Rand Logistics (RLOG) 10-K 16 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2016	Jun. 15, 2016	Sep. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Rand Logistics, Inc.
Entity Central Index Key	1,294,250
Trading Symbol	rlog
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,360,397
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Public Float			$ 48,651,583.50

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 77	$ 3,298
Accounts receivable, net (Note 4)	2,697	2,764
Income taxes receivable	47	91
Prepaid expenses and other current assets (Notes 5 and 8)	6,320	5,957
Deferred income taxes (Note 6)		347
Total current assets	9,141	12,457
PROPERTY AND EQUIPMENT, NET (Note 7)	228,504	206,276
OTHER ASSETS (Note 8)	102	569
DEFERRED DRYDOCK COSTS, NET (Note 9)	6,660	7,590
INTANGIBLE ASSETS, NET (Note 10)	10,807	13,205
GOODWILL (Note 10)	10,193	10,193
Total assets	265,407	250,290
CURRENT
Accounts payable	17,822	15,350
Accrued liabilities (Note 13)	8,144	7,628
Other current liability	776	166
Income taxes payable	34	0
Current portion of deferred payment liability	564	536
Total current liabilities	27,340	23,680
LONG-TERM PORTION OF DEFERRED PAYMENT LIABILITY		564
LONG-TERM DEBT (Note 14)	114,520	101,213
SUBORDINATED DEBT (Note 15)	78,126	72,500
OTHER LIABILITIES		479
DEFERRED INCOME TAXES (Note 6)	5,825	5,607
Total liabilities	$ 225,811	$ 204,043
COMMITMENTS AND CONTINGENCIES (Notes 16 and 17)
STOCKHOLDERS' EQUITY
Preferred stock, $.0001 par value, Authorized 1,000,000 shares, Issued and outstanding 295,480 shares (Note 18)	$ 14,674	$ 14,900
Common stock, $.0001 par value, Authorized 50,000,000 shares, Issued and outstanding 18,359,397 shares at March 31, 2016 and 18,035,427 shares at March 31, 2015 (Note 18)	1	1
Additional paid-in capital	90,993	90,130
Accumulated deficit	(56,537)	(50,972)
Accumulated other comprehensive loss	(9,535)	(7,812)
Total stockholders’ equity	39,596	46,247
Total liabilities and stockholders’ equity	$ 265,407	$ 250,290

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	18,359,397	18,035,427
Common stock, shares outstanding	18,359,397	18,035,427
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	295,480	295,480
Preferred stock, shares outstanding	295,480	295,480

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUE
Freight and related revenue	$ 123,591	$ 129,107
Fuel and other surcharges	11,547	22,110
Outside voyage charter revenue	13,306	1,743
TOTAL REVENUE	148,444	152,960
EXPENSES
Outside voyage charter fees (Note 19)	13,416	1,711
Vessel operating expenses	83,362	97,821
Repairs and maintenance	5,849	6,463
General and administrative	13,935	13,275
Depreciation	18,915	18,292
Amortization of drydock costs	3,507	3,343
Amortization of intangibles	1,081	1,198
(Gain) loss on foreign exchange, net	(68)	873
Loss on termination of vessel lease (Note 16)	0	2,660
TOTAL EXPENSES	139,997	145,636
OPERATING INCOME	8,447	7,324
OTHER INCOME AND EXPENSES
Interest expense (Note 20)	12,461	14,007
Interest income	(14)	(18)
Loss on extinguishment of debt (Note 14)	0	2,331
TOTAL OTHER (INCOME) AND EXPENSES	12,447	16,320
LOSS BEFORE INCOME TAXES	(4,000)	(8,996)
PROVISION FOR INCOME TAXES (Note 6)
Current	51	7
Deferred	181	417
TOTAL PROVISION FOR INCOME TAXES	232	424
NET LOSS BEFORE PREFERRED STOCK DIVIDENDS	(4,232)	(9,420)
PREFERRED STOCK DIVIDENDS	1,333	1,168
NET LOSS APPLICABLE TO COMMON STOCKHOLDERS	$ (5,565)	$ (10,588)
Net loss per share basic and diluted (Note 23) (usd per share)	$ (0.31)	$ (0.59)
Weighted average shares basic and diluted (in shares)	18,045,935	17,847,939

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss before preferred dividends	$ (4,232)	$ (9,420)
Change in foreign currency translation adjustment	(1,723)	(4,449)
COMPREHENSIVE LOSS BEFORE PREFERRED STOCK DIVIDENDS	$ (5,955)	$ (13,869)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Balances (in shares) at Mar. 31, 2014		300,000	17,933,859
Balances at Mar. 31, 2014	$ 60,747	$ 14,900	$ 1	$ 89,486	$ (40,277)	$ (3,363)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,420)				(9,420)
Preferred stock dividends	(1,168)				(1,168)
Restricted stock issued (Note 18) (in shares)		0	103,315
Restricted stock issued (Note 18)	610	$ 0	$ 0	610	0	0
Unrestricted stock issued (Note 18) (in shares)		0	26,067
Unrestricted stock issued (Note 18)	114	$ 0	$ 0	114	0	0
Stock repurchased and extinguished (in shares)		0	(38,373)
Stock repurchased and extinguished	(250)	$ 0	$ 0	(143)	(107)	0
Restricted stock units granted (in shares)			10,559
Restricted stock units granted	63	$ 0	$ 0	63	0	0
Translation adjustment	(4,449)					(4,449)
Balances (in shares) at Mar. 31, 2015		300,000	18,035,427
Balances at Mar. 31, 2015	46,247	$ 14,900	$ 1	90,130	(50,972)	(7,812)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,232)				(4,232)
Preferred stock dividends	(1,333)				(1,333)
Restricted stock issued (Note 18) (in shares)		0	13,801
Restricted stock issued (Note 18)	25	$ 0	$ 0	25	0	0
Unrestricted stock issued (Note 18) (in shares)		0	264,814
Unrestricted stock issued (Note 18)	524	$ 0	$ 0	524	0	0
Restricted stock units granted (in shares)			8,905
Restricted stock units granted	57	$ 0	$ 0	57	0	0
Preferred stock conversion to common stock (in shares)		(4,520)	36,450
Preferred stock conversion to common stock	0	$ (226)		226	0	0
Stock options issued (Note 15)	31			31	0	0
Translation adjustment	(1,723)					(1,723)
Balances (in shares) at Mar. 31, 2016		295,480	18,359,397
Balances at Mar. 31, 2016	$ 39,596	$ 14,674	$ 1	$ 90,993	$ (56,537)	$ (9,535)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,232)	$ (9,420)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of drydock costs	22,422	21,635
Amortization of intangibles and deferred financing costs	2,354	2,503
Deferred income taxes	181	417
Loss on extinguishment of debt	0	2,298
Loss on leasehold improvements written off in lease termination	0	1,489
Equity compensation granted	637	787
Unrealized foreign exchange loss	638	4,512
Deferred drydock costs paid	(2,001)	(2,331)
Changes in operating assets and liabilities:
Accounts receivable	67	(135)
Prepaid expenses and other current assets	(363)	1,387
Accounts payable and accrued liabilities	2,811	3,246
Other assets and liabilities, net	598	803
Income taxes payable, net	80	(95)
NET CASH PROVIDED BY OPERATING ACTIVITIES	23,192	27,096
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(45,165)	(23,839)
NET CASH USED IN INVESTING ACTIVITIES	(45,165)	(23,839)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred payment liability obligation	(536)	(499)
Proceeds from long-term debt	42,486	101,444
Shares repurchased and extinguished	0	(250)
Long-term debt repayment	(22,460)	(98,826)
Debt financing cost	(546)	(2,994)
Proceeds from bank indebtedness		19,767
Repayment of bank indebtedness	0	(19,538)
Payment of preferred stock dividend	0	(581)
NET CASH PROVIDED BY FINANCING ACTIVITIES	18,944	(1,477)
EFFECT OF FOREIGN EXCHANGE RATES ON CASH	(192)	(1,084)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(3,221)	696
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,298	2,602
CASH AND CASH EQUIVALENTS, END OF PERIOD	77	3,298
SUPPLEMENTAL CASH FLOW DISCLOSURE
Payments for interest, net of amount capitalized	10,654	10,964
Unpaid purchases of property and equipment	7,131	8,720
Unpaid purchases of deferred drydock costs	1,381	554
Payment of income taxes	$ 1	$ 100

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Rand Logistics, Inc. (the “Company”) is a shipping company that, through its operating subsidiaries, is engaged in the operation of bulk carriers on the Great Lakes. Rand Acquisition Corporation was incorporated in Delaware on June 2, 2004 as a blank check company whose objective was to acquire an operating business. On March 3, 2006, the Company, through its wholly-owned subsidiary, LL Acquisition Corp., acquired all of the outstanding shares of capital stock of Lower Lakes Towing Ltd. (“Lower Lakes Towing”) from the shareholders of Lower Lakes Towing, in accordance with the terms of the Stock Purchase Agreement, dated September 2, 2005, by and among the Company, LL Acquisition Corp. and the stockholders of Lower Lakes Towing, as amended. Immediately following completion of the acquisition, and in conjunction therewith, LL Acquisition Corp. and Lower Lakes Towing were amalgamated under Canadian law and the shares of capital stock of Grand River Navigation Company, Inc. (“Grand River”) and Lower Lakes Transportation Company (“Lower Lakes Transportation”) owned by Lower Lakes Towing at the time of the amalgamation were transferred to the Company's wholly-owned subsidiary, Rand LL Holdings Corp. (“Rand LL Holdings”). Upon completion of such transfer, the outstanding shares of Grand River not owned by Rand LL Holdings were redeemed in accordance with the terms of the Redemption Agreement, dated September 2, 2005, between Grand River and GR Holdings, Inc. Following completion of the foregoing transactions, as of March 3, 2006, each of Lower Lakes Towing, Grand River and Lower Lakes Transportation became indirect, wholly-owned subsidiaries of the Company. In conjunction with the foregoing transactions, as of March 3, 2006, the Company, formerly known as Rand Acquisition Corporation, changed its name to Rand Logistics, Inc. On February 4, 2011, Black Creek Shipping Company, Inc. (“Black Creek”), an indirect wholly-owned subsidiary of the Company, and Black Creek Shipping Holding Company, Inc. (“Black Creek Holdings”), a wholly-owned subsidiary of the Company and the parent corporation of Black Creek, were incorporated to acquire certain assets. On December 27, 2012, Lower Lakes Ship Repair Company Ltd. ("Lower Lakes Ship Repair"), a wholly-owned subsidiary of Lower Lakes Towing was incorporated under the laws of Canada. This subsidiary provides ship repair services exclusively for the Company. On March 11, 2014, Lower Lakes Towing (17) Ltd. ("Lower Lakes (17)"), a wholly-owned subsidiary of Lower Lakes Towing, was incorporated under the laws of Canada. Lower Lakes (17) owns the M. V. Manitoulin, a vessel placed in service in November 2015.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and consolidation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and include the accounts of Rand Finance Corp. (“Rand Finance”), Rand LL Holdings and Black Creek Holdings, wholly-owned subsidiaries of the Company, the accounts of Lower Lakes Towing, Lower Lakes Transportation and Grand River, each of which is a wholly-owned subsidiary of Rand LL Holdings, Black Creek Shipping Company, which is a wholly-owned subsidiary of Black Creek Holdings, and Lower Lakes Ship Repair and Lower Lakes (17), each of which is a wholly-owned subsidiary of Lower Lakes Towing. The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. SIGNIFICANT ACCOUNTING POLICIES (continued) Accounts receivable The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and Harmonized Sales Tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due. Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue for all periods presented. Marine operating costs included in vessel operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis. Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material incremental expenditures incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost. Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost and are recognized in expenses as they are consumed. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method. Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g. property and equipment) and finite-lived intangible assets (e.g. customer relationships and contracts) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g. tugs and barges) might be no longer recoverable. Examples of such triggering events include, but are not limited to a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) or group of asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the carrying amount of the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e. the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the asset’s carrying value to its fair value less costs to sell. To the extent that the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company has determined that there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the twelve month period ended March 31, 2016, and there are no assets held for sale as of March 31, 2016. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Evaluation of goodwill for impairment The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. The United States GAAP require that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the next step of the goodwill impairment test. The second step of the goodwill impairment test identifies potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques, primaily a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2016, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units 'was not more likely than not less than' their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in our markets or other triggering events that indicated that it is more likely than not that the fair value of our reporting units was less than the carrying value of our reporting units during the twelve month period ended March 31, 2016. Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally 60 months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process. Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are not engaged in affreightment activities. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Income taxes The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740 “Income Taxes”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2012 – 2015 Various states 2012 – 2015 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015 Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations. Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented. 2. SIGNIFICANT ACCOUNTING POLICIES (continued) Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these consolidated financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock-based compensation awards. Actual results could differ from those estimates. Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant. Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ”. All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22. Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in GAA{ and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.

