Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 06, 2014 | Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Entity Registrant Name | 'COMMAND SECURITY CORP | ' | ' |
Entity Central Index Key | '0000864509 | ' | ' |
Trading Symbol | 'MOC | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 9,505,305 | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $9,845,323 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $3,470,427 | $8,504 |
Accounts receivable, net of allowance for doubtful accounts of $627,711 and $772,022, respectively | 25,328,451 | 28,460,654 |
Prepaid expenses | 1,533,475 | 1,081,374 |
Other assets | 3,176,585 | 2,851,398 |
Total current assets | 33,508,938 | 32,401,930 |
Furniture and equipment at cost, net | 478,245 | 669,533 |
Intangible assets, net | 2,163,156 | 2,563,316 |
Restricted cash | 83,118 | 83,088 |
Minority investment in unconsolidated affiliate | 2,125,000 | ' |
Other assets | 2,746,649 | 2,613,276 |
Total assets | 41,105,106 | 38,331,143 |
Current liabilities: | ' | ' |
Checks issued in advance of deposits | 1,219,909 | 2,098,165 |
Short-term borrowings | 10,511,360 | 8,482,331 |
Accounts payable | 1,234,307 | 1,085,528 |
Accrued expenses and other liabilities | 8,710,408 | 9,102,008 |
Total current liabilities | 21,675,984 | 20,768,032 |
Insurance reserves | 673,161 | 604,211 |
Total liabilities | 22,349,145 | 21,372,243 |
Commitments and contingencies (Notes 13 and 14) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, convertible Series A, $.0001 par value per share | ' | ' |
Common stock, $.0001 par value per share, 50,000,000 shares authorized, 11,257,369 and 9,505,167 shares issued and outstanding, respectively, in 2014 and 10,845,798 and 9,093,598 shares issued and outstanding, respectively in 2013 | 1,126 | 1,085 |
Treasury stock, at cost, 1,752,200 and 1,752,200 shares, respectively | -2,885,579 | -2,885,579 |
Additional paid-in capital | 17,685,815 | 16,998,541 |
Accumulated earnings | 3,954,599 | 2,844,853 |
Total stockholders' equity | 18,755,961 | 16,958,900 |
Total liabilities and stockholders' equity | $41,105,106 | $38,331,143 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $627,711 | $772,022 |
Preferred stock, Series A, par value per share | $0.00 | $0.00 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 11,257,369 | 10,845,798 |
Common stock, shares outstanding | 9,505,167 | 9,093,598 |
Treasury stock, shares held | 1,752,200 | 1,752,200 |
Statements_of_Income
Statements of Income (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statements of Income [Abstract] | ' | ' |
Revenues | $156,710,517 | $150,218,967 |
Cost of revenues | 135,850,889 | 129,972,781 |
Gross profit | 20,859,628 | 20,246,186 |
Operating expenses | ' | ' |
General and administrative | 17,863,068 | 18,187,417 |
Provision for doubtful accounts | 392,623 | 405,554 |
Bad debt recoveries | -17,869 | -15,938 |
Total operating expenses | 18,237,822 | 18,577,033 |
Operating income | 2,621,806 | 1,669,153 |
Other income (expenses) | ' | ' |
Interest income | 31 | 344 |
Interest expense | -215,551 | -139,381 |
Other | -1,540 | 7,204 |
Income before income taxes | 2,404,746 | 1,537,320 |
Provision for income taxes | 1,295,000 | 1,041,000 |
Net income | $1,109,746 | $496,320 |
Income per share of common stock | ' | ' |
Basic | $0.12 | $0.05 |
Diluted | $0.12 | $0.05 |
Weighted average number of common shares outstanding | ' | ' |
Basic | 9,226,693 | 9,459,591 |
Diluted | 9,493,527 | 9,609,395 |
Statements_of_Changes_in_Stock
Statements of Changes in Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Earnings [Member] |
Balance at Mar. 31, 2012 | $17,229,620 | ' | $1,074 | ($1,788,505) | $16,668,518 | $2,348,533 |
Options exercised, net | 138,784 | ' | 11 | ' | 138,773 | ' |
Common stock repurchased | -1,097,074 | ' | ' | -1,097,074 | ' | ' |
Stock compensation cost | 191,250 | ' | ' | ' | 191,250 | ' |
Net income | 496,320 | ' | ' | ' | ' | 496,320 |
Balance at Mar. 31, 2013 | 16,958,900 | ' | 1,085 | -2,885,579 | 16,998,541 | 2,844,853 |
Options exercised, net | 534,953 | ' | 41 | ' | 534,912 | ' |
Stock compensation cost | 152,362 | ' | ' | ' | 152,362 | ' |
Net income | 1,109,746 | ' | ' | ' | ' | 1,109,746 |
Balance at Mar. 31, 2014 | $18,755,961 | ' | $1,126 | ($2,885,579) | $17,685,815 | $3,954,599 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $1,109,746 | $496,320 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 675,603 | 676,046 |
Provision for doubtful accounts, net | 374,754 | 189,512 |
Rent expense | 225,374 | 204,281 |
(Gain)/loss on asset dispositions | 1,540 | -7,211 |
Stock based compensation costs | 152,362 | 191,250 |
Insurance reserves | 68,949 | 27,869 |
Deferred income taxes | 2,429 | -550,526 |
Restricted cash | -30 | -65 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,757,449 | -8,041,489 |
Prepaid expenses | 565,990 | 1,661,821 |
Other assets | -460,989 | 479,436 |
Increase (decrease) in accounts payable and other liabilities | -468,195 | 2,462,579 |
Net cash provided by (used in) operating activities | 5,004,982 | -2,210,177 |
Cash flows from investing activities: | ' | ' |
Purchases of equipment | -85,694 | -531,563 |
Collections on other receivables | ' | 258,681 |
Return of escrow funds related to prior business acquisition | ' | 398,947 |
Proceeds from equipment dispositions | ' | 8,417 |
Minority investment in unconsolidated affiliate | -2,125,000 | ' |
Net cash provided by (used in) investing activities | -2,210,694 | 134,482 |
Cash flows from financing activities: | ' | ' |
Net advances/(repayments) on short-term borrowings | 1,010,938 | 652,610 |
Increase/(decrease) in checks issued in advance of deposits | -878,256 | 1,214,070 |
Repurchase and retirement of shares | ' | -1,097,074 |
Proceeds from option exercises, net | 534,953 | 138,784 |
Net cash provided by financing activities | 667,635 | 908,390 |
Net change in cash and cash equivalents | 3,461,923 | -1,167,305 |
Cash and cash equivalents, beginning of year | 8,504 | 1,175,809 |
Cash and cash equivalents, end of year | 3,470,427 | 8,504 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | ' | ' |
Interest | 219,947 | 137,324 |
Income taxes | 1,957,121 | 822,284 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Insurance premium financings | $1,018,000 | $998,770 |
Business_Description_and_Summa
Business Description and Summary of Accounting Policies | 12 Months Ended | ||
Mar. 31, 2014 | |||
Business Description and Summary of Accounting Policies [Abstract] | ' | ||
Business Description and Summary of Accounting Policies | ' | ||
1. Business Description and Summary of Accounting Policies | |||
The following is a description of the principal business activities and significant accounting policies employed by Command Security Corporation. In this discussion, the words "Company", "we", "our" and "us" refer to Command Security Corporation. | |||
Principal Business Activities | |||
We are a security services company which principally provides uniformed security officers and aviation security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. We provide our security services to our customers through Command Security, our security division, and our aviation security services through our Aviation Safeguards division. The Company has operations in Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, Maryland, Massachusetts, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowances for doubtful accounts, depreciation and amortization, income tax assets and insurance reserves. Estimates are based on historical experience, where applicable or other assumptions that our management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, our actual results may differ from those estimates under different assumptions or conditions. | |||
Revenue Recognition | |||
We record revenue as services are provided to our customers. Revenue relates primarily to the provision of aviation and security services, which are typically billed at hourly rates. These rates may vary depending on base, overtime and holiday time worked. Revenue is reported net of applicable taxes. | |||
Cash and Cash Equivalents | |||
We define cash and cash equivalents as operating cash (non-restricted) and highly liquid investments with maturities of ninety (90) days or less at the date of purchase. The carrying amounts of our cash equivalents approximate their fair values. | |||
Accounts Receivables | |||
We periodically evaluate the requirement for providing for billing adjustments and/or reflect the extent to which we will be able to collect our accounts receivable. We provide for billing adjustments where management determines that there is a likelihood of a significant adjustment for disputed billings. Criteria used by management to evaluate the adequacy of the allowance for doubtful accounts include, among others, the creditworthiness of the customer, current trends, prior payment performance, the age of the receivables and our overall historical loss experience. Individual accounts are charged off against the allowance as management deems them to be uncollectible. | |||
Minority Investment in Unconsolidated Affiliate | |||
The Company uses the equity method to account for its investment in Ocean Protection Services, LLC. The Company's proportionate share of net income for the approximate two week period ended March 31, 2014 was not material and has not been reflected in the Company's financial statements for the period ended March 31, 2014. Equity method investments are recorded at original cost and adjusted periodically to recognize: (i) our proportionate share of investees' net income or losses after the date of the investment; (ii) additional contributions made or distributions received; and (iii) impairment losses resulting from adjustments to net realizable value. | |||
Furniture and Equipment | |||
Furniture and equipment are stated at cost. Depreciation is generally recorded using the straight-line method over estimated useful lives of the equipment ranging from three to seven years. | |||
Intangible Assets | |||
Intangible assets are stated at cost and consist primarily of customer lists and borrowing costs that are being amortized on a straight-line basis over a period of three to ten years, and goodwill, which is reviewed annually for impairment. The life assigned to customer lists acquired is based on management's estimate of our expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management's operating experience. We test for impairment annually or when events and circumstances warrant such a review, if earlier. Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition in accordance with FASB ASC 360, Property, Plant and Equipment. | |||
Insurance Reserves | |||
General liability estimated accrued liabilities are calculated on an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements and incurred but not reported claims are estimated based on pending claims, historical trends and related data. | |||
