0001493152-17-008262.txt : 20170731 0001493152-17-008262.hdr.sgml : 20170731 20170731080135 ACCESSION NUMBER: 0001493152-17-008262 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170731 DATE AS OF CHANGE: 20170731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMAND SECURITY CORP CENTRAL INDEX KEY: 0000864509 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-DETECTIVE, GUARD & ARMORED CAR SERVICES [7381] IRS NUMBER: 141626307 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33525 FILM NUMBER: 17991514 BUSINESS ADDRESS: STREET 1: 512 HERNDON PARKWAY, SUITE A STREET 2: VAN BUREN OFFICE PARK CITY: HERNDON STATE: VA ZIP: 20170 BUSINESS PHONE: 9144543703 MAIL ADDRESS: STREET 1: 512 HERNDON PARKWAY, SUITE A STREET 2: VAN BUREN OFFICE PARK CITY: HERNDON STATE: VA ZIP: 20170 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission File Number 001-33525

COMMAND SECURITY CORPORATION

(Exact name of registrant as specified in its charter)

New York		14-1626307
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

512 Herndon Parkway, Suite A, Herndon, VA		20170
(Address of principal executive offices)		(Zip Code)

(703) 464-4735

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]	Non-accelerated filer [ ]	Smaller reporting company [X]
			Emerging Growth Company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The number of outstanding shares of the registrant’s common stock as of July 23, 2017 was 9,848,186.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statements of Income - three months ended June 30, 2017 and 2016 (unaudited)	3

	Condensed Consolidated Balance Sheets – June 30, 2017 (unaudited) and March 31, 2017	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity – three months ended June 30, 2017 and 2016 (unaudited)	5

	Condensed Consolidated Statements of Cash Flows - three months ended June 30, 2017 and 2016 (unaudited)	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18

Item 4.	Controls and Procedures	18

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	19

Item 1A.	Risk Factors	19

Item 6.	Exhibits	19

SIGNATURES		20

Exhibit 31.1	Certification of Craig P. Coy
Exhibit 31.2	Certification of N. Paul Brost
Exhibit 32.1	§1350 Certification of Craig P. Coy
Exhibit 32.2	§1350 Certification of N. Paul Brost

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
	June 30, 2017			June 30, 2016

Revenues	$	43,802,721		$	36,336,208
Cost of revenues		(38,749,550	)		(31,787,201	)

Gross profit		5,053,171			4,549,007

Operating expenses
General and administrative		(4,778,205	)		(4,094,912	)
Provision for doubtful accounts, net		(2,488	)		74,861
		(4,780,693	)		(4,020,051	)

Operating income		272,478			528,956

Other expenses
Interest expense		(91,927	)		(53,985	)

Income before income taxes and equity loss in minority investment of unconsolidated affiliate		180,551			474,971

Equity loss in minority investment of unconsolidated affiliate		(25,200	)		(100,000	)

Income before income taxes		155,351			374,971

Provision for income taxes		(84,000	)		(214,000	)

Net income	$	71,351		$	160,971

Income per share of common stock
Basic	$	0.01		$	0.02
Diluted	$	0.01		$	0.02

Weighted average number of common shares outstanding
Basic		9,848,186			9,792,618
Diluted		10,264,096			10,156,337

See accompanying notes to condensed consolidated financial statements

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2017			March 31, 2017
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	941,052		$	1,042,291
Accounts receivable, net of allowance for doubtful accounts of $544,977 and $542,489, respectively		30,587,577			29,189,233
Prepaid expenses		1,834,466			1,784,990
Other assets		1,770,045			2,821,172
Total current assets		35,133,140			34,837,686

Furniture and equipment at cost, net		115,329			146,345

Other assets:
Intangible assets, net		984,187			1,028,582
Minority investment in unconsolidated affiliate		488,091			513,291
Other assets		4,839,933			5,253,946
Total other assets		6,312,211			6,795,819

Total assets	$	41,560,680		$	41,779,850

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Checks issued in advance of deposits	$	1,536,726		$	583,201
Short-term borrowings		11,960,526			12,228,679
Accounts payable		1,718,832			1,215,591
Accrued expenses and other liabilities		9,910,817			11,503,474
Total current liabilities		25,126,901			25,530,945

Insurance reserves		461,621			366,323
Total liabilities		25,588,522			25,897,268

Stockholders’ equity:
Preferred stock, convertible Series A, $.0001 par value		-			-
Common stock, $.0001 par value per share		1,160			1,160
Treasury stock, at cost, 1,752,200 shares		(2,885,579	)		(2,885,579	)
Additional paid-in capital		18,553,276			18,535,051
Accumulated earnings		303,301			231,950
Total stockholders’ equity		15,972,158			15,882,582

Total liabilities and stockholders’ equity	$	41,560,680		$	41,779,850

See accompanying notes to condensed consolidated financial statements

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

	Preferred Stock		Common Stock		Treasury Stock			Additional Paid In Capital		Accumulated Earnings			Total

Balance at March 31, 2016		-		1,155		(2,885,579	)		18,410,595		2,556,539			18,082,710

Stock compensation cost									4,053					4,053
Net income											160,971			160,971

Balance at June 30, 2016		-		1,155		(2,885,579	)		18,414,648		2,717,510			18,247,734

Options exercised, net				5					95,964					95,969
Stock based compensation tax benefits									10,577					10,577
Stock compensation cost									13,862					13,862
Net loss											(2,485,560	)		(2,485,560	)

Balance at March 31, 2017		-		1,160		(2,885,579	)		18,535,051		231,950			15,882,582

Stock compensation cost									18,225					18,225
Net income											71,351			71,351

Balance at June 30, 2017	$	-	$	1,160	$	(2,885,579	)	$	18,553,276	$	303,301		$	15,972,158

See accompanying notes to condensed consolidated financial statements

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended June 30,
		2017			2016
Cash flows from operating activities:
Net income	$	71,351		$	160,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		70,493			132,848
Provision for doubtful accounts, net		2,488			(74,861	)
Equity loss in minority investment of unconsolidated affiliate		25,200			100,000
Rent expense		(39,064	)		(3,963	)
Stock based compensation costs		18,225			4,053
Insurance reserves		95,298			(37,507	)
Deferred income taxes		396,178			555,788
Change in receivables, prepaid expenses and other current assets		(381,346	)		(4,091,256	)
Change in accounts payable and other liabilities		(1,050,352	)		318,337
Net cash used in operating activities		(791,529	)		(2,935,590	)

Cash flows from investing activities:
Purchases of equipment		-			(14,620	)
Proceeds from equipment dispositions		4,918			-
Net cash provided by (used in) investing activities		4,918			(14,620	)

Cash flows from financing activities:
Net advances (repayments) on short-term borrowings		(268,153	)		1,804,675
Change in checks issued in advance of deposits		953,525			166,301
Net cash provided by financing activities		685,372			1,970,976

Net change in cash and cash equivalents		(101,239	)		(979,234	)

Cash and cash equivalents, beginning of period		1,042,291			1,486,854

Cash and cash equivalents, end of period	$	941,052		$	507,620

Supplemental Disclosures of Cash Flow Information

Cash paid during the three months ended June 30 for:	2017		2016
Interest	$	98,695	$	50,640
Income taxes		-		6,390

See accompanying notes to condensed consolidated financial statements

COMMAND SECURITY CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The accompanying condensed consolidated financial statements presented herein have not been audited, and have been prepared in accordance with the instructions to Form 10-Q which do not include all of the information and note disclosures required by generally accepted accounting principles in the United States. These financial statements should be read in conjunction with our consolidated financial statements and notes thereto as of and for the fiscal year ended March 31, 2017. In this discussion, the words “Company,” “we,” “our,” “us” and terms of similar import should be deemed to refer to Command Security Corporation and its consolidated subsidiary.

The condensed consolidated financial statements for the interim period shown in this report are not necessarily indicative of our results to be expected for any period after the date hereof, including for the fiscal year ending March 31, 2018, or for any other subsequent period. The condensed consolidated financial statements include the consolidated accounts of the Company with all intercompany transactions eliminated. In the opinion of our management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation of the financial statements included in this quarterly report. All such adjustments are of a normal recurring nature.

1.	Recently Issued Accounting Standards

In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. In July 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”, which deferred the effective date of ASU No. 2014-09 by one year, making it effective for the Company’s fiscal year ending March 31, 2019. Subsequently, the FASB also issued a series of amendments to the new revenue standards. The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The new revenue standards are not expected to have a material impact on the amount and timing of revenue recognized in the Company’s consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. ASU 2015-17 simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities to be classified as non-current on the balance sheet. The Company adopted this standard during the quarter ended June 30, 2017, and applied the new standard retrospectively. Other than the reclassification of the current deferred tax asset to long term assets, the adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s fiscal year ending March 31, 2020, with early adoption permitted, and must be implemented using a modified retrospective approach for all leases existing at, or entered into after the beginning of the earliest comparative period that is presented in the financial statements. The Company is currently evaluating the impact of ASU 2016-02 on its consolidated financial statements. The adoption of this guidance is expected to result in a significant increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statements of operations. However, the ultimate impact of adopting ASU 2016-02 will depend on the Company’s lease portfolio as of the adoption date.

