax years before
2011.
 
Delphax maintains a
September 30
fiscal year. As of
September 30, 2015,
Delphax and its subsidiaries had estimated foreign and domestic tax loss carryforwards of
$6.0
million and
$7.9
million, respectively. As of that date, they had estimated foreign research and development credit carryforwards of
$4.5
million, which are available to offset future income tax. The credits and net operating losses expire in varying amounts beginning in the year
2023.
Domestic alternative minimum tax credits of approximately
$325,000
are available to offset future income tax with
no
expiration date. Should there be an ownership change for purposes of Section
382
or any equivalent foreign tax rules, the utilization of the previously mentioned carryforwards
may
be significantly limited. Additionally, based on the anticipated liquidation of Delphax Canada,
$3.2
million of the previously disclosed foreign tax loss carryforwards,
$4.5
million of foreign research and development credit carryforwards, as well as other temporary differences such as fixed asset basis differences will likely go unutilized. See additional information regarding Delphax Canada in Note
9.
 
The provisions of ASC
740
require an assessment of both positive and negative evidence when determining whether it is more-likely-than-
not
that deferred tax assets will be recovered. In accounting for the Delphax acquisition on
November 24, 2015,
the Company established a full valuation allowance against Delphax
’s net deferred tax assets of approximately
$11,661,000.
The corresponding valuation allowance at
June 30, 2016
was approximately
$12,772,000.
The cumulative losses incurred by Delphax in recent years was the primary basis for the Company’s determination that a full valuation allowance should be established.
 
The Company has
not
recognized any deferred income tax assets or liabilities associated with differences between the financial reporting and tax reporting bases of investments in foreign subsidiaries or for outside basis differences associated with the Company
’s investments in Delphax. The Company concluded that the conditions for such recognition were
not
met as of
June 30, 2016.
The differences in question would lead to taxable or deductible amounts upon certain events, including a repatriation of foreign assets or a sale or liquidation of the respective entity. Determination of the amount of any unrecognized deferred income tax assets or liabilities on these differences is
not
practicable at this time due to the complexities of the hypothetical calculation.
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Note 4 - Net Earnings (Loss) Per Share (As Restated)
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
4.
Net Earnings (Loss) Per Share
(As Restated)
 
Basic earnings
 (loss) per share was calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings per share, shares issuable under employee and director stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.
 
The computation of basic and diluted earnings (loss) per common share is as follows:
 
   
Three Months Ended June 30,
  
   
2016
    
2015
  
   
(As Restated)*
          
Net loss attributable to Air T, Inc. Stockholders as
previously stated
   $
(3,676,302
 )   $
(736,040
 )
Net loss attributable to Air T, Inc. Stockholders as restated
   $
(5,751,471
 )   $
(736,040
 )
Loss Per Share:
                
Basic, as previously stated
   $
(1.55
 )   $
(0.31
 )
Basic, as restated
   $
(2.42
 )   $
(0.31
 )
Diluted, as previously stated
   $
(1.55
 )   $
(0.31
 )
Diluted, as restated
   $
(2.42
 )   $
(0.31
 )
Weighted Average Shares Outstanding:
                
Basic
    
2,372,527
      
2,372,527
  
Diluted
    
2,372,527
      
2,372,527
  
 
 
* Earnings per common share have been restated for the
three
-month period ended
June 30, 2016.
See Note
1A.
 
The Company reported a net loss for the
three
-month periods ended
June 30, 2016
and
2015.
As a result of the net loss, there is
no
potential dilutive effect of outstanding stock options.
  See Note
14
for a description of a transaction subsequent to
June 30, 2016
that caused a reduction in the Company’s outstanding shares. Had this transaction occurred during the quarter ended
June 30, 2016, 
basic and diluted net loss per share would have been higher than as presented above.
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Note 5 - Investment Securities Available for Sale
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
5.
Investment Securities Available For Sale
 
Investments in available-for-sale marketable securities at
June 30, 2016
consisted of investments in publicly traded companies and had a fair market value of
$8,384,000,
an aggregate cost basis of
$9,643,000,
gross unrealized gains aggregating
$413,000
and gross unrealized losses aggregating
$1,673,000.
Marketable securities at
March 31, 2016
consisted of investments with a fair value of
$9,656,000,
an aggregate cost basis of
$9,791,000,
gross unrealized gains aggregating
$422,000
and gross unrealized losses aggregating
$557,000.
Securities that had been in a continuous loss position for less than
12
months as of
June 30, 2016
had an aggregate fair market value and unrealized loss of
$1,182,000
and
$170,000,
respectively. The corresponding amounts at
March 31, 2016
were
$5,903,000
and
$163,000.
Securities that had been in a continuous loss position for more than
12
months as of
June 30, 2016
had an aggregate fair market value and unrealized loss of
$3,604,000
and
$1,502,000,
respectively. The corresponding amounts at
March 31, 2016
were
$4,711,000
and
$395,000.
 
The Company realized gains of
$144,000
and
$0,
respectively, from the sale of securities during the
three
-month periods ended
June 30, 2016
and
June 30, 2015.
The marketable securities held by the Company as of
June 30, 2016
and
March 31, 2016
are classified as available-for-sale securities. The Company does
not
intend to liquidate marketable security holdings in Insignia Systems, Inc. (“Insignia”) within the next
twelve
months; as a result, the fair value of the Company
’s investment in Insignia is classified as non-current in the
June 30, 2016
condensed consolidated balance sheet.
 
The Company
’s investment in Insignia at
June 30, 2016
had an aggregate cost basis of
$5,106,000
and an unrealized loss of
$1,502,000.
Any investment with a fair value of less than its cost basis is assessed for possible “other-than-temporary” impairment regularly and at each reporting date. Other-than-temporary impairments of available-for-sale marketable equity securities are fully recognized in the consolidated statement of income (loss). On the basis of its
June 30, 2016
assessment, the Company concluded that it had suffered an other-than-temporary impairment in its Insignia investment. In reaching this conclusion, management gave significant weight to the fact that, as of
June 30, 2016,
the Company’s investment in Insignia had been in a continuous unrealized loss position for well over
one
year and the magnitude of the unrealized loss had increased sharply during the quarter ended
June 30, 2016.
While management believes it is reasonably possible that the unrealized loss will reverse prior to the Company’s divestment of the security, management concluded that the weight of the evidence warranted the other-than-temporary impairment as of
June 30, 2016.
As such, the Company’s condensed consolidated statement of income (loss) for the quarter ended
June 30, 2016
includes a non-operating charge related to the Insignia securities of
$1,502,000.
There was
no
other-than-temporary impairment charge in the comparative prior quarter.
 
All securities are priced using publicly quoted market prices and are considered Level
1
fair value measurements.
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Note 6 - Inventories
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Inventory Disclosure [Text Block]
6.
Inventories
 
Inventories consisted of the following:
 
   
June 30, 2016
    
March 31, 2016
  
Ground support service parts
   $
2,065,265
     $
1,566,694
  
Ground equipment manufacturing:
                
Raw materials
    
2,138,404
      
1,549,810
  
Work in process
    
1,497,213
      
408,213
  
Finished goods
    
6,885,948
      
4,328,812
  
Printing equipment and maintenance:
                
Raw materials
    
3,561,714
      
3,319,939
  
Work in process
    
792,212
      
759,446
  
Finished goods
    
915,520
      
562,912
  
Total inventories
    
17,856,276
      
12,495,826
  
Reserves
    
(2,656,560
)
    
(221,722
)
                 
Total, net of reserves
   $
15,199,716
     $
12,274,104
  
 
During the quarter ended
June 30, 2016,
the Company recorded certain inventory reserves associated with Delphax. See additional information in Note
9.
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Note 7 - Stock Based Compensation
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
7.
Stock Based Compensation
 
Air T, Inc. maintains a stock option plan for the benefit of certain eligible employees and directors, though
no
awards
may
be granted under the plan after
July 29, 2015.
In addition, Delphax maintains a number of stock option plans. Compensation expense, based on grant date fair value,
 is recognized over the requisite service period for stock options which are expected to vest. 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
options were granted or exercised under Air T, Inc.
’s stock option plan during the
three
-month periods ended
June 30, 2016
and
2015.
Stock-based compensation expense with respect to this plan in the amount of
$0
was recognized for the
three
-month periods ended
June 30, 2016
and
2015,
respectively. At
June 30, 2016,
there was
no
unrecognized compensation expense related to the Air T, Inc. stock options.
 
No
options were granted or exercised during the
June 2016
quarter under any of Delphax
’s stock option plans. Delphax did
not
recognize any stock-based compensation expense during the
June 2016
quarter.
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Note 8 - Financing Arrangements
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Debt Disclosure [Text Block]
8.
Financing Arrangements
 
On
April 1, 2015,
the Company replaced its existing
$7.0
million credit line with a senior secured revolving credit facility of
$20.0
million (the “Revolving Credit Facility”). The Revolving Credit Facility includes a
$500,000
sublimit for issuances of letters of credit. Under the Revolving Credit Facility, each of the Company and its wholly-owned operating subsidiaries
may
make borrowings. Initially, borrowings under the Revolving Credit Facility bear interest (payable monthly) at an annual rate of
one
-month LIBOR plus
1.50%,
although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of
0.15%.
Amounts applied to repay borrowings under the Revolving Credit Facility
may
be reborrowed, subject to the terms of the facility.
 
