Property and Equipment

12 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 – 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 ten 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 March 31, 2020 and March 31, 2019:

	March 31, 2020			March 31, 2019
Leasehold Improvements	$	118,222		$	98,444
Furniture and Fixtures		87,790			154,777
Vehicles		103,511			103,511
Equipment		19,578,035			18,689,140
Tooling		126,190			117,390
Construction in Progress		1,903,262			3,352,669
Total property and equipment	$	21,107,010		$	22,515,931
Less accumulated depreciation		(3,060,681	)		(516,144	)
Net property and equipment		18,046,329			21,999,787

Depreciation Expense for the years ended March 31, 2020 and 2019 totaled $2,544,537 and $402,986, respectively. Of these totals $2,380,076 and $386,589 were included in cost of goods sold for the years ending March 31, 2020 and 2019. Additionally, $164,461 and $96,302 were included in depreciation and amortization expenses in operating expenses.