RECENTLY ISSUED PRONOUNCEMENTS

RECENTLY ISSUED PRONOUNCEMENTS	12 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED PRONOUNCEMENTS	RECENTLY ISSUED PRONOUNCEMENTS Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay the effective date of the new standard by one year to annual periods beginning after December 15, 2017. ASU 2014-09, as subsequently amended, s hall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting . ASU 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. The Company is evaluating the effect, if any, that adopting this new accounting standard will have on the Company's consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect of this ASU will have, when adopted. Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015 and shall be applied retrospectively to each period presented. Early adoption is permitted. The Company is evaluating the effect this ASU will have, when adopted. 3. RECENTLY ISSUED PRONOUNCEMENTS (continued) Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires all deferred tax liabilities and assets to be presented in the balance sheet as non-current. The Company early adopted this standard on a prospective basis as of fiscal year ended March 31, 2016. As a result, the Company reclassified deferred tax assets and deferred tax liabilities classified as current to non-current. The prior period has not been retrospectively adjusted. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases . This ASU revises the existing guidance related to leases by requiring lessees to recognize a lease liability and a right-of-use asset for all leases, as well as additional disclosure regarding leasing arrangements. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective adoption, with earlier adoption permitted. The Company is currently evaluating the effects of the adoption of this ASU on its consolidated financial statements. Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies certain aspects of the accounting for share-based payment transactions, including tax consequences, classification of awards, the option to recognize stock compensation expense with actual forfeitures as they occur, and the classifications on the statement of cash flows. ASU 2016-09 is effective for annual reporting beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company is currently evaluating the effects of the adoption of this ASU on its consolidated financial statements.

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Mar. 31, 2016
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET Trade receivables are presented net of an allowance for doubtful accounts. The allowance was $116 as of March 31, 2016 and $nil as of March 31, 2015 . The Company manages and evaluates the collectability of its trade receivables as follows: management reviews aged accounts receivable listings and contact is made with customers that have extended beyond agreed upon credit terms. Senior management and operations are notified so that when they are contacted by such customers for a future delivery, they can request that the customer pays any past due amounts before any future cargo is booked for shipment. Customer credit risk is also managed by reviewing the history of payments by the customer, the size and credit quality of the customer, the period of time remaining within the shipping season and demand for future cargos.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: March 31, 2016 March 31, 2015 Prepaid insurance $ 1,012 $ 160 Fuel and lubricant inventories 3,872 4,018 Deposits and other prepaids 1,436 1,779 $ 6,320 $ 5,957

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Loss before income taxes was derived from the following sources: March 31, 2016 March 31, 2015 United States $ (5,002 ) $ (8,672 ) Foreign 1,002 (324 ) $ (4,000 ) $ (8,996 ) The components of the provision (benefit) for income taxes are as follows: March 31, 2016 March 31, 2015 Current: Federal $ — $ — State and local 17 7 Foreign 34 — Deferred: Federal — — State and local (106 ) (172 ) Foreign 287 589 $ 232 $ 424 6. INCOME TAXES (continued) The total provision (benefit) for income taxes differs from that amount which would be computed by applying the U.S. Federal and Canadian income tax rates to income (loss) before provision for income taxes as follows: Year ended Year ended Statutory U.S. federal income tax rate 34.0 % 34.0 % State income taxes 2.4 % 1.8 % Foreign income taxes 0.6 % (0.8 )% Imputed interest income (9.0 )% (3.9 )% Federal valuation allowance (27.0 )% (29.1 )% Foreign Permanent Items/Other (6.8 )% (6.7 )% Effective income tax rate (5.8 )% (4.7 )% The primary reason the effective income tax rate for fiscal 2016 is lower than the statutory U.S. federal tax rate is due to the Federal U.S. and foreign valuation allowances and imputed interest income. In November 2015, as discussed in Note 3, the FASB issued Accounting Standards Update 2015-17 that require deferred tax assets and liabilities to be classified as non-current in the balance sheet. The guidance is effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2016, with early adoption permitted. The Company elected to early adopt the guidance during the fourth quarter of the year ended March 31, 2016 and have applied a prospective approach. All deferred assets and liabilities will be classified as non-current beginning for the period ending March 31, 2016, and forward. The significant components of current deferred tax assets and liabilities as of March 31, 2015 are as follows: March 31, 2015 Assets: Accrued liabilities not yet deductible for tax 4 Deferred foreign exchange gain 787 Other — 791 Valuation allowance (313 ) Total current deferred tax assets 478 Liability: Other (131 ) Total current deferred tax liabilities (131 ) Net current deferred tax assets (liabilities) 347 6. INCOME TAXES (continued) The significant components of long-term deferred tax assets and liabilities are as follows: March 31, 2016 March 31, 2015 Long-term deferred tax assets Operating loss carry forwards $ 24,602 $ 23,669 FIN 48 adjustment 1,444 708 Other 504 241 $ 26,550 $ 24,618 Valuation allowance (10,239 ) (8,328 ) Net long-term deferred tax assets $ 16,311 $ 16,290 Long-term deferred tax liabilities Separately identifiable intangibles (539 ) (492 ) Depreciation and dry dock expenses (21,346 ) (21,256 ) Other (251 ) (149 ) Total long-term deferred tax liabilities $ (22,136 ) $ (21,897 ) Net long-term deferred tax liabilities $ (5,825 ) $ (5,607 ) The Company has net long term deferred tax liabilities of $241 ( $349 as of March 31, 2015) in the U.S. federal and state jurisdictions and net long term deferred tax liabilities of $5,584 ( $5,258 as of March 31, 2015) in Canadian jurisdictions. The Company establishes a valuation allowance when it is more likely than not that it will not be able to realize the benefit of the deferred tax assets, or when future deductibility is uncertain. Periodically, the valuation allowance is reviewed and adjusted based on management’s assessment of realizable deferred tax assets. The Company determined at March 31, 2014 that its U.S. federal net deferred tax assets, including net operating loss carry-forwards, would not fully be utilized due to a cumulative break-even position over the prior three fiscal years, coupled with anticipated cumulative three year losses in the near future. As such, the Company recorded a full valuation allowance against the net U.S. Federal deferred tax assets. The Company's position remains unchanged at March 31, 2016 as it relates to the U.S. federal net deferred tax assets, thus a full valuation allowance against the net U.S. Federal, net deferred tax assets continues in existence, resulting in an increase of the valuation allowance by $1,100 during the year ended March 31, 2016 and $2,614 during the year ended March 31, 2015. The Company determined at March 31, 2015 that the Canadian deferred income tax asset relating to non-capital losses on Lower Lakes Towing would be realized based on performance of the entity and the expected timing of the reversal of the deferred tax liabilities. The Company determined that the deferred income tax assets relating to capital losses and unrealized foreign exchange losses in Lower Lakes Towing would not be realized. As such, a full valuation allowance was recorded against capital losses and unrealized foreign exchange losses in Lower Lakes Towing. The Company also determined that the Canadian deferred income tax assets on Lower Lakes Ship Repair and Lower Lakes (17) would not be realized based on the uncertainty of future income. As such, a full valuation allowance was recorded against Lower Lakes Ship Repair's and Lower Lakes (17)'s deferred tax assets. The Company's position remains unchanged at March 31, 2016 as it relates to the Canadian net deferred tax assets. 6. INCOME TAXES (continued) For state tax purposes, the Company is in a small net deferred tax asset position of $99 before the consideration of the valuation allowance at March 31, 2016 and in a small net deferred tax liabilities position of $104 before the consideration of the valuation allowance at March 31, 2015. After the consideration of the reversing patterns of these liabilities on a separate jurisdiction basis, it is expected that a portion of these liabilities will reverse within the period of time available for existing deferred tax assets including net operating loss carry-forwards. The Company recorded a small valuation allowance against the U.S. state net deferred tax assets as of March 31, 2016. At March 31, 2016, the Company had unused U.S. federal net operating loss carry-forwards totaling $60,536 that expire between fiscal 2020 and 2036, of which a small portion is subject to Internal Revenue Code section 382 annual limitations. At March 31, 2016, the Company also had unused Canadian net operating loss carry-forwards totaling CDN $16,136 that expire between fiscal 2027 and 2036.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT, NET Property and equipment, net are comprised of the following: March 31, 2016 March 31, 2015 Cost Vessels $ 319,689 $ 279,785 Leasehold improvements 88 102 Furniture and equipment 588 563 Vehicles 16 16 Computer, communication equipment and purchased software 3,185 2,901 $ 323,566 $ 283,367 Accumulated depreciation Vessels $ 92,482 $ 74,794 Leasehold improvements 58 78 Furniture and equipment 351 283 Vehicles 13 13 Computer, communication equipment and purchased software 2,158 1,923 95,062 77,091 $ 228,504 $ 206,276 Property and equipment as of March 31, 2016 includes capitalized interest during the twelve-month period ended March 31, 2016 of $1,161 ( $734 for the fiscal year ended March 31, 2015).

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets, classified as non-current include certain customer contract related expenditures, which are amortized over a five -year period. The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. March 31, 2016 March 31, 2015 Customer contract costs $ 287 $ 533 Prepaid expenses and other assets 6,135 5,993 Total $ 6,422 $ 6,526 Current portion (Note 5) 6,320 5,957 Other long-term assets $ 102 $ 569

DEFERRED DRYDOCK COSTS, NET

DEFERRED DRYDOCK COSTS, NET	12 Months Ended
	Mar. 31, 2016
Deferred Drydock Costs [Abstract]
DEFERRED DRYDOCK COSTS, NET	DEFERRED DRYDOCK COSTS, NET Deferred drydock costs, net are comprised of the following: March 31, 2016 March 31, 2015 Drydock expenditures $ 17,930 $ 16,607 Accumulated amortization (11,270 ) (9,017 ) $ 6,660 $ 7,590 The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2014 $ 9,321 Drydock costs accrued and incurred 2,239 Amortization of drydock costs (3,343 ) Foreign currency translation adjustment (627 ) Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 2,828 Amortization of drydock costs (3,507 ) Foreign currency translation adjustment (251 ) Balance as of March 31, 2016 $ 6,660

INTANGIBLE ASSETS, NET AND GOOD

INTANGIBLE ASSETS, NET AND GOODWILL	12 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET AND GOODWILL	INTANGIBLE ASSETS, NET AND GOODWILL Intangibles, net are comprised of the following: March 31, 2016 March 31, 2015 Intangible assets: Deferred financing costs $ 6,859 $ 6,787 Trademarks and trade names — 866 Customer relationships and contracts 15,122 15,378 Total identifiable intangibles 21,981 23,031 Accumulated amortization: Deferred financing costs $ 1,957 $ 686 Trademarks and trade names — 785 Customer relationships and contracts 9,217 8,355 Total accumulated amortization 11,174 9,826 Net intangible assets 10,807 13,205 Goodwill $ 10,193 $ 10,193 Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: March 31, 2016 $ 2,303 March 31, 2017 2,303 March 31, 2018 2,302 March 31, 2019 2,024 March 31, 2020 948 $ 9,880

VESSEL ACQUISITION

VESSEL ACQUISITION	12 Months Ended
	Mar. 31, 2016
Vessel Acquisitions [Abstract]
VESSEL ACQUISITION	VESSEL ACQUISITION On March 11, 2014, Lower Lakes entered into and consummated the transactions contemplated by a Memorandum of Agreement with Uni-Tankers M/T “Lalandia Swan” ApS, pursuant to which Lower Lakes purchased the Lalandia Swan for a purchase price of $7,000 . Lower Lakes subsequently transferred the title of such vessel to Lower Lakes (17). This acquisition was funded with borrowings under the subordinated debt described in Note 15. The vessel was converted to a self-unloading vessel. The Lalandia Swan was renamed the M.V. Manitoulin. The vessel was placed into service in November 2015.

BANK INDEBTEDNESS

BANK INDEBTEDNESS	12 Months Ended
	Mar. 31, 2016
Line of Credit Facility [Abstract]
BANK INDEBTEDNESS	BANK INDEBTEDNESS As explained in Note 14, the outstanding amount under operating lines of credit under the Fourth Amended and Restated Credit Agreement as of March 27, 2015 were repaid out of the proceeds of the First Lien Credit Agreement, as defined therein.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities are comprised of the following: March 31, 2016 March 31, 2015 Deferred financing and other transaction costs $ 4 $ 396 Payroll compensation and benefits 786 1,575 Preferred stock dividends 1,920 587 Professional fees 488 340 Interest 2,305 1,771 Winter work, deferred drydock expenditures and capital expenditures 834 1,293 Capital and franchise taxes 12 30 Other 1,795 1,636 $ 8,144 $ 7,628

