Note 13 - Commitments and Contingencies

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

13. Commitments and Contingencies

The Company is involved in various legal actions and claims arising in the ordinary course of business. Management believes that these matters, if adversely decided, would

not

have a material adverse effect on the Company's results of operations or financial position.

In

June 2016,

the Company acquired land and entered into an agreement to construct a new corporate headquarters facility in Denver, North Carolina for an aggregate amount of approximately

$2.0

million, with construction anticipated to be completed in fiscal year

2018.

This facility will replace the Company

’s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately

$178,000.

There are currently

no

other commitments for significant capital expenditures.

As disclosed in Note

2,

the Company has obligations under certain earn-out arrangements with the sellers of

two

acquired businesses.

As also disclosed in Note

2,

Contrail Aviation has a put/call option arrangement with Contrail Aviation Support, Inc. for the member interests which Contrail Aviation Support, Inc. holds in Contrail Aviation. Contrail Aviation Support, Inc. is the former owner of the acquired Contrail business.

In connection with Jet Yard

’s lease with the county of Pinal, Arizona, the Company has commitments to construct facilities on the leased premises in phases in accordance with a specified timetable. See Note

2.