Workers' compensation annual costs are comprised of premiums as well as incurred losses as determined at the end of the coverage period, subject to minimum and maximum amounts. Workers' compensation insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported as provided by a third party. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. We believe our estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. The Company continually monitors changes in claim type and incident and evaluates the workers' compensation insurance accrual, making necessary adjustments based on the evaluation of these qualitative data points. | |||
The Company is self-insured up to certain stop loss amounts for worker's compensation claims. The Company has purchased stop loss coverage that insures individual claims that exceed $500,000. Additionally, the Company has purchased stop loss coverage that insures claims in the aggregate that exceed $6,595,000 and $4,670,250 for the policy years ended September 30, 2014 and 2013 respectively. The Company's workers' compensation insurance premiums (including loss handling expenses, loss fund deposits, surcharges & assessments and broker's fees) were $3,617,937 and $3,024,312 for the policy years ended September 30, 2014 and 2013, respectively. | |||
Income Taxes | |||
Income taxes are based on income (loss) for financial reporting purposes and reflect a current tax liability (asset) for the estimated taxes payable (recoverable) in the current year tax return and changes in deferred taxes. Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. | |||
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. In the event that interest and/or penalties are assessed in connection with our tax filings, interest will be recorded as interest expense and penalties as selling, general and administrative expense. We did not have any unrecognized tax benefits as of March 31, 2014 and 2013. | |||
Income per Share | |||
Under the requirements of FASB ASC 260, Earnings per Share, the dilutive effect of potential common shares, if any, is excluded from the calculation for basic earnings per share. Diluted earnings per share are presented for the fiscal years ended March 31, 2014 and 2013 because of the effect the assumed issuance of common shares would have if the outstanding stock options were exercised. | |||
Stock-Based Compensation | |||
FASB ASC 718, Stock Compensation , requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values at grant date and the recognition of the related expense over the period in which the share-based compensation vests. We use the modified-prospective transition method. Under the modified-prospective transition method, we recognize compensation expense in our financial statements issued subsequent to the date of adoption for all share-based payments granted, modified or settled. Non-cash charges of $152,362 and $191,250 for stock based compensation have been recorded for the years ended March 31, 2014 and 2013, respectively. | |||
Fair Value of Financial Instruments | |||
The carrying value of cash, accounts receivable, prepaid expenses, checks issued in advance of deposits, accounts payable and accrued expenses are reasonable estimates of the fair values because of their short-term maturity. The fair value of the Company's long-term debt is based on the borrowing rates currently available to the Company for loans and leases with similar terms and average maturities. | |||
FASB ASC 820, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. FASB ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||
· | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; | ||
· | Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||
· | Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions. | ||
Reclassifications | |||
Certain amounts previously reported for prior periods have been reclassified to conform to the current year presentation in the accompanying financial statements. Such reclassifications had no effect on the results of operations or shareholders equity as previously reported. | |||
Recent Accounting Pronouncements | |||
In December 2011, the FASB issued updated authoritative guidance related to new disclosure requirements on offsetting financial assets and liabilities. The new rules require companies to disclose both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an offset arrangement. The new guidance was effective at the beginning of fiscal 2014 and its adoption did not have any impact on our financial statement disclosures. | |||
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09 to determine the impact, if any, it may have on our current practices. | |||
Furniture_and_Equipment
Furniture and Equipment | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Furniture and Equipment [Abstract] | ' | ||||||||
Furniture and Equipment | ' | ||||||||
2. Furniture and Equipment | |||||||||
Furniture and equipment at March 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Transportation equipment | $ | 232,954 | $ | 230,601 | |||||
Security equipment | 1,226,460 | 1,227,970 | |||||||
Office furniture and equipment | 2,724,087 | 2,646,180 | |||||||
4,183,501 | 4,104,751 | ||||||||
Accumulated depreciation | (3,705,256 | ) | (3,435,218 | ) | |||||
Total | $ | 478,245 | $ | 669,533 | |||||
Depreciation expense for the fiscal years ended March 31, 2014 and 2013, was $275,738 and $246,488, respectively, and includes amortization of assets under capital lease arrangements in the amounts of $17,772 and $35,547 for the years ended March 31, 2014 and March 31, 2013, respectively. Assets acquired under capital lease arrangements were fully amortized as of March 31, 2014 (see Note 14). | |||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
3. Intangible Assets | |||||||||
Intangible assets at March 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Customer Lists | $ | 4,274,916 | $ | 4,274,914 | |||||
Goodwill | 895,258 | 895,258 | |||||||
5,170,174 | 5,170,172 | ||||||||
Accumulated amortization | (3,007,018 | ) | (2,606,856 | ) | |||||
Total | $ | 2,163,156 | $ | 2,563,316 | |||||
Included in intangible assets for the fiscal years ended March 31, 2014 and 2013 is goodwill of $895,258 that is not subject to amortization. Amortization expense for the fiscal years ended March 31, 2014 and 2013 was $399,867 and $429,558, respectively. Amortization expense for the years ending March 31, 2015, 2016, 2017, 2018, and 2019 for the intangible assets noted above will be $398,838, $398,838, $336,384 $106,680 and $27,158, respectively. | |||||||||
Restricted_Cash
Restricted Cash | 12 Months Ended |
Mar. 31, 2014 | |
Restricted Cash [Abstract] | ' |
Restricted Cash | ' |
4. Restricted Cash | |
Restricted cash represents deposits for the benefit of the Company's insurance carrier as collateral for workers' compensation claims. | |
Minority_Investment_in_Unconso
Minority Investment in Unconsolidated Affiliate | 12 Months Ended |
Mar. 31, 2014 | |
Minority Investment in Unconsolidated Affiliate [Abstract] | ' |
Minority Investment in Unconsolidated Affiliate | ' |
5. Minority Investment in Unconsolidated Affiliate | |
In March 2014, the Company made a 20% minority investment in Ocean Protection Services (OPS) LLC, a Delaware limited liability company. Ocean Protection Services LLC owns 100% of Ocean Protection Services, Ltd., a UK based company specializing in maritime security, risk management and risk analysis. The Company purchased 2,000 Class A Common Units of Ocean Protection Services LLC for a purchase price of $2.125 million and funded the purchase price through borrowings under the Company's existing line of credit. In connection with the investment, the Company may acquire additional ownership interest in Ocean Protection Services LLC in the future. While not necessarily indicative of future operating results, Ocean Protection Service, Ltd. reported unaudited revenues of $18.4 million for the 12 months ended December 31, 2013. | |
Other_Assets
Other Assets | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
6. Other Assets | |||||||||
Other assets at March 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Workers' compensation insurance | $ | 2,441,236 | $ | 1,973,129 | |||||
Other receivables | 6,000 | 8,912 | |||||||
Security deposits | 198,870 | 203,075 | |||||||
Deferred tax asset | 3,277,128 | 3,279,558 | |||||||
5,923,234 | 5,464,674 | ||||||||
Current portion | (3,176,585 | ) | (2,851,398 | ) | |||||
Total non-current portion | $ | 2,746,649 | $ | 2,613,276 | |||||
The other asset workers' compensation insurance represents the net amount of the payments made to cover the workers' compensation insurance premium against the actual premium due as well as the difference in the amount deposited to the loss fund less the estimated workers' compensation claims and reserves related to the historical loss claims as well as the estimates related to the incurred but not reported claims. There is no offsetting claim liability reported as the Company has determined that there is a sufficient amount deposited into the loss funds to cover the estimated claims reserve as well as the estimate related to the incurred but not reported claims. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | ||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||
7. Accrued Expenses and Other Liabilities | |||||||||
Accrued expenses and other liabilities at March 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Payroll and related expenses | $ | 6,857,040 | $ | 6,875,575 | |||||
Taxes and fees payable | 994,996 | 825,933 | |||||||
Accrued interest payable | 5,000 | 9,396 | |||||||
Other | 853,372 | 1,391,104 | |||||||
Total | $ | 8,710,408 | $ | 9,102,008 | |||||
Borrowings
Borrowings | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Borrowings [Abstract] | ' | ||||||||
Borrowings | ' | ||||||||
8. Borrowings | |||||||||
Short-term borrowings at March 31, 2014 and 2013 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Line of credit | $ | 10,000,000 | $ | 7,980,554 | |||||
Insurance financing | 511,360 | 501,777 | |||||||
Total | $ | 10,511,360 | $ | 8,482,331 | |||||
On February 12, 2009, we entered into a $20.0 million, credit facility (the "Credit Agreement") with Wells Fargo Bank, National Association ("Wells Fargo"). This credit facility, which was amended in November 2012 (see below), matures in October 2016, contains customary affirmative and negative covenants, including, among other things, covenants requiring us to maintain certain financial ratios and is collateralized by customer accounts receivable and certain other assets of the Company as defined in the Credit Agreement. | |||||||||