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT March 31, 2016 March 31, 2015 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 43,120 44,213 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 71,400 57,000 $ 114,520 $ 101,213 Less amounts due within 12 months — — $ 114,520 $ 101,213 The effective interest rates at March 31, 2016 were 3.60% ( 3.75% at March 31, 2015) on the Canadian Revolving Facility and 3.37% ( 3.03% at March 31, 2015) on the U.S. Revolving Facility. On March 27, 2015, the Company and certain of its subsidiaries entered into a Credit Agreement (the “First Lien Credit Agreement”) with Bank of America, N.A., in its capacity as agent and lender, and certain other lenders party thereto. Lower Lakes, Lower Lakes Transportation, Grand River, and Black Creek are borrowers (the “Borrowers”) under the First Lien Credit Agreement. Black Creek, Lower Lakes Transportation, Grand River, Black Creek Holding, Rand LL Holdings and Rand Finance, each of which is a direct or indirect wholly-owned subsidiary of the Company and the Company itself are guarantors of all United States and Canadian obligations under the First Lien Credit Agreement (collectively, the “U.S. Guarantors”). Lower Lakes (17) and Lower Lakes Ship Repair are guarantors of all Canadian obligations under the First Lien Credit Agreement and are direct or indirect wholly-owned subsidiaries of the Company (collectively, the “Canadian Guarantors”; and together with the U.S. Guarantors, the “Guarantors”). The proceeds of the First lien Credit Agreement were used to extinguish certain indebtedness, including the Fourth Amended and Restated Credit Agreement by and among Lower Lakes Towing, Lower Lakes Towing Transportation, Grand River and Black Creek Shipping, as borrowers, Rand LL Holdings, Rand Finance, Black Creek Holdings, Lower Lakes Ship Repair, Lower Lakes (17) and Rand, as guarantors, General Electric Capital Corporation, as agent and Lender, and certain other lenders and to provide working capital financing and funds for other general corporate and permitted purposes. The obligations are secured by first-priority liens on, and a first-priority security interest in, substantially all of the assets of the Borrowers and the Guarantors, including a pledge of all or a portion of the equity interests of the Borrowers and the Guarantors. The security interests are evidenced by pledge, security and guaranty agreements and other related agreements, including certain fleet mortgages. 14. LONG-TERM DEBT (continued) The credit facilities (the “Credit Facilities”) under the First Lien Credit Agreement consist of: • A revolving credit facility under which Lower Lakes Towing may borrow up to US $80,000 (CDN or USD currency to be selected by Lower Lakes Towing ) with a final maturity date of September 30, 2019 (the “Canadian Revolving Facility”); • A revolving credit facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow up to USD $90,000 with a final maturity date of September 30, 2019 (the “U.S. Revolving Facility”); • A swing line facility under which Lower Lakes Towing may borrow the lesser of up to CDN $8,000 and the CDN maximum borrowing availability less the outstanding balance of the CDN revolving line at such time, with a final maturity date of September 30, 2019 (the “Canadian Swing Line Facility”); and • A swing line facility under which Lower Lakes Transportation, Grand River and Black Creek may borrow lesser of up to USD $9,000 and the maximum borrowing availability less the outstanding balance of the U.S. revolving line at such time, with a final maturity date of September 30, 2019 (the “U.S. Swing Line Facility”). Borrowings under the Credit Facilities will bear interest, in each case plus an applicable margin, as follows: • Canadian Revolving Facility: if funded in Canadian Dollars, the BA Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the Canadian Prime Rate (as defined in the First Lien Credit Agreement) and if funded in U.S. Dollars, the Canadian Base Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the LIBOR Rate (as defined in the First Lien Credit Agreement); • U.S. Revolving Facility: the US Base Rate (as defined in the First Lien Credit Agreement) or, at the borrower’s option, the LIBOR Rate; • Canadian Swing Line Facility: the Canadian Prime Rate or, at the borrower’s option, the Canadian Base Rate; and • U.S. Swing Line Facility: the US Base Rate. The applicable margin to the BA Rate, Canadian Prime Rate, Canadian Base Rate, US Base Rate and the LIBOR Rate is subject to specified changes depending on the Senior Funded Debt to EBITDA Ratio (as defined in the First Lien Credit Agreement). The Borrowers will also pay a monthly commitment fee at an annual rate of 0.25% on the undrawn committed amount available under the Canadian Revolving Facility and the U.S. Revolving Facility (the “Revolving Facilities”), which rate shall increase to 0.375% in the event the undrawn committed amount is greater than or equal to 50% of the aggregate committed amount under the Revolving Facilities. Any amounts outstanding under the Credit Facilities are due at maturity. In addition, subject to certain exceptions, the Borrowers will be required to make principal repayments on amounts outstanding under the Credit Facilities from the net proceeds of specified types of asset sales, debt issuances and equity offerings. No such transactions have occurred as of March 31, 2016. The First Lien Credit Agreement contains certain negative covenants, including those limiting the Guarantors’, the Borrowers’, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the First Lien Credit Agreement requires the Borrowers to maintain certain financial ratios. The First Lien Credit Agreement also contains affirmative covenants and events of default, including payment defaults, covenant defaults and cross defaults. If an event of default occurs, the agent would be entitled to take various actions, including the acceleration of amounts due under the outstanding Credit Facilities. As of December 31, 2015, Rand was not in compliance with certain covenants contained in the First Lien Credit Agreement. On February 9, 2016, Rand and the lenders entered into an Amendment No. 1 and Waiver Agreement pursuant to which certain covenant breaches were waived by the lenders. As of March 31, 2016, the Company was in compliance with covenants contained in the First Lien Credit Agreement. As of March 31, 2016 , the Company had credit availability of USD $ 50,647 on the Credit Facilities based on eligible receivables and vessel collateral value.
SUBORDINATED DEBT	SUBORDINATED DEBT March 31, 2016 March 31, 2015 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 34,200 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 $ 78,126 $ 72,500 The effective interest rates at March 31, 2016 were 10.75% (10.75% at March 31, 2015) on the Second Lien CDN Term Loan and 10.75% (10.75% at March 31, 2015) on the Second Lien U.S. Term Loan. On March 11, 2014, Lower Lakes Towing, Grand River and Black Creek, as borrowers, Rand LL Holdings, Rand Finance, Black Creek Holdings and the Company, as guarantors, Guggenheim Corporate Funding, LLC, as agent and Lender, and certain other lenders, entered into a Term Loan Credit Agreement (as amended on April 11, 2014 and March 27, 2015, the "Amended Second Lien Credit Agreement”), which provided term loans to (i) partially repay outstanding indebtedness of borrowers under the Third Amended and Restated Credit Agreement, (ii) partially pay the acquisition and conversion costs for a new vessel, (iii) pay accrued but unpaid dividends due on our series A convertible preferred stock and (iv) provide working capital financing, funds for other general corporate purposes and funds for other permitted purposes. The Amended Second Lien Credit Agreement initially provided for (i) a U.S. Dollar denominated term loan facility under which Lower Lakes was obligated to the lenders in the amount of $34,200 (the “Second Lien CDN Term Loan”), (ii) a U.S. dollar denominated term loan facility under which Grand River and Black Creek were obligated to the Lenders in the amount of $38,300 (the “Second Lien U.S. Term Loan”) and (iii) an uncommitted incremental term loan facility of up to $32,500 . On September 28, 2015, the Company added $5,626 to the Second Lien CDN Term loan to fund certain shipyard payments in connection with the conversion of an acquired vessel to a self-unloader vessel (see Note 11). The outstanding principal amount of the Second Lien CDN Term Loan borrowings and the Second Lien U.S. Term Loan borrowings will be repayable upon their maturity on March 11, 2020. The Second Lien CDN Term Loan and Second Lien U.S. Term Loan bear an interest rate per annum at borrowers’ option, equal to (i) LIBOR (as defined in the Amended Second Lien Credit Agreement) plus 9.50% per annum, or (ii) the U.S. Base Rate (as defined in the Amended Second Lien Credit Agreement), plus 8.50% per annum. Obligations under the Amended Second Lien Credit Agreement are secured by the first-priority liens and security interests in substantially all of the assets of the borrowers and the guarantors, including a pledge of all or a portion of the equity interests of the borrowers and the guarantors. The indebtedness of each domestic borrower under the Amended Second Lien Credit Agreement is unconditionally guaranteed by each other domestic borrower and by the guarantors which are domestic subsidiaries, and such guaranty is secured by a lien on substantially all of the assets of each borrower and each guarantor. Each domestic borrower also guarantees the obligations of the Canadian borrower and each Canadian guarantor guarantees the obligations of the Canadian borrower. Under the Amended Second Lien Credit Agreement and subject to the terms of the Intercreditor Agreement (as defined below), the borrowers will be required to make mandatory prepayments of principal on term loan borrowings (i) in the event of certain dispositions of assets and insurance proceeds (all subject to certain exceptions), in an amount equal to 100% of the net proceeds received by the borrowers therefrom, and (ii) in an amount equal to 100% of the net proceeds to a borrower from any issuance of a borrower’s debt or equity securities (all subject to certain exceptions). The Amended Second Lien Credit Agreement contains certain covenants, including those limiting the guarantors, the borrowers, and their subsidiaries’ ability to incur indebtedness, incur liens, sell or acquire assets or businesses, change the nature of their businesses, engage in transactions with related parties, make certain investments or pay dividends. In addition, the Amended Second Lien Credit Agreement requires the borrowers to maintain certain financial ratios. Failure of the borrowers or the guarantors to comply with any of these covenants or financial ratios could result in the loans under the Amended Second Lien Credit Agreement being accelerated. The obligations of the borrowers and the liens of the lenders under the Amended Second Lien Credit Agreement are subject to the terms of an Intercreditor Agreement, which is further described below under the heading “Intercreditor Agreement”. 15. SUBORDINATED DEBT (continued) On April 11, 2014, the Company and certain of its subsidiaries entered into a First Amendment (the "First Amendment") to the Amended Second Lien Agreement. The First Amendment extended the due date of certain post-closing deliverables. In connection with the First Lien Credit Agreement described above, on March 27, 2015 the Company and certain of its subsidiaries entered into a Second Amendment (the “Second Amendment”) to the Amended Second Lien Credit Agreement (as amended, the “Amended Second Lien Credit Agreement”). The Second Amendment conformed certain provisions of the Amended Second Lien Credit Agreement to the First Lien Credit Agreement, reduced the uncommitted incremental facility to $22,500 , and also amended certain other covenants and terms thereof. As of December 31, 2015, Rand was not in compliance with certain covenants contained in the Amended Second Lien Credit Agreement. On February 9, 2016, Rand and the lenders entered into a Third Amendment and Waiver Under Term Loan Credit Agreement pursuant to which certain covenant breaches were waived by the lenders. As of March 31, 2016, the Company was in compliance with covenants contained in the Amended Second Lien Credit Agreement. Intercreditor Agreement In connection with the First Lien Credit Agreement and the Amended Second Lien Credit Agreement described above, on March 27, 2015, the Company and certain of its subsidiaries (collectively, the "Credit Parties") entered into an Intercreditor Agreement (the “Intercreditor Agreement”) with Bank of America, N.A., as agent for the lenders under the First Lien Credit Agreement (the “First Lien Lenders”) and Guggenheim Corporate Funding, LLC, as agent for the lenders under the Amended Second Lien Credit Agreement (the “Second Lien Lenders”). Under the Intercreditor Agreement, the Second Lien Lenders have agreed to subordinate the obligations of the Credit Parties to them to the repayment of the obligations of the Credit Parties to the First Lien Lenders and have further agreed to subordinate their liens on the assets of the Credit Parties to the liens granted in favor of the First Lien Lenders. Absent the occurrence of an Event of Default under the First Lien Credit Agreement, the Second Lien Lenders are permitted to receive regularly scheduled principal and interest payments under the Amended Second Lien Credit Agreement.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	COMMITMENTS The Company did not have any leases which met the criteria of a capital lease as of March 31, 2016 . Leases which do not qualify as capital leases are classified as operating leases. Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Year ended March 31, 2016 Year ended March 31, 2015 Operating leases $ 560 $ 592 Operating sublease 175 163 $ 735 $ 755 The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: March 31, 2016 $ 591 March 31, 2017 542 March 31, 2018 458 March 31, 2019 392 March 31, 2020 240 Thereafter 162 $ 2,385 The Company was a party to a bareboat charter agreement for the McKee Sons barge that was to expire in December 2018. On December 22, 2014, the Company terminated this bareboat charter agreement. The costs associated with such termination, including write-off of net book value of leasehold improvements and vessel delivery costs, were $2,660 for the year ended March 31, 2015. As of March 31, 2016 , the Company had signed contractual commitments with several suppliers totaling $1,526 ( $19,707 as of March 31, 2015 ) in connection with capital expenditures and drydock projects due in less than one year.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Mar. 31, 2016
Loss Contingency [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is not involved in any legal proceedings which management expects to have a material adverse effect on the Company's business, financial position, results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened which management believes may have a material adverse effect on the Company’s business, financial position, results of operations or liquidity. From time to time, the Company may be subject to ordinary routine litigation and claim incidental to the business involving principally commercial charter party disputes, and claims for alleged property damages, personal injuries and other matters. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. It is expected that larger claims would be covered by insurance, subject to customary deductibles, if they involve liabilities that may arise from collision , other marine casualty, damage to cargoes, oil pollution, death or personal injuries to crew. The Company evaluates the need for loss accruals under the requirements of ASC 450 – Contingencies. The Company records an estimated loss for any claim, lawsuit, investigation or proceeding when it is probable that a liability has been incurred and the amount of the loss can reasonably be estimated. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate, then the Company records the minimum amount in the range as the loss accrual. If a loss is not probable or a probable loss cannot be reasonably estimated, no liability is recorded. As of March 31, 2016 , an accrual of $305 ( $247 as of March 31, 2015 ) was recorded for various claims. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these claims.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY On September 21, 2011, the Company completed a public underwritten offering of 2,800,000 shares of the Company’s common stock for $6.00 per share. The Company’s proceeds from the offering, net of underwriter’s commissions and expenses, were $15,525 . On February 11, 2011, in connection with the Company's acquisition of two vessels, the Company issued 1,305,963 shares of the Company’s common stock to the seller of such vessels. Such shares were valued at $5.175 , the average high and low per share price on that day. The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences that may be determined from time to time by the Board of Directors. On March 3, 2006, the Company issued 300,000 shares of series A convertible preferred stock. The shares of the Company's series A convertible preferred stock: rank senior to the Company’s common stock with respect to liquidation and dividends; are entitled to receive a cash dividend at the annual rate of 7.75% (based on the $50 per share issue price) payable quarterly (subject to increases of 0.5% for each six month period in respect of which the dividend is not timely paid, up to a maximum of 12% , subject to reversion to 7.75% upon payment of all accrued and unpaid dividends); are convertible into shares of the Company’s common stock at any time at the option of the series A preferred stockholder at a conversion price of $6.20 per share (based on the $50 per share issue price and subject to adjustment) or 8.065 shares of common stock for each series A convertible preferred share (subject to adjustment); are convertible into shares of the Company’s common stock (based on a conversion price of $6.20 per share, subject to adjustment) at the option of the Company if, after the third anniversary of the acquisition, the trading price of the Company’s common stock for 20 trading days within any 30 trading day period equals or exceeds $8.50 per share (subject to adjustment); may be redeemed by the Company in connection with certain change of control or acquisition transactions; will vote on an as-converted basis with the Company’s common stock; and have a separate vote over certain material transactions or changes involving the Company. During the year, 4,520 shares of series A convertible preferred stock were converted into common stock at a conversion price of $6.20 per share. The accrued preferred stock dividends payable at March 31, 2016 were $1,920 and at March 31, 2015 were $587 . As of March 31, 2016 the effective dividend rate of the preferred stock was 8.75% . As of March 31, 2015, the effective dividend rate of the preferred stock was 7.75% . 18. STOCKHOLDERS’ EQUITY (continued) Since January 2007, share-based compensation has been granted to management and directors from time to time. The Company had no surviving, outstanding share-based compensation agreements with employees or directors prior to that date except as described below. The Company has reserved 2,500,000 shares for issuance under the Company’s 2007 Long Term Incentive Plan (the “LTIP”) to employees, officers, directors and consultants. At March 31, 2016, a total of 267,785 shares ( 429,634 shares at March 31, 2015) were available under the LTIP for future awards. The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense recognized during the period Vesting terms March 31, 2016 March 31, 2015 Apr 11, 2012 2 45,754 8.68 Restricted Share Award Agreement — 132 Three years in equal installments on each anniversary date. Feb 22, 2013 4 32,387 5.96 Restricted Share Award Agreement — 82 Two years in equal installments on each anniversary date. Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement 102 102 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 285 163 Three years in equal installments on each anniversary date. Oct 27, 2015 1 4,429 2.19 Restricted Share Award Agreement 1 — Three years in equal installments on each anniversary date. Oct 27, 2015 1 10,871 2.19 Restricted Share Award Agreement 3 — Three years in equal installments on each of March 31. For all share-based compensation, as employees and directors render service over the vesting periods, expense is recorded in general and administrative expenses. Share capital and additional paid-in capital are increased on the grant date with an offset to prepaid assets. Grant date fair value for all non-option share-based compensation is the average of the high and low trading prices on the date of grant. 18. STOCKHOLDERS’ EQUITY (continued) The general characteristics of share-based awards granted under the LTIP through March 31, 2016 are as follows: Stock Awards - All of the shares issued to non-employee outside directors vest immediately. The first award to non-employee outside directors in the amount of 12,909 shares was made on February 13, 2008 for services through March 31, 2008. During the fiscal year ended March 31, 2009, the Company awarded 15,948 shares for services from April 1, 2008 through December 31, 2008. The Company awarded 37,144 shares during the fiscal year ended March 31, 2010 for services from January 1, 2009 through March 31, 2010. During the fiscal year ended March 31, 2011, the Company awarded 14,007 shares for services provided from April 1, 2010 through March 31, 2011. During the fiscal year ended March 31, 2012, the Company awarded 10,722 shares for services from April 1, 2011 to March 31, 2012. During the fiscal year ended March 31, 2013, the Company awarded 10,854 shares for services provided from April 1, 2012 to March 31, 2013. During the fiscal year ended March 31, 2014, the Company awarded 19,256 shares for services rendered from April 1, 2013 to March 31, 2014. During the fiscal year ended March 31, 2015, the Company awarded 26,067 shares for services rendered from April 1, 2014 to March 31, 2015. For the fiscal year ended March 31, 2016, the Company awarded 92,167 shares for services provided from April 1, 2015 through March 31, 2016. Grant date fair market value for all these awards is the average of the high and low trading prices of the Company’s common stock on the date of grant. On July 31, 2008, the Company’s Board of Directors authorized management to make payments effective as of that date to the participants in the management bonus program. Pursuant to the terms of the management bonus program, the Company issued 478,232 shares of common stock to such employee participants. On October 27, 2015, the Company issued 111,025 shares to two executives pursuant to the terms of their severance agreements. Stock Options - Stock options granted to management employees vest over three years in equal annual installments. All options issued through March 31, 2016 expire ten years from the date of grant. Stock option grant date fair values are determined at the date of grant using a Black-Scholes option pricing model, a closed-form fair value model based on exercise price and market prices at the date of grant and other assumptions. At each grant date the Company has estimated a dividend yield of 0% . The weighted average risk free interest rate within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant, which was 4.14% for the fiscal 2009 (July 2008) grant and 0.80% to 1.60% for the fiscal 2016 grant. Expected volatility was 39.49% for the fiscal 2009 grant and 33.5% to 37.2% . for the fiscal 2016 grant. All of the stock options granted in February 2008 ( 243,199 ) and July 2008 ( 236,586 ), had vested as of March 31, 2016. During the twelve months ended March 31, 2016 306,766 options expired. Options outstanding ( 363,019 ) at March 31, 2016 had a remaining weighted average contractual life of approximately two years and four months. 18. STOCKHOLDERS’ EQUITY (continued) The Company recorded compensation expenses related to such stock options of $31 for the twelve month period ended March 31, 2016 and $Nil for March 31, 2015. None of the outstanding stock options were in-the-money as of March 31, 2016 or March 31, 2015. Stock Options: March 31, 2016 March 31, 2015 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Outstanding - beginning of year 479,785 $ 5.66 479,785 $ 5.66 Granted 190,000 2.19 — — Cancelled (155,497 ) 5.81 — — Cancelled (151,269 ) 5.50 — — Expired — — Outstanding-end of year 363,019 $ 5.66 479,785 $ 5.66 Other data (In thousands except weighted average fair value): March 31, 2016 March 31, 2015 Weighted average grant date fair value of options granted during year $ 0.54 — Compensation expense 31 — Unrecognized compensation cost at March 31 71 — Weighted average remaining life for unrecognized compensation 2.3 years 0 2016 2015 Dividend Yield None None Risk Free Interest Rate 0.80% to 1.60% —% Stock Price Volatility 33.5% to 37.2% —% Estimated Option Term (month) 31 to 72 0 Shares issued under Employees’ Retirement Savings Plans - The Company issued an aggregate of 204,336 shares to the individual retirement plans of all eligible Canadian employees under the LTIP from July 1, 2009 through March 31, 2016. The Canadian employees’ plans are managed by independent brokerages. These shares vested immediately but are subject to the Company’s Insider Trading Policy. The shares were issued using the fair value share price, as defined by the LTIP, as of the first trading day of each month for that previous period’s accrued expense. The Company granted $Nil of equity of such accrued compensation expense for each of the fiscal years ended March 31, 2016 and March 31, 2015. 18. STOCKHOLDERS’ EQUITY (continued) Shares issued in lieu of cash compensation - The Company experienced a decrease in customer demand at the beginning of the 2009 sailing season and in an effort to maximize the Company’s liquidity, the Compensation Committee of the Company’s Board of Directors requested that five of the Company’s executive officers and all of its outside directors receive common stock as compensation in lieu of cash until the Company had better visibility about its outlook. As of November 16, 2009, the Company issued 158,325 shares to such officers and all of its outside directors at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. Beginning the third quarter of the fiscal year ended March 31, 2010, such executives' and outside directors’ compensation reverted back to cash. On September 16, 2010, the Company issued 15,153 shares to a key executive for payment of the fiscal year 2010 bonus at the average of the high and low sale prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. On February 15, 2013, the Company issued 94,993 shares to eligible Canadian and U.S. employees for a bonus at the average of the high and low trading prices of the Company’s common stock on the date of grant. The shares were issued under the LTIP and vested immediately. On December 8, 2015, the Company issued 61,622 shares to eligible Canadian and U.S. employees for incentive compensation at the average of the high and low trading prices of the Company’s common stock on the date of grant. Restricted Stock Units - On June 27, 2014, the Company issued 30,050 Restricted Stock Units (“RSU”) to eligible U.S. and Canadian employees under the LTIP. Each RSU represents one share of the Company's common stock. The grant date fair value of each RSU was $5.99 , which represents the average of the high and low sale prices of the Company’s common stock on the date of grant. One-third of the RSUs vest on March 31 of each year, beginning on March 31, 2015. RSUs are not entitled to dividends or voting rights, if any, until the underlying shares of common stock are delivered. The total compensation cost of this grant is $204 , net of estimated forfeitures. The fair value of the RSU awards is recognized on a straight-line basis over the vesting period. The Company recorded expense of $57 for the twelve month period ended March 31, 2016 and $63 for the twelve month period ended March 31, 2015. On the first vesting date of March 31, 2015, 10,559 shares vested. On the second vesting date of March 31, 2016, 8,905 shares vested. 18. STOCKHOLDERS’ EQUITY (continued) Restricted Stock: March 31, 2016 March 31, 2015 Date Issued Number of Shares Weighted Average Value at Grant Date Number of Shares Weighted Average Value at Grant Date Unvested beginning of the year 154,790 $ 6.22 129,772 $ 6.47 July 23, 2014 Granted — — 103,315 5.90 October 27, 2015 Granted 126,325 2.19 — — April 8, 2011 Vested — — (28,739 ) 7.94 April 11, 2012 Vested (15,251 ) 8.68 (15,252 ) 8.68 February 22, 2013 Vested — — (16,193 ) 5.96 June 5, 2013 Vested (27,686 ) 5.55 (18,113 ) 5.55 July 23, 2014 Vested (68,670 ) 5.90 — — October 27, 2015 Vested (114,649 ) 2.19 — — Cancelled (1,499 ) 5.90 — — Unvested - end of the year 53,360 $ 4.16 154,790 $ 6.22 Other data (In thousands): March 31, 2016 March 31, 2015 Compensation expense $ 391 $ 478 Unrecognized compensation cost March 31 157 532 Weighted average remaining life for unrecognized compensation 1 year 1.5 years

