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Subsequent Events
12 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events

On May 6, 2022 the Office of Hearing and Appeals SBA (OHA) rendered a decision to deny the appeal. The Company subsequently repaid the outstanding principal of $3,243,900 plus accrued and unpaid interest of $64,518 on May 23, 2022.

Share Repurchases: For the period April 1, 2022 through June 24, 2022, the Company repurchased an additional 204,032 shares of our common stock for $2.1 million at an average price of $10.00 per share.

Marketable Securities: For the period April 1, 2022 through June 24, 2022, the Company purchased certain marketable securities in the amount of $7.2 million. Holding such marketable securities may involve significant risk of loss for the Company and these marketable securities will be accounted for as trading securities.

COVID-19: The Company has discussed COVID-19 throughout the 10-K, including but not limited, to forward-looking information, Item 1. Business, Item 1A. Risk Factors, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Notes to the Consolidated Financial Statements.

On May 10, 2022, the Company entered into a separation and release of claims agreement with the previous CEO. Pursuant to the agreement, the previous CEO’s resignation was effective as of May 9, 2022. In addition to unpaid salary and accrued vacation pay through May 9, 2022, the previous CEO is entitled to receive a severance payment of $131,250 and continuation of COBRA benefits for 4.5 months. His restricted stock awards continue to be governed by the award agreements for each award, with all unvested restricted stock forfeited. The separation and release of claims agreement contains a one year non-compete provision, and prohibits the previous CEO from soliciting customers for one year and Company employees for two years.

On May 9, 2022, the Board appointed a new Interim Chief Executive Officer, effective immediately. The Interim CEO has worked at the Company for more than 20 years. Prior to his appointment, the Interim CEO served as Vice President of Branch Operations for the Company since April 2021, as Divisional Vice President from June 2018 until April 2021, as District Manager from December 2010 until June 2018, and as Branch Manager from December 2001 until December 2010.