The Credit Agreement provides for a letter of credit sub-line in an aggregate amount of up to $3.0 million. The Credit Agreement also provided for interest to be calculated on the outstanding principal balance of the revolving loans at the prime rate (as defined in the Credit Agreement) plus 1.50%. For LIBOR loans, interest was calculated on the outstanding principal balance of the LIBOR loans at the LIBOR rate (as defined in the Credit Agreement) plus 1.75%. | |||||||||
On November 6, 2012, we entered into a third amendment (the "Third Amendment") to our Credit Agreement. The Third Amendment (i) allowed for the Company to repurchase up to an additional $2,000,000 of its common stock prior to October 31, 2013, subject to certain conditions (ii) provides for the consent of Wells Fargo to the consolidation and relocation of the Company's headquarters and (iii) amends a financial covenant of the Credit Agreement for certain expenses associated with the consolidation and relocation of the Company's headquarters. | |||||||||
As of March 31, 2014 and 2013, we had $ 10.0 million and $6.5 million, respectively, in LIBOR loans outstanding. At March 31, 2014 no revolving loans were outstanding and at March 31, 2013, we had $1,480,555 of revolving loans outstanding. At March 31, 2014 and March 31, 2013, we had $199,223 and $172,540, respectively, of letters of credit outstanding under the letter of credit sub-line under the Credit Agreement. Total borrowings and letters of credit outstanding at March 31, 2014 and 2013, represented approximately 78% and 50% of the maximum borrowing capacity under the Credit Agreement based on our "eligible accounts receivable" (as defined under the Credit Agreement) as of such dates, respectively. | |||||||||
As of March 31, 2014 and 2013, the interest rate was 2.00% for LIBOR loans. At March 31, 2013, the interest rate on revolving loans was 2.125%. We rely on our revolving loan from Wells Fargo, which contains a fixed charge covenant and various other financial and non-financial covenants. If we breach a covenant, Wells Fargo has the right to immediately request the repayment in full of all borrowings under the Credit Agreement, unless Wells Fargo waives the breach. For the fiscal year ended March 31, 2014, we were in compliance with all covenants under the Credit Agreement. | |||||||||
We may obtain short-term financing to meet our annual property and casualty insurance needs. For the fiscal years ended March 31, 2014 and 2013, $1,018,000 and $998,770, was borrowed for this purpose at annual interest rates of 2.185% and 2.3% respectively. At March 31, 2014 and 2013, we had $511,360 and $501,777, respectively, of short-term insurance borrowings outstanding. Such borrowings are collateralized by unearned premiums and dividends which may become payable under our insurance policies. | |||||||||
Income_per_Share
Income per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income per Share [Abstract] | ' | ||||||||||||
Income per Share | ' | ||||||||||||
9. Income per Share | |||||||||||||
The following is a reconciliation of the numerators and the denominators of the basic and diluted per-share computations for net income for the fiscal years ended March 31, 2014 and 2013: | |||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Year ended March 31, 2014 | |||||||||||||
Basic EPS | $ | 1,109,746 | 9,226,693 | $ | 0.12 | ||||||||
Effect of dilutive shares: | |||||||||||||
Options issued October 2010, March 2011, | |||||||||||||
June 2011, September 2011, January 2012, | |||||||||||||
April 2012, August 2012, November 2012, | |||||||||||||
January 2013, June 2013 and July 2013 | 266,834 | ||||||||||||
Diluted EPS | $ | 1,109,746 | 9,493,527 | $ | 0.12 | ||||||||
Year ended March 31, 2013 | |||||||||||||
Basic EPS | $ | 496,320 | 9,459,591 | $ | 0.05 | ||||||||
Effect of dilutive shares: | |||||||||||||
Options issued August 2004, May 2005, | |||||||||||||
March 2011, June 2011, September 2011, | |||||||||||||
January 2012, April 2012, August 2012, | |||||||||||||
November 2012 and January 2013 | 149,804 | ||||||||||||
Diluted EPS | $ | 496,320 | 9,609,395 | $ | 0.05 | ||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2014 | |
Retirement Plans [Abstract] | ' |
Retirement Plans | ' |
10. Retirement Plans | |
In November 1999, we adopted a qualified retirement plan providing for elective employee deferrals and discretionary employer contributions to non-highly compensated participants. The plan was amended to allow for employer matching of elective deferrals, for certain employees working under a specific customer contracts, as defined. Our expense under this plan for the fiscal years ended March 31, 2014 and 2013 was $206,429 and $165,702, respectively. | |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk and Significant Customer | 12 Months Ended |
Mar. 31, 2014 | |
Concentrations of Credit Risk and Significant Customer [Abstract] | ' |
Concentrations of Credit Risk and Significant Customer | ' |
11. Concentrations of Credit Risk and Significant Customer | |
Geographic concentrations of credit risk with respect to trade receivables are primarily in California with 36% and 32% of total receivables as of March 31, 2014 and 2013, respectively, and in the New York Metropolitan area with 36% and 40% of total receivables as of March 31, 2014 and 2013, respectively. The remaining trade receivables consist of a large number of customers dispersed across many different geographic regions. During the fiscal years ended March 31, 2014 and 2013 we generated 38% and 39%, respectively, of our revenue from aviation and related services. Accounts receivable due from the commercial airline industry comprised 47% and 48% of net receivables as of March 31, 2014 and 2013. Our remaining customers are not concentrated in any specific industry except for a major express transportation company which as of and for the years ending March 31, 2014 and 2013, accounts for approximately 21% and 17% of our accounts receivable and 25% and 24% of revenues, respectively. We maintain our cash accounts in bank deposit accounts, which at times may exceed federally insured limits. We have not experienced any losses in such accounts. Company management believes the risk of loss associated with these accounts to be remote. | |
Insurance_Reserves
Insurance Reserves | 12 Months Ended |
Mar. 31, 2014 | |
Insurance Reserves [Abstract] | ' |
Insurance Reserves | ' |
12. Insurance Reserves | |
We have an insurance policy covering workers' compensation claims in states where we perform services. Estimated accrued liabilities are based on our historical loss experience and the ratio of claims paid to our historical payout profiles. Charges for estimated workers' compensation related losses incurred and included in cost of sales were $3,049,154 and $2,903,270, for the fiscal years ended March 31, 2014 and 2013, respectively. | |
The nature of our business also subjects us to claims or litigation alleging that we are liable for damages as a result of the conduct of our employees or others. We insure against such claims and suits through general liability policies with third-party insurance companies. | |
Our insurance coverage limits are currently $1.0 million per occurrence for non-aviation related business (with additional umbrella and excess liability policies of $5.0 million and $10.0 million, respectively) and $30.0 million per occurrence for aviation related business. We retain the risk for the first $25,000 of general liability non-aviation related operations, $50,000 on airport wheelchair and electric cart operations, $25,000 for damage to aircraft and $100,000 for skycap operations. Estimated accrued liabilities are based on specific reserves in connection with existing claims as determined by third party risk management consultants and actuarial factors and the timing of reported claims. These are all factored into estimated losses incurred but not yet reported to us. | |
Cumulative amounts estimated to be payable by us with respect to pending and potential claims for all years in which we are liable under our general liability retention and workers' compensation policies have been accrued as liabilities. Such accrued liabilities are necessarily based on estimates; accordingly, our ultimate liability may exceed or be less than the amounts accrued. The methods of making such estimates and establishing the resultant accrued liability are reviewed continually and any adjustments resulting therefrom are reflected in our current results of operations. | |
Contingencies
Contingencies | 12 Months Ended |
Mar. 31, 2014 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
13. Contingencies | |
The nature of our business is such that there is a significant volume of routine claims and lawsuits that are made against us, the vast majority of which never lead to the award of substantial damages. We maintain general liability and workers' compensation insurance coverage that we believe is appropriate to the relevant level of risk and potential liability that we face relating to these matters. Some of the claims brought against us could result in significant payments; however, the exposure to us under general liability non-aviation related operations is limited to the first $25,000 per occurrence, $50,000 on airport wheelchair and electric cart operations, $25,000 for damage to aircraft and $100,000 for skycap operations. Any punitive damage award would not be covered by the general liability insurance policy. The only other potential impact would be on future premiums, which may be adversely affected by an unfavorable claims history. | |
In addition to such cases, we have been named as a defendant in several uninsured employment related claims that are pending before various courts, the Equal Employment Opportunities Commission or various state and local agencies. We have instituted policies to minimize | |
these occurrences and monitor those that do occur. At this time, we are unable to determine the impact on the financial position and results of operations that these claims may have, should the investigations conclude that they are valid. | |
We have employment agreements with certain of our officers and key employees with terms which range from one to three years. The agreements generally provide for annual salaries and for salary continuation for a specified number of months under certain circumstances, including a change in control of the Company. Approximately 12% of our workforce is subject to collective bargaining agreements and all three of the currently active agreements are due to expire before March 31, 2015. | |
Commitments
Commitments | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments [Abstract] | ' | ||||||
Commitments | ' | ||||||
14. Commitments | |||||||
Lease | |||||||
We are obligated under various operating lease agreements for office space, equipment and auto rentals. Rent expense under operating lease agreements approximated $2,241,770 and $2,192,808, for the fiscal years ended March 31, 2014 and 2013, respectively. | |||||||
