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Note 4 - Inventories

9 Months Ended

Dec. 31, 2013

4. Inventories

Inventories consisted of the following:

		December 31, 2013			March 31, 2013
Aircraft parts and supplies		$	119,638		$	119,638
Ground support service parts			591,101			327,753
Ground equipment manufacturing:
	Raw materials		8,296,539			4,989,335
	Work in process		1,707,354			1,305,029
	Finished goods		1,899,336			2,230,100
Total inventories			12,613,968			8,971,855
Reserves			(838,641	)		(790,155	)
	Total, net of reserves	$	11,775,327		$	8,181,700

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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