Property, Plant and Equipment

12 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following as of March 31, 2020 and 2019:

	As of March 31,			As of March 31,
	2020			2019
Buildings	$	9,590,058		$	9,273,325
Machinery		2,339,879			2,150,738
Furniture, fixture and electronic equipment		163,819			172,552
Vehicles		131,381			68,360
Total property plant and equipment, at cost		12,225,137			11,664,975
Less: accumulated depreciation		(4,328,636	)		(3,857,930	)
Property, plant and equipment, net	$	7,896,501		$	7,807,045

As of March 31, 2020 and 2019, the Company pledged its building with a carrying value of approximately $5.1 million and $3.1 million, respectively, as the collateral for short-term bank loans (see Note 9).

Depreciation expense was $674,247 and $682,462 for the years ended March 31, 2020 and 2019, respectively. Depreciation allocated as manufacturing overhead to inventories was $555,636 and $568,017 for the years ended March 31, 2020 and 2019, respectively.