OUTSIDE VOYAGE CHARTER FEES

OUTSIDE VOYAGE CHARTER FEES	12 Months Ended
	Mar. 31, 2016
Outside Voyage Charter Fees [Abstract]
OUTSIDE VOYAGE CHARTER FEES	OUTSIDE VOYAGE CHARTER FEES Outside voyage charter fees relate to the subcontracting of external vessels chartered to service the Company’s customers and supplement the existing shipments made by the Company’s operated vessels.

INTEREST EXPENSE

INTEREST EXPENSE	12 Months Ended
	Mar. 31, 2016
Interest Expense [Abstract]
INTEREST EXPENSE	INTEREST EXPENSE Interest expense, net of interest capitalized is comprised of the following: Year ended March 31, 2016 Year ended March 31, 2015 Bank indebtedness $ — $ 544 Amortization of deferred financing costs 1,273 1,305 Long-term debt-senior 3,979 4,840 Long-term debt-subordinated 8,266 7,942 Interest rate caps 6 10 Deferred payment liability 64 100 Other interest 34 — Interest capitalized (1,161 ) (734 ) $ 12,461 $ 14,007

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has identified only one reportable operating segment under ASC 280 “ Segment Reporting ”. Information about geographic operations is as follows: Year ended March 31, 2016 Year ended March 31, 2015 Revenue by country: Canada $ 86,977 $ 87,261 United States 61,467 65,699 $ 148,444 $ 152,960 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. March 31, 2016 March 31, 2015 Property and equipment, net by country: Canada $ 116,719 $ 92,436 United States 111,785 113,840 $ 228,504 $ 206,276 Intangible assets, net by country: Canada $ 6,057 $ 7,457 United States 4,750 5,748 $ 10,807 $ 13,205 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 143,425 $ 122,395 United States 121,982 127,895 $ 265,407 $ 250,290

