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ACCRUED EXPENSES

12 Months Ended

Mar. 31, 2022

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 11 - ACCRUED EXPENSES

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​	​	​	​	​	​	​
Accrued expenses included the following as of:		March 31, 2022			March 31, 2021
Accrued compensation	​	$	947,938	​	$	496,320
Provision for claims	​	​	935,382	​	​	495,000
Provision for contract losses	​		340,272	​		164,164
Accrued professional fees	​		513,379	​		213,213
Accrued project costs	​		487,869	​		114,611
Contingent consideration	​	​	63,436	​	​	—
Other	​		147,590	​		42,962
Total	​	$	3,435,866	​	$	1,526,270

​

Accrued compensation includes amounts for executive bonuses, payroll and vacation and holiday pay. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in the provision are recorded in cost of sales. Accrued project costs are estimates for certain project expenses during the reporting period.

A customer of our Stadco subsidiary has provided a notice for collection of additional costs incurred in connection with a certain product manufacturing project. Stadco has booked a contingent loss for approximately $0.8 million which is included on the provision for claims line in the above table.

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- Definition

The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- References

No definition available.

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