In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which simplifies accounting and presentation of share-based payments, primarily relating to the recognition and classification of excess tax benefits, accounting for forfeitures and tax withholding requirements. ASU 2016-09 is effective for the Company’s fiscal year ending March 31, 2018. Previously, excess tax benefits or deficiencies from the Company’s equity awards were recorded as additional paid-in capital in its balance sheets. Upon adoption, the Company has begun recording any excess tax benefits or deficiencies from its equity awards in its statements of operations in the reporting periods in which the benefit or deficiency is realized. As a result, the Company’s income tax expense and associated effective tax rate are impacted by fluctuations in stock price between the grant dates and exercise dates of equity awards. The impact during the quarter was not material. The amendments also allow for a one-time accounting policy election to either account for forfeitures as they occur or to estimate forfeitures as required by current guidance. The Company elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s financial position, results of operations or cash flows.

In August 2016, the FASB issued new guidance on cash flow statement presentation ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments. This ASU addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective beginning with the Company’s fiscal year ending March 31, 2019, with early adoption permitted. The adoption of ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for annual or any interim goodwill tests in fiscal years beginning after December 15, 2019. The adoption is not expected to have a material impact on the consolidated financial statements.

COMMAND SECURITY CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2.	Short-Term Borrowings:

On February 12, 2009, we entered into a $20.0 million credit facility (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”). This credit facility, which was most recently amended in March 2017 (see below) and matures March 31, 2020, contains customary affirmative and negative covenants, including, among other things, covenants requiring us to maintain certain financial ratios and is collateralized by customer accounts receivable and certain other assets of the Company as defined in the Credit Agreement.

The Credit Agreement provides for a letter of credit sub-line in an aggregate amount of up to $1.5 million. The Credit Agreement also provides for interest to be calculated on the outstanding principal balance of the revolving loans at the prime rate (as defined in the Credit Agreement) plus 1.50%. For LIBOR loans, interest will be calculated on the outstanding principal balance of the LIBOR loans at the LIBOR rate (as defined in the Credit Agreement) plus 1.75%.

On March 30, 2017, we entered into an eighth amendment (the “Eighth Amendment”) to our Credit Agreement. The Eighth Amendment extended the Credit Agreement from March 31, 2017 to March 31, 2020, increased the revolving line of credit from $20.0 million to $27.5 million, amended the terms of the “Minimum Excess Availability” covenant and redefined the term “Borrowing Base”.

Under the Credit Agreement, as of June 30, 2017, the interest rate was 2.875% for LIBOR loans and 3.125% for revolving loans. At June 30, 2017, we had approximately $0.9 million of cash on hand. We also had $7.0 million in LIBOR loans outstanding, $5.0 million of revolving loans outstanding and $0.5 million outstanding under our letters of credit sub-line under the Credit Agreement, representing 62% of the maximum borrowing capacity under the Credit Agreement based on our “eligible accounts receivable” (as defined in the Credit Agreement) as of such date.

3.	Other Assets:

	June 30, 2017			March 31, 2017

Workers’ compensation insurance	$1,615,176			$2,804,341
Deferred tax asset		4,719,597			5,115,775
Security deposits		120,336			138,171
Other receivables		154,869			16,831
		6,609,978			8,075,118

Current portion		(1,770,045	)		(2,821,172	)

Total non-current portion	$	4,839,933		$	5,253,946

The other asset workers’ compensation insurance represents the net amount of the payments made to cover the workers’ compensation insurance premium against the actual premium due as well as the difference in the amount deposited to the loss fund less the estimated workers’ compensation claims and reserves related to the historical loss claims as well as the estimates related to claims incurred but not reported. There is no offsetting claim liability reported as the Company has determined that there is a sufficient amount deposited into the loss funds to cover the estimated claims reserve as well as the estimate related to claims incurred but not reported.

COMMAND SECURITY CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

4.	Minority Investment in Unconsolidated Affiliate

In 2014, the Company made a 20% minority investment in Ocean Protection Services LLC, a Delaware limited liability company (“OPS LLC”), which holds a 30% interest in an entity that specializes in maritime security, risk management and risk analysis. The Company purchased 2,000 Class A Common Units of OPS LLC for a purchase price of $2.125 million. The excess of the carrying value of the Company’s investment in OPS LLC and the Company’s proportionate share of the net assets of OPS Acquisitions Ltd. (“OPSA”) and OPS LLC is largely attributable to goodwill. Since the Company’s initial investment, there have been no additional capital contributions made or distributions received.

In September 2016, the majority owner of OPS LLC consented to a restructuring transaction pursuant to which the majority owner of OPS LLC transferred its 80% interest in OPS LLC to the Company for no consideration resulting in OPS LLC becoming a wholly-owned subsidiary of the Company.

During the quarter and year ended March 31, 2017, the Company performed an impairment analysis of its investment in OPSA and concluded the investment to be impaired and, accordingly, recorded a $2.1 million impairment charge in the year ended March 31, 2017.

The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the three months ended:

	June 30, 2017			June 30, 2016

Net operating revenues	$	1,006,149		$	2,288,195
Gross profit	$	241,263		$	792,520
Operating income (loss)	$	(160,301	)	$	(361,003	)
Net income (loss) from continuing operations	$	(83,830	)	$	(557,322	)

5.	Accrued Expenses and Other Liabilities:

	June 30, 2017		March 31, 2017

Payroll and related expenses	$	7,214,815	$	8,076,807
Taxes and fees payable		444,583		325,763
Accrued interest payable		6,740		13,508
Other		2,244,679		3,087,396

Total	$	9,910,817	$	11,503,474

6.	Insurance Reserves:

We have insurance policies covering workers’ compensation claims in states where we perform services. Estimated accrued liabilities are based on our historical loss experience and the ratio of claims paid to our historical payout profiles. Charges for estimated workers’ compensation related losses incurred and included in cost of sales were $726,418 and $971,114 for the three months ended June 30, 2017 and 2016, respectively.

The nature of our business also subjects us to claims or litigation alleging that we are liable for damages as a result of the conduct of our employees or others. We insure against such claims and suits through general liability policies with third-party insurance companies.

Our insurance coverage limits are currently $1.0 million per occurrence for non-aviation related business (with additional first and second layer excess liability policies of $5.0 million and $10.0 million, respectively) and $30.0 million per occurrence for aviation related business. We retain the risk for the first $25,000 of general liability non-aviation related operations. The aviation related deductible is $5,000 per occurrence, with the exception of $50,000 for airport wheelchair and electric cart operations, $25,000 for damage to aircraft and $100,000 for skycap operations. Estimated accrued liabilities are based on specific reserves in connection with existing claims as determined by third party risk management consultants and actuarial factors and the timing of reported claims. These are all factored into estimated losses incurred but not yet reported to us.

Cumulative amounts estimated to be payable by us with respect to pending and potential claims for all years in which we are liable under our general liability retention and workers’ compensation policies have been accrued as liabilities. Such accrued liabilities are necessarily based on estimates; accordingly, our ultimate liability may exceed or be less than the amounts accrued. The methods of making such estimates and establishing the resultant accrued liability are reviewed continually and any adjustments resulting therefrom are reflected in our current results of operations.

Workers’ compensation annual costs are comprised of premiums as well as incurred losses as determined at the end of the coverage period, subject to minimum and maximum amounts. Workers’ compensation insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported as provided by a third party. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. We believe our estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect these estimates. The Company continually monitors changes in claim type and incident and evaluates the workers’ compensation insurance accrual, making necessary adjustments based on the evaluation of these qualitative data points.

COMMAND SECURITY CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

7.	Earnings per Share:

Under the requirements of FASB ASC 260-10, Earnings Per Share, the dilutive effect of our common shares that have not been issued, but that may be issued upon the exercise or conversion, as the case may be, of rights or options to acquire such common shares, is excluded from the calculation for basic earnings per share. Diluted earnings per share reflects the additional dilution that would result from the issuance of our common shares if such rights or options were exercised or converted, as the case may be, and is presented for the three months ended June 30, 2017 and 2016.

8.	Contingencies:

The nature of our business is such that there is a significant volume of routine claims and lawsuits that are made against us, the vast majority of which never lead to the award of substantial damages. We maintain general liability and workers’ compensation insurance coverage that we believe is appropriate to the relevant level of risk and potential liability that we face, relating to these matters. Some of the claims brought against us could result in significant payments; however, the exposure to us under general liability non-aviation related operations is limited to the first $25,000 per occurrence. The aviation related deductible is $5,000 per occurrence, with the exception of $50,000 for airport wheelchair and electric cart operations, $25,000 for damage to aircraft and $100,000 for skycap operations. Any punitive damage award would not be covered by the general liability insurance policy. The only other potential impact would be on future premiums, which may be adversely affected by an unfavorable claims history.