We lease certain equipment and vehicles under agreements that are classified as capital leases. Most equipment leases have purchase options at the end of the original lease term. Cost and related accumulated depreciation of leased capital assets included in furniture and equipment at March 31, 2014 and March 31, 2013 is $875,082. | |||||||
There are no future minimum payments under long-term non-cancelable capital lease agreements. The future minimum payments under long-term non-cancelable operating lease agreements are as follows: | |||||||
Operating | |||||||
Leases | |||||||
Year ending: | 31-Mar-15 | $ | 1,604,309 | ||||
31-Mar-16 | 1,022,027 | ||||||
31-Mar-17 | 766,511 | ||||||
31-Mar-18 | 634,567 | ||||||
31-Mar-19 | 452,828 | ||||||
Thereafter | 2,247,104 | ||||||
Total | $ | 6,727,346 | |||||
Stock_Option_Plans_and_Warrant
Stock Option Plans and Warrants | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Option Plans and Warrants [Abstract] | ' | ||||||||||||||||
Stock Option Plans and Warrants | ' | ||||||||||||||||
15. Stock Option Plans and Warrants | |||||||||||||||||
In November 2000, the Company's Board of Directors and stockholders approved the adoption of a qualified stock option plan. Under the stock option plan, substantially all employees are eligible to receive options to purchase up to an aggregate of 500,000 shares at an exercise price that cannot be less than the fair market value of the shares on the date the options are granted. In May 2010, options to purchase 205,000 shares of the Company's common stock were issued. No options may be granted under this plan after 2010. During the fiscal year ended March 31, 2014, no options were exercised under this plan. During the fiscal year ended March 31, 2013, the company received proceeds of $118,125 in connection with the exercise of stock options to purchase 87,500 shares of the Company's common stock at an exercise price of $1.35 per share. The outstanding options are exercisable at any time before May 26, 2020 at $2.40 per share. | |||||||||||||||||
In September 2005, the Company's Board of Directors and stockholders approved the adoption of a qualified stock incentive plan. Under the stock incentive plan, substantially all employees of and consultants to, the Company, are eligible to receive options to purchase up to an aggregate of 1,000,000 shares of the Company's common stock at an exercise price that cannot be less than the fair market value of the shares on the date the options are granted. In September and April 2007, options to purchase 80,000 and 65,000 shares of the Company's common stock were issued. During the fiscal year ended March 31, 2014, the Company received proceeds of $92,333 in connection with the exercise of stock options to purchase 76,300 shares of the Company's common stock at an exercise price of $1.21 per share. During the fiscal year ending March 31, 2013, the Company received proceeds of $20,658 in connection with the exercise of stock options to purchase 16,800 shares of the Company's common stock at an exercise price of $1.21 and $1.23 per share. The vested outstanding options are exercisable at any time before December 30, 2018 at $3.08 per share, September 28, 2018 at $3.37 per share, September 17, 2018 at $3.36 per share, September 19, 2017 at $3.19 per share, April 11, 2017 at $3.00 per share, September 19, 2016 at $2.67 per share, September 21, 2015 at $2.05 per share, August 7, 2015 at $1.23 per share and April 8, 2015 at $1.21 per share, respectively. | |||||||||||||||||
In September 2009, the Company's Board of Directors and stockholders approved the adoption of a qualified stock incentive plan. Under the stock incentive plan, substantially all employees of and consultants to, the Company, are eligible to receive options to purchase up to an aggregate of 1,500,000 shares of the Company's common stock at an exercise price that cannot be less than the fair market value of the shares on the date the options are granted. In April, May, July and October 2010, options to purchase 116,283, 120,000, 31,624 and 74,616 shares of the Company's common stock were issued, respectively. In March, June and September 2011, options to purchase 169,683, 109,553 and 120,000 shares of the Company's common stock were issued. In January, April, August and November 2012, options to purchase 928,817 shares of the Company's common stock were issued. In June and July 2013, options to purchase 120,000 shares were of the Company's common stock were issued. During the fiscal year ended March 31, 2014, the Company received proceeds of $371,361 in connection with the exercise of stock options to purchase 206,369 shares of the Company's common stock at an exercise price of $1.60 and $1.85 per share. The vested outstanding options are exercisable at any time before July 21, 2023 at $1.43 per share, June 2, 2023 at $1.61 per share, January 16, 2023 at $1.91 per share, November 26, 2022 at $1.52 per share, April 4, 2022 at $1.28 per share, January 2, 2022 at $1.45, $2.30 and $3.00 per share, September 12, 2021 at $1.42 per share, June 8, 2021 at $1.50 per share, October 20, 2020 at $2.01 per share, May 26, 2020 at $2.40 per share, December 30, 2018 at $3.08 per share, August 7, 2015 at $1.23 per share and June 21, 2014, respectively. | |||||||||||||||||
On August 30, 2004, the Company issued stock options to its former President and Chief Financial Officer to purchase 500,000 shares of the Company's common stock of which 491,618 were vested and outstanding at an exercise price of $1.35 per share. The remaining outstanding options were cancelled in connection with an agreement between the Company and its former President and CFO in the amount of $72,544. Additionally, on February 25, 2014, the Company entered into an agreement with the estate of a former board member which provided for the payment of $30,500 in exchange for 155,000 options outstanding, which resulted in the cancellation of these options. These payments were recorded as reductions to Additional Paid in Capital. | |||||||||||||||||
Certain of the option and warrant agreements contain anti-dilution adjustment clauses. | |||||||||||||||||
A summary of activity related to all Company stock option activity for the years ended March 31, 2014 and 2013, is as follows: | |||||||||||||||||
Options | |||||||||||||||||
Exercise | Number of | ||||||||||||||||
Price | Shares | ||||||||||||||||
Outstanding at March 31, 2012 | $1.35 - $3.37 | 2,760,088 | |||||||||||||||
Issued | $1.21 - $1.91 | 835,828 | |||||||||||||||
Exercised | $1.21 - $1.35 | (104,300 | ) | ||||||||||||||
Forfeited | $2.05 - $3.36 | (95,000 | ) | ||||||||||||||
Outstanding at March 31, 2013 | $1.21 - $3.37 | 3,396,616 | |||||||||||||||
Issued | $1.43 - $1.61 | 120,000 | |||||||||||||||
Exercised | $1.21 - $1.85 | (411,569 | ) | ||||||||||||||
Forfeited | $1.28 - $3.36 | (767,441 | ) | ||||||||||||||
Outstanding at March 31, 2014 | $1.21 - $3.37 | 2,337,606 | |||||||||||||||
At March 31, 2014 there were 2,337,606 options outstanding exercisable at prices ranging from $1.21 to $3.37 and 3,011,131 shares reserved for issuance under all stock arrangements. At March 31, 2014, there was $134,613 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested options. The compensation expense is expected to be recognized over a weighted average vesting period of 1.4 years. | |||||||||||||||||
Significant option groups outstanding and exercisable at March 31, 2014 and the related weighted average exercise price and life information are as follows: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
Range of | Options | Options | Exercise | Remaining | |||||||||||||
Exercise Price | Outstanding | Exercisable | Price | Life (years) | |||||||||||||
$1.21 - $3.37 | 2,337,606 | 1,905,871 | $ | 2.19 | 6.3 | ||||||||||||
The total intrinsic value of options outstanding as of March 31, 2014 was approximately $345,000. | |||||||||||||||||
The weighted average estimated values of stock options granted during fiscal 2014 and 2013 were $0.43 to $0.46 and $0.26 to $0.52, respectively. The weighted average assumptions used in the Black-Scholes option-pricing model were as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.20 - 1.40% | 0.68 - .82% | |||||||||||||||
Years until exercise | 5 | 3.00 - 5.00 | |||||||||||||||
Volatility | 30.7 - 31.1% | 27.3 - 29.0% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Termination rate | n/a | n/a | |||||||||||||||
FASB ASC 718, Stock Compensation , requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values at grant date and the recognition of the related expense over the period in which the share-based compensation vest. The Company uses the modified-prospective transition method. Under the modified-prospective method, the Company recognizes compensation expense in the financial statements for all share-based payments granted, modified or settled. | |||||||||||||||||
The Company recorded total stock based compensation costs of $152,362 and $191,250 for the fiscal years ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
16. Income Taxes | |||||||||||||||||
Net provision for income taxes for the fiscal years ended March 31 consists of the following: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 1,070,000 | $ | 1,312,000 | |||||||||||||
State and local | 227,520 | 280,000 | |||||||||||||||
1,297,520 | 1,592,000 | ||||||||||||||||
Deferred: | |||||||||||||||||
Federal | (2,100 | ) | (454,000 | ) | |||||||||||||
State and local | (420 | ) | (97,000 | ) | |||||||||||||
(2,520 | ) | (551,000 | ) | ||||||||||||||
Net provision for income taxes | $ | 1,295,000 | $ | 1,041,000 | |||||||||||||
The differences (expressed as a percentage of pretax income) between the statutory federal income tax rate and the effective income tax rate as reflected in the accompanying statements of income are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Statutory federal income tax rate | 34 | % | 34 | % | |||||||||||||
State and local income taxes | 7.3 | % | 7.3 | % | |||||||||||||
Permanent differences | 13.4 | % | 9.9 | % | |||||||||||||
Allowance for capital loss carry-forward | - | 3.6 | % | ||||||||||||||
Other | (0.8 | )% | 13 | % | |||||||||||||
Effective tax rate | 53.9 | % | 67.8 | % | |||||||||||||
The permanent differences in our reconciliation of the effective tax rate for the years ended March 31, 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortization of Customer Lists | $ | 219,471 | 3.8 | % | $ | 219,471 | 5.9 | % | |||||||||
Other non-deductible expenses | 300,391 | 5.2 | % | 147,147 | 3 | % | |||||||||||
Deferred tax charge - expired stock options | 258,608 | 4.4 | % | 36,483 | 1 | % | |||||||||||
Total | $ | 778,470 | 13.4 | % | $ | 403,101 | 9.9 | % | |||||||||
