Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Current Assets:
Cash and cash equivalents	$ 2,191,740	$ 5,345,455	[1]
Marketable securities	2,526,208	4,944,572
Restricted cash	824,062	820,651
Accounts receivable, less allowance for doubtful accounts of $469,000 and $426,000	21,932,218	12,303,128
Notes and other receivables-current	2,211,118	592,721
Income tax receivable	1,105,919	719,899
Inventories, net	17,667,401	12,274,104
Deferred income taxes	117,770	291,000
Prepaid expenses and other	1,172,972	1,668,004
Total Current Assets	49,749,408	38,959,534
Investments in Available-For-Sale Securities	3,934,385	4,711,343
Property and Equipment, Net	4,899,771	4,577,774
Cash Surrender Value of Life Insurance Policies	2,112,430	2,100,057
Notes and Other Receivables - Long-term		103,996
Other Assets	385,559	317,528
Intangible Assets, Net	863,132	1,109,112
Goodwill	3,986,865	275,408
Total Assets	65,931,550	52,154,752
Current Liabilities:
Accounts payable	10,409,771	7,003,660
Income tax payable		11,312
Accrued expenses	7,829,588	6,842,874
Short-term debt	1,815,185	1,859,300
Total Current Liabilities	20,054,544	15,717,146
Long-Term Debt	20,761,175	4,835
Deferred Income Taxes	546,000	546,000
Other Non-current Liabilities	2,933,347	615,241
Total Liabilities	44,295,066	16,883,222
Redeemable non-controlling interest	1,079,772
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, 2,042,789 shares issued and outstanding at September 30, 2016, 2,372,527 shares issued and outstanding at March 31, 2016	510,696	593,131
Additional paid-in capital	4,260,030	4,947,665
Retained earnings	19,596,287	29,350,980
Accumulated other comprehensive income (loss), net	119,234	(117,898)
Total Air T, Inc. Stockholders' Equity	24,486,247	34,773,878
Non-controlling Interests	(3,929,535)	497,652
Total Equity	20,556,712	35,271,530
Total Liabilities and Equity	$ 65,931,550	$ 52,154,752

[1] Derived from audited consolidated financial statements.