On
July 15, 2016,
the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of
July 15, 2016 (
the “First Amendment”) with Branch Banking and Trust Company (“BB&T”) to amend the Credit Agreement (as amended, the “Credit Agreement”) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to
not
require that Contrail Aviation Support, LLC and Delphax be joined as borrowers under the Credit Agreement, to permit the limited guaranty of certain indebtedness of Contrail Aviation Support, LLC, to revise certain covenants to address the treatment of Contrail Aviation Support, LLC and Delphax, and to effect conforming and other changes to defined terms. On
August 9, 2016,
the Company and such subsidiaries entered into a Second Amendment dated as of
August 9, 2016 (
the “Second Amendment”) with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to increase the maximum amount available for borrowing under the Revolving Credit Facility from
$20.0
million to
$25.0
million, to extend the maturity of the Revolving Credit Facility from
April 1, 2017
to
April 1, 2018
and to adjust certain financial covenants. For additional discussion of the First Amendment and the Second Amendment, see Note
14
.
 
Borrowings under the Revolving Credit Facility, together with hedging obligations, if any, owing to the lender under the Revolving Credit Facility or any affiliate of such lender, are secured by a
first
-priority security interest in substantially all assets of the Company and the other borrowers (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, and proceeds of the foregoing), but excluding interests in real property. As discussed in Note
9,
assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax
’s creditors do
not
have recourse to the assets of Air T, Inc. or its subsidiaries.
 
The Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of the Company and the other borrowers 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 their business, enter into certain operating leases, and make certain capital expenditures. The Credit Agreement also contains financial covenants, including a minimum consolidated tangible net worth of
$18.0
million plus, on a cumulative basis and commencing with the fiscal year ending
March 31, 2017,
50%
of consolidated net income for the fiscal year then ending, a minimum consolidated fixed charge coverage ratio of
1.35
to
1.0,
a maximum consolidated leverage ratio of
3.5
to
1.0,
a minimum consolidated asset coverage ratio of
1.25
to
1.0
for the quarter ended
June 30, 2016
and the quarter ending
September 30, 2016,
1.50
to
1.0
for the quarters ending
December 31, 2016
and
March 31, 2017,
and
1.75
to
1.0
thereafter, and a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to
no
more than
$5,000,000
at any time. The agreement governing the Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, certain changes of control of the Company, termination of, or modification to materially reduce the scope of the services required to be provided under, certain agreements with FedEx Corporation, and the occurrence of a material adverse effect upon the Company and the other borrowers as a whole.
 
As of
June 30, 2016,
the Company had outstanding borrowings under the Revolving Credit Facility of approximately
$3.3
million. This balance is classified within long-term liabilities on the accompanying
June 30, 2016
condensed consolidated balance sheet.
No
borrowings under the Revolving Credit Facility were outstanding at
March 31, 2016.
 
As of
June 30, 2016,
Delphax, through its Canadian subsidiary, maintained a debt facility pursuant to the Senior Credit Agreement consisting of a
$7.0
million revolving senior secured credit facility, subject to a borrowing base of North American accounts receivable and inventory. Because the Senior Credit Agreement prohibits the payment of cash dividends, the facility is
not
a source of liquidity to Air T, Inc. or any of its subsidiaries. Neither Air T, Inc.
 nor any of its subsidiaries is a guarantor of Delphax’s obligations under the Senior Credit Agreement. The facility is secured by substantially all of Delphax’s North American assets, expires in
November 2018,
and is subject to certain financial covenants. The facility provides for interest based upon the prime rate plus a margin (
4.25%
as of
June 30, 2016).
 
As of
June 30, 2016,
Delphax had aggregate borrowings of approximately
$2.1
million (approximately
$1.8
million at
March 31, 2016)
outstanding under the Senior Credit Agreement. As was the case at
March 31, 2016,
Delphax has advised that at
June 30, 2016
it was
not
in compliance with financial covenants under the Senior Credit Agreement. Due to Delphax
’s noncompliance with financial covenants, the lender has the contractual right to cease permitting borrowings under the Senior Credit Agreement and to declare all amounts outstanding due and payable immediately. As of the date of this report the lender has neither made such declaration, nor waived its right to do so and Delphax has continued to make borrowings under the Senior Credit Agreement. As of the date of this report, Delphax has
not
regained compliance with these financial covenants.
 
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.
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Note 9 - Variable Interest Entities (As Restated)
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Variable Interest Entity Disclosure [Text Block]
9.
Variable Interest Entities
(As Restated)
 
A variable interest entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. Under ASC
810
-
Consolidation
, an entity that holds a variable interest in a VIE and meets certain requirements would be considered to be the primary beneficiary of the VIE and required to consolidate the VIE in its consolidated financial statements. In order to be considered the primary beneficiary of a VIE, an entity must hold a variable interest in the VIE and have both:
 
 
●
the power to direct the activities that most significantly impact the economic performance of the VIE; and
 
 
●
the right to receive benefits from, or the obligation to absorb losses of, the VIE that could be potentially significant to the VIE.
 
As described in Note
2,
the Company acquired Delphax Series B Preferred Stock, loaned funds to Delphax, and acquired the Warrant. In accordance with ASC
810,
the Company evaluated whether Delphax was a VIE as of
November 24, 2015.
Based principally on the fact that the Company granted Delphax subordinated financial support, the Company determined that Delphax was a VIE on that date. Therefore, it was necessary for the Company to assess whether it held any “variable interests”, as defined in ASC
810,
in Delphax. The Company concluded that its investments in Delphax
’s equity and debt, and its investment in the Warrant, each constituted a variable interest. Based on its determination that it held variable interests in a VIE, the Company was required to assess whether it was Delphax’s “primary beneficiary”, as defined in ASC
810.
 
After considering all relevant facts and circumstances, the Company concluded that it became the primary beneficiary of Delphax on
November 24, 2015.
While various factors informed the Company
’s determination, the Company assigned considerable weight to both
1
) the shortness of time until
June 1, 2016
when the Company would be entitled to elect
four
-sevenths of the members of the board of directors of Delphax and
2
) the anticipated financials significance of Delphax’s activities in the periods subsequent to
June 1, 2016.
Since the Company became Delphax’s primary beneficiary on
November 24, 2015,
the Company consolidated Delphax in its consolidated financial statements beginning on that date.
 
Refer to Note
2
for the provisional fair value of the assets and liabilities of Delphax on the acquisition date.
 
The following table sets forth the carrying values of Delphax
’s assets and liabilities as of
June 30, 2016
and
March 31, 2016:
 
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $
495,668
     $
249,528
  
Accounts receivable, net
    
1,460,541
      
1,433,494
  
Inventories
    
2,834,609
      
4,642,298
  
Other current assets
    
665,481
      
1,034,067
  
Total current assets
    
5,456,299
      
7,359,387
  
Property and equipment
    
66,605
      
625,684
  
Intangible assets
    
-
      
1,109,112
  
Goodwill
    
-
      
275,408
  
Other Assets
    
-
      
26,020
  
Total assets
   $
5,522,904
     $
9,395,611
  
                 
LIABILITIES
                
Current liabilities:
                
Accounts payable
   $
2,672,207
     $
1,684,802
  
Income tax payable
    
11,312
      
11,312
  
Accrued expenses
    
4,409,633
      
1,926,340
  
Short-term debt
    
2,177,827
      
1,859,300
  
Total current liabilities
    
9,270,979
      
5,481,754
  
Long-term debt
    
2,632,027
      
2,581,107
  
Other long-term liabilities
    
-
      
606,358
  
Total liabilities
   $
11,903,006
     $
8,669,219
  
                 
                 
Net Assets
   $
(6,380,102
)
   $
726,392
  
 
Long-term debt as reflected in the above table includes approximately
$132,000
and
$76,000
as of
June 30, 2016
and
March 31, 2016,
respectively, of accrued interest, due to the Company from Delphax Canada under the Senior Subordinated Note. This debt and accrued interest was eliminated for purposes of the Company
’s accompanying
June 30, 2016
and
March 31, 2016
consolidated balance sheets.
 
The assets of Delphax can only be used to satisfy the obligations of Delphax. Furthermore, Delphax
’s creditors do
not
have recourse to the assets of Air T, Inc. or its other subsidiaries.
 
Revenue and Expenses of Delphax
. Delphax’s revenues and expenses are included in the Company’s consolidated financial statements beginning
November 24, 2015.
Revenues and expenses prior to the date of initial consolidation are excluded. The following table sets forth the revenue and expenses of Delphax prior to intercompany eliminations that are included in the Company’s condensed consolidated statement of income (loss) for the
three
months ended
June 30, 2016.
 
   
For the Three
Months
Ended June 30,
2016
  
   
(Unaudited)
  
         
Operating Revenues
   $
3,210,088
  
         
Operating Expenses:
        
Cost of sales
    
6,601,734
  
General and administrative
    
1,352,152
  
Research and development
    
510,960
  
Depreciation, amortization and impairment
    
1,680,601
  
     
10,145,447
  
Operating Loss
    
(6,935,359
)
         
Non-operating Loss
    
(20,940
)
         
Loss Before Income Taxes
    
(6,956,299
)
         
Income Taxes
    
-
  
         
Net Loss
   $
(6,956,299
)
 
During the quarter ended
June 30, 2016,
Delphax was informed by its largest customer that the customer had decided to accelerate its plans for removing Delphax legacy printing systems from production and that Delphax should, as a consequence, expect the future volume of legacy product orders from the customer to decline markedly from prior forecasts. Furthermore, the future timeframe over which orders could be expected from this customer was being sharply curtailed. In addition to this specific customer communication, Delphax also experienced a broad-based decline in legacy product customer demand during the quarter. Sales of Delphax
’s new élan printer system also did
not
materialize to expectations in the quarter.
 
The above described adverse business developments drove significant negative operating results and led to severe liquidity constraints for Delphax. In addition to other measures intended to respond to developments, Delphax engaged an outside advisory firm to assist with operations, cost reductions and expense rationalization, and to provide an objective assessment and recommendations regarding Delphax
’s business outlook and alternative courses of action. During the quarter ended
June 30, 2016,
a number of Delphax employees were either severed or furloughed.
 
