FIXED ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIXED ASSETS |
NOTE 3 - FIXED ASSETS
A summary of the fixed assets is as follows:
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.
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