Property and Equipment

9 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 4 – PROPERTY AND EQUIPMENT

We state property and equipment at historical cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of assets over their estimated useful lives, which are generally five to seven years. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited or charged to selling, general, and administrative expenses. We charge expenditures for normal repairs and maintenance to expense as incurred.

We capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably assured.

Property and equipment consisted of the following at December 31, 2019 and March 31, 2019:

	December 31, 2019			March 31, 2019
Leasehold Improvements	$	113,608		$	98,444
Furniture and Fixtures		87,791			154,777
Vehicles		103,511			103,511
Equipment		19,473,184			18,689,140
Tooling		126,190			117,390
Construction in Progress		2,574,828			3,352,669
Total property and equipment	$	22,479,112		$	22,515,931
Less accumulated depreciation		(2,403,717	)		(516,144	)
Net property and equipment		20,075,395			21,999,787

Depreciation Expense for the three and nine months ended December 31, 2019 and 2018 totaled $677,407, $64,361, $1,887,573 and $228,172, respectively.