PROPERTY AND EQUIPMENT

12 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following at March 31, 2022 and March 31, 2021:

	March 31, 2022			March 31, 2021
Leasehold Improvements	$	257,009		$	126,558
Furniture and Fixtures		343,014			87,790
Vehicles		153,254			142,691
Equipment		32,524,850			26,425,221
Tooling		143,710			121,790
Construction in Progress		14,335,371			544,939
Total property and equipment	$	47,757,208		$	27,448,989
Less accumulated depreciation		(10,119,402	)		(5,895,763	)
Net property and equipment		37,637,806			21,553,226

Depreciation Expense for the years ended March 31, 2022 and 2021 totaled $4,266,126 and $2,904,968, respectively. Of these totals $3,101,929 and $2,674,161 were included in cost of goods sold for the years ending March 31, 2022 and 2021. Additionally, $1,164,197 and $230,797 were included in depreciation and amortization expenses in operating expenses.

AMMO, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS