PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Dec. 31, 2025

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net included the following as of:	December 31, 2025		March 31, 2025
Land	$	110	$	110
Building and improvements		3,294		3,294
Machinery equipment, furniture, and fixtures		25,713		26,605
Construction-in-progress		147		147
Total property, plant, and equipment		29,264		30,156
Less: accumulated depreciation		(17,894)		(16,365)
Total property, plant and equipment, net	$	11,370	$	13,791

For the three and nine months ended December 31, 2025 and 2024, we recorded depreciation expense of $514 and $1,551, and $525 and $1,565, respectively.

In September 2023, the Company signed an agreement to make additional equipment upgrades for a certain customer. We recognize new purchases as a fixed asset and billings for reimbursement from the customer as a contra-asset. Future depreciation of the asset will be offset directly by the amortization of the contra-asset on a net basis in the statement of operations. The amortization period will match the schedule of depreciation set forth under our policies.