Based on consideration of all relevant information
available at the time of the Original Filing, including the assessment of the outside advisory firm and in light of its expected lack of profitability and current debt load, Delphax anticipates cooperating with senior and subordinated secured lenders to permit such lenders to initiate a formal receivership filing to commence an operating liquidation of Delphax Canada, Delphax’s primary, and sole manufacturing, subsidiary. Under the terms of the subordination agreement between the Company and the senior lender under the Senior Credit Agreement, until all indebtedness under the Senior Credit Agreement has been paid in full, the Company is restricted from initiating such a process. Such a process, if in fact commenced, would likely commence during the
third
or
fourth
quarter of calendar
2016
and play out over a period of approximately
90
days, though such periods could be materially longer under certain circumstances.  
 
The adverse business developments during the quarter ended
June 30, 2016
and the significantly deteriorated outlook for future orders of legacy and élan product caused the Company to reevaluate the recoverability of Delphax
’s assets, both tangible and intangible. Based on this reevaluation, which involved material estimation and subjectivity (including with respect to the recovery on assets in an operating liquidation), the Company concluded that a significant increase to inventory reserves was necessary. In addition, the Company concluded that Delphax related intangible assets, both amortizable assets and goodwill, should be fully impaired. This impairment totaled approximately
$1,385,000
during the quarter ended
June 30, 2016.
The Company also recorded a partial impairment of Delphax related long-lived tangible assets, totaling approximately
$249,000
during the quarter ended
June 30, 2016.
These impairment losses are reflected on the condensed consolidated statement of loss within the “depreciation, amortization and impairment” line item. Furthermore, there was an assessment regarding whether, at
June 30, 2016,
future severance actions under existing Delphax employee benefit plans were both probable and estimable. This assessment led to the Company establishing an estimated accrual for future severance actions. The effects of these various adjustments discussed above, which aggregated to approximately
$5,610,000,
are reflected in the operating results of Delphax for the quarter ended
June 30, 2016.
 
Due to the significant judgment involved in estimating the fair value of amortizable/depreciable assets and goodwill, the Company considers these to be Level
3
fair value measurements.
 
The following presents information on Delphax
’s intangible assets and goodwill at
June 30, 2016
and
March 31, 2016:
 
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
Tradenames
   $
120,000
     $
120,000
  
Patents
    
1,090,000
      
1,090,000
  
Goodwill
    
375,000
      
375,000
  
     
1,585,000
      
1,585,000
  
Less accumulated amortization and impairment
    
(1,585,000
)
    
(200,480
)
Intangible assets and goodwill, net
   $
-
     $
1,384,520
  
 
The Company provisionally recorded goodwill of approximately
$375,000
in connection with its investment in Delphax (Note
2
). The Company estimated a subsequent impairment of this goodwill during the fiscal year ended
March 31, 2016
of
$100,000
and an additional impairment of
$275,000
during the quarter ended
June 30, 2016.
 
We 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. As disclosed in Note
2,
the Warrant provides that in the event that dividends are paid on the common stock of Delphax, the holder of the Warrant is entitled to participate in such dividends on a ratable basis as if the Warrant had been fully exercised and the shares of Series B Preferred Stock acquired upon such exercise had been converted into shares of Delphax common stock. This provision would have entitled Air T, Inc. to approximately
67%
of any Delphax dividends paid, with the remaining
33%
paid to the non-controlling interests. We concluded that this was a substantive distribution right which should be considered in the attribution of Delphax net income or loss to non-controlling interests.
We furthermore concluded that our investment in the debt of Delphax should be considered in attribution. Specifically, Delphax
’s net losses are attributed
first
to our Series B Preferred Stock and Warrant investments and to the non-controlling interest (
67%
/33%
) until such amounts are reduced to zero. Additional losses are then fully attributed to our debt investments until they too are reduced to zero. This sequencing reflects the relative priority of debt to equity. Any further losses are then attributed to Air T and the non-controlling interests based on the initial
67%
/
33%
share. Delphax net income is attributed using a backwards-tracing approach with respect to previous losses.  The effect of interest expense arising under the Senior Subordinated Note and of other intercompany transactions are reflected in the attribution of Delphax net income or
 losses to non-controlling interests because Delphax is a VIE.
 
As a result of the application of the above-described attribution methodology, for the
three
months ended
June 30, 2016,
the attribution of Delphax losses to non-controlling interests was
32%.
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Note 10 - Geographical Information
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Geographical Reporting Disclosure [Text Block]
10.
Geographical I
nformation
 
Total property and equipment, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of
June 30, 2016
and
March 31, 2016:
 
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
United States, the Company
’s country of domicile
   $
4,518,267
     $
4,240,050
  
Foreign
    
295,038
      
337,724
  
Total property and equipment, net
   $
4,813,305
     $
4,577,774
  
 
Total revenue, in and outside the United States is summarized in the following table for the quarters ended
June 30, 2016
and
June 30, 2015:
 
   
June 30, 2016
    
June 30, 2015
  
   
(Unaudited)
    
(Unaudited)
  
United States, the Company
’s country of domicile
   $
28,231,252
     $
20,297,312
  
Foreign
    
2,262,001
      
2,061,208
  
Total revenue
   $
30,493,253
     $
22,358,520
  
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Note 11 - Segment Information
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
11.
Segment Information
 
At
June 30, 2016,
the Company had
five
business segments. The overnight air cargo segment, comprised of the Company
’s Mountain Air Cargo, Inc. (“MAC”) and CSA Air, Inc. (“CSA”) subsidiaries, operates in the air express delivery services industry. The ground equipment sales segment, comprised of the Company’s Global Ground Support, LLC (“GGS”) subsidiary, manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the U.S. military and industrial customers. The ground support services segment, comprised of the Company’s Global Aviation Services, LLC (“GAS”) subsidiary, provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment is comprised of Delphax and its subsidiaries, which was consolidated for financial accounting purposes beginning
November 24, 2015.
Delphax designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The equipment is sold through Delphax and its subsidiaries located in Canada, the United Kingdom and France. A significant portion of Delphax’s net sales is related to service and support provided after the sale. Delphax has a significant presence in the check production marketplace in North America, Europe, Latin America, Asia and the Middle East. See Note
9
for a discussion of recent market and business developments impacting Delphax. The Company’s leasing segment, comprised of the Company’s Air T Global Leasing, LLC subsidiary (“ATGL”), provides funding for equipment leasing transactions, which includes transactions for the leasing of equipment manufactured by GGS and Delphax and transactions initiated by
third
parties unrelated to equipment manufactured by the Company or any of its subsidiaries. ATGL commenced operations during the quarter ended
December 31, 2015.
 
Each business segment has separate management teams and infrastructures that offer different products and services.
 The Company evaluates the performance of its business segments based on operating income. In
March 2014,
the Company formed Space Age Insurance Company (“SAIC”), a captive insurance company licensed in Utah, and initially capitalized with
$250,000.
SAIC insures risks of the Company and its subsidiaries that were
not
previously insured by the Company’s insurance programs and underwrites
third
-party risk through certain reinsurance arrangements. Beginning with the
fourth
quarter of fiscal year
2016,
premiums paid to SAIC by the Company are allocated among the operating segments based on segment revenue and certain identified corporate expenses was allocated to the segments based on the relative benefit of those expenses to each segment. Amounts previously presented for the
June
quarter of
2015
have been reclassified to conform to the current period allocation of these expenses.
 
Segment data is summarized as follows:
 
   
Three Months Ended June 30,
  
   
2016
    
2015
  
Operating Revenues:
                
Overnight Air Cargo
   $
16,637,165
     $
12,889,190
  
Ground Equipment Sales:
                
Domestic
    
5,386,069
      
1,978,029
  
International
    
1,284,619
      
2,061,208
  
Total Ground Equipment Sales
    
6,670,688
      
4,039,237
  
Ground Support Services
    
6,800,042
      
5,430,093
  
Printing Equipment and Maintenance
                
Domestic
    
2,232,706
      
-
  
International
    
977,382
      
-
  
Total Printing Equipment and Maintenance
    
3,210,088
      
-
  
Leasing
    
241,770
      
-
  
Corporate
    
281,926
      
265,209
  
Intercompany
    
(3,348,426
)
    
(265,209
)
Total
   $
30,493,253
     $
22,358,520
  
                 
Operating Income (Loss):
                
Overnight Air Cargo
   $
979,177
     $
(94,443
)
Ground Equipment Sales
    
342,320
      
(519,171
)
Ground Support Services
    
(110,052
)
    
(335,456
)
Printing Equipment and Maintenance
    
(6,935,359
)
    
-
  
Leasing
    
107,258
      
-
  
Corporate
    
(931,837
)
    
(100,029
)
Intercompany
    
(524,989
)
    
-
  
Total
   $
(7,073,482
)
   $
(1,049,099
)
                 
Capital Expenditures:
                
Overnight Air Cargo
   $
-
     $
24,325
  
Ground Equipment Sales
    
19,596
      
125,770
  
Ground Support Services
    
101,411
      
69,401
  
Printing Equipment and Maintenance
    
9,927
      
-
  
Corporate
    
388,635
      
-
  
Leasing
    
3,066,500
      
-
  
Intercompany
    
(3,066,500
)
    
-
  
Total
   $
519,569
     $
219,496
  
                 
Depreciation and Amortization:
                
Overnight Air Cargo
   $
29,209
     $
34,472
  
Ground Equipment Sales
    
47,594
      
95,440
  
Ground Support Services
    
83,436
      
41,232
  
Printing Equipment and Maintenance
    
296,081
      
-
  
Leasing
    
132,369
      
-
  
Corporate
    
30,743
      
7,473
  
Intercompany
    
(14,351
)
    
-
  
Total
   $
605,081
     $
178,617
  
 
 
The elimination of intercompany revenues is related to the sale during the
three
months ended
June 30, 2016
of
ten
commercial deicing units by GGS to ATGL and
two
élan printers by Delphax to ATGL and premiums paid to SAIC, and the elimination of intercompany operating income for such period reflects the margins on the sales of those assets, elimination of excess depreciation and amortization related to the margin on those assets, and the premiums paid to SAIC. The assets are held for lease by ATGL.
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Note 12 - Commitments and Contingencies
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
12.
Commitments and Contingencies
 
The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would
not
have a material adverse effect on the Company's results of operations or financial position.
 
