Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  

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



December 31,



March 31,


Land   $ 323,564     $ 202,293  
Buildings     3,338,644       509,762  
Machinery and equipment     8,686,256       221,987  
Autos and trucks     221,199       19,063  
      12,569,663       953,105  
Accumulated depreciation     (283,147 )     (245,297 )
Fixed assets, net   $ 12,286,516     $ 707,808  


The fixed assets include the assets purchased in the asset acquisition on December 15, 2020, in Note 3.


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.