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Note 3 - Acquisition of Interest in Contrail (As Amended) (Tables) | 6 Months Ended
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Sep. 30, 2016
Notes Tables |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
|  | November 24, 2015 |
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 586,061 |
Accounts receivable |  |  | 1,740,210 |
Inventories |  |  | 3,972,802 |
Other current assets |  |  | 693,590 |
Property and equipment |  |  | 722,714 |
Intangible assets - trade name |  |  | 120,000 |
Intangible assets - patents |  |  | 1,090,000 |
Goodwill |  |  | 375,408 |
Total assets |  | $ | 9,300,785 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 1,663,199 |
Accrued expenses |  |  | 1,949,522 |
Income tax payable |  |  | 11,312 |
Debt |  |  | 3,313,317 |
Other long-term liabilities |  |  | 650,500 |
Total liabilities |  | $ | 7,587,850 |
Net Assets |  | $ | 1,712,935 |
Schedule of Intangible Assets and Goodwill [Table Text Block] |
|  |  | July 18, 2016 |  |  | Amortization |  |  | September 30, 2016 |
|  |  | (Unaudited) |  |  |  |  |  |  | (Unaudited) |
Amortizable intangible assets |  | $ | 889,700 |  |  | $ | (26,568 | ) |  | $ | 863,132 |
Goodwill |  |  | 3,986,865 |  |  |  | - |  |  |  | 3,986,865 |
Intangible assets and goodwill, net |  | $ | 4,876,565 |  |  | $ | (26,568 | ) |  | $ | 4,849,997 |
Contrail Aviation Inc. [Member] |
Notes Tables |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
|  | July 18, 2016 |
ASSETS |  |  |  |
Accounts receivable |  | $ | 1,357,499 |
Inventories |  |  | 2,118,475 |
Prepaid expenses |  |  | 30,121 |
Property and equipment |  |  | 33,095 |
Intangible assets - non-compete |  |  | 69,700 |
Intangible assets - tradename |  |  | 322,000 |
Intangible assets - certification |  |  | 47,000 |
Intangible assets - customer relationship |  |  | 451,000 |
Goodwill |  |  | 3,986,865 |
Total assets |  | $ | 8,415,755 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 366,575 |
Accrued expenses |  |  | 43,652 |
Earnout liability |  |  | 2,900,000 |
Total liabilities |  | $ | 3,310,227 |
Net Assets |  | $ | 5,105,528 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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