In
June 2016,
the Company acquired land and entered into an agreement to construct a new corporate headquarters facility in Denver, North Carolina for an aggregate amount of approximately
$1.9
million, with construction anticipated to be completed in fiscal year
2018.
This facility will replace the Company
’s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately
$178,000.
There are currently
no
other commitments for significant capital expenditures.
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Note 13 - Related Party Matters
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
13.
Related Party Matters
 
Since
1979
the Company has leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately
68
acres with
one
3,000
-foot paved runway, approximately
20,000
square feet of hangar space and approximately
12,300
square feet of office space. The operations of Air T, MAC and ATGL are headquartered at this facility. The lease for this facility provides for monthly rent of
$14,862
and expires on
January 31, 2018,
though the lease
may
be renewed by us for
three
additional
two
-year option periods through
January 31, 2024.
The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance.
 
Since
April 1, 2015,
the Company
’s leasing subsidiary has acquired interests in
two
equipment leases originated by Vantage Financial, LLC (“Vantage”) for aggregate payments to Vantage of approximately
$401,250.
The interests in the acquired leases entitle the Company’s leasing subsidiary to receive lease payments from the
third
parties leasing the equipment for a specified period. Pursuant to the agreements between the Company’s leasing subsidiary and Vantage, Vantage’s fees for servicing the equipment leases for the leasing subsidiary (approximately
$1,000
) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company’s leasing subsidiary to Vantage to acquire these lease assets represent approximately
1%
of Vantage’s outstanding lease assets at
June 30, 2016
and the servicing income represents less than
1%
of Vantage’s annual revenues.
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Note 14 - Subsequent Events
 3 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Subsequent Events [Text Block]
14.
Subsequent Events
 
Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial statements are issued for potential recognition or disclosure of such events in its consolidated financial statements.
 
Repurchase of Common Stock
 
On
July 1, 2016,
the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Sardar Biglari, Biglari Capital Corp. and The Lion Fund II, L.P. (collectively, the “Biglari Group”), pursuant to which the Company purchased
329,738
shares of common stock, par value
$0.25
(the “Common Stock”), of the Company for
$24.01
per share (the “Per Share Purchase Price”), resulting in an aggregate purchase price of
$7,917,000.
The Per Share Purchase Price is equal, and was determined by reference, to the volume-weighted average price of the Common Stock for the
thirty
(
30
) trading days preceding the date of the Securities Purchase Agreement.
 
Pursuant to the terms of the Securities Purchase Agreement, for a period of
four
years following the date of the Securities Purchase Agreement, each member of the Biglari Group agreed to customary standstill restrictions (including customary provisions regarding matters submitted to shareholders and other governance matters), and the parties to the Securities Purchase Agreement agreed to abide by customary non-disparagement provisions in connection with the parties
’ relationship with the Company.
 
Under the terms of the Securities Purchase Agreement, each party to the Securities Purchase Agreement has released each other party to the Securities Purchase Agreement from all claims that the releasing party has, had or
may
have against the released party that relate to the investment by The Lion Fund II, L.P. in the Company. The Lion Fund II, L.P. also withdrew its request received by the Company on
June 8, 2016
to inspect certain of the Company
’s records.
 
 
Acquisition of Assets of Contrail Aviation Support
 
On
July 18, 2016,
pursuant to an Asset Purchase Agreement (the “Asset Purchase Agreement”) between Contrail Aviation Support, LLC (“Contrail Aviation”), a North Carolina limited liability company and a subsidiary of the Company, and Contrail Aviation Support, Inc. ( the “Seller”) and Joseph Kuhn, the sole shareholder of the Seller, Contrail Aviation completed the purchase of all of the assets owned, used or usable by the Seller, other than cash, equity in the Seller
’s IC-DISC subsidiary and certain other specified excluded assets. Prior to the asset sale, the Seller, based in Verona, Wisconsin, engaged in the business of acquiring surplus commercial jet engines or components and supplying surplus and aftermarket commercial jet engine components. In connection with the acquisition, Contrail Aviation offered employment to all of the Seller’s employees and Mr. Kuhn was appointed Chief Executive Officer of Contrail Aviation. Following the acquisition, Contrail Aviation comprises an additional business segment—the aircraft engine aftermarket and surplus parts segment—of the Company’s operations.
 
The consideration paid by Contrail Aviation for the acquired assets was (i)
$4,937,500
in cash, which amount is subject to adjustment based on the Seller
’s Net Working Capital (as defined in the Asset Purchase Agreement) as of date of closing of the acquisition and of which
$300,000
is held in an escrow account to fund indemnification payments to Contrail Aviation under the Asset Purchase Agreement and (ii) equity membership units in Contrail Aviation representing
21%
of the total equity membership units in Contrail Aviation. In addition, pursuant to the Asset Purchase Agreement, Contrail Aviation has agreed to pay as additional deferred consideration up to a maximum of
$1,500,000
per year and
$3,000,000
in the aggregate (collectively, the “Earnout Payments” and each, an “Earnout Payment”), calculated as follows:
 
(i) if Contrail Aviation generates EBITDA (as defined in the Asset Purchase Agreement) in any Earnout Period (as defined below) less than
$1,500,000,
no
Earnout Payment will be payable with respect to such Earnout Period;
 
(ii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of
$1,500,000,
but less than
$2,000,000,
the Earnout Payment for each such Earnout Period will be an amount equal to the product of (
x
) the EBITDA generated with respect to such Earnout Period minus
$1,500,000,
and (y)
two
(
2
);
 
(iii) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of
$2,000,000,
but less than
$4,000,000,
the Earnout Payment for each such Earnout Period will be equal to
$1,000,000;
 
(iv) if Contrail Aviation generates EBITDA in any Earnout Period equal to or in excess of
$4,000,000,
the Earnout Payment for each such Earnout Period will be equal to
$1,500,000;
and
 
(v) if, following the
fifth
Earnout Period, Contrail Aviation has generated EBITDA equal to or in excess of
$15,000,000
in the aggregate during all Earnout Periods, but the Seller has received or is owed less than
$3,000,000
in aggregate Earnout Payments pursuant to clauses (i) through (iv), above, Contrail Aviation will make an additional Earnout Payment to the Seller in an amount equal to the difference between
$3,000,000
and the aggregate Earnout Payments already received or payable pursuant to clauses (i) through (iv), above.
 
As used in the Asset Purchase Agreement, “Earnout Period” means each of the
first
five twelve
-full-calendar-month periods following the closing of the acquisition.
 
Upon the consummation of the asset sale and in connection with the transfer of equity membership units of Contrail Aviation to the Seller, on
July 18, 2016
the Company, Contrail Aviation and the Seller entered into an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options permitting, at any time after the
fifth
anniversary of the asset sale closing date, Contrail Aviation at its election to purchase from the Seller, and permitting the Seller at its election to require Contrail Aviation to purchase from the Seller, all of the Seller
’s equity membership interests Contrail Aviation at price to be agreed upon, or failing such an agreement to be determined pursuant to
third
-party appraisals in a process specified in the Operating Agreement.
 
The Company will account for the above described transaction as a business combination beginning with its
second
fiscal
2017
quarter.
 
Contrail Aviation Credit Agreement
 
In connection with and upon consummation of the asset acquisition by Contrail Aviation, on
July 18, 2016,
it entered into a Credit Agreement (the “Contrail Credit Agreement”) with BMO Harris Bank N.A. The Contrail Credit Agreement provides for revolving credit borrowings by Contrail Aviation in an amount up to the lesser of
$12,000,000
and a borrowing base. The borrowing base is computed monthly and is equal to the sum of
75%
of the value of eligible inventory (up to a maximum of
$9,000,000
) and
80%
of outstanding eligible accounts receivable. Borrowings under the Contrail Credit Agreement bear interest at a rate equal to
one
-month LIBOR plus
2.80%,
and mature in
January 2018.
 
The obligations of Contrail Aviation under the Contrail Credit Agreement are required to be guaranteed by each of its subsidiaries (if any), and are (and the guaranty obligations of any such subsidiary guarantors are required to be) secured by a
first
-priority security interest in substantially all of the assets of Contrail Aviation and any such subsidiary guarantors, as applicable (including, without limitation, accounts receivable, equipment, inventory and other goods, intellectual property, contract rights and other general intangibles, cash, deposit accounts, equity interests in subsidiaries and joint ventures, investment property, documents and instruments, real property, and proceeds of the foregoing). The obligations of Contrail Aviation under the Contrail Credit Agreement are also guaranteed by the Company, with such guaranty limited in amount to a maximum of
$1,600,000,
plus interest on such amount at the rate of interest in effect under the Contrail Credit Agreement, plus costs of collection (the “BMO Limited Guaranty”).
 
The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict 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 Contrail Credit Agreement also contains financial covenants applicable to Contrail Aviation and its subsidiaries, including a minimum debt service coverage ratio of
1.75
to
1.0,
a maximum ratio of total liabilities to tangible net worth of
2.5
to
1.0,
and a
$10,000
limitation on annual operating lease payments.
 
The Contrail Credit Agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, the failure of Mr. Kuhn to continue to serve as chief executive officer of Contrail Aviation, and the Company
’s failure to own, legally and beneficially, at least
51%
of the voting equity in Contrail Aviation.
 
