Command Security 10-Q 5 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2017	Feb. 01, 2018
Document And Entity Information
Entity Registrant Name	COMMAND SECURITY CORP
Entity Central Index Key	864,509
Document Type	10-Q
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,107,108
Trading Symbol	MOC
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenues	$ 48,191,790	$ 42,672,114	$ 141,735,867	$ 121,414,727
Cost of revenues	42,652,033	37,966,280	125,676,120	106,999,771
Gross profit	5,539,757	4,705,834	16,059,747	14,414,956
Operating expenses
General and administrative	4,508,240	4,981,889	14,094,801	13,465,209
Provision for (recoveries of) doubtful accounts, net	(14,284)	78,459	(131,902)	(29,454)
Total operating expenses	4,493,956	5,060,348	13,962,899	13,435,755
Operating income (loss)	1,045,801	(354,514)	2,096,848	979,201
Other expenses
Interest expense	147,617	78,060	370,025	218,831
Income (loss) before income taxes and equity earnings (loss) in minority investment of unconsolidated affiliate	898,184	(432,574)	1,726,823	760,370
Equity earnings (loss) in minority investment of unconsolidated affiliate	(68,500)	73,000	(123,400)	(57,000)
Income (loss) before income taxes	829,684	(359,574)	1,603,423	703,370
Provision for (benefit from) income taxes	1,613,000	(152,000)	1,973,000	313,000
Net income (loss)	$ (783,316)	$ (207,574)	$ (369,577)	$ 390,370
Income (loss) per share of common stock
Basic	$ (0.08)	$ (0.02)	$ (0.04)	$ 0.04
Diluted	$ (0.08)	$ (0.02)	$ (0.04)	$ 0.04
Weighted average number of common shares outstanding
Basic	9,941,909	9,842,686	9,881,595	9,817,097
Diluted	9,941,909	9,842,686	9,881,595	10,208,632

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 712,241	$ 1,042,291
Accounts receivable, net of allowance for doubtful accounts of $279,016 and $542,489, respectively	40,958,832	29,189,233
Prepaid expenses	1,816,412	1,784,990
Other assets	2,322,077	2,821,172
Total current assets	45,809,562	34,837,686
Furniture and equipment at cost, net	569,252	146,345
Other assets:
Intangible assets, net	936,142	1,028,582
Minority investment in unconsolidated affiliate	389,891	513,291
Other assets	3,387,237	5,253,946
Total other assets	4,713,270	6,795,819
Total assets	51,092,084	41,779,850
Current liabilities:
Checks issued in advance of deposits	962,257	583,201
Short-term borrowings	21,538,853	12,228,679
Accounts payable	1,623,050	1,215,591
Accrued expenses and other liabilities	10,283,784	11,503,474
Total current liabilities	34,407,944	25,530,945
Insurance reserves	489,687	366,323
Other non-current liabilities	51,110
Total liabilities	34,948,741	25,897,268
Stockholders' equity:
Preferred stock, convertible Series A, $.0001 par value
Common stock, $.0001 par value per share	1,172	1,160
Treasury stock, at cost, 1,607,200 shares and 1,752,200 shares, respectively	(2,646,788)	(2,885,579)
Additional paid-in capital	18,926,586	18,535,051
Accumulated earnings (deficit)	(137,627)	231,950
Total stockholders' equity	16,143,343	15,882,582
Total liabilities and stockholders' equity	$ 51,092,084	$ 41,779,850

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable net	$ 279,016	$ 542,489
Preferred stock, Series A, par value per share	$ .0001	$ .0001
Common stock, par or stated value per share	$ .0001	$ .0001
Treasury stock, shares	1,607,200	1,752,200

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid In Capital [Member]	Accumulated Earnings / (Deficit) [Member]	Total
Balance at Mar. 31, 2016		$ 1,155	$ (2,885,579)	$ 18,410,595	$ 2,556,539	$ 18,082,710
Options exercised, net		5		95,964		95,969
Stock based compensation tax benefit				10,577		10,577
Stock compensation cost				11,443		11,443
Net income loss					390,370	390,370
Balance at Dec. 31, 2016		1,160	(2,885,579)	18,528,579	2,946,909	18,591,069
Stock compensation cost				6,472		6,472
Net income loss					(2,714,959)	(2,714,959)
Balance at Mar. 31, 2017		1,160	(2,885,579)	18,535,051	231,950	15,882,582
Options exercised, net		12		173,150		173,162
Issuance of treasury stock			238,791	(17,191)		221,600
Stock compensation cost				235,576		235,576
Net income loss					(369,577)	(369,577)
Balance at Dec. 31, 2017		$ 1,172	$ (2,646,788)	$ 18,926,586	$ (137,627)	$ 16,143,343