We have been named as a defendant in several uninsured employment related claims that are pending before various courts, the Equal Employment Opportunities Commission or various state and local agencies. We have instituted policies to minimize these occurrences and monitor those that do occur. At this time, we are unable to determine the impact on the financial position and results of operations that these claims may have, should the investigations conclude that they are valid.

We have employment agreements with certain of our officers and key employees with varying terms. The agreements generally provide for annual salaries and for salary continuation for a specified number of months under certain circumstances, including a change in control of the Company.

Approximately 62% of our workforce is not subject to a labor union. The remaining 38% of our workforce, including in particular, a number of employees based in our New York City security services office and at our airport offices at John F. Kennedy International and LaGuardia airports are subject to collective bargaining agreements. Four of the agreements, covering approximately 19% of our employees, expired on October 31, 2016, February 28, 2017, March 31, 2017 and June 28, 2017. We are currently involved in negotiations to renew the expired agreements. The remaining seven agreements are set to expire in September 2018 and thereafter.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our condensed consolidated financial statements and the related notes contained in this quarterly report.

Forward Looking Statements

Certain of our statements contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this quarterly report and, in particular, those under the heading “Outlook,” contain forward-looking statements. The words “may,” “will,” “should,” “expect,” “anticipate,” “believe,” “plans,” “intend” and “continue,” or the negative of these words or other variations on these words or comparable terminology typically identify such statements. These statements are based on our management’s current expectations, estimates, forecasts and projections about the industry in which we operate generally, and other beliefs of and assumptions made by our management, some or many of which may be incorrect. In addition, other written or verbal statements that constitute forward-looking statements may be made by us or on our behalf. While our management believes these statements are accurate, our business is dependent upon general economic conditions and various conditions specific to the industries in which we operate. Moreover, we believe that the current business environment is more challenging and difficult than it has been in the past several years, if not longer. If the business of any substantial customer or group of customers fails or is materially and adversely affected by the current economic environment or otherwise, they may seek to substantially reduce their expenditures for our services. Any loss of business from our substantial customers could cause our actual results to differ materially from the forward-looking statements that we have made in this quarterly report. Further, other factors, including, but not limited to, those relating to the shortage of qualified labor, competitive conditions and adverse changes in economic conditions of the various markets in which we operate, could adversely impact our business, operations and financial condition and cause our actual results to fail to meet our expectations, as expressed in the forward-looking statements that we have made in this quarterly report. These forward-looking statements are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that we may not be able to accurately predict. We undertake no obligation to update publicly any of these forward-looking statements, whether as a result of new information, future events or otherwise.

As provided for under the Private Securities Litigation Reform Act of 1995, we wish to caution shareholders and investors that the important factors under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission with respect to our fiscal year ended March 31, 2017, could cause our actual financial condition and results from operations to differ materially from our anticipated results or other expectations expressed in our forward-looking statements in this quarterly report.

Critical Accounting Policies and Estimates

Critical accounting policies are defined as those most important to the portrayal of a company’s financial condition and results and that require the most difficult, subjective or complex judgments. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowances for doubtful accounts, depreciation and amortization, income tax assets and insurance reserves. Estimates are based on historical experience, where applicable or other assumptions that management believes are reasonable under the circumstances. We have identified the policies described below as our critical accounting policies. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.

Revenue Recognition

We record revenues as services are provided to our customers. Revenues consist primarily of aviation and security services, which are typically billed at hourly rates. These rates may vary depending on base, overtime and holiday time worked. Revenue is reported net of applicable taxes.

Accounts Receivable

We periodically evaluate the requirement for providing for billing adjustments and/or reflect the extent to which we will be able to collect our accounts receivable. We provide for billing adjustments where management determines that there is a likelihood of a significant adjustment for disputed billings. Criteria used by management to evaluate the adequacy of the allowance for doubtful accounts include, among others, the creditworthiness of the customer, current trends, prior payment performance, the age of the receivables and our overall historical loss experience. Individual accounts are charged off against the allowance as management deems them to be uncollectible.

Minority Investment in Unconsolidated Affiliate

The Company uses the equity method to account for its investment in OPSA. Equity method investments are recorded at original cost and adjusted periodically to recognize: (i) our proportionate share of investees’ net income or losses after the date of the investment; (ii) additional contributions made or distributions received; and (iii) impairment losses resulting from adjustments to net realizable value. The Company reviews its investment accounted for under the equity method of accounting for impairment whenever events or changes in circumstances indicate a loss in the value of the investment may be other than temporary.

Intangible Assets

Intangible assets are stated at cost and consist primarily of customer lists that are being amortized on a straight-line basis over a period of ten years, and goodwill, which is reviewed annually for impairment. The life assigned to customer lists acquired is based on management’s estimate of our expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management’s operating experience. We test for impairment annually or when events and circumstances warrant such a review, if earlier. Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition in accordance with FASB ASC 360, Property, Plant and Equipment.

Insurance Reserves

General liability estimated accrued liabilities are calculated on an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements and incurred but not reported claims are estimated based on pending claims, historical trends and related data.

Workers’ compensation annual costs are comprised of premiums as well as incurred losses as determined at the end of the coverage period, subject to minimum and maximum amounts. Workers’ compensation insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported as provided by a third party. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. We believe our estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. The Company continually monitors changes in claim type and incident and evaluates the workers’ compensation insurance accrual, making necessary adjustments based on the evaluation of these qualitative data points.

Income Taxes

Income taxes are based on income (loss) for financial reporting purposes and reflect a current tax liability (asset) for the estimated taxes payable (recoverable) in the current year tax return and changes in deferred taxes. Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. In the event that interest and/or penalties are assessed in connection with our tax filings, interest will be recorded as interest expense and penalties as selling, general and administrative expense. We did not have any unrecognized tax benefits as of June 30, 2017 and 2016.

Stock Based Compensation

FASB ASC 718, Stock Compensation, requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values at grant date and the recognition of the related expense over the period in which the share-based compensation vests. We use the modified-prospective transition method. Under the modified-prospective transition method, we recognize compensation expense in our financial statements issued subsequent to the date of adoption for all share-based payments granted, modified or settled. Non-cash charges of $18,225 and $4,052 for stock based compensation have been recorded for the three months ended June 30, 2017 and 2016, respectively.

Reclassifications

Certain amounts previously reported for prior periods have been reclassified to conform to the current year presentation in the accompanying condensed financial statements. Such reclassifications had no effect on the results of operations or shareholders’ equity as previously recorded.

Overview

We principally provide uniformed security officers and aviation services to commercial, residential, financial, industrial, aviation and governmental customers through approximately 23 offices throughout the United States. In conjunction with providing these services, we assume responsibility for a variety of functions, including recruiting, hiring, training and supervising all operating personnel as well as paying such personnel and providing them with uniforms, fringe benefits and workers’ compensation insurance.

Our customer-focused mission is to provide the best personalized supervision and management attention necessary to deliver timely and efficient security solutions so that our customers can operate in safe environments without disruption or loss. Technology underpins our efficiency, accuracy and dependability. We use a sophisticated software system that integrates scheduling, payroll and billing functions, giving customers the benefit of customized programs using the personnel best suited to the job.

Renewing and extending existing contracts and obtaining new contracts are crucial to our ability to generate revenues, earnings and cash flow. In addition, our growth strategy involves the acquisition and integration of complementary businesses in order to increase our scale within certain geographical areas, increase our market share in the markets in which we operate, gain market share in the markets in which we do not currently operate and improve our profitability. We intend to pursue suitable acquisition opportunities for contract security officer businesses. We frequently evaluate acquisition opportunities and, at any given time, may be in various stages of due diligence or preliminary discussions with respect to a number of potential acquisitions. However, we cannot assure you that we will identify any suitable acquisition candidates or, if identified, that we will be able to complete the acquisition of such candidates on favorable terms or at all.

The global security industry has grown largely due to an increasing fear of crime and terrorism. In the United States, the demand for security-related products and central station monitoring services also has grown steadily. We believe that there is continued heightened attention to and demand for security due to worldwide events, and the ensuing threat, or perceived threat, of criminal and terrorist activities. For these reasons, we expect that security will continue to be a key area of focus both domestically in the United States and abroad.

Demand for security officer services is dependent upon a number of factors, including, among other things, demographic trends, general economic variables such as growth in the gross domestic product, unemployment rates, consumer spending levels, perceived and actual crime rates, government legislation, terrorism sensitivity, war/external conflicts and technology.

Results of Operations

Revenues

Our revenues increased by $7.5 million, or 20.5%, to $43.8 million for the three months ended June 30, 2017 from $36.3 million in the corresponding period of the prior year. The increase in revenues was due mainly to the commencement of work under the contracts with the USPS in June 2016 and the commencement of work under new contracts with a large on-line retailer in June 2017. In addition, revenues from a major transportation company increased by approximately $0.6 million. These increases were partly offset by reductions in revenues of approximately $0.5 million from various residential and retail customers.

