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Note 5 - Marketable Securities | 3 Months Ended
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Jun. 30, 2017
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
5. | Marketable Securities
Investments in available-for-sale marketable securities at June 30, 2017 consisted of investments in publicly traded companies and had a fair market value of $3,704,000, an aggregate cost basis of $3,590,000, gross unrealized gains aggregating $158,000 and gross unrealized losses aggregating $44,000. Marketable securities at March 31, 2017 consisted of investments with a fair value of $4,594,000, an aggregate cost basis of $4,331,000, gross unrealized gains aggregating $279,000 and gross unrealized losses aggregating $16,000. Securities that had been in a continuous loss position for less than 12 months as of June 30, 2017 had an aggregate fair market value and unrealized loss of $581,000 and $51,000, respectively. At June 30, 2017, we held approximately 1.66 million shares of common stock of Insignia Systems, Inc. (“Insignia”), representing approximately 14% of the outstanding shares, which shares were acquired commencing in our fiscal year ended March 31, 2015. 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 recognized in the consolidated statement of income (loss). On the basis of its June 30, 2016, March 31, 2017 and June 30, 2017 assessments, the Company concluded that it had suffered an other-than-temporary impairment in its investment in the common stock of Insignia. Consistent with the applicable accounting guidance, the Company’s cost basis in the Insignia investment was lowered from $5,106,000 to $3,604,000 at June 30, 2016 and then to $2,463,000 at March 31, 2017 and to $1,724,000 at June 30, 2017 after the acquisition during the quarter of shares having a cost basis of $32,000, reflecting, in the aggregate, an other-than-temporary impairment of $3,414,000. On January 6, 2017, Insignia paid a special dividend of $0.70 per share to stockholders owning Insignia shares on that date. The receipt of such special dividend is included in the other investment income (loss) in the Company’s consolidated statements of income (loss) for the fiscal year ended March 31, 2017. During the fourth quarter of the 2017 fiscal year, we recognized an additional investment loss of approximately $112,000 principally due to an other-than-temporary decline in fair value of other investment securities that had been in a continuous loss position for more than 12 months. 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, 2017 assessment, the Company concluded that it had suffered an other-than-temporary impairment in its Insignia investment. Because of the length of time that I nsignia’s share price has been below Air T’s original cost basis (more than two years), as well as the protracted steady decline in the share price, Air T concluded that 12 months from the most recent new cost basis date (i.e., March 31, 2017) should not be a determinative input. In summary, Air T believes that the three -month continuous loss position at June 30 ( compared to March 31) constitutes a sufficient basis to conclude that an additional other-than-temporary impairment charge should be recognized at June 30. All securities are priced using publicly quoted market prices and are considered Level 1 fair value measurements.

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