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (369,577)	$ 390,370
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	164,006	348,449
Recoveries of doubtful accounts	(131,902)	(29,454)
Equity loss in minority investment of unconsolidated affiliate	123,400	57,000
Rent expense	3,208	15,904
Stock based compensation costs	235,576	11,443
Insurance reserves	123,364	(67,920)
Deferred income taxes	1,850,322	5,095
Change in receivables, prepaid expenses and other current assets	(11,143,242)	(9,936,062)
Change in accounts payable and other liabilities	(815,438)	188,562
Change in other long term liabilities	51,110	(700,000)
Net cash used in operating activities	(9,909,173)	(9,716,613)
Cash flows from investing activities:
Purchases of equipment	(504,868)	(10,394)
Net cash used in investing activities	(504,868)	(10,394)
Cash flows from financing activities:
Net advances on short-term borrowings	9,310,174	8,645,066
Change in checks issued in advance of deposits	379,056	759,708
Proceeds from option exercises, net	394,761	106,546
Net cash provided by financing activities	10,083,991	9,511,320
Net change in cash and cash equivalents	(330,050)	(215,687)
Cash and cash equivalents, beginning of period	1,042,291	1,486,854
Cash and cash equivalents, end of period	712,241	1,271,167
Supplemental Disclosures of Cash Flow Information
Interest	329,086	208,621
Income taxes	$ 7,802	$ 6,415

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	1. Recently Issued Accounting Standards In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers In November 2015, the FASB issued ASU 2015-17, “ Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, “ Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued new guidance on cash flow statement presentation ASU 2016-15, Statement of Cash Flows (Topic 230); Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04 “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Short-Term Borrowings	2. Short-Term Borrowings: 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 most recently amended in March 2017 (see below) and matures March 31, 2020, 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 $1.5 million. The Credit Agreement also provides for interest to be calculated on the outstanding principal balance of the revolving loans at the floating 90 day LIBOR rate plus 1.75%. For LIBOR loans, interest will be calculated on the outstanding principal balance of the LIBOR loans at the floating 30 day LIBOR rate plus 1.75%. On March 30, 2017, we entered into an eighth amendment (the “Eighth Amendment”) to our Credit Agreement. The Eighth Amendment extended the Credit Agreement from March 31, 2017 to March 31, 2020, increased the revolving line of credit from $20.0 million to $27.5 million, amended the terms of the “Minimum Excess Availability” covenant and redefined the term “Borrowing Base”. Under the Credit Agreement, as of December 31, 2017, the interest rate was 3.125% for LIBOR loans and 3.5% for revolving loans, an increase of 0.5% and 0.75%, respectively, as compared with December 31, 2016. At December 31, 2017, we had approximately $0.7 million of cash on hand. We also had $12.5 million in LIBOR loans outstanding, $9.0 million of revolving loans outstanding and $0.3 million outstanding under our letters of credit sub-line under the Credit Agreement, representing 85% of the maximum borrowing capacity under the Credit Agreement based on our “eligible accounts receivable” (as defined in the Credit Agreement) as of such date. As of the close of business January 31, 2018, we had total short term borrowings, net of cash, of approximately $17 million, representing approximately 79% of the maximum borrowing capacity under the Credit Agreement based on our “eligible accounts receivable” (as defined in the Credit Agreement) as of such date.

Other Assets

Other Assets	9 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	3. Other Assets: December 31, 2017 March 31, 2017 Workers’ compensation insurance $ 2,322,077 $ 2,804,341 Deferred tax asset 3,265,453 5,115,775 Security deposits 121,784 138,171 Other receivables - 16,831 5,709,314 8,075,118 Current portion (2,322,077 ) (2,821,172 ) Total non-current portion $ 3,387,237 $ 5,253,946 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 claims incurred but not reported. 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 claims incurred but not reported.

