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PROPERTY, PLANT AND EQUIPMENT, NET
 9 Months Ended
Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET  
PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET

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

    

December 31, 2023

    

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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25,759,540

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23,018,713

Construction-in-progress

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114,733

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149,576

Total property, plant, and equipment

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29,278,372

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26,572,388

Less: accumulated depreciation and amortization

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(13,848,931)

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(12,658,364)

Total property, plant and equipment, net

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$

15,429,441

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$

13,914,024

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We capitalize interest on borrowings during active construction periods 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. Interest capitalized for the nine months ended December 31, 2023 was $18,642.

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.