Gross Profit

Our gross profit increased by $0.5 million, or 11.1%, to $5.1 million (11.5% of revenues) for the three months ended June 30, 2017, from $4.5 million (12.5% of revenues) in the corresponding period of the prior year. The increase in gross profit was due mainly to the commencement of work under the contracts with the USPS and the large on-line retailer as discussed above, partly offset by a decline in security services for a variety of residential and retail customers. Startup costs included in cost of sales in connection with the commencement of work under the contracts with the large online retailer were approximately $90,000 in the three months ended June 30, 2017.

General and Administrative Expenses

Our general and administrative expenses increased by $0.7 million, or 16.7%, to $4.8 million (10.9% of revenues) for the three months ended June 30, 2017, from $4.1 million (11.3% of revenues) in the corresponding period of the prior year. The increase in general and administrative expenses consisted primarily of higher employee compensation, benefits, and information technology costs incurred in support of increasing revenues, partly offset by lower legal and labor settlement costs. Startup costs included in general and administrative expenses in connection with the commencement of work with the large online retailer were approximately $260,000 in the three months ended June 30, 2017. Excluding these start-up costs, general and administrative costs in the quarter ended June 30, 2017 increased by 10.3% to 10.3% of revenues.

Provision for Doubtful Accounts

The provision for doubtful accounts for the three months ended June 30, 2017, net of recoveries, increased by $77,349 to net expense of $2,488 as compared with net recoveries of $74,861 in the corresponding period of the prior year. The increase in the net provision for doubtful accounts was primarily due to the absence of recoveries of specific accounts previously deemed uncollectible.

We periodically evaluate the requirement for providing for billing adjustments and/or credit losses on our accounts receivable. We provide for billing adjustments in cases where our management determines that there is a likelihood of a significant adjustment for disputed billings. Criteria used by management to evaluate the adequacy of the allowance for doubtful accounts include, among others, the creditworthiness of the customer, current trends, prior payment performance, the age of the receivables and our overall historical loss experience. Individual accounts are charged off against the allowance for doubtful accounts as our management deems them to be uncollectible. We do not know if bad debts will increase in future periods.

Interest Expense

Interest expense increased by $37,942, or 70%, to $91,927 for the three months ended June 30, 2017, from $53,985 in the corresponding period of the prior year. The increase in interest expense for the three months ended June 30, 2017 was due mainly to higher average outstanding borrowings in support of increased revenues and higher interest rates under our credit agreement with Wells Fargo, described below.

Equity Earnings (Loss) in Minority Investment of Unconsolidated Affiliate

The Company uses the equity method to account for its investment in OPS Acquisitions Ltd. (“OPSA”). Equity method investments are recorded at original cost and adjusted periodically to recognize: (i) our proportionate share of investees’ net income or losses after the date of the investment; (ii) additional contributions made or distributions received; and (iii) impairment losses resulting from adjustments to net realizable value. The Company reviews its investment accounted for under the equity method of accounting for impairment whenever events or changes in circumstances indicate a loss in the value of the investment may be other than temporary.

The Company’s proportionate share of the net loss of OPSA for the three months ended June 30, 2017 was $25,200 as compared with net loss of $100,000 in the corresponding period of the prior year. The decrease in the Company’s proportionate share of net loss of OPSA was due to a reduction in legal and consulting expenses incurred in connection with certain strategic initiatives and changes in the Company’s ownership partly offset by lower gross profits following the decline in revenues.

Provision for (benefit from) income taxes

The provision for income taxes decreased by $130,000 to $84,000 for the three months ended June 30, 2017 compared with $214,000 in the corresponding period of the prior year. The Company’s effective tax rate decreased by 3.0% to 54.1% for the three months ended June 30, 2017 compared with 57.1% in the corresponding period of the prior year. The difference between the Company’s effective tax rate of 54.1% for the three months ended June 30, 2017 and the Company’s statutory tax rate of approximately 41% is primarily attributable to the Company’s proportionate share of the net loss of OPSA and certain expenses that are not deductible for income tax purposes.

Liquidity and Capital Resources

We pay approximately 81% of our employees on a bi-weekly basis with the remaining employees being paid on a weekly basis, while customers pay for services generally within 60 days from the invoice date. We maintain a commercial revolving loan arrangement, currently with Wells Fargo Bank, National Association (“Wells Fargo”). We fund our payroll and operations primarily through borrowings under our $27.5 million credit facility with Wells Fargo (as amended, the “Credit Agreement”), described below under “Short Term Borrowings.”

We principally use short-term borrowings under our Credit Agreement to fund our accounts receivable. Our short-term borrowings have supported the accounts receivable associated with our organic growth. We intend to continue to use short-term borrowings to support our working capital requirements.

We believe that our existing funds, cash generated from operations, and existing sources of and access to financing are adequate to satisfy our working capital, capital expenditure and debt service requirements for the foreseeable future. However, we cannot assure you that this will continue to be the case. We may be required to obtain alternative or additional financing to maintain and expand our existing operations through the sale of our securities, an increase in the amount of available borrowings under our Credit Agreement, obtaining additional financing from other financial institutions, or otherwise. The failure by us to obtain such financing, if needed, would have a material adverse effect upon our business, financial condition and results of operations.

Short-Term Borrowings:

Investments and Capital Expenditures

We have no material commitments for capital expenditures at this time.

Working Capital

Our working capital increased by $0.7 million, or 7.5%, to $10.0 million as of June 30, 2017, from $9.3 million as of March 31, 2017.

We had checks drawn in advance of future deposits of $1.5 million and $0.6 million at June 30, 2017, and March 31, 2017, respectively. Cash balances, book overdrafts and payroll and related expenses can fluctuate materially from day to day depending on such factors as collections and timing of payroll payments.

Outlook

Operating Initiatives

During the last few years the Company has pursued several initiatives to improve our competitive and strategic position. Significant progress has been made in rebuilding and strengthening our management team and improving the efficiency and functional effectiveness of our organization, systems and processes. The Company re-entered the U.S. federal government market with the commencement of work on the U.S. Postal Service (USPS) contract in June 2016. Also consistent with the Company’s initiative to compete for larger contract opportunities, the Company commenced work on a new multi-state security services contract with a large on-line retailer in April 2016 in the Southeast region and in June 2017 we commenced work with this customer in the Northeast/Mid-west region of the country. The Company also recently announced a new contract to provide physical security for data centers for the web services segment of the major on-line retailer which commenced in July 2017. We expect to continue to pursue similar large contract opportunities in multiple end markets.

With a stronger foundation and a more effective organization, the Company remains engaged in a corporate-wide campaign with four basic focus areas:

	●	Improved performance through better systems, procedures and training;

	●	Profitable top line revenue growth through identification of larger bid and proposal opportunities including new Federal and/or international opportunities and potential acquisitions;

	●	Dedicated marketing and sales efforts in specific industry sectors that complement our core capabilities, geography and operational expertise; and,

	●	Attention to details and discipline that will drive operating efficiencies, and enhance enterprise value.

These strategic initiatives may result in future costs related to new business development expenses, severance and other employee-related matters, litigation risks and expenses, and other costs. At this time we are unable to determine the scope of these potential costs.

Financial Results

Our future revenues will largely depend on our ability to gain additional business from new and existing customers in our security officer and aviation services divisions at acceptable margins, while minimizing terminations of contracts with existing customers. In addition, our growth strategy involves the acquisition and integration of complementary businesses to increase our scale within certain geographical areas, capture market share in the markets in which we operate, enter new markets and improve our profitability. We intend to pursue acquisition opportunities for contract security officer businesses. Our ability to complete future acquisitions will depend on our ability to identify suitable acquisition candidates, negotiate acceptable terms for their acquisition and, if necessary, finance those acquisitions. Our security services division continues to experience organic growth over recent quarters as demand for our security services has steadily increased. Our current focus is on increasing our revenues, as our sales and marketing team and branch managers’ work to develop new business and retain profitable contracts. During recent years, the Department of Homeland Security and the Transportation Security Administration have implemented numerous security measures that affect airline operations, including expanded cargo and baggage screening, and are likely to implement additional measures in the future. Additional measures taken to enhance either passenger or cargo security procedures in the future may increase the airline industry’s demand for third party services provided by us. Additionally, our aviation services division is continually subject to such government regulation, which has adversely affected us in the past with the federalization of the pre-board screening services and the document verification process at several of our domestic airport locations.

Our gross profit margin during the three months ended June 30, 2017 was 11.5%. We expect gross profit to remain under pressure due primarily to continued price competition, including competition from companies that have substantially greater financial and other resources than we have. However, we expect these effects will be moderated by continued operational efficiencies resulting from better management and leveraging of our cost structures, workflow process efficiencies associated with our integrated financial software system and higher contributions from our continuing new business development.

Our security services division generated approximately $28.9 million or 66% of our total revenues in the three months ended June 30, 2017. Our aviation services division generated approximately $14.9 million or 34% of our total revenues in the three months ended June 30, 2017.

