Note 15 - Commitments and Contingencies

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

15. Commitments and Contingencies

Contrail Aviation Support, LLC (“Contrail Aviation”), a subsidiary of the Company, completed the purchase of all of the assets owned by Contrail Aviation Support, Inc. (the “Seller”) in

July 2016.

As part of this purchase, Contrail Aviation agreed to pay contingent additional deferred consideration of up to a maximum of

$1,500,000

per year and

$3,000,000

in the aggregate. The Company established a liability of

$2,900,000

in the initial allocation of purchase price. The Company has paid

$1,000,000

of contingent consideration as of

June 30, 2018

and the remaining liability of

$1,955,000,

which includes a current portion of

$1,500,000

and a non-current portion of

$455,000,

is included in the “Accrued expenses” and “Other non-current liabilities”, respectively, in the consolidated balance sheet at

June 30, 2018.

Contrail Aviation entered into with the Seller an Operating Agreement (the “Operating Agreement”) providing for the governance of and the terms of membership interests in Contrail Aviation and including put and call options (“Put/Call Option”). the Put/Call Option permits the Seller to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation, the Company has presented this redeemable non-controlling interest in Contrail Aviation between the liabilities and equity sections of the accompanying consolidated balance sheets.