Annual report pursuant to Section 13 and 15(d)

FIXED ASSETS

v3.24.2
FIXED ASSETS
 12 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
FIXED ASSETS

NOTE 3 – FIXED ASSETS

 

A summary of the fixed assets is as follows:

 

   

March 31, 2024

    

March 31, 2023

  
Land   $ 324,293     $ 324,293  
Buildings     6,624,549       5,495,150  
Machinery and equipment     11,210,985       12,293,112  
Autos and trucks     208,771       307,227  
Fixed assets,gross     18,368,598       18,419,782  
Accumulated depreciation     (5,067,353 )     (3,376,067 )
Fixed assets, net   $ 13,301,245     $ 15,043,715  

 

The consolidated statements of operations reflect depreciation expense of approximately $1,738,000 and $1,795,000 for the years ended March 31, 2024 and 2023, respectively.

 

On July 3, 2022, a building containing the Company’s water treatment and purification system in La Coste, Texas (the “Water Treatment Plant”) was completely destroyed in a fire. The Water Treatment Plant is a separate building consisting of approximately 8,000 square feet located apart from the production building, which was not damaged. Due to the damage caused by the fire, the Company has written off approximately $1,763,000 of the fixed assets and $325,000 of the accumulated depreciation.