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Equity Method Investments | 3 Months Ended
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Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | Equity Method Investments The Company’s investment in Insignia Systems, Inc. - NASDAQ: ISIG (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. As of June 30, 2023, the Company owned 0.5 million Insignia shares, representing approximately 27.1% of Insignia's outstanding shares. During the three months ended June 30, 2023, the Company's share of Insignia's net income for three months ended March 31, 2023 was $0.4 million. As of June 30, 2023, the Company's net investment basis in Insignia is $2.1 million. The Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. The Company recorded income of $0.7 million as its share of CCI's net income for the three months ended June 30, 2023 , along with a basis difference adjustment of $12.0 thousand. The Company's net investment basis in CCI is $3.5 million as of June 30, 2023. Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
| Three Months Ended
| March 31, 2023 |  | March 31, 2022
Revenue | $ | 51,157 |  |  | $ | 35,602 |
Gross Profit | 7,803 |  |  | 4,375 |
Operating income | 5,261 |  |  | 1,981 |
Net income | 5,116 |  |  | 1,750 |
Net income attributable to Air T, Inc. stockholders | $ | 1,130 |  |  | $ | 308 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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