Note 18 - Subsequent Events

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

18. 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.

On

October 2, 2018,

the Company repurchased and retired an additional

15,000

shares at an aggregate cost of

$503,000.

As discussed in Note

8,

the Company has an investment in Oxbridge RE NS. Oxbridge RE NS provides reinsurance in Florida and other geographical areas. In

October 2018,

Hurricane Michael caused damage in Florida which has resulted in significant claims against the insurance contracts underlying the Company’s investment. The Company expects to record an impairment of approximately

$1,100,000

during the quarter ended

December 31, 2018

barring additional events impacting this investment. As of

September 30, 2018,

there were

no

indicators of impairment in regard to this investment.

On

November 12, 2018,

the Company entered into an Amended and Restated Revolving Credit Note and Amendment

No.

2

to its Credit Agreement with Minnesota Bank & Trust.  The Amended and Restated Revolving Credit Note and Credit Agreement Amendment increased the amount of the revolving credit facility from

$10,000,000

to

$13,000,000.