23.	RELATED PARTY MATTERS

Since

1979

the Company has leased the Little Mountain Airport in Maiden, North Carolina from a corporation whose stock is owned in part by former officers and directors of the Company and an estate of which certain former directors are beneficiaries. The facility consists of approximately

acres with

one

3,000

foot paved runway, approximately

20,000

square feet of hangar space and approximately

12,300

square feet of office space. The operations of Air T, MAC and ATGL are headquartered at this facility. The lease for this facility provides for monthly rent of

$14,862

and expires on

January 31, 2018,

though the lease

may

be renewed by us for

three

additional

two

-year option periods through

January 31, 2024.

The lease agreement provides that the Company shall be responsible for maintenance of the leased facilities and for utilities, taxes and insurance.

Since

April 1, 2015,

the Company

’s leasing subsidiary has acquired interests in

two

equipment leases originated by Vantage Financial, LLC (“Vantage”) for aggregate payments to Vantage of approximately

$401,250.

The interests in the acquired leases entitle the Company’s leasing subsidiary to receive lease payments from the

third

parties leasing the equipment for a specified period. Pursuant to the agreements between the Company’s leasing subsidiary and Vantage, Vantage’s fees for servicing the equipment leases for the leasing subsidiary (approximately

$1,000

) were included in the acquisition payments. William R. Foudray, a director of the Company, is the Executive Vice President and a co-founder of Vantage. The amounts paid by the Company’s leasing subsidiary to Vantage to acquire these lease assets represent approximately

of Vantage’s outstanding lease assets at

March 31, 2016

and the servicing income represents less than

of Vantage’s annual revenues.