Quarterly report pursuant to Section 13 or 15(d)

3. FIXED ASSETS

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3. FIXED ASSETS
6 Months Ended
Sep. 30, 2020
Property, Plant and Equipment [Abstract]  
FIXED ASSETS

A summary of the fixed assets as of September 30, 2020 and March 31, 2020 is as follows:

 

   

September 30,

2020

   

March 31,

2020

 
Land   $ 202,293     $ 202,293  
Buildings     541,862       509,762  
Machinery and equipment     932,275       221,987  
Autos and trucks     19,063       19,063  
      1,695,493       953,105  
Accumulated depreciation     (264,974 )     (245,297 )
Fixed assets, net   $ 1,430,519     $ 707,808  

 

On March 18, 2020, the Company’s research and development plant in La Coste, Texas was destroyed by a fire. The Company believes that it was caused by a natural gas leak, but the fire was so extensive that the cause was undetermined. The majority of the damage was to their pilot production plant, which destroyed a large portion of the fixed assets of the Company. The property destroyed had a net book value of $1,909,495, which was written off and recognized as Loss due to fire during the year ended March 31, 2020. The Company filed a claim with their insurance company, and as of June 2, 2020, received all the proceeds, which totaled $917,210. The Company is currently purchasing replacement fixed assets and reconstructing their pilot production plant.