In the three months ended June 30, 2017, the Company had six customers who, in the aggregate, represented approximately 56% of the Company’s revenues, with two of those customers representing 15% and 12% of total revenues, respectively. These customers include three major transportation & logistics customers, one domestic and one international airline and a northeast U.S. based healthcare facility. Any loss of business with these customers could have a material adverse effect on our business, financial condition and results of operation.

As noted earlier, on February 12, 2009, we entered into a $20.0 million Credit Agreement with Wells Fargo, which was most recently amended in March 2017, as described above. As of the close of business on July 25, 2017, our total outstanding borrowings under the Credit Agreement were approximately $12.0 million and our total availability was approximately $6.7 million, which we believe is sufficient to meet our needs for the foreseeable future barring any increase in reserves imposed by Wells Fargo. We believe that existing funds, cash generated from operations, and existing sources of and access to financing are adequate to satisfy our working capital, planned capital expenditures and debt service requirements for the foreseeable future, barring any increase in reserves imposed by Wells Fargo. However, we cannot assure you that this will be the case, and we may be required to obtain alternative or additional financing to maintain and expand our existing operations through the sale of our securities, an increase in the amount of available borrowings under our Credit Agreement, obtaining additional financing from other financial institutions or otherwise. The financial markets generally, and the credit markets in particular, continue to be volatile, both in the United States and in other markets worldwide. The current market situation has resulted generally in substantial reductions in available loans to a broad spectrum of businesses, increased scrutiny by lenders of the credit-worthiness of borrowers, more restrictive covenants imposed by lenders upon borrowers under credit and similar agreements and, in some cases, increased interest rates under commercial and other loans. If we require alternative or additional financing at this or any other time, we cannot assure you that such financing will be available upon commercially acceptable terms or at all. If we fail to obtain additional financing when and if required by us, our business, financial condition and results of operations would be materially adversely affected.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

During the three months ended June 30, 2017, we did not hold a portfolio of securities instruments for either trading or speculative purposes. Periodically, we hold securities instruments for other than trading purposes. Due to the short-term nature of our investments, we believe that we have no material exposure to changes in the fair value as a result of market fluctuations.

We are exposed to market risk in connection with changes in interest rates, primarily in connection with outstanding balances under our revolving line of credit with Wells Fargo, which was entered into for purposes other than trading purposes. Based on our average outstanding balances during the three months ended June 30, 2017, a 1% change in the prime and/or LIBOR lending rates could impact our financial position and results of operations by approximately $90,000 over the remainder of our fiscal year ending March 31, 2018. For additional information on the revolving line of credit with Wells Fargo, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources – Short Term Borrowings.”

Reference is made to Item 2 of Part I of this quarterly report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward Looking Statements.”

Item 4. Controls and Procedures

We maintain “disclosure controls and procedures”, as such term is defined under Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives and our Chief Executive Officer and Chief Financial Officer have concluded that such controls and procedures are effective at the reasonable assurance level.

An evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation and subject to the foregoing, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2017. There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

See our discussion under Note 8 “Contingencies” to the Notes to Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

Item 1A.

Risk Factors

There have been no material changes to our risk factors from those disclosed in our Annual Report on Form 10-K for our fiscal year ended March 31, 2017.

Item 6.	Exhibits

	Exhibit 31.1* Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	Exhibit 31.2* Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

	Exhibit 32.1** Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	Exhibit 32.2** Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

	Exhibit 99.1* Press Release dated July 31, 2017.

	Exhibit 101* The following materials from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 are formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statements of Income for the three months ended June 30, 2017 and June 30, 2016, (ii) Condensed Consolidated Balance Sheets as of June 30, 2017 and March 31, 2017, (iii) Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended June 30, 2017 and June 30, 2016, (iv) Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2017 and June 30, 2016, and (v) Notes to the Unaudited Condensed Consolidated Financial Statements.

	*Filed herewith
	**Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COMMAND SECURITY CORPORATION

Date: July 31, 2017	By:	/s/ Craig P. Coy
		Craig P. Coy
		Chief Executive Officer
		(Principal Executive Officer)

		/s/ N. Paul Brost
		N. Paul Brost
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex31-1.htm

Exhibit 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Craig P. Coy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Command Security Corporation;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2017

/s/ Craig P. Coy
Craig P. Coy
Chief Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, N. Paul Brost, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Command Security Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 31, 2017

/s/ N. Paul Brost
N. Paul Brost
Chief Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

Certification Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the accompanying Quarterly Report on Command Security Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig P. Coy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 31, 2017

By:	/s/ Craig P. Coy
	Craig P. Coy
	Chief Executive Officer

EX-32.2 5 ex32-2.htm

Exhibit 32.2

Certification Pursuant to 18 U. S. C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the accompanying Quarterly Report on Command Security Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, N. Paul Brost, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 31, 2017

By:	/s/ N. Paul Brost
	N. Paul Brost
	Chief Financial Officer

EX-99.1 6 ex99-1.htm

Company Contact:

N. Paul Brost

Chief Financial Officer

Command Security Corporation

703-464-4735

COMMAND SECURITY CORPORATION REPORTS FINANCIAL

RESULTS FOR THE FIRST FISCAL QUARTER ENDED JUNE 30, 2017

Quarterly Revenues Increase 21% from Prior Year

Herndon, VA***July 31, 2017***Command Security Corporation (NYSE MKT: MOC) today reported its financial results for its first fiscal quarter ended June 30, 2017.

Revenues for the three months ended June 30, 2017 increased by $7.5 million or 21% to $43.8 million as compared with $36.3 million for the three months ended June 30, 2016. Gross profit for the three months ended June 30, 2017 was $5.1 million (11.5% of revenues) compared with $4.5 million (12.5% of revenues) for the three months ended June 30, 2016. Operating income for the three months ended June 30, 2017 was $0.3 million (0.6% of revenues) compared with operating income of $0.5 million (1.5% of revenues) for the three months ended June 30, 2016. Operating income for the quarter ended June 30, 2017 includes approximately $350,000 of start-up costs related to revenue growth as described below. Net income for the three months ended June 30, 2017 was $0.1 million, or $0.01 per basic and diluted share outstanding, compared with net income of $0.2 million, or $0.02 per basic and diluted share outstanding for the three months ended June 30, 2016.

The increases in revenues and gross profits for the three months ended June 30, 2017, as compared with the same period of the prior year, was primarily driven by the commencement of work under the contracts with the U.S. Postal Service (“USPS”) in June 2016, a new multi-state security services contract with a large online retailer that started in June 2017, and increased revenues from a major transportation company. These increases were partly offset by start-up costs incurred in connection with new revenue growth and reductions in revenues from residential and retail customers. Start-up costs incurred in connection with new revenue growth and included in cost of sales during the quarter ended June 30, 2017 were approximately $90,000.

General and administrative expenses increased by 16.7% or $0.7 million, to $4.8 million (10.9% of revenues) in the quarter ended June 30, 2017, as compared to $4.1 million (11.3% of revenues) in the corresponding period of the prior year. The increase in general and administrative expenses consisted primarily of employee compensation and information technology costs incurred in support of increasing revenues, partly offset by lower legal and labor settlement costs. While revenues for the quarter ended June 30, 2017 increased by 21% over the quarter ended June 30, 2016, we were able to successfully leverage our existing cost structure with relatively small increases in employee compensation and benefit costs. We did however incur increased information technology and communications costs in support of the increased revenues. Start-up costs incurred in connection with new revenue growth and included in general and administrative costs in the quarter ended June 30, 2017, were approximately $260,000. Excluding these start-up costs, general and administrative costs in the quarter ended June 30, 2017 increased by 10.3% to 10.3% of revenues.

The decrease in net income for the three months ended June 30, 2017, as compared with the corresponding period of the prior year was due mainly to the above-mentioned increase in general and administrative costs (including start-up costs incurred in connection with new revenue growth) and increased interest expense partly offset by the increase in gross profits attributable to the increased revenues, a reduction in the loss from our minority investment in Ocean Protection Services and a lower overall effective income tax rate.

Craig P. Coy, Chief Executive Officer of Command Security, said, “This quarter we kept the entire team working very hard as we transitioned the addition of two new major contracts. And, in the process we added almost $40 million of annual revenues. Our team traveled to over 12 Northeast and Midwest states to implement operating systems, on-board over 800 new employees and assume full responsibility for security services effective June 1, 2017. Almost simultaneously, our team recruited and hired another 250 new employees to provide physical security services for 12 data center sites in the Northern Virginia area effective July 1, 2017. Our pipeline of new business remains robust as we continue to seek new opportunities with customers who value high quality security services.”

About Command Security Corporation

Command Security Corporation and its Aviation Safeguards division provide uniformed security officers and aviation security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. As our credo states “Securing All You Value,” we safeguard against theft, fraud, fire, intrusion, vandalism and the many other threats that our customers are facing today. By partnering with each customer, we design programs customized to meet their specific security needs and address their particular concerns. We bring years of expertise, including sophisticated systems for hiring, training, supervision and oversight, backed by cutting-edge technology, to every situation that our customers face involving security. Our mission is to enable our customers to operate their businesses without disruption or loss, and to create safe environments for their employees. For more information concerning our company, please refer to our website at www.commandsecurity.com.

