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SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2023
SEGMENT INFORMATION.  
SEGMENT INFORMATION

NOTE 16 – SEGMENT INFORMATION

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

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, 2023

    

March 31, 2022

Ranor

​

$

19,181,539

​

$

14,580,306

Stadco

​

 

12,250,075

​

 

7,755,946

Eliminate intersegment revenue

​

 

—

​

 

(53,757)

Net sales from external customers

​

$

31,431,614

​

$

22,282,495

Ranor operating income

​

 

5,150,821

​

 

1,514,790

Stadco operating loss

​

 

(3,905,323)

​

 

(1,124,542)

Corporate and unallocated (1)

​

​

(2,350,718)

​

​

(1,951,777)

Operating loss

​

$

(1,105,220)

​

$

(1,561,529)

Interest expense and other expense

​

 

(314,766)

​

 

(297,761)

Refundable employee retention tax credits

​

 

636,564

​

 

—

Unallocated PPP loan forgiveness

​

 

—

​

 

1,317,100

Consolidated loss before income taxes

​

$

(783,422)

​

$

(542,189)

Assets

​

 

​

​

 

​

Ranor

​

 

11,350,905

​

 

10,654,579

Stadco

​

 

23,817,425

​

 

24,907,656

Corporate and unallocated

​

 

1,039,411

​

 

2,290,324

Totals

​

$

36,207,741

​

$

37,852,559

Depreciation and amortization

​

 

​

​

 

​

Ranor

​

 

523,683

​

 

595,536

Stadco

​

 

1,693,789

​

 

864,903

Totals

​

$

2,217,472

​

$

1,460,439

Capital expenditures

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​

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​

Ranor

​

 

1,599,966

​

 

825,608

Stadco

​

 

725,335

​

 

113,396

Totals

​

$

2,325,301

​

$

939,004

(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 changes in corporate and administrative expenses not allocated to the segments.