Commitments And Contingencies

9 Months Ended

Dec. 31, 2016

Commitments And Contingencies [Abstract]

Commitments And Contingencies

(7)  Commitments and Contingencies

Employment Agreements

On July 21, 2015, the Company entered into new employment agreements with its executive officers that expire on June 30, 2017.  The aggregate future base salary payable to the executive officers over their remaining terms is $507,302. The July, 2015 employment agreements provide for future retention payments under the conditions and for the amounts specified in the agreements.  These retention payments are being recorded over the required service period and as a result, we have recorded a liability of $272,222 and $132,222 at December 31, 2016 and March 31, 2016, respectively.    

Lease Commitments

At  December 31, 2016, there were no operating leases and there was no rental expense during the nine months ended December 31, 2016 and fiscal year ended March 31, 2016.

Litigation

In November, 2015, we were notified that a supplier of electronic components under the former CODA automotive program had filed a lawsuit against us alleging breach of contract.  This lawsuit was settled as of March 31, 2016 and we have adjusted our Consolidated Financial Statements accordingly.

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.