Property and Equipment

3 Months Ended

Jun. 30, 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 June 30, 2020 and March 31, 2020:

	June 30, 2020			March 31, 2020
Leasehold Improvements	$	118,222		$	118,222
Furniture and Fixtures		87,790			87,790
Vehicles		103,511			103,511
Equipment		20,049,917			19,578,035
Tooling		126,190			126,190
Construction in Progress		93,262			1,093,262
Total property and equipment	$	20,578,892		$	21,107,010
Less accumulated depreciation		(3,736,734	)		(3,060,681	)
Net property and equipment		16,842,158			18,046,329

Depreciation Expense for the three months ended June 30, 2020 and 2019 totaled $676,053 and $582,674, respectively.