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

6 Months Ended

Sep. 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 September 30, 2016):
Additional paid-in capital		$	4,260,030			$	4,268,536
Retained earnings			19,596,287				17,007,516
Accumulated other comprehensive income (loss), net			119,234				41,531
Total Air T, Inc. stockholders' equity			24,486,247				21,828,279
Non-controlling interests			(3,929,535	)			(1,271,567	)
Total equity			20,556,712				20,556,712
Total liabilities and equity			65,931,550				65,931,550
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 September 30, 2016):
Net (income) loss attributable to non-controlling interests		$	(11,265	)		$	4,288
Net income (loss) attributable to Air T, Inc. stockholders			1,068,549				1,084,102
Earnings (loss) per share - basic			0.52				0.53
Earnings (loss) per share - diluted			0.52				0.53
Consolidated Statement of Comprehensive Income (for the three months ended September 30, 2016):
Comprehensive (income) loss attributable to non-controlling interests		$	13,260			$	17,365
Comprehensive income (loss) attributable to Air T, Inc. stockholders			1,121,474				1,125,580
Consolidated Statement of Income (Loss) (for the six months ended September 30, 2016):
Net (income) loss attributable to non-controlling interests		$	4,301,813			$	2,242,197
Net income (loss) attributable to Air T, Inc. stockholders			(2,607,753	)			(4,667,369	)
Loss per share - basic			(1.18	)			(2.11	)
Loss per share - diluted			(1.18	)			(2.11	)
Consolidated Statement of Comprehensive Income (for the six months ended September 30, 2016):
Comprehensive (income) loss attributable to non-controlling interests		$	4,419,576			$	2,304,878
Comprehensive income (loss) attributable to Air T, Inc. stockholders			(2,370,621	)			(4,485,319	)

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22663-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22658-107794

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X

- References

No definition available.

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