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2016
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Fair value of financial instruments Financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable, senior and subordinated debts, a deferred payment liability and accrued liabilities. The estimated fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate book values because of the short-term maturities of these instruments. The estimated fair value of senior and subordinated debt approximates the carrying value as the debt bears interest at variable interest rates, which are based on rates for similar debt with similar credit rates in the open market. The deferred payment liabilities are valued based on the interest rate of similar debt in the open market. Commencing August 2014, the Company entered into rolling foreign currency hedge contracts of various amounts to mitigate currency fluctuation risk on its subordinated U.S. dollar denominated debt owed by Lower Lakes Towing. Fair value guidance establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of March 31, 2016 and March 31, 2015: Fair value measurements at Fair value measurements at March 31, 2016 March 31, 2015 Carrying value at March 31, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $(268) $— $(268) $573 $— $573 The foreign currency hedge contracts are measured at fair value using available rates on the similar instruments and are classified within Level 2 of the valuation hierarchy. These contracts are accounted for using the mark-to-market accounting method as if they were terminated at the day of valuation. There were no transfers into or out of Levels 1 and 2 of the fair value hierarchy during the year ended March 31, 2016. The Company recorded a payable of $268 as of March 31, 2016 for the foreign currency hedge contract on the Company’s U.S. dollar denominated subordinated debt owed by Lower Lakes. For the year ended March 31, 2016, the fair value adjustments of the foreign currency hedge contract resulted in a gain of $795 ( $4,119 for the year ended March 31, 2015). This gain is included in the Company’s earnings and the fair value of settlement costs to terminate the contract is included in current liabilities on the Company's consolidated balance sheet. 22. FINANCIAL INSTRUMENTS (continued) The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at March 31, 2016 Fair Value as at March 31, 2015 Foreign currency hedge contracts (Accrued liabilities)/accounts receivables $(268) $573 The Company has not designated this contract as a hedging instrument. The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (loss) gain -Recognized in earnings Year ended March 31, 2016 Year ended March 31, 2015 Foreign currency hedge contracts (Gain) loss on foreign exchange $(795) $(4,119) Foreign exchange risk Foreign currency exchange risk to the Company results primarily from changes in exchange rates between the Company’s reporting currency, the U.S. Dollar, and the Canadian dollar. As discussed above, in August 2014, the Company commenced entering into rolling foreign currency hedge contracts to mitigate currency fluctuation risk on its U.S. dollar denominated subordinated debt owed by Lower Lakes. The Company is exposed to fluctuations in foreign exchange as a significant portion of revenue and operating expenses are denominated in Canadian dollars. Interest rate risk The Company is exposed to fluctuations in interest rates as a result of its banking facilities and senior debt bearing variable interest rates. In December 2012, the Company entered into two interest rate cap contracts covering 50% of its then outstanding term debt on the date of such contracts at a cap of three month LIBOR at 2.5% on its U.S. Term Debt borrowings and a cap of three month BA rates at 3.0% on its Canadian Term Debt borrowings. The notional amount on each of these instruments decreased with each scheduled principal payment of the term loan under the Third Amended and Restated Credit Agreement, notwithstanding the termination of such agreement. The interest rate cap contracts terminated on December 1, 2015. Credit risk Accounts receivable credit risk is mitigated by the diversification of the Company’s customers among industries and the short shipping season. 22. FINANCIAL INSTRUMENTS (continued) Liquidity risk Tightened credit in financial markets or an economic downturn in certain of our markets may adversely affect the ability of the Company’s customers and suppliers to obtain financing for significant operations and purchases and to perform their obligations under agreements with the Company. A tightening of credit could (i) result in a decrease in, or cancellation of, existing business, (ii) limit new business, (iii) negatively impact the Company’s ability to collect accounts receivable on a timely basis and (iv) affect the eligible receivables that are collateral for the Company’s lines of credit. Excluding vessel acquisitions or major vessel conversion contracts, the Company makes seasonal net incremental borrowings under its Credit Agreement during the first quarter of each fiscal year to fund working capital needed to commence the sailing season. Such borrowings are then reduced during the second half of each fiscal year.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE ("EPS") The Company had a total of 18,359,397 shares of common stock issued and outstanding as of March 31, 2016, out of an authorized total of 50,000,000 shares. The diluted calculation utilizes a total of 20,428,838 and 20,325,074 shares for the fiscal years ended March 31, 2016 and 2015, respectively. Since the calculation for the fiscal year ended March 31, 2016 and March 31, 2015 are anti-dilutive, the basic and diluted weighted average shares outstanding are 18,045,935 and 17,847,939 , respectively. The convertible preferred shares outstanding as of March 31, 2016 convert to an aggregate of 2,382,903 common shares based on a conversion price of $6.20 per share. Year ended March 31, 2016 Year ended March 31, 2015 Numerator: Net loss before preferred dividends $ (4,232 ) $ (9,420 ) Preferred stock dividends (1,333 ) (1,168 ) Net loss applicable to common stockholders $ (5,565 ) $ (10,588 ) Denominator: Weighted average common shares for basic EPS 18,045,935 17,847,939 Effect of dilutive securities: Average price during period 2.31 5.15 Long term incentive stock option plan 484,177 479,785 Average exercise price of stock options 3.85 5.66 Shares that could be acquired with the proceeds of options — — Dilutive shares due to options — — Restricted Stock Units (RSU)-unvested 19,467 22,858 Average grant date fair value of unvested RSU 5.99 5.99 Shares that could be acquired with the proceeds of RSU — — Dilutive shares due to RSU — — Incremental shares due to unvested restricted shares — 57,780 Weighted average convertible preferred shares at $6.20 2,382,903 2,419,355 Weighted average common shares for diluted EPS 18,045,935 17,847,939 Basic EPS $ (0.31 ) $ (0.59 ) Diluted EPS $ (0.31 ) $ (0.59 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Prior to March 1, 2016, the Company occupied office space provided by an affiliate of our former chief executive officer (and a current member of the board of directors). The office space as well as certain office services, were made available to the Company during the term of the affiliate's five-year lease ended February 29, 2016. The Company paid the affiliate approximately $14 per month, such that total lease expense paid to such affiliate was $152 in the fiscal year ended March 31, 2016 and $163 in the fiscal year ended March 31, 2015. The Company reimbursed two affiliates for certain out of pocket costs of $75 in 2016 and $68 in 2015 for office expenses and other services. The consolidated statements of operations for the fiscal years ended March 31, 2016 and 2015 include $227 and $231 respectively, related to such transactions. In addition, the Company received $150 from the reimbursement of its portion of the affiliate's leased space security deposit.

ECONOMIC DEPENDENCE (Notes)

ECONOMIC DEPENDENCE (Notes)	12 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
ECONOMIC DEPENDENCE	ECONOMIC DEPENDENCE The Company had one customer in the fiscal year ended March 31, 2016, and one customer in the fiscal year ended March 31, 2015 that accounted for more than 10% of revenue. Customers in excess of 10% of revenues accounted for a total of 17.2% of net revenue in the fiscal year ended March 31, 2016, 15.3% of net revenue in the fiscal year ended March 31, 2015.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Mar. 31, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ASC 220, “Comprehensive Income”, establishes standards for the reporting and display of comprehensive income (loss), which is defined as revenue, expenses, gains and losses that are recorded as an element of shareholders’ equity but are excluded from net income. Comprehensive (loss) income is reflected in the Consolidated Statement of Stockholder's equity and Other Comprehensive (Loss) Income. The components of, and changes in, comprehensive income (loss) and accumulated other comprehensive (loss) income consist of translation adjustments arising from the translation of the parent Company accounts in the Canadian subsidiary from Canadian dollar functional currency to U.S. dollar reporting currency. Included in comprehensive (loss) income and accumulated other comprehensive income are the effects of foreign currency translation adjustments loss of $1,723 in the fiscal year ended March 31, 2016 and loss of $4,449 in the fiscal year ended March 31, 2015.

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Accounts receivable	Accounts receivable The majority of the Company’s accounts receivable are amounts due from customers and other accounts receivable, including insurance and Harmonized Sales Tax refunds. The majority of accounts receivable are due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. The Company extends credit to its customers based upon its assessment of their creditworthiness and past payment history. Accounts outstanding longer than the contractual payment terms are considered past due.
Revenue and operating expenses recognition	Revenue and operating expenses recognition The Company generates revenues from freight billings under contracts of affreightment (voyage charters) generally on a rate per ton basis based on origin-destination and cargo carried. Voyage revenue is recognized ratably over the duration of a voyage, which average from 2 to 3 days, based on the relative transit time in each reporting period when the following conditions are met: the Company has a signed contract of affreightment, the contract price is fixed or determinable and collection is reasonably assured. Included in freight billings are other fees such as fuel surcharges and other freight surcharges, which represent pass-through charges to customers for toll fees, lockage fees and ice breaking fees paid to other parties. Fuel surcharges are recognized ratably over the duration of the voyage, while freight surcharges are recognized when the associated costs are incurred. Freight surcharges are less than 5% of total revenue for all periods presented. Marine operating costs included in vessel operating expenses such as crewing costs, fuel, tugs and insurance are recognized as incurred or consumed and thereby are recognized ratably in each reporting period. Repairs and maintenance and certain other insignificant costs are recognized as incurred. The Company subcontracts excess customer demand to other freight providers. Service to customers under such arrangements is transparent to the customer and no additional services are provided to customers. Consequently, revenues recognized for customers serviced by freight subcontractors are recognized on the same basis as described above. Costs for subcontracted freight providers, presented as “outside voyage charter fees” in the consolidated statements of operations, are recognized as incurred and therefore are recognized ratably over the voyage. The Company accounts for sales taxes imposed on its services on a net basis in the consolidated statements of operations. In addition, all revenues are presented on a gross basis.
Vessel acquisitions	Vessel acquisitions Vessels are stated at cost, which consists of the purchase price and any material incremental expenditures incurred upon acquisition, such as initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Significant financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.
Fuel and lubricant inventories	Fuel and lubricant inventories Raw materials, fuel and certain operating supplies are accounted for on a first-in, first-out cost method (based on monthly averages). Raw materials and fuel are stated at the lower of actual cost (first-in, first-out method) or market and are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Operating supplies are stated at actual cost or average cost and are recognized in expenses as they are consumed.
Intangible assets and goodwill	Intangible assets and goodwill Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line Deferred financing costs are amortized on a straight-line basis over the term of the related debt, which approximates the effective interest method.
Property and equipment	Property and equipment Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Impairment of fixed assets and finite-lived intangible assets	Impairment of fixed assets and finite-lived intangible assets Fixed assets (e.g. property and equipment) and finite-lived intangible assets (e.g. customer relationships and contracts) are tested for impairment upon the occurrence of a triggering event that indicates the carrying value of such an asset or asset group (e.g. tugs and barges) might be no longer recoverable. Examples of such triggering events include, but are not limited to a significant disposal of a portion of such assets, an adverse change in the market involving the business employing the related asset(s), a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business, and a significant change in the operations of an acquired business. Once a triggering event has occurred, the recoverability test employed is based on whether the intent is to hold the asset(s) for continued use or to hold the asset(s) for sale. If the intent is to hold the asset(s) or group of asset(s) for continued use, the recoverability test involves a comparison of undiscounted cash flows excluding interest expense but including any proceeds from eventual disposition, against the carrying value of the asset(s) as an initial test. If the carrying value of such asset(s) exceeds the undiscounted cash flow, the carrying amount of the asset(s) would be deemed to be impaired. Impairment would then be measured as the difference between the fair value of the fixed or amortizing intangible asset and the carrying value of such asset(s). The Company generally determines fair value by using the discounted cash flow method. If the intent is to hold the asset(s) for sale and certain other criteria are met (i.e. the asset(s) can be disposed of currently, appropriate levels of authority have approved the sale and there is an actively pursuing buyer), the impairment test is a comparison of the asset’s carrying value to its fair value less costs to sell. To the extent that the carrying value is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. The Company has determined that there were no adverse changes in our markets or other triggering events that could affect the valuation of our assets during the twelve month period ended March 31, 2016, and there are no assets held for sale as of March 31, 2016.
Impairment of goodwill	Evaluation of goodwill for impairment The Company annually reviews the carrying value of goodwill residing in its reporting units, to determine whether impairment may exist. The United States GAAP require that goodwill and certain indefinite-lived intangible assets be assessed annually for impairment using fair value measurement techniques. Specifically, goodwill impairment is determined using a three-step process. The first step of the goodwill impairment test is to perform a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the next step of the goodwill impairment test. The second step of the goodwill impairment test identifies potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of fair value of the Company’s two reporting units, which are the Company’s Canadian and U.S. operations (excluding the parent), are determined using various valuation techniques, primaily a discounted cash flow analysis and peer analysis. A discounted cash flow analysis requires various judgmental assumptions, including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s forecast and long-term estimates. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the third step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the third step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The third step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the existing assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. As of March 31, 2016, the Company conducted the qualitative assessment and determined that the fair value of its two reporting units 'was not more likely than not less than' their carrying amounts and the remaining two-step impairment testing was therefore not necessary. The Company has determined that there were no adverse changes in our markets or other triggering events that indicated that it is more likely than not that the fair value of our reporting units was less than the carrying value of our reporting units during the twelve month period ended March 31, 2016.
Drydock costs	Drydock costs Drydock costs incurred during statutory Canadian and United States certification processes are capitalized and amortized on a straight-line basis over the benefit period, which is generally 60 months. Drydock costs include costs of work performed by third party shipyards and subcontractors and other direct expenses to complete the mandatory certification process.
Repairs and maintenance	Repairs and maintenance The Company’s vessels require repairs and maintenance each year to ensure the fleet is operating efficiently during the shipping season. The majority of repairs and maintenance are completed in January, February, and March of each year when the vessels are not engaged in affreightment activities. The Company expenses such routine repairs and maintenance costs as incurred. Significant repairs to the Company’s vessels, such as major engine overhauls and major hull steel repairs, are capitalized and amortized over the remaining useful life of the upgrade or asset repaired.
Income taxes	Income taxes The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740 “Income Taxes”, which requires the determination of deferred tax assets and liabilities based on the differences between the financial statement and income tax bases of tax assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recognized, if necessary, to measure tax benefits to the extent that, based on available evidence, it is more likely than not that they will be realized. The Company classifies interest expense related to income tax liabilities, when applicable, as part of the interest expense in its consolidated statements of operations rather than income tax expense. To date, the Company has not incurred material interest expenses or penalties relating to assessed taxation amounts. The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2012 – 2015 Various states 2012 – 2015 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015
Foreign currency translation	Foreign currency translation The Company uses the U.S. Dollar as its reporting currency. The functional currency of the Company's Canadian subsidiaries is the Canadian Dollar. The functional currency of the Company’s U.S. subsidiaries is the U.S. Dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the rate of exchange at the balance sheet date, while revenue and expenses are translated at the average exchange rates prevailing during the respective month. Components of stockholders’ equity are translated at historical exchange rates. Exchange gains and losses resulting from translation are reflected in accumulated other comprehensive income or loss, except for financial assets and liabilities designated in foreign currency, which are reflected in the Company's consolidated statements of operations.
Advertising costs	Advertising costs The Company expenses all advertising costs as incurred. These costs are included in general and administrative expenses and were insignificant during the periods presented.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates used in the preparation of these consolidated financial statements include the assumptions used in determining the useful lives of long-lived assets, the assumptions used in determining whether assets are impaired, the assumptions used in determining the valuation allowance for deferred income tax assets and the assumptions used in stock-based compensation awards. Actual results could differ from those estimates.
Stock-based compensation	Stock-based compensation The Company recognizes compensation expense for all newly granted awards and awards modified, repurchased or cancelled based on fair value at the date of grant.
Financial instruments	Financial instruments The Company accounts for its foreign currency hedge contracts on its subordinated debt utilizing ASC 815 “ Derivatives and Hedging ”. All changes in the fair value of the contracts are recorded in earnings and the fair value of settlement costs to terminate the contract is included in current assets or current liabilities on the consolidated balance sheets. Disclosure requirements of ASC 815 are presented in Note 22.
Fair value of financial instruments	Fair value of financial instruments ASC 820 “ Fair Value Measurements and Disclosures ” ("ASC 820") defines fair value, establishes a framework for measuring fair value in GAA{ and establishes a hierarchy that categorizes and prioritizes the inputs to be used to estimate fair value. The three levels of inputs used are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The disclosure requirements of ASC 820 related to the Company’s financial assets and liabilities are presented in Note 22.
Recently issued pronouncements	Revenue from Contracts with Customers In May 2014, the Financial Accounting Standard Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 would have been effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. In July 2015, the FASB voted to delay the effective date of the new standard by one year to annual periods beginning after December 15, 2017. ASU 2014-09, as subsequently amended, s hall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is permitted as of the original effective date. In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting . ASU 2016-11 rescinds several SEC Staff Announcements that are codified in Topic 605, including, among other items, guidance relating to accounting for shipping and handling fees and freight services. The Company is evaluating the effect, if any, that adopting this new accounting standard will have on the Company's consolidated financial statements and related disclosures. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance on management's responsibility in evaluating whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 also provides guidance related to the required disclosures as a result of management's evaluation. The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect of this ASU will have, when adopted. Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs . This guidance requires that the debt issuance costs related to a recognized term debt liability be presented in the balance sheet as a direct deduction from the debt liability, consistent with the presentation of a debt discount. This amendment is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015 and shall be applied retrospectively to each period presented. Early adoption is permitted. The Company is evaluating the effect this ASU will have, when adopted. 3. RECENTLY ISSUED PRONOUNCEMENTS (continued) Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. ASU 2015-17 requires all deferred tax liabilities and assets to be presented in the balance sheet as non-current. The Company early adopted this standard on a prospective basis as of fiscal year ended March 31, 2016. As a result, the Company reclassified deferred tax assets and deferred tax liabilities classified as current to non-current. The prior period has not been retrospectively adjusted. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases . This ASU revises the existing guidance related to leases by requiring lessees to recognize a lease liability and a right-of-use asset for all leases, as well as additional disclosure regarding leasing arrangements. This standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective adoption, with earlier adoption permitted. The Company is currently evaluating the effects of the adoption of this ASU on its consolidated financial statements. Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies certain aspects of the accounting for share-based payment transactions, including tax consequences, classification of awards, the option to recognize stock compensation expense with actual forfeitures as they occur, and the classifications on the statement of cash flows. ASU 2016-09 is effective for annual reporting beginning after December 15, 2016, including interim periods within that reporting period, with early adoption permitted. The Company is currently evaluating the effects of the adoption of this ASU on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Amortization periods of intangible assets	Intangible assets consist primarily of goodwill, deferred financing costs, trademarks, trade names and customer relationships and contracts. Intangible assets are amortized as follows: Trademarks and trade names 10 years straight-line Customer relationships and contracts 15 years straight-line
Useful lives of property and equipment	Property and equipment are recorded at cost. Depreciation methods for property and equipment are as follows: Vessels 5 - 30 years straight-line Leasehold improvements 7 - 11 years straight-line Vehicles 20% declining-balance Furniture and equipment 20% declining-balance Computer equipment 45% declining-balance Communication equipment 20% declining-balance
Open tax years	The Company's primary U.S. state income tax jurisdictions are Illinois, Indiana, Michigan, Minnesota, Pennsylvania, Wisconsin and New York and its only international jurisdictions are Canada and its province of Ontario. The following table summarizes the open fiscal tax years for each major jurisdiction: Jurisdiction Open Tax Years (Fiscal Years) Federal (U.S.A) 2012 – 2015 Various states 2012 – 2015 Federal (Canada) 2010 – 2015 Ontario 2010 – 2015

