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Property and Equipment
 9 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7:  Property and Equipment

 

Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets. The buildings located at 420 South Congress Avenue, Delray Beach, Florida, the Company’s new corporate headquarters and distribution facility (“the Property”) (described below) will be depreciated over a period of thirty years. The furniture, fixtures, equipment, and computer software are depreciated over periods ranging from five to ten years.

 

On December 22, 2015, the Company entered into an agreement for the purchase of the Property at a purchase price of $18.5 million, plus closing costs. The transaction closed on January 19, 2016. The Property consists of approximately 634,000 square feet of land or 14.6 acres with two building complexes totaling approximately 185,000 square feet, with additional land for future use. On December 9, 2016, the Company moved its corporate headquarters and distribution facility to the Property, occupying approximately 97,000 square feet, and continues to operate the remaining office and warehouse space pursuant to existing leases.

 

At December 31, 2016, the Company paid approximately $9.9 million for building improvements and equipment related to the new Property, of which $863,000 was recorded as a prepaid current asset for the quarter ended December 31, 2016, since these property items were not ready to be put into use during the quarter ended December 31, 2016.