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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Dec. 31, 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 December 31, 2023 for future executive salaries and bonus was approximately $0.6 million. The aggregate commitment at December 31, 2023 for accrued payroll, vacation and holiday pay was approximately $0.9 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 nine months ended December 31, 2023, the Company contributed $21,194 and $64,191, respectively, and for the three and nine months ended December 31, 2022, the Company contributed $19,233 and $63,354, 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 claim is in early stages, and has been stayed pending completion of mediation, currently scheduled for June 26, 2024. The amount of any loss or exposure cannot be reasonably estimated at this date. The former employee’s individual claims will be subject to private arbitration, while the PAGA claim is not subject to arbitration.

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