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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES. |
COMMITMENTS AND CONTINGENCIES | NOTE 15 – COMMITMENTS AND CONTINGENCIES Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2024 for future executive salaries was approximately $0.6 million. The aggregate commitment at March 31, 2024 was approximately $1.0 million for accrued payroll, vacation and holiday pay for the remainder of our employees. Purchase Commitments As of March 31, 2024, we had approximately $5.8 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies. 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. The Company contributed $86,026 and $84,889 for the years ended March 31, 2024 and 2023, respectively. Legal Proceeding On October 30, 2023, a former employee filed suit against Stadco asserting individual wage and hour claims, claims for age and disability discrimination under California law, and a collective action on behalf of all non-exempt Stadco employees pursuant to the California Private Attorneys General Act of 2004 (“PAGA”) [Cal. Lab. Code, ss. 2698, et seq.], to impose civil penalties for certain violations of the California Labor Code. Stadco has retained outside legal counsel to defend this action. The case has been stayed and was resolved in principle at mediation on June 26, 2024. The PAGA settlement must be approved at a court hearing at a future date that has not been determined. The former employee’s individual claims were also resolved at mediation, and final settlement payment on the individual claims was due and paid in August, 2024.

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