PREPAID EXPENSES AND OTHER CU35

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Components of prepaid expenses and other current assets	Prepaid expenses and other current assets are comprised of the following: March 31, 2016 March 31, 2015 Prepaid insurance $ 1,012 $ 160 Fuel and lubricant inventories 3,872 4,018 Deposits and other prepaids 1,436 1,779 $ 6,320 $ 5,957

INCOME TAXES INCOME TAXES (Tabl

INCOME TAXES INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	Loss before income taxes was derived from the following sources: March 31, 2016 March 31, 2015 United States $ (5,002 ) $ (8,672 ) Foreign 1,002 (324 ) $ (4,000 ) $ (8,996 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of the provision (benefit) for income taxes are as follows: March 31, 2016 March 31, 2015 Current: Federal $ — $ — State and local 17 7 Foreign 34 — Deferred: Federal — — State and local (106 ) (172 ) Foreign 287 589 $ 232 $ 424
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The total provision (benefit) for income taxes differs from that amount which would be computed by applying the U.S. Federal and Canadian income tax rates to income (loss) before provision for income taxes as follows: Year ended Year ended Statutory U.S. federal income tax rate 34.0 % 34.0 % State income taxes 2.4 % 1.8 % Foreign income taxes 0.6 % (0.8 )% Imputed interest income (9.0 )% (3.9 )% Federal valuation allowance (27.0 )% (29.1 )% Foreign Permanent Items/Other (6.8 )% (6.7 )% Effective income tax rate (5.8 )% (4.7 )%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The significant components of current deferred tax assets and liabilities as of March 31, 2015 are as follows: March 31, 2015 Assets: Accrued liabilities not yet deductible for tax 4 Deferred foreign exchange gain 787 Other — 791 Valuation allowance (313 ) Total current deferred tax assets 478 Liability: Other (131 ) Total current deferred tax liabilities (131 ) Net current deferred tax assets (liabilities) 347 6. INCOME TAXES (continued) The significant components of long-term deferred tax assets and liabilities are as follows: March 31, 2016 March 31, 2015 Long-term deferred tax assets Operating loss carry forwards $ 24,602 $ 23,669 FIN 48 adjustment 1,444 708 Other 504 241 $ 26,550 $ 24,618 Valuation allowance (10,239 ) (8,328 ) Net long-term deferred tax assets $ 16,311 $ 16,290 Long-term deferred tax liabilities Separately identifiable intangibles (539 ) (492 ) Depreciation and dry dock expenses (21,346 ) (21,256 ) Other (251 ) (149 ) Total long-term deferred tax liabilities $ (22,136 ) $ (21,897 ) Net long-term deferred tax liabilities $ (5,825 ) $ (5,607 )

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment, net are comprised of the following: March 31, 2016 March 31, 2015 Cost Vessels $ 319,689 $ 279,785 Leasehold improvements 88 102 Furniture and equipment 588 563 Vehicles 16 16 Computer, communication equipment and purchased software 3,185 2,901 $ 323,566 $ 283,367 Accumulated depreciation Vessels $ 92,482 $ 74,794 Leasehold improvements 58 78 Furniture and equipment 351 283 Vehicles 13 13 Computer, communication equipment and purchased software 2,158 1,923 95,062 77,091 $ 228,504 $ 206,276

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Mar. 31, 2016
Other Assets [Abstract]
Schedule of other assets	The current portion of such costs represents the amounts expected to be recognized as expenses during the next fiscal year. March 31, 2016 March 31, 2015 Customer contract costs $ 287 $ 533 Prepaid expenses and other assets 6,135 5,993 Total $ 6,422 $ 6,526 Current portion (Note 5) 6,320 5,957 Other long-term assets $ 102 $ 569

DEFERRED DRYDOCK COSTS, NET (Ta

DEFERRED DRYDOCK COSTS, NET (Tables)	12 Months Ended
	Mar. 31, 2016
Deferred Drydock Costs [Abstract]
Schedule of deferred drydock costs	Deferred drydock costs, net are comprised of the following: March 31, 2016 March 31, 2015 Drydock expenditures $ 17,930 $ 16,607 Accumulated amortization (11,270 ) (9,017 ) $ 6,660 $ 7,590
Summary of changes in deferred drydock costs	The following table shows periodic deferrals of drydock costs and amortization. Balance as of March 31, 2014 $ 9,321 Drydock costs accrued and incurred 2,239 Amortization of drydock costs (3,343 ) Foreign currency translation adjustment (627 ) Balance as of March 31, 2015 $ 7,590 Drydock costs accrued and incurred 2,828 Amortization of drydock costs (3,507 ) Foreign currency translation adjustment (251 ) Balance as of March 31, 2016 $ 6,660

INTANGIBLE ASSETS, NET AND GO40

INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	12 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	Intangibles, net are comprised of the following: March 31, 2016 March 31, 2015 Intangible assets: Deferred financing costs $ 6,859 $ 6,787 Trademarks and trade names — 866 Customer relationships and contracts 15,122 15,378 Total identifiable intangibles 21,981 23,031 Accumulated amortization: Deferred financing costs $ 1,957 $ 686 Trademarks and trade names — 785 Customer relationships and contracts 9,217 8,355 Total accumulated amortization 11,174 9,826 Net intangible assets 10,807 13,205 Goodwill $ 10,193 $ 10,193
Schedule of expected amortization expense	Intangible asset amortization over the next five years is estimated as follows: Twelve month period ending: March 31, 2016 $ 2,303 March 31, 2017 2,303 March 31, 2018 2,302 March 31, 2019 2,024 March 31, 2020 948 $ 9,880

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Components of accrued liabilities	Accrued liabilities are comprised of the following: March 31, 2016 March 31, 2015 Deferred financing and other transaction costs $ 4 $ 396 Payroll compensation and benefits 786 1,575 Preferred stock dividends 1,920 587 Professional fees 488 340 Interest 2,305 1,771 Winter work, deferred drydock expenditures and capital expenditures 834 1,293 Capital and franchise taxes 12 30 Other 1,795 1,636 $ 8,144 $ 7,628

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	March 31, 2016 March 31, 2015 a) Canadian Revolving Facility bearing interest at BA rate or at Borrower's option Canadian Prime rate, if funded in Canadian dollar or at BA rate or LIBOR rate, if funded in U.S. Dollar at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 43,120 44,213 b) U. S. Revolving Facility bearing interest at US Base Rate or at Borrower's option LIBOR at the applicable margin as discussed below. The amount outstanding is due at contractual maturity date of September 30, 2019. 71,400 57,000 $ 114,520 $ 101,213 Less amounts due within 12 months — — $ 114,520 $ 101,213 March 31, 2016 March 31, 2015 a) U.S. Dollar denominated term loan (Second Lien CDN Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. $ 39,826 $ 34,200 b) U.S. Dollar denominated term loan (Second Lien U.S. Term loan) bearing interest at LIBOR rate (as defined) plus 9.5% or U.S. base rate (as defined) plus 8.5% at the Company’s option. The loan is repayable upon maturity on March 11, 2020. 38,300 38,300 $ 78,126 $ 72,500

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating lease rental and sublease rental payments	Operating lease rental and sublease rental payments included in general and administrative expenses are as follows: Year ended March 31, 2016 Year ended March 31, 2015 Operating leases $ 560 $ 592 Operating sublease 175 163 $ 735 $ 755
Schedule of future minimum rental commitments	The Company’s future minimum rental commitments under other operating leases are as follows. Twelve month period ending: March 31, 2016 $ 591 March 31, 2017 542 March 31, 2018 458 March 31, 2019 392 March 31, 2020 240 Thereafter 162 $ 2,385

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of share-based compensation awards	The following table summarizes shares issued to officers under employment agreements and restricted stock agreements from time to time. Date issued No. of Officers Covered No. of Shares Share Price Reference Expense recognized during the period Vesting terms March 31, 2016 March 31, 2015 Apr 11, 2012 2 45,754 8.68 Restricted Share Award Agreement — 132 Three years in equal installments on each anniversary date. Feb 22, 2013 4 32,387 5.96 Restricted Share Award Agreement — 82 Two years in equal installments on each anniversary date. Jun 5, 2013 6 54,337 5.55 Restricted Share Award Agreement 102 102 Three years in equal installments on each anniversary date. Jul 22, 2014 10 105,189 5.90 Restricted Share Award Agreement 285 163 Three years in equal installments on each anniversary date. Oct 27, 2015 1 4,429 2.19 Restricted Share Award Agreement 1 — Three years in equal installments on each anniversary date. Oct 27, 2015 1 10,871 2.19 Restricted Share Award Agreement 3 — Three years in equal installments on each of March 31.
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock Options: March 31, 2016 March 31, 2015 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Outstanding - beginning of year 479,785 $ 5.66 479,785 $ 5.66 Granted 190,000 2.19 — — Cancelled (155,497 ) 5.81 — — Cancelled (151,269 ) 5.50 — — Expired — — Outstanding-end of year 363,019 $ 5.66 479,785 $ 5.66 Other data (In thousands except weighted average fair value): March 31, 2016 March 31, 2015 Weighted average grant date fair value of options granted during year $ 0.54 — Compensation expense 31 — Unrecognized compensation cost at March 31 71 — Weighted average remaining life for unrecognized compensation 2.3 years 0 2016 2015 Dividend Yield None None Risk Free Interest Rate 0.80% to 1.60% —% Stock Price Volatility 33.5% to 37.2% —% Estimated Option Term (month) 31 to 72 0
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted Stock: March 31, 2016 March 31, 2015 Date Issued Number of Shares Weighted Average Value at Grant Date Number of Shares Weighted Average Value at Grant Date Unvested beginning of the year 154,790 $ 6.22 129,772 $ 6.47 July 23, 2014 Granted — — 103,315 5.90 October 27, 2015 Granted 126,325 2.19 — — April 8, 2011 Vested — — (28,739 ) 7.94 April 11, 2012 Vested (15,251 ) 8.68 (15,252 ) 8.68 February 22, 2013 Vested — — (16,193 ) 5.96 June 5, 2013 Vested (27,686 ) 5.55 (18,113 ) 5.55 July 23, 2014 Vested (68,670 ) 5.90 — — October 27, 2015 Vested (114,649 ) 2.19 — — Cancelled (1,499 ) 5.90 — — Unvested - end of the year 53,360 $ 4.16 154,790 $ 6.22 Other data (In thousands): March 31, 2016 March 31, 2015 Compensation expense $ 391 $ 478 Unrecognized compensation cost March 31 157 532 Weighted average remaining life for unrecognized compensation 1 year 1.5 years

