10. Commitments

12 Months Ended

Mar. 31, 2013

10. Commitments

The Company leases its only facility in East Rutherford, NJ under an operating lease agreement which expires July 31, 2016. The Company also has an option to renew this lease for an additional 5 years after expiration. Under terms of the lease, the Company is also responsible for its proportionate share of the additional rent to include, all real estate taxes, insurance, snow removal, landscaping and other building charges. The Company is also responsible for the utility costs for the premises.

In addition, the Company has agreements to lease equipment for use in the operations of the business under operating leases.

The following is a schedule of approximate future minimum rental payments for operating leases subsequent to the year ended March 31, 2013.

	Years Ended March 31,
2014	$	269,853
2015		258,518
2016		254,840
2017		84,947
2018		--
	$	868,158

Total rent expense, including common charges related to the building as well as equipment rentals, was approximately $314,000 and $326,000 for the years ended March 31, 2013 and 2012, respectively.

The Company sponsors a 401k Plan in which employee contributions on a pre-tax basis are supplemented by matching contributions by the Company. The Company charged to operations $21,768 and $24,992 as its matching contribution to the Company’s 401k Plan for the years ended March 31, 2013 and 2012, respectively.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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