Quarterly report pursuant to Section 13 or 15(d)

7. COMMITMENTS AND CONTINGENT LIABILITIES

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7. COMMITMENTS AND CONTINGENT LIABILITIES
 9 Months Ended
Dec. 31, 2015
Commitments And Contingent Liabilities  
COMMITMENTS AND CONTINGENT LIABILITIES

The Company had the following significant commitments and contingencies as of December 31, 2015:

 

    Payments Due By Period
Contractual obligations     Total       Less than 1 year       2-3 years       4-5 years       After 5 years  
Initial cash distribution payable(1)   $ 6,620,623     $ 6,620,623 (2)   $ —       $ —       $ —    
Second cash distribution payable(1)     1,912,943       1,912,943 (2)     —         —         —    
Office lease(3)     41,852       27,902       13,950       —         —    
   TOTAL   $ 8,575,418     $ 8,561,468     $ 13,950     $ —       $ —    
                                         

 

(1)   See Note 4 – Shareholders’ Equity for additional information regarding the initial cash distribution payable and the second cash distribution payable.
(2)   These distributions are currently payable, subject to the entitled shareholder completing and submitting to the Company the necessary documentation to claim his, her or its distribution payments.  The Company has no control over when, or if, an entitled shareholder will submit the necessary documentation to claim his, her, or its distribution payment.

(3)   FFIN entered into a lease agreement on January 1, 2015 for office space that expires in June 2017.