INTEREST EXPENSE (Tables)

INTEREST EXPENSE (Tables)	12 Months Ended
	Mar. 31, 2016
Interest Expense [Abstract]
Components of interest expense	Interest expense, net of interest capitalized is comprised of the following: Year ended March 31, 2016 Year ended March 31, 2015 Bank indebtedness $ — $ 544 Amortization of deferred financing costs 1,273 1,305 Long-term debt-senior 3,979 4,840 Long-term debt-subordinated 8,266 7,942 Interest rate caps 6 10 Deferred payment liability 64 100 Other interest 34 — Interest capitalized (1,161 ) (734 ) $ 12,461 $ 14,007

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Revenue and long-lived assets by geographical segment	Information about geographic operations is as follows: Year ended March 31, 2016 Year ended March 31, 2015 Revenue by country: Canada $ 86,977 $ 87,261 United States 61,467 65,699 $ 148,444 $ 152,960 Revenues from external customers are allocated based on the country of the legal entity of the Company in which the revenues were recognized. March 31, 2016 March 31, 2015 Property and equipment, net by country: Canada $ 116,719 $ 92,436 United States 111,785 113,840 $ 228,504 $ 206,276 Intangible assets, net by country: Canada $ 6,057 $ 7,457 United States 4,750 5,748 $ 10,807 $ 13,205 Goodwill by country: Canada $ 8,284 $ 8,284 United States 1,909 1,909 $ 10,193 $ 10,193 Total assets by country: Canada $ 143,425 $ 122,395 United States 121,982 127,895 $ 265,407 $ 250,290

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Mar. 31, 2016
Financial Instruments [Abstract]
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]	The following table provides the fair value of the foreign currency hedge contracts measured on a recurring basis as of March 31, 2016 and March 31, 2015: Fair value measurements at Fair value measurements at March 31, 2016 March 31, 2015 Carrying value at March 31, 2016 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Carrying value at March 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Foreign currency hedge contracts $(268) $— $(268) $573 $— $573 The following table sets forth the fair value of the foreign currency hedge instruments as of the dates set forth below: Derivatives not designated as hedging instrument: Balance Sheet location Fair Value as at March 31, 2016 Fair Value as at March 31, 2015 Foreign currency hedge contracts (Accrued liabilities)/accounts receivables $(268) $573
Schedule of contracts not designated for hedge accounting treatment, changes in fair value recorded in earnings	The changes in fair value of the foreign currency hedge contracts are recorded in earnings as follows: Derivatives not designated as hedging instrument: Location of (loss) gain -Recognized in earnings Year ended March 31, 2016 Year ended March 31, 2015 Foreign currency hedge contracts (Gain) loss on foreign exchange $(795) $(4,119)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Year ended March 31, 2016 Year ended March 31, 2015 Numerator: Net loss before preferred dividends $ (4,232 ) $ (9,420 ) Preferred stock dividends (1,333 ) (1,168 ) Net loss applicable to common stockholders $ (5,565 ) $ (10,588 ) Denominator: Weighted average common shares for basic EPS 18,045,935 17,847,939 Effect of dilutive securities: Average price during period 2.31 5.15 Long term incentive stock option plan 484,177 479,785 Average exercise price of stock options 3.85 5.66 Shares that could be acquired with the proceeds of options — — Dilutive shares due to options — — Restricted Stock Units (RSU)-unvested 19,467 22,858 Average grant date fair value of unvested RSU 5.99 5.99 Shares that could be acquired with the proceeds of RSU — — Dilutive shares due to RSU — — Incremental shares due to unvested restricted shares — 57,780 Weighted average convertible preferred shares at $6.20 2,382,903 2,419,355 Weighted average common shares for diluted EPS 18,045,935 17,847,939 Basic EPS $ (0.31 ) $ (0.59 ) Diluted EPS $ (0.31 ) $ (0.59 )

SIGNIFICANT ACCOUNTING POLICI49

SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Mar. 31, 2016
Significant Accounting Policies [Line Items]
Amortization period of drydock costs	60 months
Vehicles [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Furniture and equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Computer equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	45.00%
Communication equipment [Member]
Significant Accounting Policies [Line Items]
Depreciation rate	20.00%
Trademarks and trade names [Member]
Significant Accounting Policies [Line Items]
Amortization period	10 years
Customer relationships and contracts [Member]
Significant Accounting Policies [Line Items]
Amortization period	15 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	30 days
Minimum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	5 years
Minimum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	7 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Age of receivables	60 days
Freight surcharges as a percent of revenue	5.00%
Maximum [Member] | Vessels [Member]
Significant Accounting Policies [Line Items]
Useful life	30 years
Maximum [Member] | Leasehold improvements [Member]
Significant Accounting Policies [Line Items]
Useful life	11 years

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Allowance for doubtful accounts	$ 116,000	$ 0

PREPAID EXPENSES AND OTHER CU51

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,012	$ 160
Fuel and lubricants	3,872	4,018
Deposits and other prepaids	1,436	1,779
Prepaid expenses and other current assets	$ 6,320	$ 5,957

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loss before income taxes	$ (4,000)	$ (8,996)
Current	51	7
Deferred	181	417
Income Tax Expense (Benefit)	$ 232	$ 424
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory U.S. federal income tax rate	34.00%	34.00%
State income taxes	2.40%	1.80%
Foreign income taxes	0.60%	(0.80%)
Imputed Interest Income	(9.00%)	(3.90%)
Federal valuation allowance	(27.00%)	(29.10%)
Foreign Permanent Items/Other	(6.80%)	(6.70%)
Effective income tax rate	(5.80%)	(4.70%)
Deferred Tax Assets, Net of Valuation Allowance, Current Classification [Abstract]
Accrued liabilities not yet deductible for tax		$ 4
Deferred foreign exchange gain		787
Other		0
Deferred Tax Assets, Gross		791
Valuation allowance		(313)
Total current deferred tax assets		478
Deferred Tax Liabilities, Net [Abstract]
Other		(131)
Total current deferred tax liabilities		(131)
Net current deferred tax assets (liabilities)		347
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Classification [Abstract]
Operating loss carry forwards	$ 24,602	23,669
Fin 48 Adjustment	1,444	708
Other	504	241
Deferred Tax Assets, Gross, Noncurrent	26,550	24,618
Valuation allowance	(10,239)	(8,328)
Net long-term deferred tax assets	16,311	16,290
Deferred Tax Liabilities, Noncurrent [Abstract]
Separately identifiable Intangibles	(539)	(492)
Depreciation and dry dock expenses	(21,346)	(21,256)
Other	(251)	(149)
Total long-term deferred tax liabilities	(22,136)	(21,897)
Net long-term deferred tax liabilities	(5,825)	(5,607)
Deferred Tax Liabilities, Net, Noncurrent	5,825	5,607
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	60,536
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	16,136
United States
Loss before income taxes	(5,002)	(8,672)
Foreign
Loss before income taxes	1,002	(324)
Federal
Current	0	0
Deferred	0	0
Deferred Tax Liabilities, Noncurrent [Abstract]
Deferred Tax Liabilities, Net, Noncurrent	241	349
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	1,100	2,614
State and local
Current	17	7
Deferred	(106)	(172)
Deferred Tax Liabilities, Noncurrent [Abstract]
Deferred Tax Assets, Net	99
Deferred Tax Liabilities, Net		0
Foreign
Current	34	0
Deferred	287	589
Deferred Tax Liabilities, Noncurrent [Abstract]
Deferred Tax Liabilities, Net, Noncurrent	$ 5,584	$ 5,258

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Cost	$ 323,566	$ 283,367
Accumulated depreciation	95,062	77,091
Property and equipment, net	228,504	206,276
Interest Costs Capitalized	1,161	734
Vessels [Member]
Property, Plant and Equipment [Line Items]
Cost	319,689	279,785
Accumulated depreciation	92,482	74,794
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	88	102
Accumulated depreciation	58	78
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	588	563
Accumulated depreciation	351	283
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Cost	16	16
Accumulated depreciation	13	13
Computer, communication equipment and purchased software [Member]
Property, Plant and Equipment [Line Items]
Cost	3,185	2,901
Accumulated depreciation	$ 2,158	$ 1,923

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Assets [Abstract]
Amortization period of customer contract costs	5 years
Customer contract costs	$ 287	$ 533
Prepaid expenses and other assets	6,135	5,993
Total	6,422	6,526
Current portion	6,320	5,957
Other long term assets	$ 102	$ 569

DEFERRED DRYDOCK COSTS, NET (Ba

DEFERRED DRYDOCK COSTS, NET (Balance Sheet Details) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Deferred Drydock Costs [Abstract]
Deferred expenditures	$ 17,930	$ 16,607
Accumulated amortization	(11,270)	(9,017)
Deferred drydock costs, net	$ 6,660	$ 7,590	$ 9,321

DEFERRED DRYDOCK COSTS, NET (Ch

DEFERRED DRYDOCK COSTS, NET (Changes in Deferred Balances) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Deferred Drydock Costs [Roll Forward]
Balance at beginning of period	$ 7,590	$ 9,321
Drydock costs accrued	2,828	2,239
Amortization of drydock costs	(3,507)	(3,343)
Foreign currency translation adjustment	(251)	(627)
Balance at end of period	$ 6,660	$ 7,590

INTANGIBLE ASSETS, NET AND GO57

INTANGIBLE ASSETS, NET AND GOODWILL (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	$ 21,981	$ 23,031
Accumulated amortization	11,174	9,826
Intangible assets	10,807	13,205
Goodwill	10,193	10,193
Twelve month period ending:
March 31, 2016	2,303
March 31, 2017	2,303
March 31, 2018	2,302
March 31, 2019	2,024
March 31, 2020	948
Total	9,880
Deferred financing costs [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	6,859	6,787
Accumulated amortization	1,957	686
Trademarks and trade names [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	0	866
Accumulated amortization	0	785
Customer relationships and contracts [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets, gross	15,122	15,378
Accumulated amortization	$ 9,217	$ 8,355

VESSEL ACQUISITION (Details)

VESSEL ACQUISITION (Details) $ in Thousands	Mar. 11, 2014USD ($)
LalandiaSwan [Member] | Lower Lakes Towing (17) Ltd. [Member]
Vessel purchase price	$ 7,000

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Payables and Accruals [Abstract]
Deferred financing and other transaction costs	$ 4	$ 396
Payroll compensation and benefits	786	1,575
Preferred stock dividends	1,920	587
Professional fees	488	340
Interest	2,305	1,771
Winter work, deferred drydock and capital expenditures	834	1,293
Capital and franchise taxes	12	30
Other	1,795	1,636
Accrued liabilities	$ 8,144	$ 7,628

LONG-TERM DEBT (Schedule of Lon

LONG-TERM DEBT (Schedule of Long-term Debt) (Details) - USD ($)	Sep. 29, 2015	Mar. 13, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 27, 2015	Mar. 11, 2014
Debt Instrument [Line Items]
Subordinated Debt			$ 78,126,000	$ 72,500,000
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			114,520,000	101,213,000
Less amounts due within 12 months			0	0
Long-term debt, excluding current maturities			114,520,000	101,213,000
Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debtor-in-Possession Financing, Fee on Unused Borrowings					0.25%
MaximumUnusedCommitmentBeforeRateChange					50.00%
Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			$ 43,120,000	$ 44,213,000
Effective interest rate including effect of interest rate swap contracts			3.60%	3.75%
Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Long-term debt			$ 71,400,000	$ 57,000,000
Effective interest rate including effect of interest rate swap contracts			3.37%	3.03%
Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		9.50%
Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		8.50%
Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member] | LIBOR [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		9.50%
Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member] | US Base Rate [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Basis spread on variable rate		8.50%
Canada, Dollars | Swing Line Facility [Member] | Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 8,000,000
United States of America, Dollars | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt			$ 39,826,000	$ 34,200,000
United States of America, Dollars | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Debt Instrument [Line Items]
Subordinated Debt			38,300,000	$ 38,300,000
United States of America, Dollars | Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount			$ 50,647,000
United States of America, Dollars | Credit Facitities [Member] | Canadian Guarantors [Member] | Revolving Credit Facility [Member] | Canadian Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					80,000,000
United States of America, Dollars | Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					90,000,000
United States of America, Dollars | Subordinated Debt [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount						$ 32,500,000
United States of America, Dollars | Subordinated Debt [Member] | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						34,200,000
Proceeds from Issuance of Debt	$ 5,626,000
United States of America, Dollars | Subordinated Debt [Member] | Grand River Navigation Company, Inc. [Member] | Second Lien US Term Loan [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Face Amount						$ 38,300,000
United States of America, Dollars | Subordinated Debt [Member] | Amended Second Lien Credit Agreement [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debt Instrument, Unused Borrowing Capacity, Amount					22,500,000
United States of America, Dollars | Swing Line Facility [Member] | Credit Facitities [Member] | US Guarantors [Member] | Revolving Credit Facility [Member] | US Revolving Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 9,000,000
Maximum [Member] | Credit Facitities [Member]
Long-term Debt, Current and Noncurrent [Abstract]
Debtor-in-Possession Financing, Fee on Unused Borrowings					0.375%

