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Note 3 - Acquisition of Interest in Contrail (As Amended) (Tables)

6 Months Ended

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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Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class.

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-Topic 350
-SubTopic 20
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+ References

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