Forward-Looking Statements

This announcement by the Company contains forward-looking statements within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 about the Company that are based on management’s assumptions, expectations and projections about the Company. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that actual results of the Company could differ materially from those projected in the forward-looking statements as a result of various factors, including but not limited to the factors described under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the U.S. Securities and Exchange Commission (the “SEC”), and such other risks disclosed from time to time in the Company’s periodic and other reports filed with the SEC. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the SEC.

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Income Statement Highlights	Three Months Ended June 30,
	(Unaudited)
	2017			2016

Revenues	$	43,802,721		$	36,336,208
Gross profit		5,053,171			4,549,007
General and administrative		4,778,205			4,094,912
Operating income		272,478			528,956
Equity loss in minority investment of unconsolidated affiliate		(25,200	)		(100,000	)
Provision for income taxes		84,000			214,000
Net income		71,351			160,971
Net income per common share:
Basic		0.01			0.02
Diluted		0.01			0.02
Weighted average number of common shares outstanding:
Basic		9,848,186			9,792,618
Diluted		10,264,096			10,156,337

COMMAND SECURITY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Balance Sheet Highlights		June 30, 2017		March 31, 2017
		(Unaudited)
Cash and cash equivalents	$	941,052	$	1,042,291
Accounts receivable, net		30,587,577		29,189,233
Total current assets		35,133,140		34,837,686
Total assets		41,560,680		41,779,850
Short-term debt		11,960,526		12,228,679
Total current liabilities		25,126,901		25,530,945
Total liabilities		25,588,522		25,897,268
Stockholders’ equity		15,972,158		15,882,582
Total liabilities and stockholders’ equity	$	41,560,680	$	41,779,850

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">1.</td> <td style="font: 12pt Times New Roman, Times, Serif">Recently Issued Accounting Standards</td></tr> </table>   In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. In July 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date”, which deferred the effective date of ASU No. 2014-09 by one year, making it effective for the Company’s fiscal year ending March 31, 2019. Subsequently, the FASB also issued a series of amendments to the new revenue standards. The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The new revenue standards are not expected to have a material impact on the amount and timing of revenue recognized in the Company’s consolidated financial statements.   In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. ASU 2015-17 simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities to be classified as non-current on the balance sheet. The Company adopted this standard during the quarter ended June 30, 2017, and applied the new standard retrospectively. Other than the reclassification of the current deferred tax asset to long term assets, the adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows.   In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which requires lessees to recognize a lease liability and a right-to-use asset on the balance sheet for all leases, except certain short-term leases. ASU 2016-02 is effective beginning with the Company’s fiscal year ending March 31, 2020, with early adoption permitted, and must be implemented using a modified retrospective approach for all leases existing at, or entered into after the beginning of the earliest comparative period that is presented in the financial statements. The Company is currently evaluating the impact of ASU 2016-02 on its consolidated financial statements. The adoption of this guidance is expected to result in a significant increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statements of operations. However, the ultimate impact of adopting ASU 2016-02 will depend on the Company’s lease portfolio as of the adoption date.   In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”, which simplifies accounting and presentation of share-based payments, primarily relating to the recognition and classification of excess tax benefits, accounting for forfeitures and tax withholding requirements. ASU 2016-09 is effective for the Company’s fiscal year ending March 31, 2018. Previously, excess tax benefits or deficiencies from the Company’s equity awards were recorded as additional paid-in capital in its balance sheets. Upon adoption, the Company has begun recording any excess tax benefits or deficiencies from its equity awards in its statements of operations in the reporting periods in which the benefit or deficiency is realized. As a result, the Company’s income tax expense and associated effective tax rate are impacted by fluctuations in stock price between the grant dates and exercise dates of equity awards. The impact during the quarter was not material. The amendments also allow for a one-time accounting policy election to either account for forfeitures as they occur or to estimate forfeitures as required by current guidance. The Company elected to account for forfeitures as they occur. The adoption of this accounting policy did not have a material impact on the Company’s financial position, results of operations or cash flows.   In August 2016, the FASB issued new guidance on cash flow statement presentation ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments. This ASU addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The new guidance is effective beginning with the Company’s fiscal year ending March 31, 2019, with early adoption permitted. The adoption of ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.   In January 2017, the FASB issued ASU 2017-04 “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates Step 2 from the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for annual or any interim goodwill tests in fiscal years beginning after December 15, 2019. The adoption is not expected to have a material impact on the consolidated financial statements.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; padding-right: 0.8pt; font: 12pt Times New Roman, Times, Serif">3.</td> <td style="padding-right: 0.8pt; font: 12pt Times New Roman, Times, Serif">Other Assets:</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Workers’ compensation insurance</td> <td> </td> <td colspan="2" style="text-align: right">$1,615,176</td> <td> </td> <td> </td> <td colspan="2" style="text-align: right">$2,804,341</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Deferred tax asset</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">4,719,597</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">5,115,775</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Security deposits</td> <td> </td> <td> </td> <td style="text-align: right">120,336</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">138,171</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other receivables</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">154,869</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">16,831</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,609,978</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,075,118</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,770,045</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,821,172</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total non-current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,839,933</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,253,946</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The other asset workers’ compensation insurance represents the net amount of the payments made to cover the workers’ compensation insurance premium against the actual premium due as well as the difference in the amount deposited to the loss fund less the estimated workers’ compensation claims and reserves related to the historical loss claims as well as the estimates related to claims incurred but not reported. There is no offsetting claim liability reported as the Company has determined that there is a sufficient amount deposited into the loss funds to cover the estimated claims reserve as well as the estimate related to claims incurred but not reported.

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; font: 12pt Times New Roman, Times, Serif">4.</td> <td style="font: 12pt Times New Roman, Times, Serif">Minority Investment in Unconsolidated Affiliate</td></tr> </table>   In 2014, the Company made a 20% minority investment in Ocean Protection Services LLC, a Delaware limited liability company (“OPS LLC”), which holds a 30% interest in an entity that specializes in maritime security, risk management and risk analysis. The Company purchased 2,000 Class A Common Units of OPS LLC for a purchase price of $2.125 million. The excess of the carrying value of the Company’s investment in OPS LLC and the Company’s proportionate share of the net assets of OPS Acquisitions Ltd. (“OPSA”) and OPS LLC is largely attributable to goodwill. Since the Company’s initial investment, there have been no additional capital contributions made or distributions received.   In September 2016, the majority owner of OPS LLC consented to a restructuring transaction pursuant to which the majority owner of OPS LLC transferred its 80% interest in OPS LLC to the Company for no consideration resulting in OPS LLC becoming a wholly-owned subsidiary of the Company.   During the quarter and year ended March 31, 2017, the Company performed an impairment analysis of its investment in OPSA and concluded the investment to be impaired and, accordingly, recorded a $2.1 million impairment charge in the year ended March 31, 2017.   The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the three months ended:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Net operating revenues</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">1,006,149</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">2,288,195</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross profit</td> <td> </td> <td>$</td> <td style="text-align: right">241,263</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">792,520</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating income (loss)</td> <td> </td> <td>$</td> <td style="text-align: right">(160,301</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(361,003</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net income (loss) from continuing operations</td> <td> </td> <td>$</td> <td style="text-align: right">(83,830</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(557,322</td> <td>)</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Workers’ compensation insurance</td> <td> </td> <td colspan="2" style="text-align: right">$1,615,176</td> <td> </td> <td> </td> <td colspan="2" style="text-align: right">$2,804,341</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%">Deferred tax asset</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">4,719,597</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">5,115,775</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Security deposits</td> <td> </td> <td> </td> <td style="text-align: right">120,336</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">138,171</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other receivables</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">154,869</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">16,831</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">6,609,978</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,075,118</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt">Current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(1,770,045</td> <td style="padding-bottom: 1.5pt">)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(2,821,172</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total non-current portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,839,933</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,253,946</td> <td style="padding-bottom: 2.5pt"></td></tr> </table>

The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the three months ended:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2016</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Net operating revenues</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">1,006,149</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">2,288,195</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Gross profit</td> <td> </td> <td>$</td> <td style="text-align: right">241,263</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">792,520</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Operating income (loss)</td> <td> </td> <td>$</td> <td style="text-align: right">(160,301</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(361,003</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Net income (loss) from continuing operations</td> <td> </td> <td>$</td> <td style="text-align: right">(83,830</td> <td>)</td> <td> </td> <td>$</td> <td style="text-align: right">(557,322</td> <td>)</td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">June 30, 2017</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">March 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Payroll and related expenses</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">7,214,815</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">8,076,807</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Taxes and fees payable</td> <td> </td> <td> </td> <td style="text-align: right">444,583</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">325,763</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accrued interest payable</td> <td> </td> <td> </td> <td style="text-align: right">6,740</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,508</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Other</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">2,244,679</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">3,087,396</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,910,817</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">11,503,474</td> <td style="padding-bottom: 2.5pt"></td></tr> </table>