LONG-TERM DEBT (Additional Info

LONG-TERM DEBT (Additional Information) (Details) - Subordinated Debt [Member] - USD ($)	Mar. 13, 2014	Mar. 11, 2014
Debt Instrument [Line Items]
Covenant description, mandatory prepayment, net proceeds from disposition of assets	100.00%
Covenant description, mandatory prepayment, net proceeds from issuance of debt or equity securities	100.00%
Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	9.50%
Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member] | US Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	8.50%
United States of America, Dollars | Lower Lakes Towing Ltd. [Member] | Second Lien Canadian Term Loan [Member]
Debt Instrument [Line Items]
Face amount		$ 34,200,000

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commitments [Line Items]
Rental payments	$ 735	$ 755
Operating Leases, Future Minimum Payments Due, Rolling Maturity [Abstract]
March 31, 2016	591
March 31, 2017	542
March 31, 2018	458
March 31, 2019	392
March 31, 2020	240
Thereafter	162
Total	2,385
Gain (Loss) on Contract Termination	0	(2,660)
Contractual commitments	1,526	19,707
Operating leases [Member]
Commitments [Line Items]
Rental payments	560	592
Operating sublease [Member]
Commitments [Line Items]
Rental payments	$ 175	$ 163

CONTINGENCIES (Details)

CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Unasserted claim
Contingencies:
Contingency accrual	$ 305	$ 247

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 21, 2011	Feb. 11, 2011	Mar. 03, 2006	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Number of shares offered	2,800,000
Sale of stock, price per share	$ 6
Proceeds from the offering, net of underwriter’s commissions and expenses	$ 15,525
Shares issued of the Company’s common stock to Buckeye		1,305,963
Share price, average of high and low price		$ 5.175
Preferred stock, shares authorized				1,000,000	1,000,000
Preferred Stock, Shares Issued				295,480	295,480
Cash dividend annual rate				8.75%	7.75%
Preferred stock dividends				$ 1,920	$ 587
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized						1,000,000
Preferred Stock, Shares Issued			300,000
Cash dividend annual rate			7.75%
Price per share basis for dividend			$ 50
Dividend rate subject to percentage increase every six months			0.50%
Conversion price per share			$ 6.2	$ 6.20
Conversion option rate, shares			8.065
Conversion option determination, number of trading days price per share exceeds $8.50 (in days)			20 days
Conversion option determination, number of trading days cutoff period			30 days
Conversion option determination, agreed upon price per common share			$ 8.50
Maximum [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Cash dividend annual rate			12.00%
Long Term Incentive Plan 2007 [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				267,785	429,634
Preferred Stock
Class of Stock [Line Items]
Preferred stock conversion to common stock (in shares)				(4,520)

STOCKHOLDERS' EQUITY (Share-bas

STOCKHOLDERS' EQUITY (Share-based Compensation) (Details)	Dec. 08, 2015shares	Oct. 27, 2015executive$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Jul. 22, 2014executive$ / sharesshares	Jun. 27, 2014USD ($)$ / sharesshares	Jun. 05, 2013executive$ / sharesshares	Feb. 22, 2013executive$ / sharesshares	Feb. 15, 2013shares	Apr. 11, 2012executive$ / sharesshares	Sep. 16, 2010shares	Nov. 16, 2009shares	Jul. 31, 2008shares	Feb. 13, 2008shares	Jul. 31, 2008shares	Feb. 29, 2008shares	Dec. 31, 2008shares	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Mar. 31, 2014$ / sharesshares	Mar. 31, 2013shares	Mar. 31, 2012shares	Mar. 31, 2011shares	Mar. 31, 2009executive	Mar. 31, 2010shares	Mar. 31, 2016USD ($)$ / sharesshares	Feb. 11, 2011$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price, average of high and low price | $ / shares																										$ 5.175
Share-based Compensation | $																	$ 637,000	$ 787,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility rate measurement period																							6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																	2 years 4 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Weighted Average Value | $ / shares			$ 5.99														$ 5.99	$ 5.99							$ 5.99
Long Term Incentive Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized																	2,500,000								2,500,000
Number of shares available for grant			429,634														267,785	429,634							267,785
Shares issued to non-employees													12,909			15,948	92,167	26,067	19,256	10,854	10,722	14,007		37,144
Long Term Incentive Plan 2007 [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		111,025										478,232
Number of key executives to receive awards | executive		2
Long Term Incentive Plan 2007 [Member] | Canadian employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded																									204,336
Expense recorded | $																	$ 0	$ 0
Long Term Incentive Plan 2007 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			154,790														53,360	154,790	129,772						53,360
Unrecognized compensation cost at March 31 | $			$ 532,000														$ 157,000	$ 532,000							$ 157,000
Unvested, Weighted Average Value | $ / shares			$ 6.22														$ 4.16	$ 6.22	$ 6.47						$ 4.16
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period																	(1,499)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares																	$ 5.90	$ 0
Share-based Compensation | $																	$ 391,000	$ 478,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition																	1 year	1 year 6 months
Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 0.54	$ 0
Expense recorded | $																	$ 31,000	$ 0
Award vesting period																	3 years
Options expiration period																	10 years
Expected dividend rate																	0.00%	0.00%
Risk free interest rate																		0.00%					4.14%
Expected volatility rate																		0.00%					39.49%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																		0 months
Number of options outstanding			479,785														363,019	479,785	479,785						363,019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares			$ 5.66														$ 5.66	$ 5.66	$ 5.66						$ 5.66
Options granted														236,586	243,199		190,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares																	$ 2.19
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period																	306,766
Unrecognized compensation cost at March 31 | $			$ 0														$ 71,000	$ 0							$ 71,000
Share-based Compensation | $																	$ 31,000	$ 0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term																	2 years 4 months	0 years
Long Term Incentive Plan 2007 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded			10,559														8,905
Expense recorded | $																	$ 57,000	$ 63,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments Granted					30,050
Unrecognized compensation cost at March 31 | $					$ 204,000
Unvested, Weighted Average Value | $ / shares					$ 5.99
FY 2008 Options [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																	(155,497)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares																	$ 5.81
FY 2009 Options [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																	(151,269)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares																	$ 5.50
April 11, 2012 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded									45,754
Share price, average of high and low price | $ / shares									$ 8.68
Expense recorded | $																	$ 0	$ 132,000
Number of key executives to receive awards | executive									2
Award vesting period									3 years
April 11, 2012 Grants [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	(15,251)	(15,252)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 8.68	$ 8.68
February 22, 2013 Grants [Member] [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded							32,387
Share price, average of high and low price | $ / shares							$ 5.96
Expense recorded | $																	$ 0	$ 82,000
Number of key executives to receive awards | executive							4
Award vesting period							2 years
February 22, 2013 Grants [Member] [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	0	(16,193)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 0	$ 5.96
June 5, 2013 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded						54,337
Share price, average of high and low price | $ / shares						$ 5.55
Expense recorded | $																	$ 102,000	$ 102,000
Number of key executives to receive awards | executive						6
Award vesting period						3 years
June 5, 2013 Grants [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	(27,686)	(18,113)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 5.55	$ 5.55
July 22, 2014 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded				105,189
Share price, average of high and low price | $ / shares				$ 5.90
Expense recorded | $																	$ 285,000	$ 163,000
Number of key executives to receive awards | executive				10
Award vesting period				3 years
July 22, 2014 Grants [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																	0	103,315
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 0	$ 5.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	(68,670)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 5.90	$ 0
April 8, 2011 Grants [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	0	(28,739)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 0	$ 7.94
Oct 27 2015 Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		4,429
Share price, average of high and low price | $ / shares		$ 2.19
Expense recorded | $																	$ 1,000	$ 0
Number of key executives to receive awards | executive		1
Award vesting period		3 years
Oct 27 2015 Grants B [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded		10,871
Share price, average of high and low price | $ / shares		$ 2.19
Expense recorded | $																	$ 3,000	$ 0
Number of key executives to receive awards | executive		1
Award vesting period		3 years
October 27 2015 Grants [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																	126,325	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 2.19	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period																	(114,649)	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares																	$ 2.19	$ 0
Shares Issued in Lieu of Cash Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded	61,622							94,993		15,153	158,325
Number of executive officers asked to receive shares in lieu of cash compensation | executive																							5
Minimum [Member] | Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate																	0.80%
Expected volatility rate																	33.50%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																	31 months
Maximum [Member] | Long Term Incentive Plan 2007 [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate																	1.60%
Expected volatility rate																	37.20%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																	72 months

INTEREST EXPENSE (Details)

INTEREST EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Expense [Line Items]
Amortization of deferred financing costs	$ 1,273	$ 1,305
Interest rate caps	6	10
Deferred payment liability	64	100
Other interest	34	0
Interest capitalized	(1,161)	(734)
Interest expense	12,461	14,007
Bank indebtedness
Interest Expense [Line Items]
Debt	0	544
Long-term debt - senior
Interest Expense [Line Items]
Debt	3,979	4,840
Subordinated note
Interest Expense [Line Items]
Debt	$ 8,266	$ 7,942

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment information:
Revenue	$ 148,444	$ 152,960
Property and equipment, net	228,504	206,276
Intangible assets	10,807	13,205
Goodwill	10,193	10,193
Assets	265,407	250,290
Canada
Segment information:
Revenue	86,977	87,261
Property and equipment, net	116,719	92,436
Intangible assets	6,057	7,457
Goodwill	8,284	8,284
Assets	143,425	122,395
United States
Segment information:
Revenue	61,467	65,699
Property and equipment, net	111,785	113,840
Intangible assets	4,750	5,748
Goodwill	1,909	1,909
Assets	$ 121,982	$ 127,895

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 12, 2012interest_rate_cap_contract
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	$ (268)
Foreign currency hedge contracts		$ 573
Gain (loss) on foreign currency derivative instruments	(795)	(4,119)
Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Number of contracts entered into | interest_rate_cap_contract			2
Percent of outstanding term debt covered			50.00%
Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Foreign currency hedge contracts	0	0
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	$ (268)
Foreign currency hedge contracts		$ 573
United States | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate			2.50%
Canada | Derivatives not designated as hedging instrument [Member] | Interest Rate Cap [Member]
Derivative [Line Items]
Fixed interest rate			3.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 03, 2006	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Line Items]
Common Stock, Shares, Issued		18,359,397	18,035,427
Common stock, shares authorized		50,000,000	50,000,000
Numerator:
Net loss before preferred dividends		$ (4,232)	$ (9,420)
Preferred stock dividends		(1,333)	(1,168)
NET LOSS APPLICABLE TO COMMON STOCKHOLDERS		$ (5,565)	$ (10,588)
Effect of dilutive securities:
Average price during period (in dollars per share)		$ 2.31	$ 5.15
Long term incentive stock option plan (in shares)		484,177	479,785
Average exercise price of stock options (in dollars per share)		$ 3.85	$ 5.66
Incremental Common Shares Attributable to Share-based Payment Arrangements, Restricted Stock		0	57,780
Weighted average convertible preferred shares at $6.20		2,382,903	2,419,355
Weighted Average Number of Shares Outstanding, Diluted		20,428,838	20,325,074
Weighted average shares basic and diluted (in shares)		18,045,935	17,847,939
Basic EPS (in dollars per share)		$ (0.31)	$ (0.59)
Diluted EPS (in dollars per share)		(0.31)	$ (0.59)
Series A Preferred Stock [Member]
Effect of dilutive securities:
Conversion price per share	$ 6.2	$ 6.20
Stock Options [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0	0
Dilutive shares due to options		0	0
Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Shares that could be acquired with the proceeds of options		0	0
Dilutive shares due to options		19,467	22,858
Average exercise price of RSU (in dollars per share)		$ 5.99	$ 5.99
Restricted Stock, Dilutive Shares [Member]
Effect of dilutive securities:
Dilutive shares due to options		0	0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Leases, Periodic Payment	$ 14
Operating Leases, Rent Expense, Net	735	$ 755
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	75	68
Related Party Transaction, Expenses from Transactions with Related Party	227	231
Affiliated Entity [Member]
Operating Leases, Rent Expense, Net	$ 152	$ 163

ECONOMIC DEPENDENCE (Details)

ECONOMIC DEPENDENCE (Details) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] - customer	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Concentration Risk [Line Items]
Concentration Risk, Number of Major Customers	1	1
Concentration Risk, Percentage	17.20%	15.30%

ACCUMULATED OTHER COMPREHENSI72

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Translation Adjustment Functional to Reporting Currency, Increase (Decrease), Gross of Tax	$ 1,723	$ 4,449