Property, Plant and Equipment, Net

12 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment consisted of the following as of March 31, 2021 and 2020:

	As of March 31,			As of March 31,
	2021			2020
Buildings	$	12,813,510		$	9,590,058
Machinery		2,867,046			2,339,879
Furniture, fixture and electronic equipment		231,929			163,819
Vehicles		147,132			131,381
Total property plant and equipment, at cost		16,059,617			12,225,137
Less: accumulated depreciation		(5,545,586	)		(4,328,636	)
Property, plant and equipment, net	$	10,514,031		$	7,896,501

As of March 31, 2021 and 2020, the Company pledged its building with a carrying value of approximately $5.1 million and $5.1 million, respectively, as the collateral for short-term bank loans (see Note 9).

Depreciation expense was $849,454, $674,247 and $682,462 for the years ended March 31, 2021, 2020 and 2019, respectively. Depreciation allocated as manufacturing overhead to inventories was $589,610, $555,636 and $568,017 for the years ended March 31, 2021, 2020 and 2019, respectively.