Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

The Company leases space for certain of its offices and airport facilities under leases expiring from one month to three years after March 31, 2012. Rent expense was $69,793 for the three months ended March 31, 2012. Amounts of minimum future annual rental commitments under non-cancelable operating leases in each of the four periods ending March 31, 2012 through 2015 are $225,337, $141,196, $20,223,respectively, and zero in later years.

The Company,from time to time, is involved in legal proceedings, claims, and litigation that occur in connection with its business. The Company routinely assesses its liabilities and contingencies in connection with these matters based upon the latest available information and, when necessary, seeks input from its third-party advisors when making these assessments. Consistent with SEC rules and requirements, described below are material pending legal proceedings (other than ordinary routine litigation incidental to the Company’s business), material proceedings known to be contemplated by governmental authorities, other proceedings arising under federal, state, or local environmental laws and regulations (including governmental proceedings involving potential fines, penalties, or other monetary sanctions in excess of $10,000) and such other pending matters that we may determine to be appropriate.

There are no other proceedings in which any of the Company’s directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to the Company’s interest.

The Company is self-insured and has not accrued a reserve against potential loss.