Commitments and Contingencies

9 Months Ended

Dec. 31, 2011

CommitmentsAndContingencies

Commitments and Contingencies

(17)Commitments and Contingencies

Employment Agreements

We have entered into employment agreements with all of our executive officers.  Three of these agreements expire on August 22, 2012, one agreement expires on November 30, 2014 and the other agreement expires on August 31, 2015. The aggregate future base salary payable to these five executive officers under the employment agreements, over their remaining terms is $2,596,333.  In addition, we have recorded a liability of $650,623 and $1,316,372 at December 31, 2011 and March 31, 2011, respectively, representing the potential future compensation payable under the retirement and voluntary termination provisions of the employment agreements of the Company's current officers.   

Lease Commitments

At December 31, 2011 there were no operating leases with initial non-cancelable terms in excess of one year.

Litigation

We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow, although adverse developments in these matters could have a material impact on a future reporting period.