Note 1A - Restatement of Previously Issued Consolidated Financial Statements (Tables)

9 Months Ended

Dec. 31, 2016

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	As Previously Reported			As Restated

Consolidated Balance Sheet Information (at December 31, 2016):
Additional paid-in capital	$	4,260,030		$	4,268,536
Retained earnings		20,452,393			18,227,554
Accumulated other comprehensive income (loss), net		134,130			4,513
Total Air T, Inc. stockholders' equity		25,357,249			23,011,299
Non-controlling interests		(3,278,584	)		(932,634	)
Total equity		22,078,665			22,078,665
Total liabilities and equity		62,028,049			62,028,049
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) (for the three months ended December 31, 2016):
Net (income) loss attributable to non-controlling interests	$	(809,187	)	$	(445,255	)
Net income (loss) attributable to Air T, Inc. stockholders		856,105			1,220,037
Earnings (loss) per share - basic		0.42			0.60
Earnings (loss) per share - diluted		0.42			0.60
Consolidated Statement of Comprehensive Income (for the three months ended December 31, 2016):
Comprehensive (income) loss attributable to non-controlling interests	$	(698,198	)	$	(386,177	)
Comprehensive income (loss) attributable to Air T, Inc. stockholders		871,001			1,183,022
Consolidated Statement of Income (Loss) (for the nine months ended December 31, 2016):
Net (income) loss attributable to non-controlling interests	$	3,492,626		$	1,796,942
Net income (loss) attributable to Air T, Inc. stockholders		(1,751,648	)		(3,447,332	)
Earnings (loss) per share - basic		(0.81	)		(1.60	)
Earnings (loss) per share - diluted		(0.81	)		(1.60	)
Consolidated Statement of Comprehensive Income (for the nine months ended December 31, 2016):
Comprehensive (income) loss attributable to non-controlling interests	$	3,721,380		$	1,918,700
Comprehensive income (loss) attributable to Air T, Inc. stockholders		(1,499,619	)		(3,302,301	)