Minority Investment in Unconsol

Minority Investment in Unconsolidated Affiliate	9 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Minority Investment in Unconsolidated Affiliate	4. Minority Investment in Unconsolidated Affiliate In March 2014, the Company made a 20% minority investment in Ocean Protection Services LLC, a Delaware limited liability company (“OPS LLC”) which at that time owned 100% of a holding company, OPS Acquisitions, Ltd (“OPSA Ltd”), which in turn owns 100% of the operating company, Ocean Protection Services, Ltd. (“OPS Ltd.”), a UK based company specializing in maritime security, risk management and risk analysis. The Company purchased 2,000 Class A Common Units of OPS LLC for a purchase price of $2.125 million. The excess of the carrying value of the Company’s investment in OPS LLC and the proportionate share of the underlying net assets of OPS Ltd. is largely attributable to goodwill. Since the Company’s initial investment, there have been no additional capital contributions made or distributions received. On September 7, 2016, the majority owner of OPS LLC consented to a restructuring transaction wherein 70% of its investment in OPSA Ltd. was transferred to a group comprising former management and owners of OPS Ltd. and the holder of the senior debt of OPSA Ltd. On September 21, 2016, the majority owner of OPS LLC transferred its 80% interest in OPS LLC to the Company resulting in the Company owning 100% of OPS LLC. No cash consideration was paid by the Company and no liabilities were undertaken by the Company in connection with the OPS LLC transfer to the Company. As a result, OPS LLC became a wholly-owned subsidiary of the Company thereby indirectly increasing the Company’s interest in OPSA Ltd. (and OPS Ltd.) from 20% to 30%. During the quarter and year ended March 31, 2017, the Company performed an impairment analysis of its investment in OPSA and concluded the investment to be impaired and, accordingly, recorded a $2.1 million impairment charge in the year ended March 31, 2017. The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the nine months ended: December 31, 2017 December 31, 2016 Net operating revenues $ 2,943,842 $ 6,425,792 Gross profit $ 653,302 $ 1,906,846 Operating income (loss) $ (630,011 ) $ 175,636 Net loss from continuing operations $ (411,334 ) $ (310,959 )

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	5. Accrued Expenses and Other Liabilities: December 31, 2017 March 31, 2017 Payroll and related expenses $ 7,953,059 $ 8,076,807 Taxes and fees payable 381,264 325,763 Accrued interest payable 55,596 13,508 Other 1,893,865 3,087,396 Total $ 10,283,784 $ 11,503,474