Amendments to Revolving Credit Facility
 
On
July 15, 2016,
the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a First Amendment dated as of
July 15, 2016 (
the “First Amendment”) with Branch Banking and Trust Company (“BB&T”) to amend the Credit Agreement (as amended, the “Credit Agreement”) governing the Revolving Credit Facility. The First Amendment modified the Credit Agreement to:
 
 
●
not
require that Contrail Aviation be joined as a borrower under the Credit Agreement;
 
●
not
require that Delphax be joined as a borrower under the Credit Agreement;
 
●
permit the BMO Limited Guaranty;
 
●
revise certain covenants to address the treatment of Contrail Aviation and Delphax; and
 
●
effect conforming and other changes to defined terms.
 
On
August 9, 2016,
the Company and its subsidiaries, Mountain Air Cargo, Inc., Global Ground Support, LLC, CSA Air, Inc., Global Aviation Services, LLC and Air T Global Leasing, LLC entered into a Second Amendment dated as of
August 9, 2016 (
the “Second Amendment”) with BB&T to further amend the Credit Agreement. The Second Amendment modified the Credit Agreement to:
 
 
●
increase the maximum amount available for borrowing under the Revolving Credit Facility from
$20.0
million to
$25.0
million;
     
 
●
extend the maturity of the Revolving Credit Facility from
April 1, 2017
to
April 1, 2018;
     
 
●
reduce the required consolidated tangible net worth from
$22.0
million to the sum of
$18.0
million plus, on a cumulative annual basis commencing with the fiscal year ending
March 31, 2017,
50%
of consolidated net income for the year then ended;
     
 
●
adjust the minimum consolidated asset coverage ratio for the quarter ended
June 30, 2016
and the quarter ending
September 30, 2016
to
1.25
and for the quarters ending
December 31, 2016
and
March 31, 2017
to
1.50
;
     
 
●
add a covenant limiting the aggregate amount of assets the Company and its subsidiaries lease, or hold for leasing, to others to
no
more than
$5,000,000
at any time; and
     
 
●
adjust the definitions of terms used in the financial covenants to address the impact of non-wholly owned subsidiaries and the BMO Limited Guaranty.
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies (Policies)
 3 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Pronouncements
 
In
May 2014,
a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a
five
-step model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires disclosures sufficient to enable users to understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after
December 15, 2017,
including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.
 
In
February 2015,
a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had
no
impact on the Company
’s condensed consolidated financial statements.
 
In
April 2015,
a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after
December 15, 2015,
and for interim periods within those annual periods. Adoption of this standard did
not
have a material impact the Company
’s condensed consolidated financial statements.
 
 
In
July 2015,
a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after
December 15, 2016
and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.
 
In
September 2015,
a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after
December 15, 2015.
The Company adopted this new standard beginning with the fiscal quarter ended
June 30, 2016.
Adoption of this new standard had
no
material
 impact on the Company’s condensed consolidated financial statements for the quarter. 
 
In
January 2016,
the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU)
2016
-
01
Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities
that amends the guidance on the classification and measurement of financial instruments. ASU
2016
-
01
becomes effective for public business entities in fiscal years beginning after
December 15, 2017,
including interim periods therein. ASU
2016
-
01
removes equity securities from the scope of Accounting Standards Codification (ASC) Topic
320
and creates ASC Topic
321,
Investments – Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
No.
2016
-
02,
Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than
12
months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
March 2016,
the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its
2018
fiscal year. The Company is currently evaluating the impact of this new guidance.
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
   
As Previously Reported
    
As Restated
  
                 
Consolidated Balance Sheet Information (at June 30, 2016):
  
 
 
 
  
 
 
 
Additional paid-in capital
   $
4,947,665
     $
4,956,171
  
Retained earnings
    
25,674,678
      
23,070,354
  
Accumulated other comprehensive income (loss), net
    
66,309
      
(1,760
 )
Total Air T, Inc. stockholders' equity
    
31,281,783
      
28,617,896
  
Non-controlling interests
    
(3,908,664
 )    
(1,244,777
 )
Total equity
    
27,373,119
      
27,373,119
  
Total liabilities and equity
    
50,373,955
      
50,373,955
  
Consolidated Balance Sheet Information (at March 31, 2016):
  
 
 
 
  
 
 
 
Additional paid-in capital
   $
4,947,665
     $
4,956,171
  
Retained earnings
    
29,350,980
      
28,821,825
  
Accumulated other comprehensive income (loss), net
    
(117,898
 )    
(140,519
 )
Total Air T, Inc. stockholders' equity
    
34,773,878
      
34,230,608
  
Non-controlling interests
    
497,652
      
1,040,922
  
Total equity
    
35,271,530
      
35,271,530
  
Total liabilities and equity
    
52,154,752
      
52,154,752
  
Consolidated Statement of Income (Loss):
  
 
 
 
  
 
 
 
Net loss attributable to non-controlling interests
   $
4,313,078
     $
2,237,909
  
Net loss attributable to Air T, Inc. stockholders
    
(3,676,302
 )    
(5,751,471
 )
Loss per share - basic
    
(1.55
 )    
(2.42
 )
Loss per share - diluted
    
(1.55
 )    
(2.42
 )
Consolidated Statement of Comprehensive Income:
  
 
 
 
  
 
 
 
Comprehensive loss attributable to non-controlling interests
   $
4,406,316
     $
2,285,699
  
Comprehensive loss attributable to Air T, Inc. stockholders
    
(3,492,095
 )    
(5,612,712
 )
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Acquisition of Interests in Delphax (As Amended) (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
   
November 24,
2015
  
         
ASSETS
        
Cash and cash equivalents
   $
586,061
  
Accounts receivable
    
1,740,210
  
Inventories
    
3,972,802
  
Other current assets
    
693,590
  
Property and equipment
    
722,714
  
Intangible assets - trade name
    
120,000
  
Intangible assets - patents
    
1,090,000
  
Goodwill
    
375,408
  
Total assets
   $
9,300,785
  
         
LIABILITIES
        
Accounts payable
   $
1,663,199
  
Accrued expenses
    
1,949,522
  
Income tax payable
    
11,312
  
Debt
    
3,313,317
  
Other long-term liabilities
    
650,500
  
Total liabilities
   $
7,587,850
  
         
         
Net Assets
   $
1,712,935
  
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Net Earnings (Loss) Per Share (As Restated) (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   
Three Months Ended June 30,
  
   
2016
    
2015
  
   
(As Restated)*
          
Net loss attributable to Air T, Inc. Stockholders as
previously stated
   $
(3,676,302
 )   $
(736,040
 )
Net loss attributable to Air T, Inc. Stockholders as restated
   $
(5,751,471
 )   $
(736,040
 )
Loss Per Share:
                
Basic, as previously stated
   $
(1.55
 )   $
(0.31
 )
Basic, as restated
   $
(2.42
 )   $
(0.31
 )
Diluted, as previously stated
   $
(1.55
 )   $
(0.31
 )
Diluted, as restated
   $
(2.42
 )   $
(0.31
 )
Weighted Average Shares Outstanding:
                
Basic
    
2,372,527
      
2,372,527
  
Diluted
    
2,372,527
      
2,372,527
  
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Inventories (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
   
June 30, 2016
    
March 31, 2016
  
Ground support service parts
   $
2,065,265
     $
1,566,694
  
Ground equipment manufacturing:
                
Raw materials
    
2,138,404
      
1,549,810
  
Work in process
    
1,497,213
      
408,213
  
Finished goods
    
6,885,948
      
4,328,812
  
Printing equipment and maintenance:
                
Raw materials
    
3,561,714
      
3,319,939
  
Work in process
    
792,212
      
759,446
  
Finished goods
    
915,520
      
562,912
  
Total inventories
    
17,856,276
      
12,495,826
  
Reserves
    
(2,656,560
)
    
(221,722
)
                 
Total, net of reserves
   $
15,199,716
     $
12,274,104
  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Variable Interest Entities (As Restated) (Tables) - Delphax [Member]
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Condensed Balance Sheet [Table Text Block]
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $
495,668
     $
249,528
  
Accounts receivable, net
    
1,460,541
      
1,433,494
  
Inventories
    
2,834,609
      
4,642,298
  
Other current assets
    
665,481
      
1,034,067
  
Total current assets
    
5,456,299
      
7,359,387
  
Property and equipment
    
66,605
      
625,684
  
Intangible assets
    
-
      
1,109,112
  
Goodwill
    
-
      
275,408
  
Other Assets
    
-
      
26,020
  
Total assets
   $
5,522,904
     $
9,395,611
  
                 
LIABILITIES
                
Current liabilities:
                
Accounts payable
   $
2,672,207
     $
1,684,802
  
Income tax payable
    
11,312
      
11,312
  
Accrued expenses
    
4,409,633
      
1,926,340
  
Short-term debt
    
2,177,827
      
1,859,300
  
Total current liabilities
    
9,270,979
      
5,481,754
  
Long-term debt
    
2,632,027
      
2,581,107
  
Other long-term liabilities
    
-
      
606,358
  
Total liabilities
   $
11,903,006
     $
8,669,219
  
                 
                 
Net Assets
   $
(6,380,102
)
   $
726,392
  
Condensed Income Statement [Table Text Block]
   
For the Three
Months
Ended June 30,
2016
  
   
(Unaudited)
  
         
Operating Revenues
   $
3,210,088
  
         
Operating Expenses:
        
Cost of sales
    
6,601,734
  
General and administrative
    
1,352,152
  
Research and development
    
510,960
  
Depreciation, amortization and impairment
    
1,680,601
  
     
10,145,447
  
Operating Loss
    
(6,935,359
)
         
Non-operating Loss
    
(20,940
)
         
Loss Before Income Taxes
    
(6,956,299
)
         
Income Taxes
    
-
  
         
Net Loss
   $
(6,956,299
)
Schedule of Intangible Assets and Goodwill [Table Text Block]
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
Tradenames
   $
120,000
     $
120,000
  
