LEASES OF RENTAL PROPERTIES (Tables)

12 Months Ended

Mar. 31, 2016

Operating Leases of Lessee Disclosure [Table Text Block]

The following leases for rental properties were operative during the year ended March 31, 2016:

	135 Ludlow Ave (see notes 10 and 11)
Effective Date		July 1, 2010⁽³⁾

Termination Date		December 31, 2016

Lease term		6 years with 2 tenant renewal options for 5 years each

Rent expense for the 2016 Fiscal Year		$ 180,854
Rent expense for the 2015 Fiscal Year		$ 153,430

Minimum 5 Year Lease Payments⁽¹⁾
Fiscal year ended March 31, 2017⁽²⁾		155,169
Fiscal year ended March 31, 2018⁽²⁾		—
Fiscal year ended March 31, 2019⁽²⁾		—
Fiscal year ended March 31, 2020⁽²⁾		—
Fiscal year ended March 31, 2021⁽²⁾		—
		$ 155,169

(1)

Minimum lease payments are exclusive of additional expenses related to certain expenses incurred in the operation and maintenance of the premises, including, without limitation, real estate taxes and common area charges which may be due under the terms and conditions of the lease.

(2)

Minimum lease payments calculated for the initial term of the lease only, with such initial term expiring on December 31, 2016.

(3)

Inclusive of a modification of lease agreement dated July 29, 2014

Schedule of Rent Expense [Table Text Block]

Rent expense related to the operating lease at 135 Ludlow was recorded using the straight line method and summarized as follows:

Summary of Rent Expense – 135 Ludlow Avenue

	Fiscal Year Ended March 31, 2016			Fiscal Year Ended March 31, 2015
Rent Expense	$	180,854		$	153,430

Actual lease payments		203,850			114,321

Increase (Decrease) in deferred rent liability		(22,996	)		39,109

Adjustments to deferred rent liability		—			(15,409	)

Balance of deferred rent liability		19,528			42,524

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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