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OTHER NONCURRENT LIABILITY | 12 Months Ended
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Mar. 31, 2025
OTHER NONCURRENT LIABILITY |
OTHER NONCURRENT LIABILITY | NOTE 13 - OTHER NONCURRENT LIABILITY Under an addendum to a contract purchase order, one of our customers agreed to reimburse the Company for the cost of certain new equipment. Payments are received as the Company incurs construction costs, and we have received payments from the customer through fiscal 2024. In case of a contract breach, at the time of the breach, the customer may claw back the funds based on a prorated ten-year straight-line annual declining balance recovery period. This liability amount was included in the Company’s consolidated balance sheets as a noncurrent liability. On March 31, 2025 and 2024, the sum total of $3,235 and $3,528 was included in other noncurrent liabilities for the program described above. In September 2023, we signed an agreement to purchase new equipment for another customer who agreed to reimburse the Company for the cost of the equipment. We received the first payment in fiscal 2024, with additional payments received during fiscal 2025. Advance payments from the customer accrue in the Company’s consolidated balance sheets as a noncurrent liability. In fiscal year 2023, Stadco entered into an agreement with the Los Angeles Department of Water and Power, or “LADWP”, to settle previously outstanding amounts for water, water service, electric energy and/or electric service in the aggregate amount of $1,800 that were delinquent and unpaid. Under the agreement, Stadco will make monthly installment payments on the unpaid balance beginning on December 15, 2022, in an aggregate amount of $18 per month until the earlier of November 15, 2030, or the amount due is paid in full. Late payments will accrue a late payment charge equal to an 18% annual rate on the unpaid balance. This liability amount was included in the Company’s balance sheet as a current and noncurrent liability as of March 31, 2025 and 2024 for $221 and $995, and $221 and $1,254, respectively.

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