Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Current Assets:
Cash and cash equivalents	$ 3,969,976	$ 5,345,455
Marketable securities	4,780,300	4,944,572
Restricted cash	824,062	820,651
Accounts receivable, less allowance for doubtful accounts of $355,000 and $426,000	11,230,664	12,303,128
Notes and other receivables-current	1,056,929	592,721
Income tax receivable	1,136,720	719,899
Inventories, net	15,199,716	12,274,104
Deferred income taxes	155,279	291,000
Prepaid expenses and other	1,192,794	1,668,004
Total Current Assets	39,546,440	38,959,534
Investments in Available-For-Sale Securities	3,603,764	4,711,343
Property and Equipment, Net	4,813,305	4,577,774
Cash Surrender Value of Life Insurance Policies	2,118,628	2,100,057
Notes and Other Receivables - Long Term		103,996
Other Assets	291,818	317,528
Intangible Assets, Net		1,109,112
Goodwill		275,408
Total Assets	50,373,955	52,154,752
Current Liabilities:
Accounts payable	8,896,453	7,003,660
Income tax payable		11,312
Accrued expenses	8,035,357	6,842,874
Short-term debt	2,177,827	1,859,300
Total Current Liabilities	19,109,637	15,717,146
Long-Term Debt	3,320,701	4,835
Deferred Income Taxes	546,000	546,000
Other Non-current Liabilities	24,498	615,241
Commitments and Contingencies (Notes 8 and 12)
Equity:
Preferred stock, $1.00 par value, 50,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 2,372,527 shares issued and outstanding	593,131	593,131
Additional paid-in capital	4,947,665	4,947,665
Retained earnings	25,674,678	29,350,980
Accumulated other comprehensive income (loss), net	66,309	(117,898)
Total Air T, Inc. Stockholders' Equity	31,281,783	34,773,878
Non-controlling Interests	(3,908,664)	497,652
Total Equity	27,373,119	35,271,530
Total Liabilities and Equity	$ 50,373,955	$ 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).