Property, Plant and Equipment, Net

12 Months Ended

Mar. 31, 2023

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, 2023 and 2022:

	As of March 31,			As of March 31,
	2023			2022
Buildings	$	14,111,170		$	15,345,997
Machinery		1,585,671			1,918,918
Furniture, fixture and electronic equipment		74,719			179,667
Vehicles		20,636			176,606
Total property plant and equipment, at cost		15,792,196			17,621,188
Less: accumulated depreciation		(7,321,924	)		(6,374,373	)
Property, plant and equipment, net	$	8,470,272		$	11,246,815

As of March 31, 2023 and 2022, the Company pledged its building with a carrying value of approximately $1.2 million and $2.1 million, respectively, as the collateral for short-term bank loans (see Note 10).

Depreciation expense was $1,615,173, $1,553,399 and $849,454 for the years ended March 31, 2023, 2022 and 2021, respectively. Depreciation allocated as manufacturing overhead to inventories was $ 278,111, $621,654 and $589,610 for the years ended March 31, 2023, 2022 and 2021, respectively.

The carrying amount of disposed property, plant and equipment recognized for the year ended March 31, 2023 and 2022 were amounted to $267,719 and $505,969, respectively.