2018 Q1

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Wheelchair and Electric Cart Operations [Member] Aircraft Operations [Member] Skycap Operations [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Four Agreement [Member] Concentration Risk Benchmark [Axis] Employees [Member] Seven Agreement [Member] Range [Axis] Minimum [Member] Maximum [Member] Concentration Risk Type [Axis] Labor Force Concentration Risk [Member] Workforce Subject to Collective Bargaining Arrangements [Member] Workforce Not Subject to Collective Bargaining Arrangements [Member] OPSA Ltd [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] Revenues Cost of revenues Gross profit Operating expenses General and administrative Provision for doubtful accounts, net Total operating expenses Operating income Other expenses Interest expense Income before income taxes and equity loss in minority investment of unconsolidated affiliate Equity loss in minority investment of unconsolidated affiliate Income before income taxes Provision for income taxes Net income Income per share of common stock Basic Diluted Weighted average number of common shares outstanding Basic Diluted Statement of Financial Position [Abstract] ASSETS Current assets: Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $544,977 and $542,489, respectively Prepaid expenses Other assets Total current assets Furniture and equipment at cost, net Other assets: Intangible assets, net Minority investment in unconsolidated affiliate Other assets Total other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Checks issued in advance of deposits Short-term borrowings Accounts payable Accrued expenses and other liabilities Total current liabilities Insurance reserves Total liabilities Stockholders' equity: Preferred stock, convertible Series A, $.0001 par value Common stock, $.0001 par value per share Treasury stock, at cost, 1,752,200 shares Additional paid-in capital Accumulated earnings Total stockholders' equity Total liabilities and stockholders' equity Allowance for doubtful accounts receivable net Preferred stock, Series A, par value per share Common stock, par or stated value per share Treasury stock, shares Statement [Table] Statement [Line Items] Balance Stock compensation cost Options exercised, net Stock based compensation tax benefits Net loss Balance Statement of Cash Flows [Abstract] Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Provision for doubtful accounts, net Equity loss in minority investment of unconsolidated affiliate Rent expense Stock based compensation costs Insurance reserves Deferred income taxes Change in receivables, prepaid expenses and other current assets Change in accounts payable and other liabilities Net cash used in operating activities Cash flows from investing activities: Purchases of equipment Proceeds from equipment dispositions Net cash provided by (used in) investing activities Cash flows from financing activities: Net advances (repayments) on short-term borrowings Change in checks issued in advance of deposits Net cash provided by financing activities Net change in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental Disclosures of Cash Flow Information Cash paid during the three months ended June 30 for: Interest Income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] Recently Issued Accounting Standards Debt Disclosure [Abstract] Short-Term Borrowings Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] Other Assets Equity Method Investments and Joint Ventures [Abstract] Minority Investment in Unconsolidated Affiliate Payables and Accruals [Abstract] Accrued Expenses and Other Liabilities Insurance [Abstract] Insurance Reserves Earnings Per Share [Abstract] Earnings Per Share Loss Contingency [Abstract] Contingencies Schedule of Other Assets Schedule of Summarized Financial Information Schedule of Accrued Expenses and Other Liabilities Schedule of Short-term Debt [Table] Short-term Debt [Line Items] Line of credit facility, maximum borrowing capacity Debt instrument, maturity date Debt instrument, basis spread on variable rate Revolving line of credit Debt instrument, interest rate, stated percentage Cash and cash equivalents, at carrying value, total Workers' compensation insurance Deferred tax asset Security deposits Other receivables Other assets, total Current portion Total non-current portion Legal Entity [Axis] Equity method investment, ownership percentage Stock issued during period, shares, acquisitions Equity method investments Equity method investment ownership transfer, percentage Impairment charges Net operating revenues Gross profit Operating income (loss) Net income (loss) from continuing operations Payroll and related expenses Taxes and fees payable Accrued interest payable Other Total Schedule of Segment Reporting Information, by Segment [Table] Segment Reporting Information [Line Items] Subsegments [Axis] Workers' compensation liabilities Insurance policy coverage per occurrence Umbrella insurance policy coverage per occurrence EX-101.PRE 13 moc-20170630_pre.xml XBRL PRESENTATION FILE XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 23, 2017
Document And Entity Information
Entity Registrant Name	COMMAND SECURITY CORP
Entity Central Index Key	0000864509
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,848,186
Trading Symbol	MOC
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 15 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 43,802,721	$ 36,336,208
Cost of revenues	(38,749,550)	(31,787,201)
Gross profit	5,053,171	4,549,007
Operating expenses
General and administrative	(4,778,205)	(4,094,912)
Provision for doubtful accounts, net	(2,488)	74,861
Total operating expenses	(4,780,693)	(4,020,051)
Operating income	272,478	528,956
Other expenses
Interest expense	(91,927)	(53,985)
Income before income taxes and equity loss in minority investment of unconsolidated affiliate	180,551	474,971
Equity loss in minority investment of unconsolidated affiliate	(25,200)	(100,000)
Income before income taxes	155,351	374,971
Provision for income taxes	(84,000)	(214,000)
Net income	$ 71,351	$ 160,971
Income per share of common stock
Basic	$ 0.01	$ 0.02
Diluted	$ 0.01	$ 0.02
Weighted average number of common shares outstanding
Basic	9,848,186	9,792,618
Diluted	10,264,096	10,156,337

XML 16 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 941,052	$ 1,042,291
Accounts receivable, net of allowance for doubtful accounts of $544,977 and $542,489, respectively	30,587,577	29,189,233
Prepaid expenses	1,834,466	1,784,990
Other assets	1,770,045	2,821,172
Total current assets	35,133,140	34,837,686
Furniture and equipment at cost, net	115,329	146,345
Other assets:
Intangible assets, net	984,187	1,028,582
Minority investment in unconsolidated affiliate	488,091	513,291
Other assets	4,839,933	5,253,946
Total other assets	6,312,211	6,795,819
Total assets	41,560,680	41,779,850
Current liabilities:
Checks issued in advance of deposits	1,536,726	583,201
Short-term borrowings	11,960,526	12,228,679
Accounts payable	1,718,832	1,215,591
Accrued expenses and other liabilities	9,910,817	11,503,474
Total current liabilities	25,126,901	25,530,945
Insurance reserves	461,621	366,323
Total liabilities	25,588,522	25,897,268
Stockholders' equity:
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value per share	1,160	1,160
Treasury stock, at cost, 1,752,200 shares	(2,885,579)	(2,885,579)
Additional paid-in capital	18,553,276	18,535,051
Accumulated earnings	303,301	231,950
Total stockholders' equity	15,972,158	15,882,582
Total liabilities and stockholders' equity	$ 41,560,680	$ 41,779,850

XML 17 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable net	$ 544,977	$ 542,489
Preferred stock, Series A, par value per share	$ .0001	$ .0001
Common stock, par or stated value per share	$ .0001	$ .0001
Treasury stock, shares	1,752,200	1,752,200

XML 18 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid In Capital [Member]	Accumulated Earnings [Member]	Total
Balance at Mar. 31, 2016	$ 1,155	$ (2,885,579)	$ 18,410,595	$ 2,556,539	$ 18,082,710
Stock compensation cost			4,053		4,053
Net loss				160,971	160,971
Balance at Jun. 30, 2016	1,155	(2,885,579)	18,414,648	2,717,510	18,247,734
Stock compensation cost			13,862		13,862
Options exercised, net	5		95,964		95,969
Stock based compensation tax benefits			10,577		10,577
Net loss				(2,485,560)	(2,485,560)
Balance at Mar. 31, 2017	1,160	(2,885,579)	18,535,051	231,950	15,882,582
Stock compensation cost			18,225		18,225
Net loss				71,351	71,351
Balance at Jun. 30, 2017	$ 1,160	$ (2,885,579)	$ 18,553,276	$ 303,301	$ 15,972,158

XML 19 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 71,351	$ 160,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,493	132,848
Provision for doubtful accounts, net	2,488	(74,861)
Equity loss in minority investment of unconsolidated affiliate	25,200	100,000
Rent expense	(39,064)	(3,963)
Stock based compensation costs	18,225	4,053
Insurance reserves	95,298	(37,507)
Deferred income taxes	396,178	555,788
Change in receivables, prepaid expenses and other current assets	(381,346)	(4,091,256)
Change in accounts payable and other liabilities	(1,050,352)	318,337
Net cash used in operating activities	(791,529)	(2,935,590)
Cash flows from investing activities:
Purchases of equipment		(14,620)
Proceeds from equipment dispositions	4,918
Net cash provided by (used in) investing activities	4,918	(14,620)
Cash flows from financing activities:
Net advances (repayments) on short-term borrowings	(268,153)	1,804,675
Change in checks issued in advance of deposits	953,525	166,301
Net cash provided by financing activities	685,372	1,970,976
Net change in cash and cash equivalents	(101,239)	(979,234)
Cash and cash equivalents, beginning of period	1,042,291	1,486,854
Cash and cash equivalents, end of period	941,052	507,620
Cash paid during the three months ended June 30 for:
Interest	98,695	50,640
Income taxes		$ 6,390