The permanent difference for amortization of customer lists arose through the acquisition of a business structured as a stock purchase. The Company amortizes the value of these customer lists for financial statement purposes, but is not allowed to deduct amortization of the customer lists for tax purposes. Other nondeductible expenses include meals, entertainment and penalties. | |||||||||||||||||
The deferred tax charge reverses deferred tax assets established when the stock options were expensed. The Company records an expense for financial statement purposes for the fair value of the options over the vesting period of the options, net of deferred taxes. For tax purposes, the Company is unable to deduct the expense related to the stock options unless, and until, the stock options are exercised. The tax deductibility is calculated as the difference between the option exercise price and the fair value of the stock on the date of exercise. When the tax deductible amount is less than the amount originally expensed for financial statement purposes, the difference must be expensed through a charge to deferred tax expense. | |||||||||||||||||
The significant components of deferred tax assets and liabilities as of March 31, 2014 and 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets: | |||||||||||||||||
Accounts receivable | $ | 258,993 | $ | 318,536 | |||||||||||||
Accrued expenses | 470,356 | 550,821 | |||||||||||||||
Net current deferred tax assets | $ | 729,349 | $ | 869,357 | |||||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||||||
Equipment | $ | (178,064 | ) | $ | (249,770 | ) | |||||||||||
Intangible assets | 320,738 | 310,342 | |||||||||||||||
Insurance reserves | 277,746 | 249,297 | |||||||||||||||
Workers compensation reserve | 1,769,849 | 1,595,074 | |||||||||||||||
Capital loss carryforward | 54,672 | 54,672 | |||||||||||||||
Employee stock compensation | 357,510 | 505,258 | |||||||||||||||
Net non-current deferred tax assets | $ | 2,602,451 | $ | 2,464,873 | |||||||||||||
Allowance for deferred tax asset related to capital loss carry-forward | (54,672 | ) | (54,672 | ) | |||||||||||||
Total deferred tax assets | $ | 3,277,128 | $ | 3,279,558 | |||||||||||||
As of March 31, 2014, we have fully reserved for a capital loss carry-forward in the amount of $132,500 which the company no longer expects will reverse before the carry-forward is due to expire unused in fiscal 2017. | |||||||||||||||||
Fiscal years 2011 through 2014 remain subject to examination by federal and state taxing authorities with certain states having open tax years beginning in fiscal 2010. | |||||||||||||||||
Issuer_Purchases_of_Equity_Sec
Issuer Purchases of Equity Securities | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Issuer Purchases of Equity Securities [Abstract] | ' | ||||||||||||||||
Issuer Purchases of Equity Securities | ' | ||||||||||||||||
17. Issuer Purchases of Equity Securities | |||||||||||||||||
Under active stock repurchase programs, we may repurchase up to $4,000,000 of our common stock on the open market. The par value of the shares repurchased is charged to common stock with the excess of the purchase price over par being charged against additional paid-in capital. Shares repurchased during December 2011 have been retired. Shares repurchased during February 2012 and December 2012 are being held in treasury. The program does not have a prescribed expiration date. | |||||||||||||||||
During the fiscal years ended March 31, 2014 the Company did not repurchase any shares under these programs. During the fiscal year ended March 31, 2013, we repurchased shares of our common stock pursuant to active share repurchase programs having a value of $1,083,520. The number and average price of shares purchased to date under these programs is as set forth in the table below: | |||||||||||||||||
Total Amount | Maximum | ||||||||||||||||
Purchased | Amount that | ||||||||||||||||
Total Number | as part of | may yet be | |||||||||||||||
Publicly | Purchased | ||||||||||||||||
Period | of Shares | Average Price | Announced | under the | |||||||||||||
Purchased | Paid Per Share | Program | Program | ||||||||||||||
December 8 - 16, 2011 | 136,600 | $ | 1.52 | $ | 208,363 | $ | 1,791,637 | ||||||||||
February 13 - 21, 2012 | 1,075,000 | $ | 1.64 | $ | 1,975,353 | $ | 24,647 | ||||||||||
December 1 - 31, 2012 | 677,200 | $ | 1.6 | $ | 3,058,873 | $ | 941,127 | ||||||||||
1,888,800 | $ | 1.62 | |||||||||||||||
Schedule_II_SCHEDULE_OF_VALUAT
Schedule II SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule II SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS [Abstract] | ' | ||||||||||||||||
Schedule II SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||
Schedule II | |||||||||||||||||
COMMAND SECURITY CORPORATION | |||||||||||||||||
SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Additions | |||||||||||||||||
(Reductions) | |||||||||||||||||
Balance at | Charged or | Deductions | Balance | ||||||||||||||
Beginning | Credited to | From | at End of | ||||||||||||||
of Period | Expenses | Reserve | Period | ||||||||||||||
Year ended March 31, 2014: | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts receivable - current maturities | $ | 772,022 | $ | 374,754 | $ | (519,065 | ) | $ | 627,711 | ||||||||
Year ended March 31, 2013: | |||||||||||||||||
Deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts receivable - current maturities | $ | 582,510 | $ | 389,616 | $ | (200,104 | ) | $ | 772,022 | ||||||||
Business_Description_and_Summa1
Business Description and Summary of Accounting Policies (Policies) | 12 Months Ended | ||
Mar. 31, 2014 | |||
Business Description and Summary of Accounting Policies [Abstract] | ' | ||
Principal Business Activities | ' | ||
Principal Business Activities | |||
We are a security services company which principally provides uniformed security officers and aviation security services to commercial, financial, industrial, aviation and governmental customers throughout the United States. We provide our security services to our customers through Command Security, our security division, and our aviation security services through our Aviation Safeguards division. The Company has operations in Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, Maryland, Massachusetts, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin and Wyoming | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowances for doubtful accounts, depreciation and amortization, income tax assets and insurance reserves. Estimates are based on historical experience, where applicable or other assumptions that our management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, our actual results may differ from those estimates under different assumptions or conditions. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
We record revenue as services are provided to our customers. Revenue relates primarily to the provision of aviation and security services, which are typically billed at hourly rates. These rates may vary depending on base, overtime and holiday time worked. Revenue is reported net of applicable taxes. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
We define cash and cash equivalents as operating cash (non-restricted) and highly liquid investments with maturities of ninety (90) days or less at the date of purchase. The carrying amounts of our cash equivalents approximate their fair values. | |||
Accounts Receivables | ' | ||
Accounts Receivables | |||
We periodically evaluate the requirement for providing for billing adjustments and/or reflect the extent to which we will be able to collect our accounts receivable. We provide for billing adjustments where management determines that there is a likelihood of a significant adjustment for disputed billings. Criteria used by management to evaluate the adequacy of the allowance for doubtful accounts include, among others, the creditworthiness of the customer, current trends, prior payment performance, the age of the receivables and our overall historical loss experience. Individual accounts are charged off against the allowance as management deems them to be uncollectible. | |||
Minority Investment in Unconsolidated Affiliate | ' | ||
Minority Investment in Unconsolidated Affiliate | |||
The Company uses the equity method to account for its investment in Ocean Protection Services, LLC. The Company's proportionate share of net income for the approximate two week period ended March 31, 2014 was not material and has not been reflected in the Company's financial statements for the period ended March 31, 2014. Equity method investments are recorded at original cost and adjusted periodically to recognize: (i) our proportionate share of investees' net income or losses after the date of the investment; (ii) additional contributions made or distributions received; and (iii) impairment losses resulting from adjustments to net realizable value. | |||
Furniture and Equipment | ' | ||
Furniture and Equipment | |||
Furniture and equipment are stated at cost. Depreciation is generally recorded using the straight-line method over estimated useful lives of the equipment ranging from three to seven years. | |||
Intangible Assets | ' | ||
Intangible Assets | |||
Intangible assets are stated at cost and consist primarily of customer lists and borrowing costs that are being amortized on a straight-line basis over a period of three to ten years, and goodwill, which is reviewed annually for impairment. The life assigned to customer lists acquired is based on management's estimate of our expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management's operating experience. We test for impairment annually or when events and circumstances warrant such a review, if earlier. Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition in accordance with FASB ASC 360, Property, Plant and Equipment. | |||
Insurance Reserves | ' | ||
Insurance Reserves | |||
General liability estimated accrued liabilities are calculated on an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements and incurred but not reported claims are estimated based on pending claims, historical trends and related data. | |||
Workers' compensation annual costs are comprised of premiums as well as incurred losses as determined at the end of the coverage period, subject to minimum and maximum amounts. Workers' compensation insurance claims and reserves include accruals of estimated settlements for known claims, as well as accruals of estimates for claims incurred but not yet reported as provided by a third party. In estimating these accruals, we consider historical loss experience and make judgments about the expected levels of costs per claim. We believe our estimates of future liability are reasonable based upon our methodology; however, changes in health care costs, accident frequency and severity and other factors could materially affect the estimate for these liabilities. The Company continually monitors changes in claim type and incident and evaluates the workers' compensation insurance accrual, making necessary adjustments based on the evaluation of these qualitative data points. | |||
