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Commitments and Contingencies
 12 Months Ended
Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies

The Company leases corporate and branch offices under operating lease agreements which provide for annual minimum rental payments as follows:

 

Fiscal Year ending March 31:

       

2016

    $ 1,936,435   

2017

      1,290,195   

2018

      901,413   

2019

      622,110   

2020

      398,862   
  

 

 

  
$ 5,149,015   
  

 

 

  

Rent expense for the fiscal years ended March 31, 2015, 2014, and 2013 was approximately $2,128,000, $1,995,000 and $1,933,000 respectively. The Company recognizes rent expense on a straight-line basis over the term of the lease, taking into account, when applicable, lessor incentives for tenant improvements, periods where no rent payment is required and escalations in rent payments over the term of the lease.

The Company currently is not a party to any pending legal proceedings other than ordinary routine litigation incidental to its business, none of which, if decided adversely to the Company, would, in the opinion of management, have a material adverse effect on the Company’s financial condition or results of operations.