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SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2022
SEGMENT INFORMATION.  
SEGMENT INFORMATION

NOTE 16 – SEGMENT INFORMATION

The Company has two wholly-owned subsidiaries, Ranor and Stadco that are reportable segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All of the Company’s operations, assets, and customers are located in the U.S.

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Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other industrial customers. However, both segments have separate operating, engineering, and sales teams. The Chief Operating Decision Maker, or CODM, evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs. Corporate costs include executive and director compensation, stock-based compensation, and other corporate and administrative expenses not allocated to the segments. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position.

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The following table provides summarized financial information for our segments:

    

March 31, 2022

    

March 31, 2021

Ranor

​

$

14,580,306

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$

15,595,558

Stadco

​

 

7,755,946

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—

Eliminate intersegment revenue

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(53,757)

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—

Net sales from external customers

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$

22,282,495

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$

15,595,558

Ranor operating income

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961,392

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1,578,307

Stadco operating loss

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(1,124,542)

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Corporate and unallocated (1)

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​

(1,398,379)

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​

(955,059)

Total operating (loss) income

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$

(1,561,529)

​

$

623,248

Interest expense and other expense

​

 

(297,761)

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(197,737)

Unallocated PPP loan forgiveness

​

 

1,317,100

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—

Consolidated (loss) income before income taxes

​

$

(542,189)

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$

425,511

Assets

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Ranor

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10,654,579

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13,569,908

Stadco

​

 

24,907,656

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—

Corporate and unallocated

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2,290,324

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2,434,111

Totals

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$

37,852,559

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$

16,004,019

Depreciation and amortization

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Ranor

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595,536

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704,049

Stadco

​

 

864,903

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—

Totals

​

$

1,460,439

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$

704,049

Capital expenditures

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Ranor

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825,608

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546,890

Stadco

​

 

113,396

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—

Totals

​

$

939,004

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$

546,890

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(1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments.

Prior period segment data is restated to reflect the new reportable segments.