PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Jun. 30, 2025

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following as of:	June 30, 2025		March 31, 2025
Land	$	110	$	110
Building and improvements		3,294		3,294
Machinery equipment, furniture, and fixtures		25,624		25,624
Equipment deposit, net		—		981
Construction-in-progress		147		147
Total property, plant, and equipment		29,175		30,156
Less: accumulated depreciation		(16,879)		(16,365)
Total property, plant and equipment, net	$	12,296	$	13,791

For the quarter ended June 30, 2025 and 2024, we recorded depreciation expense of $519 and $520, 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.