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PROPERTY AND EQUIPMENT
9 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

We state 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 other income. 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.

 

 

AMMO, Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Property and Equipment consisted of the following at December 31, 2022 and March 31, 2022:

 

 SCHEDULE OF PROPERTY AND EQUIPMENT

   December 31, 2022   March 31, 2022 
Building  $28,113,684   $- 
Construction in progress   1,834,688    14,335,371 
Leasehold Improvements   257,009    257,009 
Furniture and Fixtures   368,359    343,014 
Vehicles   153,254    153,254 
Equipment   37,689,716    32,524,850 
Tooling   143,710    143,710 
Total property and equipment  $68,560,420   $47,757,208 
Less accumulated depreciation   (13,270,092)   (10,119,402)
Net property and equipment  $55,290,328   $37,637,806 

 

Depreciation Expense for the three and nine months ended December 31, 2022 totaled $1,089,243, and $3,150,691, respectively. Depreciation Expense for the three and nine months ended December 31, 2021 totaled $1,087,550, and $3,184,976, respectively.