Insurance Reserves

Insurance Reserves	9 Months Ended
	Dec. 31, 2017
Insurance [Abstract]
Insurance Reserves	6. Insurance Reserves: We have insurance policies 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 $403,002 and $633,008 for the three months ended December 31, 2017 and 2016, respectively, and $1,646,824 and $2,404,788 for the nine months ended December 31, 2017 and 2016, 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 first and second layer 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. The aviation related deductible is $5,000 per occurrence, with the exception of $50,000 for 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. 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 these estimates. 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.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes On December 22, 2017, the United States (“U.S.”) enacted significant changes to the U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (the “Tax Act”) (previously known as “The Tax Cuts and Jobs Act”). The Tax Act included significant changes to existing tax law, including a permanent reduction to the U.S. federal corporate income tax rate from 34% to 21%, a one-time repatriation tax on deferred foreign income, deductions, credits and business related exclusions. The permanent reduction to the U.S. federal corporate income tax rate from 34% to 21% was effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result of the Tax Act, the Company has calculated a U.S. federal statutory corporate income tax rate of 31% for the fiscal year ending March 31, 2018 and applied this rate in computing the income tax provision for the three and nine months ended December 31, 2017. The U.S. federal statutory corporate income tax rate of 31% is the weighted daily average rate between the pre-enactment U.S. federal statutory tax rate of 34% applicable to the Company’s fiscal year ending March 31, 2018 prior to the Effective Date and the post-enactment U.S. federal statutory tax rate of 21% applicable thereafter. The Company expects the U.S. federal statutory rate to be 21% for fiscal years beginning after March 31, 2018. On December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (“SAB 118”). SAB 118 expresses views of the SEC regarding ASC Topic 740, Income Taxes (“ASC 740”) in the reporting period that includes the enactment date of the Tax Act. The SEC staff issuing SAB 118 (the “Staff”) recognized that a registrant’s review of certain income tax effects of the Tax Act may be incomplete at the time financial statements are issued for the reporting period that includes the enactment date, including interim periods therein. If a company does not have the necessary information available, prepared or analyzed for certain income tax effects of the Tax Act, SAB 118 allows a company to report provisional numbers and adjust those amounts during the measurement period not to extend beyond one year. For the three months ended December 31, 2017, the Company has recorded all known and estimable impacts of the Tax Act that are effective for the fiscal year ending March 31, 2018. Future adjustments to the provisional numbers will be recorded as discrete adjustments to income tax expense in the period in which those adjustments become estimable and/or are finalized. As of March 31, 2017, the Company had net deferred tax assets totaling approximately $5.1 million. The lower future tax rate means the future benefits of existing deferred tax assets would need to be computed at the new, lower tax rate which would result in a reduction in deferred tax assets and an increase in income tax expense in the period of enactment. As a direct result of the permanent reduction in federal tax rates from 34% to 21%, the value of these net deferred tax assets has declined. Accordingly, the Company’s income tax provision for the three and nine months ended December 31, 2017 includes a $1.35 million non-cash charge to reduce the value of deferred tax assets to the revised value based on the new, lower tax rate. Three and Nine Months Ended December 31, 2017 Net Impact on U.S. deferred tax assets and liabilities (provisional) $ 1,350,000 The Company determined that the impact of the U.S. federal corporate income tax rate change on the U.S. deferred tax assets and liabilities is provisional because the number cannot be calculated until the underlying timing differences are known rather than estimated. The following table sets forth the effective tax rates for the Company for the nine months ended December 31, 2017 and 2016. Nine months ended December 31, 2017 2016 Statutory federal income tax rate 30.8 % 34.0 % State and local income taxes 7.1 % 7.3 % Permanent differences -6.0 % 13.1 % Minority investment in unconsolidated affiliate 2.8 % -3.3 % Remeasurement of deferred tax assets 84.2 % 0.0 % Other 4.1 % -6.6 % Effective tax rate 123.0 % 44.5 % The increase in the effective tax rate for the nine months ended December 31, 2017 as compared with the nine months ended December 31, 2016 was primarily attributable to the $1.35 million impact of the U.S. federal corporate income tax rate change on the Company’s deferred tax assets.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2017
Income (loss) per share of common stock
Earnings Per Share	8. Earnings per Share: Under the requirements of FASB ASC 260-10, Earnings Per Share For the three and nine months ended December 31, 2017, and for the three months ended December 31, 2016, the Company reported a net loss and, accordingly, potential common shares that would cause dilution, such as employee stock options and restricted stock units (RSUs), have been excluded from the diluted share count because their inclusion would have been anti-dilutive. For the three and nine months ended December 31, 2017 and for the three months ended December 31, 2016, the fully diluted shares would have been 10,540,256, 10,476,975 and 10,230,974, respectively.

Contingencies

Contingencies	9 Months Ended
	Dec. 31, 2017
Loss Contingency [Abstract]
Contingencies	9. Contingencies: The nature of our business is such that there is a significant volume of routine claims and lawsuits that are made against the Company, 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. The aviation related deductible is $5,000 per occurrence, with the exception of $50,000 for 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. We have been named or could be named as a defendant in uninsured employment related claims including claims related to wages and related benefits 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 such claims are valid. The impact of these claims could have a material adverse effect on the Company’s financial position or results of operations. We have employment agreements with certain of our officers and key employees with varying terms. 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 60% of our workforce is not subject to a labor union. The remaining 40% of our workforce, including in particular, a number of employees based in our New York City security services office and at our airport offices at John F. Kennedy International and LaGuardia airports are subject to collective bargaining agreements. Two of the agreements, covering approximately 7% of our employees, expired on March 31, 2017 and June 28, 2017. We are currently involved in negotiations to renew the expired agreements. The remaining nine agreements are set to expire in September 2018 and thereafter.

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	December 31, 2017 March 31, 2017 Workers’ compensation insurance $ 2,322,077 $ 2,804,341 Deferred tax asset 3,265,453 5,115,775 Security deposits 121,784 138,171 Other receivables - 16,831 5,709,314 8,075,118 Current portion (2,322,077 ) (2,821,172 ) Total non-current portion $ 3,387,237 $ 5,253,946

Minority Investment in Uncons17

Minority Investment in Unconsolidated Affiliate (Tables)	9 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Summarized Financial Information	The following summarizes the condensed consolidated statements of operations of OPSA Ltd. for the nine months ended: December 31, 2017 December 31, 2016 Net operating revenues $ 2,943,842 $ 6,425,792 Gross profit $ 653,302 $ 1,906,846 Operating income (loss) $ (630,011 ) $ 175,636 Net loss from continuing operations $ (411,334 ) $ (310,959 )

Accrued Expenses and Other Li18

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Dec. 31, 2017
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	December 31, 2017 March 31, 2017 Payroll and related expenses $ 7,953,059 $ 8,076,807 Taxes and fees payable 381,264 325,763 Accrued interest payable 55,596 13,508 Other 1,893,865 3,087,396 Total $ 10,283,784 $ 11,503,474

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	Three and Nine Months Ended December 31, 2017 Net Impact on U.S. deferred tax assets and liabilities (provisional) $ 1,350,000
Schedule of Effective Tax Rate	The following table sets forth the effective tax rates for the Company for the nine months ended December 31, 2017 and 2016. Nine months ended December 31, 2017 2016 Statutory federal income tax rate 30.8 % 34.0 % State and local income taxes 7.1 % 7.3 % Permanent differences -6.0 % 13.1 % Minority investment in unconsolidated affiliate 2.8 % -3.3 % Remeasurement of deferred tax assets 84.2 % 0.0 % Other 4.1 % -6.6 % Effective tax rate 123.0 % 44.5 %

Short-Term Borrowings (Details

Short-Term Borrowings (Details Narrative) - USD ($)	Feb. 12, 2009	Dec. 31, 2017	Mar. 31, 2017	Mar. 30, 2017	Dec. 31, 2016	Mar. 31, 2016
Short-term Debt [Line Items]
Cash and cash equivalents, at carrying value, total		$ 712,241	$ 1,042,291		$ 1,271,167	$ 1,486,854
Short-term borrowings		21,538,853	$ 12,228,679
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Revolving line of credit		$ 9,000,000
Debt instrument, interest rate, stated percentage		3.50%			0.75%
Revolving Credit Facility [Member] | 90 Day LIBOR Rate [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Wells Fargo Credit Agreement [Member]
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000
Debt instrument, maturity date	Mar. 31, 2020
Wells Fargo Credit Agreement [Member] | Minimum [Member]
Short-term Debt [Line Items]
Revolving line of credit				$ 20,000,000
Wells Fargo Credit Agreement [Member] | Maximum [Member]
Short-term Debt [Line Items]
Revolving line of credit				$ 27,500,000
Letter of Credit Sub Line [Member]
Short-term Debt [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000
Revolving line of credit		$ 300,000
London Interbank Offered Rate Loans [Member]
Short-term Debt [Line Items]
Revolving line of credit		$ 12,500,000
Debt instrument, interest rate, stated percentage		3.125%			0.50%
London Interbank Offered Rate Loans [Member] | 30 Day LIBOR Rate [Member]
Short-term Debt [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Credit Agreement [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate, stated percentage		85.00%
Credit Agreement [Member] | January 31, 2018 [Member]
Short-term Debt [Line Items]
Debt instrument, interest rate, stated percentage		79.00%
Short-term borrowings		$ 17,000,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Workers' compensation insurance	$ 2,322,077	$ 2,804,341
Deferred tax asset	3,265,453	5,115,775
Security deposits	121,784	138,171
Other receivables		16,831
Other assets, total	5,709,314	8,075,118
Current portion	(2,322,077)	(2,821,172)
Total non-current portion	$ 3,387,237	$ 5,253,946

Minority Investment in Uncons22

Minority Investment in Unconsolidated Affiliate (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2017	Dec. 31, 2017	Sep. 21, 2016	Sep. 07, 2016
Equity method investments		$ 513,291	$ 389,891
OPS LLC [Member]
Equity method investment, ownership percentage	20.00%				20.00%
Noncontrolling interest, ownership percentage by parent	100.00%			100.00%
Equity method investment ownership transfer, percentage				80.00%	70.00%
OPS LLC [Member] | Indirectly Increased Interest [Member]
Equity method investment, ownership percentage					30.00%
OPS LLC [Member] | Class A Common Units [Member]
Stock issued during period, shares, acquisitions	2,000
Equity method investments	$ 2,125,000
OPSA Ltd [Member]
Impairment charges		$ 2,100,000