XML 20 R7.htm IDEA: XBRL DOCUMENT

Recently Issued Accounting Standards

3 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Recently Issued Accounting Standards

1.	Recently Issued Accounting Standards

XML 21 R8.htm IDEA: XBRL DOCUMENT

Short-Term Borrowings

3 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Short-Term Borrowings

2.	Short-Term Borrowings:

XML 22 R9.htm IDEA: XBRL DOCUMENT

Other Assets

3 Months Ended

Jun. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

3.	Other Assets:

	June 30, 2017			March 31, 2017

Workers’ compensation insurance	$1,615,176			$2,804,341
Deferred tax asset		4,719,597			5,115,775
Security deposits		120,336			138,171
Other receivables		154,869			16,831
		6,609,978			8,075,118

Current portion		(1,770,045	)		(2,821,172	)

Total non-current portion	$	4,839,933		$	5,253,946

XML 23 R10.htm IDEA: XBRL DOCUMENT

Minority Investment in Unconsolidated Affiliate

3 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Minority Investment in Unconsolidated Affiliate

4.	Minority Investment in Unconsolidated Affiliate

The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the three months ended:

	June 30, 2017			June 30, 2016

Net operating revenues	$	1,006,149		$	2,288,195
Gross profit	$	241,263		$	792,520
Operating income (loss)	$	(160,301	)	$	(361,003	)
Net income (loss) from continuing operations	$	(83,830	)	$	(557,322	)

XML 24 R11.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Liabilities

3 Months Ended

Jun. 30, 2017

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

5.	Accrued Expenses and Other Liabilities:

	June 30, 2017		March 31, 2017

Payroll and related expenses	$	7,214,815	$	8,076,807
Taxes and fees payable		444,583		325,763
Accrued interest payable		6,740		13,508
Other		2,244,679		3,087,396

Total	$	9,910,817	$	11,503,474

XML 25 R12.htm IDEA: XBRL DOCUMENT

Insurance Reserves

3 Months Ended

Jun. 30, 2017

Insurance [Abstract]

Insurance Reserves

6.	Insurance Reserves:

XML 26 R13.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Jun. 30, 2017

Income per share of common stock

Earnings Per Share

7.	Earnings per Share:

XML 27 R14.htm IDEA: XBRL DOCUMENT

Contingencies

3 Months Ended

Jun. 30, 2017

Loss Contingency [Abstract]

Contingencies

8.	Contingencies:

XML 28 R15.htm IDEA: XBRL DOCUMENT

Other Assets (Tables)

3 Months Ended

Jun. 30, 2017

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

	June 30, 2017			March 31, 2017

Workers’ compensation insurance	$1,615,176			$2,804,341
Deferred tax asset		4,719,597			5,115,775
Security deposits		120,336			138,171
Other receivables		154,869			16,831
		6,609,978			8,075,118

Current portion		(1,770,045	)		(2,821,172	)

Total non-current portion	$	4,839,933		$	5,253,946

XML 29 R16.htm IDEA: XBRL DOCUMENT

Minority Investment in Unconsolidated Affiliate (Tables)

3 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Summarized Financial Information

The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the three months ended:

	June 30, 2017			June 30, 2016

Net operating revenues	$	1,006,149		$	2,288,195
Gross profit	$	241,263		$	792,520
Operating income (loss)	$	(160,301	)	$	(361,003	)
Net income (loss) from continuing operations	$	(83,830	)	$	(557,322	)

XML 30 R17.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Jun. 30, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

	June 30, 2017		March 31, 2017

Payroll and related expenses	$	7,214,815	$	8,076,807
Taxes and fees payable		444,583		325,763
Accrued interest payable		6,740		13,508
Other		2,244,679		3,087,396

Total	$	9,910,817	$	11,503,474

XML 31 R18.htm IDEA: XBRL DOCUMENT

Short-Term Borrowings (Details Narrative) - USD ($)	Feb. 12, 2009	Jun. 30, 2017	Mar. 31, 2017	Mar. 30, 2017	Jun. 30, 2016	Mar. 31, 2016
Short-term Debt [Line Items]
Revolving line of credit		$ 7,011,743
Cash and cash equivalents, at carrying value, total		941,052	$ 1,042,291		$ 507,620	$ 1,486,854
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Revolving line of credit		$ 5,000,000
Debt instrument, interest rate, stated percentage		3.125%
Wells Fargo Credit Agreement [Member]
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Debt instrument, maturity date	Mar. 31, 2020
Wells Fargo Credit Agreement [Member] \| Minimum [Member]
Short-term Debt [Line Items]
Revolving line of credit				$ 20,000,000
Wells Fargo Credit Agreement [Member] \| Maximum [Member]
Short-term Debt [Line Items]
Revolving line of credit				$ 27,500,000
Letter Of Credit Sub Line [Member]
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000
Revolving line of credit		$ 500,000
London Interbank Offered Rate Loans [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Revolving line of credit		$ 7,000,000
Debt instrument, interest rate, stated percentage		2.875%
Credit Agreement [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate, stated percentage		62.00%

XML 32 R19.htm IDEA: XBRL DOCUMENT

Other Assets - Schedule of Other Assets (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Workers' compensation insurance	$ 1,615,176	$ 2,804,341
Deferred tax asset	4,719,597	5,115,775
Security deposits	120,336	138,171
Other receivables	154,869	16,831
Other assets, total	6,609,978	8,075,118
Current portion	(1,770,045)	(2,821,172)
Total non-current portion	$ 4,839,933	$ 5,253,946

XML 33 R20.htm IDEA: XBRL DOCUMENT

Minority Investment in Unconsolidated Affiliate (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2016
Equity method investment, ownership percentage	30.00%
Equity method investments		$ 513,291	$ 488,091
OPS LLC [Member]
Equity method investment, ownership percentage	20.00%
Equity method investment ownership transfer, percentage				80.00%
OPS LLC [Member] \| Class A Common Units [Member]
Stock issued during period, shares, acquisitions	2,000
Equity method investments	$ 2,125,000
OPSA Ltd [Member]
Impairment charges		$ 2,100,000

XML 34 R21.htm IDEA: XBRL DOCUMENT

Minority Investment in Unconsolidated Affiliate - Schedule of Summarized Financial Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Net operating revenues	$ 1,006,149	$ 2,288,195
Gross profit	241,263	792,520
Operating income (loss)	(160,301)	(361,003)
Net income (loss) from continuing operations	$ (83,830)	$ (557,322)

XML 35 R22.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Payables and Accruals [Abstract]
Payroll and related expenses	$ 7,214,815	$ 8,076,807
Taxes and fees payable	444,583	325,763
Accrued interest payable	6,740	13,508
Other	2,244,679	3,087,396
Total	$ 9,910,817	$ 11,503,474

XML 36 R23.htm IDEA: XBRL DOCUMENT

Insurance Reserves (Details Narrative) - USD ($)	3 Months Ended
Insurance Reserves (Details Narrative) - USD ($)	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Workers' compensation liabilities	$ 726,418	$ 971,114
Non Aviation Related Business [Member]
Segment Reporting Information [Line Items]
Insurance policy coverage per occurrence	1,000,000
Umbrella insurance policy coverage per occurrence	5,000,000
Excess liability insurance policy coverage per occurrence	10,000,000
Self insured amount per occurrence	25,000
Aviation Related Business [Member]
Segment Reporting Information [Line Items]
Insurance policy coverage per occurrence	30,000,000
Self insured amount per occurrence	5,000
Airport Wheelchair and Electric Cart Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	50,000
Aircraft Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	25,000
Skycap Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	$ 100,000

XML 37 R24.htm IDEA: XBRL DOCUMENT

Contingencies (Details Narrative)	3 Months Ended
Contingencies (Details Narrative)	Jun. 30, 2017 USD ($)
Seven Agreement [Member]
Agreement expiry date description	The remaining seven agreements are set to expire in September 2018 and thereafter.
Employees [Member] \| Four Agreement [Member]
Concentration risk, percentage	19.00%
Agreement expiry date description	expired on October 31, 2016, February 28, 2017, March 31, 2017 and June 28, 2017
Labor Force Concentration Risk [Member] \| Workforce Not Subject to Collective Bargaining Arrangements [Member]
Concentration risk, percentage	62.00%
Labor Force Concentration Risk [Member] \| Workforce Subject to Collective Bargaining Arrangements [Member]
Concentration risk, percentage	38.00%
Non Aviation Related Business [Member]
Self insured amount per occurrence	$ 25,000
Aviation Related Business [Member]
Self insured amount per occurrence	5,000
Airport Wheelchair and Electric Cart Operations [Member]
Self insured amount per occurrence	50,000
Aircraft Operations [Member]
Self insured amount per occurrence	25,000
Skycap Operations [Member]
Self insured amount per occurrence	$ 100,000

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