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PROPERTY AND EQUIPMENT | 3 Months Ended
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Jun. 30, 2023
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 June 30, 2023 and March 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT
|  | June 30, 2023 |  |  | March 31, 2023 |
Leasehold Improvements |  | $ | 257,009 |  |  | $ | 257,009 |
Building |  |  | 28,980,156 |  |  |  | 28,623,329 |
Furniture and Fixtures |  |  | 384,650 |  |  |  | 384,650 |
Vehicles |  |  | 153,255 |  |  |  | 153,254 |
Equipment |  |  | 40,979,806 |  |  |  | 40,233,186 |
Tooling |  |  | 143,710 |  |  |  | 143,710 |
Construction in Progress |  |  | 945,272 |  |  |  | 734,781 |
Total property and equipment |  | $ | 71,843,858 |  |  | $ | 70,529,919 |
Less accumulated depreciation |  |  | (15,919,991 | ) |  |  | (14,566,664 | )
Net property and equipment |  | $ | 55,923,867 |  |  | $ | 55,963,255 |
Depreciation Expense for the three months ended June 30, 2023 and 2022 totaled $1,353,327, and $1,033,363, respectively. Of these totals, $1,152,678 and $826,401 were included in cost of goods sold for the three months ending June 30, 2023 and 2022. Additionally, $200,648 and $206,962 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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