Minority Investment in Uncons23

Minority Investment in Unconsolidated Affiliate - Schedule of Summarized Financial Information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Net operating revenues	$ 2,943,842	$ 6,425,792
Gross profit	653,302	1,906,846
Operating income (loss)	(630,011)	175,636
Net loss from continuing operations	$ (411,334)	$ (310,959)

Accrued Expenses and Other Li24

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Payables and Accruals [Abstract]
Payroll and related expenses	$ 7,953,059	$ 8,076,807
Taxes and fees payable	381,264	325,763
Accrued interest payable	55,596	13,508
Other	1,893,865	3,087,396
Total	$ 10,283,784	$ 11,503,474

Insurance Reserves (Details Nar

Insurance Reserves (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Workers' compensation liabilities	$ 403,002	$ 633,008	$ 1,646,824	$ 2,404,788
Non Aviation Related Business [Member]
Segment Reporting Information [Line Items]
Insurance policy coverage per occurrence	1,000,000		1,000,000
Umbrella insurance policy coverage per occurrence	5,000,000		5,000,000
Excess liability insurance policy coverage per occurrence	10,000,000		10,000,000
Self insured amount per occurrence	25,000		25,000
Aviation Related Business [Member]
Segment Reporting Information [Line Items]
Insurance policy coverage per occurrence	30,000,000		30,000,000
Self insured amount per occurrence	5,000		5,000
Airport Wheelchair and Electric Cart Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	50,000		50,000
Aircraft Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	25,000		25,000
Skycap Operations [Member]
Segment Reporting Information [Line Items]
Self insured amount per occurrence	$ 100,000		$ 100,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Dec. 22, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Income tax rate			30.80%	34.00%
Deferred tax assets		$ 1,350,000	$ 1,350,000		$ 5,100,000
Income tax provision reduce the value of deferred tax assets		$ 1,350,000	$ 1,350,000
March 31, 2018 [Member]
Income tax rate		31.00%	31.00%
March 31, 2018 [Member]
Income tax rate			21.00%
Pre-Enactment [Member]
Income tax rate			31.00%
Effective Date [Member] | March 31, 2018 [Member]
Income tax rate			34.00%
Post-Enactment [Member]
Income tax rate			21.00%
Maximum [Member]
Income tax rate	34.00%
Maximum [Member] | Deferred Tax Assets [Member]
Income tax rate			34.00%
Maximum [Member] | January 1, 2018 [Member]
Income tax rate			34.00%
Minimum [Member]
Income tax rate	21.00%
Minimum [Member] | Deferred Tax Assets [Member]
Income tax rate			21.00%
Minimum [Member] | January 1, 2018 [Member]
Income tax rate			21.00%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Asset and Liabilities (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Net Impact on U.S. deferred tax assets and liabilities (provisional)	$ 1,350,000	$ 5,100,000

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate (Details)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	30.80%	34.00%
State and local income taxes	7.10%	7.30%
Permanent differences	(6.00%)	13.10%
Minority investment in unconsolidated affiliate	2.80%	(3.30%)
Remeasurement of deferred tax assets	84.20%	0.00%
Other	4.10%	(6.60%)
Effective tax rate	123.00%	44.50%

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Income (loss) per share of common stock
Antidilutive share	10,540,256	10,230,974	10,476,975

Contingencies (Details Narrativ

Contingencies (Details Narrative)	9 Months Ended
	Dec. 31, 2017USD ($)
Nine Agreement [Member]
Agreement expiry date description	The remaining nine agreements are set to expire in September 2018 and thereafter.
Employees [Member] | Two Agreements [Member]
Concentration risk, percentage	7.00%
Agreement expiry date description	Expired on March 31, 2017 and June 28, 2017
Labor Force Concentration Risk [Member] | Workforce Not Subject to Collective Bargaining Arrangements [Member]
Concentration risk, percentage	60.00%
Labor Force Concentration Risk [Member] | Workforce Subject to Collective Bargaining Arrangements [Member]
Concentration risk, percentage	40.00%
Non Aviation Related Business [Member]
Self insured amount per occurrence	$ 25,000
Aviation Related Business [Member]
Self insured amount per occurrence	5,000
Airport Wheelchair and Electric Cart Operations [Member]
Self insured amount per occurrence	50,000
Aircraft Operations [Member]
Self insured amount per occurrence	25,000
Skycap Operations [Member]
Self insured amount per occurrence	$ 100,000