|
NOTE 3 – PROPERTY, PLANT AND EQUIPMENT
As of December 31, 2011 and March 31, 2011, property, plant and equipment consisted of the following:
|
|
|
December 31,
2011 |
|
March 31,
2011 |
|
|
Land |
|
$ |
110,113 |
|
$ |
110,113 |
|
|
Building and improvements |
|
3,263,984 |
|
1,508,966 |
|
|
Machinery equipment, furniture and fixtures |
|
7,849,433 |
|
5,088,422 |
|
|
Equipment under capital leases |
|
56,242 |
|
56,242 |
|
|
Total property, plant and equipment |
|
11,279,772 |
|
6,763,743 |
|
|
Less: accumulated depreciation |
|
(3,976,697 |
) |
(3,624,051 |
) |
|
Total property, plant and equipment, net |
|
$ |
7,303,075 |
|
$ |
3,139,692 |
|
Depreciation expense for the three months and nine months ended December 31, 2011 and 2010 was $132,119 and $357,341, and $91,549 and $270,004, respectively. All real and personal property and fixtures of the Company are collateral for the Sovereign Bank long-term debt obligations (see Note 8 to our Consolidated Financial Statements).
|