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PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Dec. 31, 2011

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 3 – PROPERTY, PLANT AND EQUIPMENT

As of December 31, 2011 and March 31, 2011, property, plant and equipment consisted of the following:

		December 31, 2011			March 31, 2011
Land		$	110,113		$	110,113
Building and improvements		3,263,984			1,508,966
Machinery equipment, furniture and fixtures		7,849,433			5,088,422
Equipment under capital leases		56,242			56,242
Total property, plant and equipment		11,279,772			6,763,743
Less: accumulated depreciation		(3,976,697		)	(3,624,051		)
Total property, plant and equipment, net		$	7,303,075		$	3,139,692

Depreciation expense for the three months and nine months ended December 31, 2011 and 2010 was $132,119 and $357,341, and $91,549 and $270,004, respectively. All real and personal property and fixtures of the Company are collateral for the Sovereign Bank long-term debt obligations (see Note 8 to our Consolidated Financial Statements).

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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