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EQUIPMENT | 3 Months Ended
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Jun. 30, 2022
Property, Plant and Equipment [Abstract] |
EQUIPMENT | NOTE 5 – 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 Equipment consisted of the following at June 30, 2022 and March 31, 2022: SCHEDULE OF EQUIPMENT
|  | June 30, 2022 |  |  | March 31, 2022 |
Construction in progress |  | $ | 22,564,493 |  |  | $ | 14,335,371 |
Leasehold Improvements |  |  | 257,009 |  |  |  | 257,009 |
Furniture and Fixtures |  |  | 343,014 |  |  |  | 343,014 |
Vehicles |  |  | 153,254 |  |  |  | 153,254 |
Equipment |  |  | 34,360,949 |  |  |  | 32,524,850 |
Tooling |  |  | 143,710 |  |  |  | 143,710 |
Total property and equipment |  | $ | 57,822,429 |  |  | $ | 47,757,208 |
Less accumulated depreciation |  |  | (11,152,765 | ) |  |  | (10,119,402 | )
Net equipment |  | $ | 46,669,664 |  |  | $ | 37,637,806 |
Depreciation Expense for the three months ended June 30, 2022 and 2021 totaled $1,033,363 and $995,334, respectively. Of these totals, $826,401 and $769,956 were included in cost of goods sold for the three months ending June 30, 2022 and 2021. Additionally, $206,962 and $225,378 were included in depreciation and amortization expenses in operating expenses.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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