Note 8 - Lease Commitments

12 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Commitments Disclosure [Text Block]

8. LEASE COMMITMENTS

The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases its corporate offices from a company controlled by certain of the Company’s former officers and directors. The lease for this facility provided for monthly rent of $14,428 through May 31, 2014. A new lease amendment was entered into in May 2014 increasing the monthly rent to $14,862 and extending the lease through January 31, 2018. The amendment also provides for three additional two-year option periods through January 31, 2024.

The Company leases an aircraft maintenance facility located in Kinston, N. C. under an agreement that extends through January 2018, with monthly rental amounts increasing every five years. However, based on the occurrence of certain events related to the composition of aircraft fleet, the lease may be canceled by the Company with 90 days notice. The Company currently considers the lease to be cancelable.

GGS leases its production facility under an agreement that extends through August 2019.

GAS leases several maintenance facilities across the country and an administrative office in Eagan, Minnesota. Most of the leases are on one year agreements with renewal clauses, but some of these are multi-year leases extending out as far as July 2019.

At March 31, 2015, future minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of more than one year are as follows:

Year ended March 31,
2016	$	1,825,000
2017		1,521,000
2018		1,297,000
2019		688,000
2020		252,000
Thereafter		-
Total minimum lease payments	$	5,583,000

Rent expense for operating leases totaled approximately

$2,309,000 and $1,875,000 for fiscal 2015 and 2014, respectively, and includes amounts to related parties of $177,000

and $173,000 in fiscal 2015 and 2014, respectively.