XML 29 R18.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES

12 Months Ended

Mar. 31, 2023

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 11 - ACCRUED EXPENSES


Accrued expenses included the following as of:		March 31, 2023			March 31, 2022
Accrued compensation		$	1,257,245		$	947,938
Provision for claims			256,227			935,382
Provision for contract losses			102,954			340,272
Accrued professional fees			241,195			513,379
Accrued project costs			440,550			487,869
Contingent consideration			—			63,436
Other			235,014			147,590
Total		$	2,533,185		$	3,435,866

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 provided notice for collection of additional costs incurred in connection with a certain product manufacturing project. In fiscal 2022, Stadco booked a contingent loss for approximately $0.8 million which is included on the provision for claims line in the above table. The claim was resolved to the satisfaction of both parties in fiscal 2023, and the accrual was reversed against related accounts receivable.