Patents
    
1,090,000
      
1,090,000
  
Goodwill
    
375,000
      
375,000
  
     
1,585,000
      
1,585,000
  
Less accumulated amortization and impairment
    
(1,585,000
)
    
(200,480
)
Intangible assets and goodwill, net
   $
-
     $
1,384,520
  
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Geographical Information (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Long-lived Assets by Geographic Areas [Table Text Block]
   
June 30, 2016
    
March 31, 2016
  
   
(Unaudited)
          
United States, the Company
’s country of domicile
   $
4,518,267
     $
4,240,050
  
Foreign
    
295,038
      
337,724
  
Total property and equipment, net
   $
4,813,305
     $
4,577,774
  
Revenue from External Customers by Geographic Areas [Table Text Block]
   
June 30, 2016
    
June 30, 2015
  
   
(Unaudited)
    
(Unaudited)
  
United States, the Company
’s country of domicile
   $
28,231,252
     $
20,297,312
  
Foreign
    
2,262,001
      
2,061,208
  
Total revenue
   $
30,493,253
     $
22,358,520
  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Segment Information (Tables)
 3 Months Ended
Jun. 30, 2016
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   
Three Months Ended June 30,
  
   
2016
    
2015
  
Operating Revenues:
                
Overnight Air Cargo
   $
16,637,165
     $
12,889,190
  
Ground Equipment Sales:
                
Domestic
    
5,386,069
      
1,978,029
  
International
    
1,284,619
      
2,061,208
  
Total Ground Equipment Sales
    
6,670,688
      
4,039,237
  
Ground Support Services
    
6,800,042
      
5,430,093
  
Printing Equipment and Maintenance
                
Domestic
    
2,232,706
      
-
  
International
    
977,382
      
-
  
Total Printing Equipment and Maintenance
    
3,210,088
      
-
  
Leasing
    
241,770
      
-
  
Corporate
    
281,926
      
265,209
  
Intercompany
    
(3,348,426
)
    
(265,209
)
Total
   $
30,493,253
     $
22,358,520
  
                 
Operating Income (Loss):
                
Overnight Air Cargo
   $
979,177
     $
(94,443
)
Ground Equipment Sales
    
342,320
      
(519,171
)
Ground Support Services
    
(110,052
)
    
(335,456
)
Printing Equipment and Maintenance
    
(6,935,359
)
    
-
  
Leasing
    
107,258
      
-
  
Corporate
    
(931,837
)
    
(100,029
)
Intercompany
    
(524,989
)
    
-
  
Total
   $
(7,073,482
)
   $
(1,049,099
)
                 
Capital Expenditures:
                
Overnight Air Cargo
   $
-
     $
24,325
  
Ground Equipment Sales
    
19,596
      
125,770
  
Ground Support Services
    
101,411
      
69,401
  
Printing Equipment and Maintenance
    
9,927
      
-
  
Corporate
    
388,635
      
-
  
Leasing
    
3,066,500
      
-
  
Intercompany
    
(3,066,500
)
    
-
  
Total
   $
519,569
     $
219,496
  
                 
Depreciation and Amortization:
                
Overnight Air Cargo
   $
29,209
     $
34,472
  
Ground Equipment Sales
    
47,594
      
95,440
  
Ground Support Services
    
83,436
      
41,232
  
Printing Equipment and Maintenance
    
296,081
      
-
  
Leasing
    
132,369
      
-
  
Corporate
    
30,743
      
7,473
  
Intercompany
    
(14,351
)
    
