Consolidated Balance Sheets (As Restated) (Current Period Unaudited) - USD ($)	Dec. 31, 2016	Mar. 31, 2016	[1]
Current Assets:
Cash and cash equivalents (Delphax $95,357 And $249,528)**	$ 1,621,890	$ 5,345,455
Marketable securities	3,196,810	4,944,572
Restricted cash	820,651	820,651
Accounts receivable, less allowance for doubtful accounts of $437,000 and $426,000 (Delphax $2,000,183 and $1,433,494)**	15,239,948	12,303,128
Notes and other receivables-current	1,318,865	592,721
Income tax receivable	1,582,145	719,899
Inventories, net (Delphax $2,014,783 and $4,642,298)**	20,946,720	12,274,104
Deferred Tax Assets, Net of Valuation Allowance, Current	71,126	291,000
Prepaid expenses and other (Delphax $491,331 and $1,034,067)**	1,192,275	1,668,004
Total Current Assets	45,990,430	38,959,534
Investments in Available-For-Sale Securities	2,876,399	4,711,343
Property and Equipment, net (Delphax $33,474 and $625,684)**	5,168,905	4,577,774
Cash surrender value of life insurance policies	2,264,689	2,100,057
Notes and other receivables - long-term		103,996
Other assets (Delphax $0 and $26,020)**	402,439	317,528
Intangible assets, net (Delphax $0 and $1,109,112)**	1,139,922	1,109,112
Goodwill (Delphax $0 and $275,408)**	4,185,265	275,408
Total Assets	62,028,049	52,154,752
Current Liabilities:
Accounts payable (Delphax $2,577,816 and $1,684,802)**	9,054,684	7,003,660
Income tax payable (Delphax $11,312 and $11,312)**		11,312
Accrued expenses ($3,562,787 and $1,926,340)**	6,706,927	6,842,874
Short-term debt (Delphax $1,163,577 and $1,859,300)**	1,163,577	1,859,300
Total Current Liabilities	16,925,188	15,717,146
Long-term debt	18,358,742	4,835
Deferred income taxes	546,000	546,000
Other non-current liabilities	2,992,435	615,241
Total Liabilities	38,822,365	16,883,222
Redeemable non-controlling interest	1,127,019
Commitments and Contingencies (Notes 9 and 13)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,042,789 shares issued and outstanding at December 31, 2016, 2,372,527 shares issued and outstanding at March 31, 2016	510,696	593,131
Additional paid-in capital	4,268,536	4,956,171
Retained earnings	18,227,554	28,821,825
Accumulated other comprehensive income (loss), net	4,513	(140,519)
Total Air T, Inc. Stockholders' Equity	23,011,299	34,230,608
Non-controlling interests	(932,634)	1,040,922
Total Equity	22,078,665	35,271,530	[2]
Total Liabilities and Equity	$ 62,028,049	$ 52,154,752

[1] Derived from audited consolidated financial statements

[2] Excludes income attributable to redeemable non-controlling interest in Contrail Aviation