Property and Equipment

12 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

4. Property and Equipment

Property and equipment as of March 31, 2018 and 2017 is summarized as follows:


	(In thousands)
	Cost		Accumulated Depreciation		Net Book Value
2018
Automobiles	$	646	$	468	$	178
Equipment		1,496		1,071		425
Furniture and fixtures		546		457		89
Leasehold improvements		1,207		1,056		151

	$	3,895	$	3,052	$	843

2017
Automobiles	$	712	$	459	$	253
Equipment		1,476		851		625
Furniture and fixtures		546		427		119
Leasehold improvements		1,194		1,007		187

	$	3,928	$	2,744	$	1,184

During the first quarter of fiscal year 2017 the Company began the process of implementing a new loan operating system and capitalized approximately $350,000 related to the project. During that fiscal year, the Company concluded that the asset was not recoverable due to the project not progressing and the expectation that the costs incurred will not be recovered. As a result, during the fourth quarter of 2017, the Company recorded an impairment charge of $350,000 which is classified as administrative expenses in the consolidated statement of income.