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Note 20 - Subsequent Events
12 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]
20.
Subsequent Events
 
The Company has performed an evaluation of subsequent events through the time of filing this Annual Report on Form
10
-K with the SEC, and has determined that other than the details below, there are
no
such events to report.
 
On
May 6, 2021,
the Company acquired all of the issued and outstanding shares of capital stock of (i) Neeltran Inc. ("Neeltran"), that supplies rectifiers and transformers to industrial customers, and (ii) Neeltran International, Inc. ("International"), for: (a)
$1.0
million in cash, and (b)
301,556
shares of the Company's common stock, which were paid and issued to the selling stockholders of Neeltran. The Company also paid
$1.1
million to the selling stockholders of Neeltran at closing to pay off previous loans made by them to Neeltran.
 
Also on
May 6, 2021,
the Company's wholly-owned Connecticut subsidiary, AMSC Husky LLC, purchased the real property that served as Neeltran's headquarters for
$4.3
million, of which (a)
$2.4
million was paid in immediately available funds by AMSC Husky to the owners of such real property, and (b)
$1.9
million was paid directly to TD Bank as full payment for the outstanding indebtedness secured by the mortgage on such real property. Additionally, the Company paid approximately
$7.6
million, including the
$1.9
million of indebtedness secured by the mortgage on the real property, directly to Neeltran lenders at closing to extinguish outstanding Neeltran indebtedness to
third
parties. All cash payments associated with the Neeltran acquisition were funded with cash on hand.