The Company is self-insured up to certain stop loss amounts for worker's compensation claims. The Company has purchased stop loss coverage that insures individual claims that exceed $500,000. Additionally, the Company has purchased stop loss coverage that insures claims in the aggregate that exceed $6,595,000 and $4,670,250 for the policy years ended September 30, 2014 and 2013 respectively. The Company's workers' compensation insurance premiums (including loss handling expenses, loss fund deposits, surcharges & assessments and broker's fees) were $3,617,937 and $3,024,312 for the policy years ended September 30, 2014 and 2013, respectively. | |||
Income Taxes | ' | ||
Income Taxes | |||
Income taxes are based on income (loss) for financial reporting purposes and reflect a current tax liability (asset) for the estimated taxes payable (recoverable) in the current year tax return and changes in deferred taxes. Deferred tax assets or liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax laws and rates. A valuation allowance is provided on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. | |||
We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. In the event that interest and/or penalties are assessed in connection with our tax filings, interest will be recorded as interest expense and penalties as selling, general and administrative expense. We did not have any unrecognized tax benefits as of March 31, 2014 and 2013. | |||
Income Per Share | ' | ||
Income per Share | |||
Under the requirements of FASB ASC 260, Earnings per Share, the dilutive effect of potential common shares, if any, is excluded from the calculation for basic earnings per share. Diluted earnings per share are presented for the fiscal years ended March 31, 2014 and 2013 because of the effect the assumed issuance of common shares would have if the outstanding stock options were exercised. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
FASB ASC 718, Stock Compensation , requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values at grant date and the recognition of the related expense over the period in which the share-based compensation vests. We use the modified-prospective transition method. Under the modified-prospective transition method, we recognize compensation expense in our financial statements issued subsequent to the date of adoption for all share-based payments granted, modified or settled. Non-cash charges of $152,362 and $191,250 for stock based compensation have been recorded for the years ended March 31, 2014 and 2013, respectively. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The carrying value of cash, accounts receivable, prepaid expenses, checks issued in advance of deposits, accounts payable and accrued expenses are reasonable estimates of the fair values because of their short-term maturity. The fair value of the Company's long-term debt is based on the borrowing rates currently available to the Company for loans and leases with similar terms and average maturities. | |||
FASB ASC 820, Fair Value Measurements and Disclosures , defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. FASB ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | |||
· | Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; | ||
· | Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||
· | Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions. | ||
Reclassifications | ' | ||
Reclassifications | |||
Certain amounts previously reported for prior periods have been reclassified to conform to the current year presentation in the accompanying financial statements. Such reclassifications had no effect on the results of operations or shareholders equity as previously reported. | |||
Recent Accounting Pronouncements | ' | ||
Recent Accounting Pronouncements | |||
In December 2011, the FASB issued updated authoritative guidance related to new disclosure requirements on offsetting financial assets and liabilities. The new rules require companies to disclose both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an offset arrangement. The new guidance was effective at the beginning of fiscal 2014 and its adoption did not have any impact on our financial statement disclosures. | |||
In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact of adopting ASU 2014-09 to determine the impact, if any, it may have on our current practices. |
Furniture_and_Equipment_Tables
Furniture and Equipment (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Furniture and Equipment [Abstract] | ' | ||||||||
Schedule of Furniture and Equipment | ' | ||||||||
2014 | 2013 | ||||||||
Transportation equipment | $ | 232,954 | $ | 230,601 | |||||
Security equipment | 1,226,460 | 1,227,970 | |||||||
Office furniture and equipment | 2,724,087 | 2,646,180 | |||||||
4,183,501 | 4,104,751 | ||||||||
Accumulated depreciation | (3,705,256 | ) | (3,435,218 | ) | |||||
Total | $ | 478,245 | $ | 669,533 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Intangible Assets [Abstract] | ' | ||||||||
Schedule of Intangible Assets | ' | ||||||||
2014 | 2013 | ||||||||
Customer Lists | $ | 4,274,916 | $ | 4,274,914 | |||||
Goodwill | 895,258 | 895,258 | |||||||
5,170,174 | 5,170,172 | ||||||||
Accumulated amortization | (3,007,018 | ) | (2,606,856 | ) | |||||
Total | $ | 2,163,156 | $ | 2,563,316 | |||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Assets [Abstract] | ' | ||||||||
Other Assets | ' | ||||||||
2014 | 2013 | ||||||||
Workers' compensation insurance | $ | 2,441,236 | $ | 1,973,129 | |||||
Other receivables | 6,000 | 8,912 | |||||||
Security deposits | 198,870 | 203,075 | |||||||
Deferred tax asset | 3,277,128 | 3,279,558 | |||||||
5,923,234 | 5,464,674 | ||||||||
Current portion | (3,176,585 | ) | (2,851,398 | ) | |||||
Total non-current portion | $ | 2,746,649 | $ | 2,613,276 | |||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accrued Expenses and Other Liabilities [Abstract] | ' | ||||||||
Accrued Expenses and Other Liabilities | ' | ||||||||
2014 | 2013 | ||||||||
Payroll and related expenses | $ | 6,857,040 | $ | 6,875,575 | |||||
Taxes and fees payable | 994,996 | 825,933 | |||||||
Accrued interest payable | 5,000 | 9,396 | |||||||
Other | 853,372 | 1,391,104 | |||||||
Total | $ | 8,710,408 | $ | 9,102,008 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Borrowings [Abstract] | ' | ||||||||
Schedule of Short-Term Borrowings | ' | ||||||||
2014 | 2013 | ||||||||
Line of credit | $ | 10,000,000 | $ | 7,980,554 | |||||
Insurance financing | 511,360 | 501,777 | |||||||
Total | $ | 10,511,360 | $ | 8,482,331 | |||||
Income_per_Share_Tables
Income per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income per Share [Abstract] | ' | ||||||||||||
Schedule of Basic and Diluted Income Per Share | ' | ||||||||||||
Income | Shares | Per-Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
Year ended March 31, 2014 | |||||||||||||
Basic EPS | $ | 1,109,746 | 9,226,693 | $ | 0.12 | ||||||||
Effect of dilutive shares: | |||||||||||||
Options issued October 2010, March 2011, | |||||||||||||
June 2011, September 2011, January 2012, | |||||||||||||
April 2012, August 2012, November 2012, | |||||||||||||
January 2013, June 2013 and July 2013 | 266,834 | ||||||||||||
Diluted EPS | $ | 1,109,746 | 9,493,527 | $ | 0.12 | ||||||||
Year ended March 31, 2013 | |||||||||||||
Basic EPS | $ | 496,320 | 9,459,591 | $ | 0.05 | ||||||||
Effect of dilutive shares: | |||||||||||||
Options issued August 2004, May 2005, | |||||||||||||
March 2011, June 2011, September 2011, | |||||||||||||
January 2012, April 2012, August 2012, | |||||||||||||
November 2012 and January 2013 | 149,804 | ||||||||||||
Diluted EPS | $ | 496,320 | 9,609,395 | $ | 0.05 |
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Commitments [Abstract] | ' | ||||||
Schedule of Future Minimum Payments for Operating Leases | ' | ||||||
Operating | |||||||
Leases | |||||||
Year ending: | 31-Mar-15 | $ | 1,604,309 | ||||
31-Mar-16 | 1,022,027 | ||||||
31-Mar-17 | 766,511 | ||||||
31-Mar-18 | 634,567 | ||||||
31-Mar-19 | 452,828 | ||||||
Thereafter | 2,247,104 | ||||||
Total | $ | 6,727,346 | |||||
Stock_Option_Plans_and_Warrant1
Stock Option Plans and Warrants (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Option Plans and Warrants [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
Options | |||||||||||||||||
Exercise | Number of | ||||||||||||||||
Price | Shares | ||||||||||||||||
Outstanding at March 31, 2012 | $1.35 - $3.37 | 2,760,088 | |||||||||||||||
Issued | $1.21 - $1.91 | 835,828 | |||||||||||||||
Exercised | $1.21 - $1.35 | (104,300 | ) | ||||||||||||||
Forfeited | $2.05 - $3.36 | (95,000 | ) | ||||||||||||||
Outstanding at March 31, 2013 | $1.21 - $3.37 | 3,396,616 | |||||||||||||||
Issued | $1.43 - $1.61 | 120,000 | |||||||||||||||
Exercised | $1.21 - $1.85 | (411,569 | ) | ||||||||||||||
Forfeited | $1.28 - $3.36 | (767,441 | ) | ||||||||||||||
Outstanding at March 31, 2014 | $1.21 - $3.37 | 2,337,606 | |||||||||||||||
Summary of Options Outstanding and Exercisable | ' | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Average | Average | ||||||||||||||||
Range of | Options | Options | Exercise | Remaining | |||||||||||||
Exercise Price | Outstanding | Exercisable | Price | Life (years) | |||||||||||||
$1.21 - $3.37 | 2,337,606 | 1,905,871 | $ | 2.19 | 6.3 | ||||||||||||
Summary of Option Fair Value Assumptions | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.20 - 1.40% | 0.68 - .82% | |||||||||||||||
Years until exercise | 5 | 3.00 - 5.00 | |||||||||||||||
Volatility | 30.7 - 31.1% | 27.3 - 29.0% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Termination rate | n/a | n/a | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||||||
Summary of the Provision for Income Taxes | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 1,070,000 | $ | 1,312,000 | |||||||||||||
State and local | 227,520 | 280,000 | |||||||||||||||
1,297,520 | 1,592,000 | ||||||||||||||||
Deferred: | |||||||||||||||||
Federal | (2,100 | ) | (454,000 | ) | |||||||||||||
State and local | (420 | ) | (97,000 | ) | |||||||||||||
(2,520 | ) | (551,000 | ) | ||||||||||||||
Net provision for income taxes | $ | 1,295,000 | $ | 1,041,000 | |||||||||||||
Reconciliation of Effective Income Tax Rate | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Statutory federal income tax rate | 34 | % | 34 | % | |||||||||||||
State and local income taxes | 7.3 | % | 7.3 | % | |||||||||||||
Permanent differences | 13.4 | % | 9.9 | % | |||||||||||||
Allowance for capital loss carry-forward | - | 3.6 | % | ||||||||||||||
Other | (0.8 | )% | 13 | % | |||||||||||||
Effective tax rate | 53.9 | % | 67.8 | % | |||||||||||||
