Note 24 - Subsequent Events

12 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

24. SUBSEQUENT EVENTS

Management performs an evaluation of events that occur after a balance sheet date but before financial statements are issued or available to be issued for potential recognition or disclosure of such events in its financial statements. The Company evaluated subsequent events through the date that these consolidated financial statements were issued.

On

April 4, 2016,

ATGL purchased

two

elan TM

500

printers from Delphax for

$650,000

for lease to a

third

party. One of those acquired printers was subject to an existing lease to a

third

party (see Note

12

) which has been assigned to ATGL.

On

June 1, 2016,

the dry-lease agreements between MAC and CSA and FedEx Corporation were amended to extend the term of the agreements to

May 31, 2020

and to reduce the administrative fee per aircraft operated by MAC and CSA under the dry-lease agreements by approximately

2%

(on a weighted average basis) compared to the administrative fee rate in place prior to the amendment. Because a portion of the administrative fee funds the payment of certain operational costs incurred by MAC and CSA in operating aircraft that are

not

reimbursed by FedEx and are expected to increase substantially from the levels incurred in the fiscal year ended

March 31, 2016,

the reduction in administrative fee is anticipated to have a much more significant impact on the segment

’s operating income.

In

June 2016,

 the Company acquired land and entered into an agreement to construct a new corporate headquarters in Denver, North Carolina for an aggregate amount of approximately

$1.9

million, with construction anticipated to be completed in fiscal year

2018.

The facility will replace the Company’s current headquarters which is leased from an entity owned by certain former officers and directors at an annual rental payment of approximately

$178,000.