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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | NOTE 14 – COMMITMENTS AND CONTINGENCIES Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjustable annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at September 30, 2023 for future executive salaries and bonus was approximately $0.7 million. The aggregate commitment at September 30, 2023 for accrued payroll, vacation and holiday pay was approximately $1.0 million for the remainder of our employees. Retirement Benefits Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. For the three and six months ended September 30, 2023, the Company contributed $21,543 and $42,997, respectively, and for the three and six months ended September 30, 2022, the Company contributed $22,123 and $44,122, respectively. Legal Proceeding On or about July 21, 2023, pursuant to the Labor Code Private Attorneys General Act of 2004, a former employee of Stadco provided notice on behalf of himself and of all individuals currently and formerly employed in California as non-exempt or hourly paid employees, or the plaintiffs, against Stadco, a California corporation, to recover alleged unpaid wages, damages, and attorney’s fees for certain violations of the California Labor Code. Stadco has retained outside legal counsel to defend this action. The claim is in early stage of discovery and the amount of any loss cannot be reasonably estimated at this date.

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