Schedule of Permanent Differences | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortization of Customer Lists | $ | 219,471 | 3.8 | % | $ | 219,471 | 5.9 | % | |||||||||
Other non-deductible expenses | 300,391 | 5.2 | % | 147,147 | 3 | % | |||||||||||
Deferred tax charge - expired stock options | 258,608 | 4.4 | % | 36,483 | 1 | % | |||||||||||
Total | $ | 778,470 | 13.4 | % | $ | 403,101 | 9.9 | % | |||||||||
Summary of Significant Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Current deferred tax assets: | |||||||||||||||||
Accounts receivable | $ | 258,993 | $ | 318,536 | |||||||||||||
Accrued expenses | 470,356 | 550,821 | |||||||||||||||
Net current deferred tax assets | $ | 729,349 | $ | 869,357 | |||||||||||||
Non-current deferred tax assets (liabilities): | |||||||||||||||||
Equipment | $ | (178,064 | ) | $ | (249,770 | ) | |||||||||||
Intangible assets | 320,738 | 310,342 | |||||||||||||||
Insurance reserves | 277,746 | 249,297 | |||||||||||||||
Workers compensation reserve | 1,769,849 | 1,595,074 | |||||||||||||||
Capital loss carryforward | 54,672 | 54,672 | |||||||||||||||
Employee stock compensation | 357,510 | 505,258 | |||||||||||||||
Net non-current deferred tax assets | $ | 2,602,451 | $ | 2,464,873 | |||||||||||||
Allowance for deferred tax asset related to capital loss carry-forward | (54,672 | ) | (54,672 | ) | |||||||||||||
Total deferred tax assets | $ | 3,277,128 | $ | 3,279,558 | |||||||||||||
Issuer_Purchases_of_Equity_Sec1
Issuer Purchases of Equity Securities (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Issuer Purchases of Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Stock Repurchases | ' | ||||||||||||||||
Total Amount | Maximum | ||||||||||||||||
Purchased | Amount that | ||||||||||||||||
Total Number | as part of | may yet be | |||||||||||||||
Publicly | Purchased | ||||||||||||||||
Period | of Shares | Average Price | Announced | under the | |||||||||||||
Purchased | Paid Per Share | Program | Program | ||||||||||||||
December 8 - 16, 2011 | 136,600 | $ | 1.52 | $ | 208,363 | $ | 1,791,637 | ||||||||||
February 13 - 21, 2012 | 1,075,000 | $ | 1.64 | $ | 1,975,353 | $ | 24,647 | ||||||||||
December 1 - 31, 2012 | 677,200 | $ | 1.6 | $ | 3,058,873 | $ | 941,127 | ||||||||||
1,888,800 | $ | 1.62 | |||||||||||||||
Business_Description_and_Summa2
Business Description and Summary of Accounting Policies (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accounting Policies [Line Items] | ' | ' |
Stock compensation cost | $152,362 | $191,250 |
Workers' compensation premiums | 3,617,937 | 3,024,312 |
Individual Claims [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Workers' compensation, stop loss insurance threshold | 500,000 | ' |
Aggregate Claims [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Workers' compensation, stop loss insurance threshold | $6,595,000 | $4,670,250 |
Minimum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Furniture and equipment, estimated useful live | '3 years | ' |
Intangible assets, amortization period | '3 years | ' |
Maximum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Furniture and equipment, estimated useful live | '7 years | ' |
Intangible assets, amortization period | '10 years | ' |
Furniture_and_Equipment_Detail
Furniture and Equipment (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture and equipment, gross | $4,183,501 | $4,104,751 |
Accumulated depreciation | -3,705,256 | -3,435,218 |
Furniture and equipment, total | 478,245 | 669,533 |
Depreciation expense | 275,738 | 246,488 |
Amortization of leased assets | 17,772 | 35,547 |
Transportation equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture and equipment, gross | 232,954 | 230,601 |
Security equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture and equipment, gross | 1,226,460 | 1,227,970 |
Office furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Furniture and equipment, gross | $2,724,087 | $2,646,180 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill, gross | $895,258 | $895,258 |
Intangible assets, gross | 5,170,174 | 5,170,172 |
Accumulated amortization | -3,007,018 | -2,606,856 |
Intangible assets, net, total | 2,163,156 | 2,563,316 |
Amortization | 399,867 | 429,558 |
Amortiaztion expense, 2015 | 398,838 | ' |
Amortization expense, 2016 | 398,838 | ' |
Amortization expense, 2017 | 336,384 | ' |
Amortization expense, 2018 | 106,680 | ' |
Amortization expense, 2019 | 27,158 | ' |
Customer list [Member] | ' | ' |
Goodwill And Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, gross | $4,274,916 | $4,274,914 |
Minority_Investment_in_Unconso1
Minority Investment in Unconsolidated Affiliate (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Minority Investment in Unconsolidated Affiliate [Abstract] | ' | ' | ' |
Ownership percentage | 20.00% | ' | ' |
Equity method investment, ownership percentage | 100.00% | ' | ' |
Shares issued, acquisitions | 2,000 | ' | ' |
Minority investment in unconsolidated affiliate | $2,125,000 | ' | ' |
Revenues | ' | $18,400,000 | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Other Assets [Abstract] | ' | ' |
Workers' compensation insurance | $2,441,236 | $1,973,129 |
Other receivables | 6,000 | 8,912 |
Security deposits | 198,870 | 203,075 |
Deferred tax asset | 3,277,128 | 3,279,558 |
Other assets, total | 5,923,234 | 5,464,674 |
Current portion | -3,176,585 | -2,851,398 |
Total non-current portion | $2,746,649 | $2,613,276 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Accrued Expenses and Other Liabilities [Abstract] | ' | ' |
Payroll and related expenses | $6,857,040 | $6,875,575 |
Taxes and fees payable | 994,996 | 825,933 |
Accrued interest payable | 5,000 | 9,396 |
Other | 853,372 | 1,391,104 |
Total | $8,710,408 | $9,102,008 |
Borrowings_Schedule_of_ShortTe
Borrowings (Schedule of Short-Term Borrowings) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | $10,511,360 | $8,482,331 |
Line of credit [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | 10,000,000 | 7,980,554 |
Insurance financing [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term borrowings | $511,360 | $501,777 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Nov. 06, 2012 | Feb. 12, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 12, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 12, 2009 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 12, 2009 | |
Insurance financing [Member] | Insurance financing [Member] | Revolving loans [Member] | Revolving loans [Member] | Revolving loans [Member] | LIBOR loans [Member] | LIBOR loans [Member] | LIBOR loans [Member] | Letter of credit sub-line [Member] | Letter of credit sub-line [Member] | Letter of credit sub-line [Member] | |||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement amount | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 |
Termination date of credit agreement | 1-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, reference rate | ' | ' | ' | ' | ' | ' | 'Prime Rate | ' | ' | 'LIBOR | ' | ' | ' | ' | ' |
Interest rate in addition to reference rate | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | 1.75% | ' | ' | ' | ' | ' |
Permitted amount for repurchase of common stock | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, credit agreement | ' | ' | ' | ' | 2.19% | 2.30% | ' | ' | 2.13% | ' | 2.00% | 2.00% | ' | ' | ' |
Outstanding amount under agreement | ' | ' | ' | ' | ' | ' | ' | ' | 1,480,555 | ' | 10,000,000 | 6,500,000 | 199,223 | 172,540 | ' |
Credit agreement amount outstanding percent of maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 50.00% | ' |
Insurance premium financings | 1,018,000 | 998,770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | $10,511,360 | $8,482,331 | ' | ' | $511,360 | $501,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_per_Share_Details
Income per Share (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income (Numerator) | ' | ' |
Basic EPS | $1,109,746 | $496,320 |
Effect of dilutive shares: | ' | ' |
Options issued | ' | ' |
Diluted EPS | $1,109,746 | $496,320 |
Shares (Denominator) | ' | ' |
Basic EPS | 9,226,693 | 9,459,591 |
Effect of dilutive shares: | ' | ' |
Options issued | 266,834 | 149,804 |
Diluted EPS | 9,493,527 | 9,609,395 |
Per-Share Amount | ' | ' |
Basic EPS | $0.12 | $0.05 |
Diluted EPS | $0.12 | $0.05 |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Retirement Plans [Abstract] | ' | ' |
Defined contribution plan expense | $206,429 | $165,702 |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk and Significant Customer (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Trade receivables [Member] | Geographic concentration of credit risk [Member] | California [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 36.00% | 32.00% |
Trade receivables [Member] | Geographic concentration of credit risk [Member] | New York Metropolitan [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 36.00% | 40.00% |
Accounts receivables [Member] | Customer concentration risk [Member] | Major express transportation customer [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 21.00% | 17.00% |
Accounts receivables [Member] | Credit concentration risk [Member] | Commercial airline industry [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 47.00% | 48.00% |
Sales revenue, services [Member] | Customer concentration risk [Member] | Major express transportation customer [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 25.00% | 24.00% |
Sales revenue, services [Member] | Credit concentration risk [Member] | Aviation and related services [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk percentage | 38.00% | 39.00% |
Insurance_Reserves_Details
Insurance Reserves (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' |
Estimated workers' compensation related losses incurred and included in cost of sales | $3,049,154 | $2,903,270 |
Non-aviation related business [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance coverage, limits per occurrence | 1,000,000 | ' |
Excess umbrella policy | 5,000,000 | ' |
Excess liability policy | 10,000,000 | ' |
Self insurance, risk retained per occurrence | 25,000 | ' |
Aviation related business [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Insurance coverage, limits per occurrence | 30,000,000 | ' |
Aircraft operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Self insurance, risk retained per occurrence | 25,000 | ' |
Skycap operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Self insurance, risk retained per occurrence | 100,000 | ' |
Wheelchairs and Electric Carts [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Self insurance, risk retained per occurrence | $50,000 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Workforce subject to collective bargaining agreements [Member] | Labor force concentration risk [Member] | ' |
Concentration Risk [Line Items] | ' |
