Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Current Assets:
Cash and cash equivalents (Delphax $328,327 and $249,528)*	$ 2,763,365	$ 5,345,455
Marketable securities	2,130,544	4,944,572
Restricted cash	890,369	820,651
Accounts receivable, less allowance for doubtful accounts of $979,000 and $426,000 (Delphax $1,728,411 and $1,433,494)*	18,923,787	12,303,128
Notes and other receivables-current	2,297,007	592,721
Income tax receivable	402,688	719,899
Inventories, net (Delphax $1,941,729 and $4,642,298)*	19,778,843	12,274,104
Deferred Tax Assets, Net of Valuation Allowance, Current		291,000
Prepaid expenses and other (Delphax $932,794 and $1,034,067)*	1,672,475	1,668,004
Total Current Assets	48,859,078	38,959,534
Investments in available-for-sale securities	2,463,123	4,711,343
Property and equipment, net (Delphax $8,007 and $625,684)*	5,324,488	4,577,774
Cash surrender value of life insurance policies	2,251,450	2,100,057
Notes and other receivables-long-term	66,771	103,996
Deferred income taxes	204,000
Other assets (Delphax $0 and $26,020)*	371,975	317,528
Intangible assets	1,376,699	1,109,112
Goodwill (Delphax $0 and $275,408)*	4,417,605	275,408
Total Assets	65,335,189	52,154,752
Current Liabilities:
Accounts payable (Delphax $2,482,578 and $1,684,802)*	11,571,156	7,003,660
Income tax payable (Delphax $11,312 and $11,312)*		11,312
Accrued expenses (Delphax $3,602,162 and $1,926,340)*	8,672,815	6,842,874
Short-term debt (Delphax $0 and $1,859,300)*	25,000	1,859,300
Total Current Liabilities	20,268,971	15,717,146
Long-term debt (Delphax $0 and $4,835)*	18,412,521	4,835
Deferred income taxes	8,000	546,000
Other non-current liabilities (Delphax $0 and $606,358)*	3,039,402	615,241
Total Liabilities	41,728,894	16,883,222
Redeemable non-controlling interest	1,443,901
Commitments and contingencies (Notes 8, 11, and 22)
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 March 31, 2017, 2,372,527 shares issued and outstanding at March 31, 2016	510,696	593,131
Additional paid-in capital	4,205,536	4,956,171
Retained earnings	18,461,347	28,821,825
Accumulated other comprehensive loss	(212,047)	(140,519)
Total Air T, Inc. Stockholders' Equity	22,965,532	34,230,608
Non-controlling Interests	(803,138)	1,040,922
Total Equity	22,162,394	35,271,530
Total Liabilities and Equity	$ 65,335,189	$ 52,154,752

The aggregate of amounts due from customers or clients, within one year of the balance sheet date (or one operating cycle, if longer), for goods or services that have been delivered or sold in the normal course of business and an amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date within one year of the balance sheet, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection and net of any write-downs taken for collection uncertainty on the part of the holder, respectively.

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- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).