26.	RELATED PARTY MATTERS

Since

1979

the Company had leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately

acres with

one

3,000

foot paved runway, approximately

20,000

square feet of hangar space and approximately

12,300

square feet of office space. The operations of Air T, MAC and ATGL were headquartered at this facility. The lease for this facility provided for monthly rent of

$14,862

and expired on

January 31, 2018.

Operations conducted at this facility were relocated to a newly constructed, owned facility on

July 31, 2017.

During the fiscal year ended

March 31, 2016,

the Company’s leasing subsidiary has acquired interests in

two

equipment leases originated by Vantage Financial, LLC (“Vantage”) for aggregate payments to Vantage of approximately

$401,250.

The interests in the acquired leases entitle the Company’s leasing subsidiary to receive lease payments from the

third

parties leasing the equipment for a specified period. Pursuant to the agreements between the Company’s leasing subsidiary and Vantage, Vantage’s fees for servicing the equipment leases for the leasing subsidiary (approximately

$1,000

) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company’s leasing subsidiary to Vantage to acquire these lease assets represent approximately

of Vantage’s outstanding lease assets at

March 31, 2016.

The servicing income is less than

of Vantage’s annual revenues. The agreements ended in fiscal

2019

and as of

March 31, 2019,

there was

existing plan for renewal.

Contrail Aviation Support, LLC leases its corporate and operating facilities at Verona, Wisconsin from Cohen Kuhn Properties, LLC, a corporation whose stock is owned by Mr. Joseph Kuhn, Chief Executive Officer and Mrs. Miriam Kuhn, Chief Financial Officer equally. The facility consists of approximately

21,000

square feet of warehouse and office space. The Company paid aggregate rental payments of approximately

$161,000

to Cohen Kuhn Properties, LLC pursuant to such lease during the period from

April 1, 2018

through

March 31, 2019.

The lease for this facility expires on

June 30, 2021,

though the Company has the option to renew the lease for a period of

years on the same terms. The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance. The Company believes that the terms of such leases are

less favorable to the Company than would be available from an independent

third

party.

December 15, 2017,

BCCM, Inc. (“BCCM”), a newly-formed, wholly-owned subsidiary of the Company, completed the previously announced acquisition of Blue Clay Capital Management, LLC (“Blue Clay Capital”), an investment management firm based in Minneapolis, Minnesota. In connection with the transaction, BCCM acquired the assets of, and assumed certain liabilities of, Blue Clay Capital in return for payment to Blue Clay Capital of

$1.00,

subject to adjustment for Blue Clay Capital’s net working capital as of the closing date. Gary S. Kohler, a director of the Company, was the sole owner of Blue Clay Capital. Mr. Kohler entered into an employment agreement with BCCM to serve as its Chief Investment Officer in return for an annual salary of

$50,000

plus variable compensation based on the management and incentive fees to be paid to the subsidiary by certain of these investment funds and eligibility to participate in discretionary annual bonuses. Effective

December 27, 2017,

Blue Clay Capital Master Fund Ltd.,

one

of the investment funds managed by Blue Clay Capital prior to the conversion to BCCM Advisors on

December 31, 2017,

sold approximately

52,000

shares of the Company’s stock.