Concentration risk percentage | 12.00% |
Non-aviation related business [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Self insurance, risk retained per occurrence | 25,000 |
Aircraft operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Self insurance, risk retained per occurrence | 25,000 |
Skycap operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Self insurance, risk retained per occurrence | 100,000 |
Wheelchairs and Electric Carts [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Self insurance, risk retained per occurrence | 50,000 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments [Abstract] | ' | ' |
Rent expense | $2,241,770 | $2,192,808 |
Capital leases, gross | 875,082 | ' |
Capital leases, accumulated depreciation | $875,082 | ' |
Commitments_Schedule_of_Future
Commitments (Schedule of Future Minimum Payments for Operating Leases) (Details) (USD $) | Mar. 31, 2014 |
Year ending: | ' |
31-Mar-15 | $1,604,309 |
31-Mar-16 | 1,022,027 |
31-Mar-17 | 766,511 |
31-Mar-18 | 634,567 |
31-Mar-19 | 452,828 |
Thereafter | 2,247,104 |
Total | $6,727,346 |
Stock_Option_Plans_and_Warrant2
Stock Option Plans and Warrants (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 30, 2004 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-10 | Mar. 31, 2013 | Mar. 31, 2014 | Nov. 30, 2000 | Sep. 30, 2007 | Apr. 30, 2007 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2005 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Oct. 31, 2010 | Jul. 31, 2010 | 31-May-10 | Apr. 30, 2010 | Jul. 31, 2013 | Nov. 30, 2012 | Mar. 31, 2014 | Sep. 30, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Former Company President And Chief Financial Officer [Member] | Former Company President And Chief Financial Officer [Member] | Former Board Member [Member] | 2000 Qualified Stock Option Plan [Member] | 2000 Qualified Stock Option Plan [Member] | 2000 Qualified Stock Option Plan [Member] | 2000 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2005 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | 2009 Qualified Stock Option Plan [Member] | ||||
December 30, 2018 [Member] | September 28, 2018 [Member] | September 17, 2018 [Member] | September 19, 2017 [Member] | April 11, 2017 [Member] | September 19, 2016 [Member] | September 21, 2015 [Member] | August 7, 2015 [Member] | April 8, 2015 [Member] | May 26, 2020 [Member] | December 30, 2018 [Member] | August 7, 2015 [Member] | January 16, 2023 [Member] | November 26, 2022 [Member] | April 4, 2022 [Member] | January 2, 2022 [Member] | January 2, 2022 [Member] | January 2, 2022 [Member] | September 12, 2021 [Member] | June 8, 2021 [Member] | October 20, 2020 [Member] | July 21, 2023 [Member] | June 2, 2023 [Member] | |||||||||||||||||||||||||||||||
Exercise Price One [Member] | Exercise Price Two [Member] | Exercise Price Three [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | 120,000 | 835,828 | ' | ' | ' | ' | ' | 500,000 | ' | ' | 205,000 | ' | ' | ' | 80,000 | 65,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 | 109,553 | 169,683 | 74,616 | 31,624 | 120,000 | 116,283 | 120,000 | 928,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $1.35 | ' | ' | $1.35 | ' | ' | ' | ' | $1.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from option exercises, net | $534,953 | $138,784 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $118,125 | ' | ' | ' | ' | $92,333 | $20,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $371,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised | 411,569 | 104,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,500 | ' | ' | ' | ' | 76,300 | 16,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,369 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled | 767,441 | 95,000 | ' | ' | ' | ' | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options cancelled, value | ' | ' | ' | ' | ' | ' | ' | ' | -72,544 | -30,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, minimum | $1.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, maximum | $3.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, future defined exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.40 | ' | ' | ' | ' | ' | ' | $3.08 | $3.37 | $3.36 | $3.19 | $3 | $2.67 | $2.05 | $1.23 | $1.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.40 | $3.08 | $1.23 | $1.91 | $1.52 | $1.28 | $1.45 | $2.30 | $3 | $1.42 | $1.50 | $2.01 | $1.43 | $1.61 |
Options Outstanding | 2,337,606 | 3,396,616 | 2,760,088 | ' | ' | ' | ' | ' | 491,618 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Outstanding | 2,337,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares reserved for future issuance | 3,011,131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | 134,613 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, recognition period | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average estimated values of stock options granted | ' | ' | ' | $0.43 | $0.26 | $0.46 | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation costs | 152,362 | 191,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding | $345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_and_Warrant3
Stock Option Plans and Warrants (Summary of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Number of Shares | ' | ' |
Outstanding at March 31, | 3,396,616 | 2,760,088 |
Issued | 120,000 | 835,828 |
Exercised | -411,569 | -104,300 |
Forfeited | -767,441 | -95,000 |
Outstanding at March 31, | 2,337,606 | 3,396,616 |
Minimum [Member] | ' | ' |
Exercise Price | ' | ' |
Outstanding at March 31, | 1.21 | 1.35 |
Issued | 1.43 | 1.21 |
Exercised | 1.21 | 1.21 |
Forfeited | 1.28 | 2.05 |
Outstanding at March 31, | 1.21 | 1.21 |
Maximum [Member] | ' | ' |
Exercise Price | ' | ' |
Outstanding at March 31, | 3.37 | 3.37 |
Issued | 1.61 | 1.91 |
Exercised | 1.85 | 1.35 |
Forfeited | 3.36 | 3.36 |
Outstanding at March 31, | 3.37 | 3.37 |
Stock_Option_Plans_and_Warrant4
Stock Option Plans and Warrants (Summary of Options Outstanding and Exercisable) (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Stock Option Plans and Warrants [Abstract] | ' |
Range of Exercise Price, minimum | $1.21 |
Range of Exercise Price, maximum | $3.37 |
Options Outstanding | 2,337,606 |
Weighted Average Options Exercisable | 1,905,871 |
Weighted Average Exercise Price | $2.19 |
Remaining Life | '6 years 3 months 18 days |
Stock_Option_Plans_and_Warrant5
Stock Option Plans and Warrants (Summary of Option Fair Value Assumptions) (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk-free interest rate, minimum | 1.20% | 0.68% |
Risk-free interest rate, maximum | 1.40% | 0.82% |
Years until exercise | '5 years | ' |
Volatility, minimum | 30.70% | 27.30% |
Volatility, maximum | 31.10% | 29.00% |
Dividend yield | 0.00% | 0.00% |
Termination rate | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Years until exercise | ' | '3 years |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Years until exercise | ' | '5 years |
Income_Taxes_Summay_of_the_Pro
Income Taxes (Summay of the Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Current: | ' | ' |
Federal | $1,070,000 | $1,312,000 |
State and local | 227,520 | 280,000 |
Total | 1,297,520 | 1,592,000 |
Deferred: | ' | ' |
Federal | -2,100 | -454,000 |
State and local | -420 | -97,000 |
Total | -2,520 | -551,000 |
Net provision for income taxes | $1,295,000 | $1,041,000 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Statutory federal income tax rate | 34.00% | 34.00% |
State and local income taxes | 7.30% | 7.30% |
Permanent differences | 13.40% | 9.90% |
Allowance for capital loss carry-forward | 0.00% | 3.60% |
Other | -0.80% | 13.00% |
Effective tax rate | 53.90% | 67.80% |
Income_Taxes_Schedule_of_Perma
Income Taxes (Schedule of Permanent Differences) (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Percent | ' | ' |
Amortization of Customer Lists | 3.80% | 5.90% |
Other non-deductible expenses | 5.20% | 3.00% |
Deferred tax charge - expired stock options | 4.40% | 1.00% |
Total | 13.40% | 9.90% |
Amount | ' | ' |
Amortization of Customer Lists | $219,471 | $219,471 |
Other non-deductable expenses | 300,391 | 147,147 |
Deferred tax charge - expired stock options | 258,608 | 36,483 |
Total | $778,470 | $403,101 |
Income_Taxes_Summary_of_Signif
Income Taxes (Summary of Significant Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Current deferred tax assets: | ' | ' |
Accounts receivable | $258,993 | $318,536 |
Accrued expenses | 470,356 | 550,821 |
Net current deferred tax assets | 729,349 | 869,357 |
Non-current deferred tax assets (liabilities): | ' | ' |
Equipment | -178,064 | -249,770 |
Intangible assets | 320,738 | 310,342 |
Insurance reserves | 277,746 | 249,297 |
Workers compensation reserve | 1,769,849 | 1,595,074 |
Capital loss carryforward | 54,672 | 54,672 |
Employee stock compensation | 357,510 | 505,258 |
Net non-current deferred tax assets | 2,602,451 | 2,464,873 |
Allowance for deferred tax asset related to capital loss carry-forward | -54,672 | -54,672 |
Total deferred tax assets | $3,277,128 | $3,279,558 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Capital loss carry-forwards, valuation allowance | $132,500 |
Capital loss carry-forwards, expiration date | 31-Dec-17 |
Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Federal income tax returns, years under examination | '2011 |
Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Federal income tax returns, years under examination | '2014 |
Issuer_Purchases_of_Equity_Sec2
Issuer Purchases of Equity Securities (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||
Feb. 21, 2012 | Dec. 16, 2011 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | |
Issuer Purchases of Equity Securities [Abstract] | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | $4,000,000 | ' | ' |
Shares repurchased during the period, value | ' | ' | ' | ' | 1,083,520 | ' |
Share repurchase program: | ' | ' | ' | ' | ' | ' |
Total Number of Shares Purchased | 1,075,000 | 136,600 | 677,200 | ' | ' | 1,888,800 |
Average Price Paid per Share | $1.64 | $1.52 | $1.60 | ' | ' | $1.62 |
Total Amount Purchased as Part of Publically Announced Program | 1,975,353 | 208,363 | 3,058,873 | ' | ' | ' |
Maximum Amount that may yet be Purchased under the Program | $24,647 | $1,791,637 | $941,127 | ' | ' | ' |
Schedule_II_SCHEDULE_OF_VALUAT1
Schedule II SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS (Details) (Allowance for doubtful accounts receivable - current maturities [Member], USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Allowance for doubtful accounts receivable - current maturities [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Balance at Beginning of Period | $772,022 | $582,510 |
Additions (Reductions) Charged or Credited to Expenses | 374,754 | 389,616 |
Deductions From Reserve | -519,065 | -200,104 |
Balance at End of Period | $627,711 | $772,022 |