PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Jun. 30, 2026

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:	June 30, 2026		March 31, 2026
Land	$	110	$	110
Building and improvements		3,294		3,294
Machinery equipment, furniture, and fixtures		25,716		25,723
Construction-in-progress		147		147
Total property, plant, and equipment		29,267		29,274
Less: accumulated depreciation		(18,885)		(18,400)
Total property, plant and equipment, net	$	10,382	$	10,874

For the three months ended June 30, 2026 and 2025, we recorded depreciation expense of $506 and $519, respectively. For the three months ended June 30, 2026 our Ranor segment recorded a disposal with a book value of $2.

The Company has a signed agreement to make 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.