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PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
Mar. 31, 2024
PROPERTY, PLANT AND EQUIPMENT, NET  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NET

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Property, plant and equipment, net consisted of the following as of:

    

March 31, 2024

    

March 31, 2023

Land

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$

110,113

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$

110,113

Building and improvements

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3,293,986

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3,293,986

Machinery equipment, furniture, and fixtures

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25,590,644

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23,018,713

Construction-in-progress

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148,606

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149,576

Total property, plant, and equipment

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29,143,349

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26,572,388

Less: accumulated depreciation

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(14,345,358)

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(12,658,364)

Total property, plant and equipment, net

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$

14,797,991

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$

13,914,024

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In fiscal 2024 and 2023, we recorded depreciation expense of $1,746,103 and $1,557,910, respectively, in our cost of goods sold. We also recorded machinery and equipment disposals with a book value of $22,815. We also received $61,944 of proceeds from an insurance settlement related to certain fixed asset disposals abandoned by theft at our Stadco plant.

We capitalize interest on borrowings during active construction period for major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended March 31, 2024 and 2023 were $18,642 and $14,297, respectively.

In September 2023, the Company signed an agreement to make additional equipment upgrades for a certain customer. We recognize new purchases as a fixed asset and billings for reimbursement from the customer as a contra-asset. Future depreciation of the asset will be offset directly by the amortization of the contra-asset on a net basis in the statement of operations. The amortization period will match the schedule of depreciation set forth under the fixed asset ledger.