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Note 12. Related Party Transactions
12 Months Ended
Mar. 31, 2015
Notes  
Note 12. Related Party Transactions

Note 12. Related Party Transactions

 

We have been paying the mortgage payments for Morris Transportation, Inc. to an unrelated lender on behalf of an entity controlled by Mr. Morris as rent without a formal lease and intend to purchase the property at fair market value, as determined by appraisal, which may require us to refinance the mortgage.

 

The Company rents a facility owned by Colorado Holdings, a company controlled by Mr. Smith. The annual rental rate is $48,000.