-
  
Total
   $
605,081
     $
178,617
  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Details Textual) - USD ($)
 3 Months Ended 7 Months Ended
Nov. 24, 2015
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Mar. 31, 2016
Net Income (Loss) Attributable to Noncontrolling Interest   $ (2,237,909)    
Stockholders' Equity Attributable to Noncontrolling Interest   $ (1,244,777)   $ (1,244,777) $ 1,040,922 [1]
Delphax [Member]          
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage   32.00%      
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   $ 0      
Stockholders' Equity Attributable to Noncontrolling Interest   0   0  
Scenario, Previously Reported [Member]          
Net Income (Loss) Attributable to Noncontrolling Interest   (4,313,078)      
Stockholders' Equity Attributable to Noncontrolling Interest   $ (3,908,664)   $ (3,908,664) $ 497,652
Scenario, Previously Reported [Member] | Delphax [Member]          
Net Income (Loss) Attributable to Noncontrolling Interest, Percentage       62.00%  
Delphax [Member]          
Payments to Acquire Businesses, Gross $ 1,050,000        
Delphax [Member] | Series B Preferred Stock of Delphax [Member]          
Business Combination, Shares Acquired 43,000        
Business Combination, Warrants Acquired, Number of Securities Called by Warrants 95,600        
Business Combination, Warrants Acquired, Exercise Price Per Share $ 33.4728        
Convertible Preferred Stock, Shares Issued upon Conversion 100        
Preferred Stock, Liquidation Preference Per Share $ 0        
Preferred Stock, Dividend Rate, Percentage 0.00%        
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion 38.00%        
Five Year Senior Subordinated Promissory Note [Member] | Delphax [Member]          
Debt Instrument, Face Amount $ 2,500,000        
Delphax 90-Day Senior Subordinated Note [Member] | Delphax [Member]          
Debt Instrument, Cancellation, Outstanding Principal Surrendered $ 500,000        
[1] Derived from audited financial statements
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 1A - Restatement of Previously Issued Consolidated Financial Statements - Effect of Correction of Error (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Mar. 31, 2016
Mar. 31, 2015
Additional paid-in capital $ 4,956,171   $ 4,956,171 [1]  
Retained earnings 23,070,354   28,821,825 [1]  
Accumulated other comprehensive income (loss), net (1,760)   (140,519) [1]  
Total Air T, Inc. stockholders' equity 28,617,896   34,230,608 [1]  
Non-controlling interests (1,244,777)   1,040,922 [1]  
Total equity 27,373,119 $ 28,778,033 35,271,530 [1] $ 29,795,223
Total liabilities and equity 50,373,955   52,154,752 [1]  
Net Loss Attributable to Non-controlling Interests 2,237,909    
Net loss attributable to Air T, Inc. stockholders $ (5,751,471) [2] $ (736,040)    
Basic (in dollars per share) $ (2.42) [2] $ (0.31)    
Diluted (in dollars per share) $ (2.42) [2] $ (0.31)    
Comprehensive Loss Attributable to Non-controlling Interests $ 2,285,699    
Comprehensive loss attributable to Air T, Inc. stockholders (5,612,712) (1,017,190)    
Scenario, Previously Reported [Member]        
Additional paid-in capital 4,947,665   4,947,665  
Retained earnings 25,674,678   29,350,980  
Accumulated other comprehensive income (loss), net 66,309   (117,898)  
Total Air T, Inc. stockholders' equity 31,281,783   34,773,878  
Non-controlling interests (3,908,664)   497,652  
Total equity 27,373,119   35,271,530  
Total liabilities and equity 50,373,955   $ 52,154,752  
Net Loss Attributable to Non-controlling Interests 4,313,078      
Net loss attributable to Air T, Inc. stockholders $ (3,676,302) [2] $ (736,040)    
Basic (in dollars per share) $ (1.55) [2] $ (0.31)    
Diluted (in dollars per share) $ (1.55) [2] $ (0.31)    
Comprehensive Loss Attributable to Non-controlling Interests $ 4,406,316      
Comprehensive loss attributable to Air T, Inc. stockholders $ (3,492,095)      
[1] Derived from audited financial statements
[2] Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Acquisition of Interests in Delphax (As Amended) (Details Textual) - Delphax [Member]
Nov. 24, 2015
USD ($)
$ / shares
shares
Payments to Acquire Businesses, Gross $ 1,050,000
Business Combination, Warrants Acquired, Condition Under Which Warrants May Be Exercised for Cash, Number of Times the Aggregate Exercise Price 0.95
Business Combination, Warrants Acquired, Exercise for Cash, Measurement Period 20 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt $ 3,313,317
Series B Preferred Stock of Delphax [Member]  
Business Combination, Shares Acquired | shares 43,000
Business Combination, Warrants Acquired, Number of Securities Called by Warrants | shares 95,600
Business Combination, Warrants Acquired, Exercise Price Per Share | $ / shares $ 33.4728
Convertible Preferred Stock, Shares Issued upon Conversion | shares 100
Business Combination,Shares Acquired, Percentage, of the Shares of Acquired Entity's Common Stock That Would Be Outstanding Assuming Conversion 38.00%
Business Combination, Shares Acquired, Percentage of the Shares of Acquired Entity's Common Stock that Would Be Outstanding Assuming Conversion and Issuance of All Shares Reserved for Issuance Under Employee Stock Option Plans 31.00%
Percentage of Preferred Stock Initially Purchasable under Warrant Permitted to Acquire 50.00%
Shares of Preferred Stock Acquired in Connection With the Exercise of the Warrant as a Percentage of the Number of Preferred Shares Initially Purchasable under the Warrant 50.00%
Five Year Senior Subordinated Promissory Note [Member]  
Debt Instrument, Face Amount $ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage 8.50%
Delphax 90-Day Senior Subordinated Note [Member]  
Debt Instrument, Cancellation, Outstanding Principal Surrendered $ 500,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt $ 508,000
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Acquisition of Interests in Delphax (As Amended) - Fair Values of Delphax Assets and Liabilities as of the Delphax Closing Date (Details) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
 [1]
Nov. 24, 2015
ASSETS      
Goodwill $ 275,408  
Delphax [Member]      
ASSETS      
Cash and cash equivalents     $ 586,061
Accounts receivable     1,740,210
Inventories     3,972,802
Other current assets     693,590
Property and equipment     722,714
Goodwill     375,408
Total assets     9,300,785
LIABILITIES      
Accounts payable     1,663,199
Accrued expenses     1,949,522
Income tax payable     11,312
Debt     3,313,317
Other long-term liabilities     650,500
Total liabilities     7,587,850
Net Assets     1,712,935
Delphax [Member] | Trade Names [Member]      
ASSETS      
Intangible assets     120,000
Delphax [Member] | Patents [Member]      
ASSETS      
Intangible assets     $ 1,090,000
[1] Derived from audited financial statements
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Income Taxes (Details Textual)
 3 Months Ended
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
Nov. 24, 2015
USD ($)
Sep. 30, 2015
USD ($)
Income Tax Expense (Benefit) $ (372,000) $ (333,000)    
Effective Income Tax Rate Reconciliation, Percent 4.40% 34.30%    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 34.00% 34.00%    
Deferred Tax Assets, Valuation Allowance $ 12,772,000   $ 11,661,000  
Delphax [Member] | Foreign Tax Authority [Member]        
Operating Loss Carryforwards       $ 6,000,000
Tax Credit Carryforward, Amount       4,500,000
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       7,900,000
Tax Credit Carryforward, Amount       3,200,000
Delphax [Member] | Domestic Tax Authority [Member] | Alternative Minimum Tax Credit Carryforward [Member]        
Tax Credit Carryforward, Amount       $ 325,000
Canada, France, and United Kingdom [Member]        
Number of Foreign Subsidiaries 3      
Delphax [Member]        
Business Acquisition, Percentage of Voting Interests Acquired     38.00%  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Net Earnings (Loss) Per Share (As Restated) (Details Textual) - shares
shares in Thousands
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Net Earnings (Loss) Per Share (As Restated) - Earnings Per Common Share - Earnings Per Common Share (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
 [1]
Jun. 30, 2015
Net loss attributable to Air T, Inc. Stockholders $ (5,751,471) $ (736,040)
Loss Per Share:    
Basic (in dollars per share) $ (2.42) $ (0.31)
Diluted (in dollars per share) $ (2.42) $ (0.31)
Weighted Average Shares Outstanding:    
Basic (in shares) 2,372,527 2,372,527
Diluted (in shares) 2,372,527 2,372,527
Scenario, Previously Reported [Member]    
Net loss attributable to Air T, Inc. Stockholders $ (3,676,302) $ (736,040)
Loss Per Share:    
Basic (in dollars per share) $ (1.55) $ (0.31)
Diluted (in dollars per share) $ (1.55) $ (0.31)
[1] Earnings per common share have been restated for the three-month period ended June 30, 2016. See Note 1A.
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Investment Securities Available for Sale (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Jun. 30, 2015
Dec. 31, 2014
Mar. 31, 2016
Marketable Securities $ 8,384,000 $ 9,656,000     $ 9,656,000
Available-for-sale Securities, Amortized Cost Basis 9,643,000 9,791,000     9,791,000
Available-for-sale Securities, Gross Unrealized Gain 413,000 422,000      
Available-for-sale Securities, Gross Unrealized Loss 1,673,000 557,000      
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value 1,182,000 5,903,000     5,903,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss 170,000       163,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value 3,604,000 4,711,000     4,711,000
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss 1,502,000       395,000
Available-for-sale Securities, Gross Realized Gains 144,000   $ 0    
Available-for-sale Securities, Gross Realized Losses       $ 0  
Available-for-sale Securities, Noncurrent 3,603,764 $ 4,711,343 [1]     $ 4,711,343 [1]
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net 1,502,239      
Insignia [Member]          
Available-for-sale Securities, Gross Unrealized Loss 1,502,000        
Available-for-sale Securities, Noncurrent 5,106,000        
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net $ 1,502,000   $ 0    
[1] Derived from audited financial statements
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Inventories - Inventories (Details) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Ground support service parts $ 2,065,265 $ 1,566,694
Inventory Gross 17,856,276 12,495,826
Reserves (2,656,560) (221,722)
Total, net of reserves 15,199,716 12,274,104 [1]
Ground Equipment Manufacturing [Member]    
Raw materials 2,138,404 1,549,810
Work in process 1,497,213 408,213
Finished goods 6,885,948 4,328,812
Printing Equipment and Maintenance [Member]    
Raw materials 3,561,714 3,319,939
Work in process 792,212 759,446
Finished goods $ 915,520 $ 562,912
[1] Derived from audited financial statements
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Stock Based Compensation (Details Textual) - USD ($)
shares in Thousands
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0 0  
Allocated Share-based Compensation Expense $ 0 $ 0  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options     $ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0 0  
Delphax [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0    
Allocated Share-based Compensation Expense $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0    
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Financing Arrangements (Details Textual)
 27 Months Ended
Jun. 30, 2016
USD ($)
Aug. 09, 2016
USD ($)
Mar. 31, 2016
USD ($)
Mar. 31, 2015
USD ($)
Secured Long-term Debt, Noncurrent       $ 7,000,000
Revolving Credit Facility [Member]        
Line of Credit Facility, Maximum Borrowing Capacity $ 20,000,000      
Line of Credit Facility, Commitment Fee Percentage 0.15%      
Minimum Consolidated Tangible Net Worth $ 22,000,000      
Long-term Line of Credit 3,300,000   $ 0  
Revolving Credit Facility [Member] | Delphax [Member]        
Long-term Line of Credit $ 2,100,000   $ 1,800,000  
Debt Instrument, Interest Rate, Effective Percentage 4.25%      
Revolving Credit Facility [Member] | Delphax [Member]        
Line of Credit Facility, Maximum Borrowing Capacity $ 7,000,000      
Revolving Credit Facility [Member] | Subsequent Event [Member]        
Line of Credit Facility, Maximum Borrowing Capacity   $ 25,000,000    
Minimum Fixed Charge Coverage Ratio   1.35    
Maximum Leverage Ratio   3.5    
Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement   $ 5,000,000    
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of April 01, 2016 to March 31, 2017 [Member]        
Minimum Consolidated Tangible Net Worth   $ 18,000,000    
Percentage of Consolidated Net Income   50.00%    
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of April 01, 2016 to June 30, 2016 [Member]        
Minimum Asset Coverage Ratio   1.25    
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of October 01, 2016 to December 31, 2016 [Member]        
Minimum Asset Coverage Ratio   1.5    
Revolving Credit Facility [Member] | Subsequent Event [Member] | After March 31, 2017 [Member]        
Minimum Asset Coverage Ratio   1.75    
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of July 01, 2016 to September 30, 2016 [Member]        
Minimum Asset Coverage Ratio   1.25    
Revolving Credit Facility [Member] | Subsequent Event [Member] | Period of January 01, 2017 to March 31, 2017 [Member]        
Minimum Asset Coverage Ratio   1.5    
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]        
Derivative, Basis Spread on Variable Rate 1.50%      
Revolving Credit Facility [Member] | Letter of Credit [Member]        
