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DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables)
 12 Months Ended
Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
SCHEDULE OF AMMUNITION SEGMENT DISCONTINUED OPERATIONS The following table summarizes the results of operations of the Ammunition segment that are being reported as discontinued operations:

 

 

 

For the Year Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues(1)

 

 

$

74,867,419

 

 

$

91,112,496

 

 

$

128,290,128

 

Cost of revenues

 

 

 

83,079,531

 

 

 

94,818,546

 

 

 

126,961,549

 

Gross profit

 

 

 

(8,212,112

)

 

 

(3,706,050

)

 

 

1,328,579

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

1,296,141

 

 

 

1,179,659

 

 

 

2,542,074

 

Corporate general and administrative

 

 

 

8,553,708

 

 

 

6,146,966

 

 

 

6,014,380

 

Employee salaries and related expenses

 

 

 

2,610,046

 

 

 

1,636,496

 

 

 

2,008,625

 

Depreciation and amortization expense

 

 

 

35,866

 

 

 

508,485

 

 

 

578,326

 

Total operating expenses

 

 

 

12,495,761

 

 

 

9,471,606

 

 

 

11,143,405

 

Loss from operations

 

 

 

(20,707,873

)

 

 

(13,177,656

)

 

 

(9,814,826

)

Total other income/(expense)

 

 

 

(617,756

)

 

 

(923,603

)

 

 

(515,207

)

Impairment of assets

 

 

 

(45,847,430

)

 

 

-

 

 

 

-

 

Loss from discontinued operations before income taxes

 

 

 

(67,173,059

)

 

 

(14,101,259

)

 

 

(10,330,033

)

Provision (benefit) for income taxes

 

 

 

(1,560,922

)

 

 

(2,857,826

)

 

 

2,059,294

 

Loss from discontinued operations, net of tax

 

 

$

(65,612,137

)

 

$

(11,243,433

)

 

$

(12,389,327

)

(1) Included in revenue for the years ended March 31, 2025, 2024 and 2023 are excise taxes of $4,972,452, $6,155,524 and $9,789,897, respectively.

The following table summarizes the Ammunition segment assets and liabilities classified as held for sale in the accompanying consolidated balance sheets:

 

 

March 31, 2025

 

 

March 31, 2024

 

ASSETS

 

 

 

 

 

 

Accounts receivable, net

 

$

8,778,545

 

 

$

17,424,888

 

Inventories

 

 

21,520,796

 

 

 

45,563,334

 

Prepaid expenses

 

 

198,379

 

 

 

658,946

 

Equipment, net

 

 

25,983,100

 

 

 

53,544,002

 

Deposits

 

 

-

 

 

 

322,034

 

Patents, net

 

 

1,409,542

 

 

 

4,756,006

 

Other intangible assets, net

 

 

-

 

 

 

35,866

 

Total assets held for sale

 

$

57,890,362

 

 

$

122,305,076

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

2,513,533

 

 

$

7,528,186

 

Accrued liabilities

 

 

3,280,449

 

 

 

4,211,248

 

Current portion of construction note payable

 

 

286,200

 

 

 

273,459

 

Contingent consideration payable

 

 

-

 

 

 

59,838

 

Construction note payable, net of unamortized issuance costs

 

 

10,564,816

 

 

 

10,735,241

 

Total liabilities held for sale

 

$

16,644,998

 

 

$

22,807,972