Consolidated Balance Sheets (As Restated) - USD ($)		Mar. 31, 2016	[1]	Mar. 31, 2015
Current Assets:
Cash and cash equivalents (Delphax $249,528)**	[2]	$ 5,345,455		$ 13,388,767
Marketable securities		4,944,572		5,278,752
Restricted cash		820,651		776,353
Accounts receivable, less allowance for doubtful accounts of $426,000 and $222,000 (Delphax $1,433,494)**		12,303,128		9,534,563
Notes and other receivables-current		592,721		816,606
Income tax receivable		719,899		195,000
Inventories (Delphax $4,642,298)**		12,274,104		7,789,649
Deferred income taxes		291,000		278,000
Prepaid expenses and other ($1,034,067)**		1,668,004		612,334
Total Current Assets		38,959,534		38,670,024
Investments in Available-For-Sale Securities		4,711,343
Property and Equipment, net (Delphax $625,684)**		4,577,774		2,571,499
Cash Surrender Value of Life Insurance Policies		2,100,057		1,990,671
Notes and other receivables-long-term		103,996
Other Assets (Delphax $26,020)**		317,528		224,188
Intangible assets, net (Delphax $1,109,112)**		1,109,112
Goodwill (Delphax $275,408)**		275,408
Total Assets		52,154,752		43,456,382
Current Liabilities:
Accounts payable (Delphax $1,684,802)**		7,003,660		4,715,708
Income tax payable (Delphax $11,312)**		11,312
Accrued expenses (Delphax $1,926,340)**		6,842,874		3,529,451
Short-term debt (Delphax $1,859,300)**		1,859,300
Total Current Liabilities		15,717,146		8,245,159
Long-Term Debt (Delphax $4,835)**		4,835		5,000,000
Deferred Income Taxes		546,000		416,000
Other Non-current Liabilities (Delphax $606,358)**		615,241
Commitments and Contingencies (Notes 8, 11, and 22)
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		4,956,171		4,929,090
Retained earnings		28,821,825		24,407,915
Accumulated other comprehensive loss, net		(140,519)		(134,913)
Total Air T, Inc. Stockholders' Equity		34,230,608		29,795,223
Non-controlling Interests		1,040,922
Total Equity		35,271,530		29,795,223
Total Liabilities and Equity		$ 52,154,752		$ 43,456,382

[1] The Consolidated Balance Sheet as of March 31, 2016 has been restated. See Note 1A.

[2] The Consolidated Statement of Cash Flow for the year ended March 31, 2016 has been restated. See Note 1A.