COMMITMENTS

6 Months Ended

Sep. 30, 2022

COMMITMENTS

COMMITMENTS

NOTE 15 – COMMITMENTS

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjustable annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at September 30, 2022 for future executive salaries and bonus was approximately $0.6 million. The aggregate commitment at September 30, 2022 for accrued payroll, vacation and holiday pay was approximately $1.0 million for the remainder of our employees.

Purchase Commitments

As of September 30, 2022, we had approximately $7.2 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies within the next twelve months. These purchase commitments are in the normal course of business.

Retirement Benefits

Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $44,122 and $43,240 for the six months ended September 30, 2022 and 2021, respectively.