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:

	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.