Lease Commitments

12 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Lease Commitments

14. Lease Commitments

The Company leases its principal office space. On April 1, 2013, the Company agreed to a three year lease, with an option to renew for an additional two years. On April 1, 2014, the Company agreed to a three year lease for an additional office space. In February 2016, the Company exercised its option to renew the 2013 lease. The 2014 lease expired on April 1, 2017. The following table summarizes future payments the Company is obligated to make based on the lease commitments in place as of March 31, 2017:

	Commitment Amount (1)
Fiscal Year 2018	$	19,020

(1) The total commitment for the remainder of the leases is $28,260 which includes $9,240 billed to and reimbursed by the Company’s principal shareholder for his portion of the shared office space.

Lease expense for fiscal years ended March 31, 2017, 2016 and 2015 was $23,440, $23,438 and $23,442, respectively.