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Note 7 - Lease Commitments

12 Months Ended

Mar. 31, 2013

7. LEASE COMMITMENTS

The Company has operating lease commitments for office equipment and its office and maintenance facilities. The Company leases its corporate offices from a company controlled by certain of the Company’s officers and directors. The lease for this facility provides for monthly rent of $14,428 through May 31, 2014.

The Company leases an aircraft maintenance facility located in Kinston, N. C. under an agreement that extends through January 2018, with monthly rental amounts increasing every five years. However, based on the occurrence of certain events related to the composition of aircraft fleet, the lease may be canceled by the Company with 90 days notice. The Company currently considers the lease to be cancelable.

GGS leases its production facility under an agreement that extends through August 2014.

At March 31, 2013, future minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of more than one year are as follows:

Year ended March 31,
2014	$	613,000
2015		200,000
2016		3,000
2017		3,000
2018		2,000
Total minimum lease payments	$	821,000

Rent expense for operating leases totaled approximately $1,620,000 and $1,424,000 for fiscal 2013 and 2012, respectively, and includes amounts to related parties of $173,000 and $164,000 in fiscal 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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