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ACCRUED EXPENSES

12 Months Ended

Mar. 31, 2024

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 11 - ACCRUED EXPENSES

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​	​	​	​	​	​	​
Accrued expenses included the following as of:		March 31, 2024			March 31, 2023
Accrued compensation	​	$	1,172,262	​	$	1,257,245
Provision for claims	​	​	516,972	​	​	256,227
Provision for contract losses	​		293,324	​		102,954
Accrued professional fees	​		458,636	​		241,195
Accrued project costs	​		560,428	​		440,550
Accrued breakup fee	​	​	1,116,800	​	​	—
Other	​		144,064	​		235,014
Total	​	$	4,262,486	​	$	2,533,185

​

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.

Due to a change in certain conditions and events, it became probable that on March 31, 2024, the Company would not be able to close on the acquisition of Votaw Technologies (see Note 17 - Subsequent Events), pursuant to a Stock Purchase Agreement. As such, the Company accrued $1.1 million on March 31, 2024, for the stock termination fee as set forth under the terms and conditions of the agreement.

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