Preceptor Aircraft was originally called Nostalgair and based in San Antonio, Texas. N3 Pup construction was subcontracted to a Colorado company. Nostalgair and its sister company, Global Tool, (maker of Global engines), went out of business in 1986. Warren Mosler purchased the company's assets and appointed Bob Counts, designer of the N3 Pup, as president. Production moved to Winston-Salem, North Carolina. By 1993, the company expanded to two buildings and produced as many as 40 kits per year.