14.	Subsequent Events

Management performs an evaluation of events that occur after the balance sheet date but before consolidated financial

statements are issued for potential recognition or disclosure of such events in its consolidated financial statements.

January 16, 2018,

the Company purchased an additional

1,133,000

shares of Insignia at a price of

$1.25

per share for a total cost of approximately

$1.4

million. After this purchase, the Company owned approximately

26%

of Insignia’s total common stock.

January

31,

2018,

Contrail Aviation executed an additional Business Loan Agreement with Old National Bank (“Additional ONB Loan Agreement”). The Additional ONB Loan Agreement provides for borrowings by Contrail Aviation in an amount equal to

$9,920,000

and is in addition to the revolving credit provided under the ONB Loan Agreement previously entered into between Contrail Aviation and Old National Bank on

May 5, 2017,

as further described above in note

Borrowings under the Additional ONB Loan Agreement will bear interest at an annual rate equal to

-month LIBOR plus

375

basis points and matures on

January 26, 2021.

Pursuant to the Additional ONB Loan Agreement, Contrail Aviation is required to make quarterly payments equal to

$250,000,

plus an additional “excess cash flow payment” equal to

seventy

percent (

70%

) of the gross lease income of the Collateral minus

$250,000.

The obligations of Contrail

Aviation under the Additional ONB Loan Agreement are secured by a

first

-priority security interest in certain assets of Contrail Aviation and are also guaranteed by the Company, with such guaranty limited in amount to a maximum of

$1,600,000

plus interest on such amount at the rate of interest in effect under the Loan Agreement, plus costs of collection.

The Additional ONB Loan Agreement contains affirmative and negative covenants, including covenants that restrict Contrail

Aviation’s ability to make acquisitions or investments, make certain changes to its capital structure, and engage in any business substantially different than it presently conducts.

The Additional ONB Loan Agreement contains Events of Default, as defined therein, including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, bankruptcy and other insolvency events, actual or asserted invalidity of loan documentation, death or incompetency of any guarantor or material adverse changes in Contrail

Aviation’s financial condition.