Line of Credit Facility, Maximum Borrowing Capacity $ 500,000      
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Variable Interest Entities (As Restated) (Details Textual) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 30, 2016
Mar. 31, 2016
Goodwill $ 275,408 [1]
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 32.00%  
Delphax [Member]    
Loan Due from Variable Interest Entity, Accrued Interest $ 132,000 76,000
Amortization of Finite Lived Intangible Assets and Impairment of Goodwill 1,385,000  
Severance Costs 5,610,000  
Goodwill 375,000  
Goodwill, Impairment Loss 275,000 $ 100,000
Delphax [Member] | Long-lived Tangible Assets [Member]    
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $ 249,000  
[1] Derived from audited financial statements
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Variable Interest Entities (As Restated) - Carrying Values of Assets and Liabilities of Delphax Included on the Company's Consolidated Balance Sheet (Details) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Jun. 30, 2015
Mar. 31, 2015
Cash and cash equivalents $ 3,969,976 $ 5,345,455 [1] $ 7,581,082 $ 13,388,767
Accounts receivable, net 11,230,664 12,303,128 [1]    
Inventories 15,199,716 12,274,104 [1]    
Other current assets 1,192,794 1,668,004 [1]    
Total current assets 39,546,440 38,959,534 [1]    
Property and equipment 4,813,305 4,577,774 [1]    
Goodwill 275,408 [1]    
Other Assets 291,818 317,528 [1]    
Total assets 50,373,955 52,154,752 [1]    
Accounts payable 8,896,453 7,003,660 [1]    
Income tax payable 11,312 [1]    
Accrued expenses 8,035,357 6,842,874 [1]    
Short-term debt 2,177,827 1,859,300 [1]    
Total current liabilities 19,109,637 15,717,146 [1]    
Long-term debt 3,320,701 4,835 [1]    
Other long-term liabilities 24,498 615,241 [1]    
Delphax [Member]        
Goodwill 375,000      
Delphax [Member] | Reportable Legal Entities [Member]        
Cash and cash equivalents 495,668 249,528    
Accounts receivable, net 1,460,541 1,433,494    
Inventories 2,834,609 4,642,298    
Other current assets 665,481 1,034,067    
Total current assets 5,456,299 7,359,387    
Property and equipment 66,605 625,684    
Intangible assets 1,109,112    
Goodwill 275,408    
Other Assets 26,020    
Total assets 5,522,904 9,395,611    
Accounts payable 2,672,207 1,684,802    
Income tax payable 11,312 11,312    
Accrued expenses 4,409,633 1,926,340    
Short-term debt 2,177,827 1,859,300    
Total current liabilities 9,270,979 5,481,754    
Long-term debt 2,632,027 2,581,107    
Other long-term liabilities 606,358    
Total liabilities 11,903,006 8,669,219    
Net Assets $ (6,380,102) $ 726,392    
[1] Derived from audited financial statements
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Variable Interest Entities (As Restated) - Revenue and Expenses of Delphax Included in the Company's Consolidated Statements of Operations (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Revenues $ 30,493,253 $ 22,358,520
General and administrative 5,828,946 3,806,928
Research and development 510,960
Depreciation, amortization and impairment 1,989,601 178,617
37,566,735 23,407,619
Operating Loss (7,073,482) (1,049,099)
Non-operating Loss (1,287,898) (19,941)
Loss Before Income Taxes (8,361,380) (1,069,040)
Income Tax Expense (Benefit) (372,000) (333,000)
Net Loss (7,989,380) $ (736,040)
Delphax [Member]    
Revenues 3,210,088  
Cost of sales 6,601,734  
General and administrative 1,352,152  
Research and development 510,960  
Depreciation, amortization and impairment 1,680,601  
10,145,447  
Operating Loss (6,935,359)  
Non-operating Loss (20,940)  
Loss Before Income Taxes (6,956,299)  
Income Tax Expense (Benefit)  
Net Loss $ (6,956,299)  
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Variable Interest Entities (As Restated) - Summary of Intangible Assets and Goodwill of Delphax (Details) - Delphax [Member] - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Goodwill $ 375,000 $ 375,000
Intangible assets and goodwill, gross 1,585,000 1,585,000
Less accumulated amortization and impairment (1,585,000) (200,480)
Intangible assets and goodwill, net 1,384,520
Trade Names [Member]    
Intangible assets, gross 120,000 120,000
Patents [Member]    
Intangible assets, gross $ 1,090,000 $ 1,090,000
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($)
Jun. 30, 2016
Mar. 31, 2016
Non-current Assets $ 4,813,305 $ 4,577,774
UNITED STATES    
Non-current Assets 4,518,267 4,240,050
Non-US [Member]    
Non-current Assets $ 295,038 $ 337,724
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Geographical Information - Revenue by Geographic Areas (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Revenues $ 30,493,253 $ 22,358,520
UNITED STATES    
Revenues 28,231,252 20,297,312
Non-US [Member]    
Revenues $ 2,262,001 $ 2,061,208
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Segment Information (Details Textual)
 1 Months Ended 3 Months Ended
Mar. 31, 2014
USD ($)
Jun. 30, 2016
Number of Operating Segments   5
Initial Capital $ 250,000  
Number of Commercial Deicing Units Sold   10
Number of Elan Printers Sold   2
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Segment Information - Segment Data (Details) - USD ($)
 3 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Revenues $ 30,493,253 $ 22,358,520
Operating Income (Loss) (7,073,482) (1,049,099)
Capital Expenditures 519,569 219,496
Depreciation and Amortization 605,081 178,617
Corporate, Non-Segment [Member]    
Revenues 281,926 265,209
Operating Income (Loss) (931,837) (100,029)
Capital Expenditures 388,635
Depreciation and Amortization 30,743 7,473
Intersegment Eliminations [Member]    
Revenues (3,348,426) (265,209)
Operating Income (Loss) (524,989)
Capital Expenditures (3,066,500)
Depreciation and Amortization (14,351)
Overnight Air Cargo [Member]    
Revenues 16,637,165 12,889,190
Overnight Air Cargo [Member] | Operating Segments [Member]    
Revenues 16,637,165 12,889,190
Operating Income (Loss) 979,177 (94,443)
Capital Expenditures 24,325
Depreciation and Amortization 29,209 34,472
Ground Equipment Sales [Member]    
Revenues 4,254,188 4,039,237
Ground Equipment Sales [Member] | Operating Segments [Member]    
Revenues 6,670,688 4,039,237
Operating Income (Loss) 342,320 (519,171)
Capital Expenditures 19,596 125,770
Depreciation and Amortization 47,594 95,440
Ground Equipment Sales [Member] | Operating Segments [Member] | Domestic [Member]    
Revenues 5,386,069 1,978,029
Ground Equipment Sales [Member] | Operating Segments [Member] | International [Member]    
Revenues 1,284,619 2,061,208
Ground Support Services [Member]    
Revenues 6,800,042 5,430,093
Ground Support Services [Member] | Operating Segments [Member]    
Revenues 6,800,042 5,430,093
Operating Income (Loss) (110,052) (335,456)
Capital Expenditures 101,411 69,401
Depreciation and Amortization 83,436 41,232
Printing Equipment and Maintenance [Member]    
Revenues 2,560,088
Printing Equipment and Maintenance [Member] | Operating Segments [Member]    
Revenues 3,210,088
Operating Income (Loss) (6,935,359)
Capital Expenditures 9,927
Depreciation and Amortization 296,081
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | Domestic [Member]    
Revenues 2,232,706
Printing Equipment and Maintenance [Member] | Operating Segments [Member] | International [Member]    
Revenues 977,382
Leasing [Member]    
Revenues 241,770
Leasing [Member] | Operating Segments [Member]    
Revenues 241,770
Operating Income (Loss) 107,258
Capital Expenditures 3,066,500
Depreciation and Amortization $ 132,369
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 12 - Commitments and Contingencies (Details Textual)
 3 Months Ended
Jun. 30, 2016
USD ($)
Agreements to Acquire Land and Construct New Headquarters Facility, Aggregate Amount $ 1,900,000
Corporate Headquarters, Annual Rental Payment $ 178,000
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 13 - Related Party Matters (Details Textual)
 3 Months Ended 15 Months Ended
Jun. 30, 2016
USD ($)
a
Jun. 30, 2016
USD ($)
a
Company Controlled by Company's Officer and Directors [Member] | Little Mountain Airport [Member]    
Area of Real Estate Property | a 68 68
Operating Leases Monthly Rent $ 14,862  
Number of Additional Lease Option Periods 3  
Lessee, Operating Lease, Renewal Term 2 years  
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% 1.00%
Servicing Income as a Percentage of the Related Party's Annual Revenues   1.00%
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 14 - Subsequent Events (Details Textual)
Jul. 18, 2016
USD ($)
Jul. 01, 2016
USD ($)
$ / shares
shares
Aug. 09, 2016
USD ($)
Jun. 30, 2016
USD ($)
$ / shares
Mar. 31, 2016
$ / shares
 [1]
Common Stock, Par or Stated Value Per Share | $ / shares       $ 0.25 $ 0.25
Revolving Credit Facility [Member]          
Line of Credit Facility, Maximum Borrowing Capacity       $ 20,000,000  
Minimum Consolidated Tangible Net Worth       $ 22,000,000  
Subsequent Event [Member] | Revolving Credit Facility [Member]          
Line of Credit Facility, Maximum Borrowing Capacity     $ 25,000,000    
Maximum Amount of Assets the Company and It's Subsidiaries Lease or Hold for Leasing Required by the Financial Covenants for the Credit Agreement     5,000,000    
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of April 01, 2016 to March 31, 2017 [Member]          
Minimum Consolidated Tangible Net Worth     $ 18,000,000    
Percentage of Consolidated Net Income     50.00%    
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of July 01, 2016 to September 30, 2016 [Member]          
Minimum Asset Coverage Ratio     1.25    
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of January 01, 2017 to March 31, 2017 [Member]          
Minimum Asset Coverage Ratio     1.5    
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of April 01, 2016 to June 30, 2016 [Member]          
Minimum Asset Coverage Ratio     1.25    
Subsequent Event [Member] | Revolving Credit Facility [Member] | Period of October 01, 2016 to December 31, 2016 [Member]          
Minimum Asset Coverage Ratio     1.5    
Subsequent Event [Member] | Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member]          
Line of Credit Facility, Maximum Borrowing Capacity $ 12,000,000        
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Eligible Inventory 75.00%        
Line of Credit Facility, Maximum Borrowing Capacity, Maximum Value of Eligible Inventory Included in Borrowing Base $ 9,000,000        
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Outstanding Eligible Accounts Receivable 80.00%        
Guarantor Obligations, Maximum Exposure, Undiscounted $ 1,600,000        
Minimum Debt Service Coverage Ratio 1.75        
Maximum Ratio of Total Liabilities to Tangible Net Worth 2.5        
Annual Operating Lease Payments Limitation $ 10,000        
Subsequent Event [Member] | Revolving Credit Facility [Member] | BMO Harris Bank N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member]          
Debt Instrument, Basis Spread on Variable Rate 2.80%        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member]          
Payments to Acquire Businesses, Gross $ 4,937,500        
Escrow Deposit $ 300,000        
Business combination, Equity Interests in Acquiree, Percentage 21.00%        
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        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member]          
Business Combination, Contingent Consideration Arrangement, Earnout Payment 0        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 1 [Member] | Maximum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold 1,500,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member]          
Business Combination, Contingent Consideration Arrangements, Earnout Payment Calculation, Subtraction $ 1,500,000        
Business Combination, Contingent Consideration Arrangement, Earnout Payment Calculation, Multiplier 2        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member] | Maximum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold $ 2,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 2 [Member] | Minimum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold 1,500,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member]          
Business Combination, Contingent Consideration Arrangement, Earnout Payment 1,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member] | Maximum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold 4,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 3 [Member] | Minimum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold 2,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 4 [Member]          
Business Combination, Contingent Consideration Arrangement, Earnout Payment 1,500,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 4 [Member] | Minimum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold 4,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 5 [Member]          
Business Combination, Contingent Consideration Arrangement, Earnout Payment 3,000,000        
Subsequent Event [Member] | Contrail Aviation Support LLC. [Member] | Contrail Aviation Inc. [Member] | EBITDA Range 5 [Member] | Minimum [Member]          
Business Combination, Contingent Consideration Arrangements, EBITDA Threshold $ 15,000,000        
Subsequent Event [Member] | Biglari Group [Member] | Securities Purchase Agreement [Member]          
Treasury Stock, Shares, Acquired | shares   329,738      
Common Stock, Par or Stated Value Per Share | $ / shares   $ 0.25      
Treasury Stock Acquired, Average Cost Per Share | $ / shares   $ 24.01      
Treasury Stock, Value, Acquired, Cost Method   $ 7,917,000      
[1] Derived from audited financial statements
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