XML 39 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2014

Series B Convertible Preferred Stock par Value

Provision for income

The provision for income taxes as at September 30, are set forth below:

		2014				2013
		(Unaudited)				(Unaudited)
Current
Federal		$	1,061,000			$	922,000
State			18,000				277,000
Prior year (over) under accruals
Federal			10,000				(206,000	)
State			(290,000	)			(244,000	)
Total Expense			799,000				749,000
Deferred Tax Benefit			(1,021,000	)			(1,625,000	)
Net Benefit for Income Taxes		$	(222,000	)		$	(876,000	)

Deferred tax assets

The components of net deferred tax assets as of September 30, 2014 and December 31, 2013 are set forth below:

		September 30,				December 31,
		2014				2013
		(Unaudited)
Deferred tax assets:
Current:
Bad debts			434,000				313,000
Inventory - 263A adjustment			867,000				729,000
Account payable, accrued expenses and reserves			9,000				9,000
Total current deferred tax		$	1,310,000			$	1,051,000
Non- Current:
Capital loss carry forwards		$	1,088,000			$	1,088,000
Section 1231 loss carry forward			4,000				4,000
Stock based compensation - options and restricted stock			526,000				521,000
Capitalized engineering costs			528,000				503,000
Deferred rent			475,000				453,000
Amortization - NTW Transaction			597,000				475,000
Lease Impairment			29,000				51,000
Deferred gain on sale of real estate			183,000				194,000
Total non-current deferred tax assets before valuation allowance			3,430,000				3,289,000
Valuation allowance			(1,092,000	)			(1,092,000	)
Total non-current deferred tax assets after valuation allowance			2,338,000				2,197,000
Deferred tax liabilities:
Property and equipment			(922,000	)			(1,497,000	)
Goodwill - NTW Transaction			(10,000	)			(7,000	)
Amortization - Welding Transaction			(458,000	)			(508,000	)
Total Deferred Tax Liability			(1,390,000	)			(2,012,000	)
Net non-current deferred tax assets		$	948,000			$	185,000

X

- Details

Name:	AIRI_Disclosure14.IncomeTaxesTablesAbstract
Namespace Prefix:	AIRI_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration