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COMMITMENTS
 6 Months Ended
Sep. 30, 2024
COMMITMENTS  
COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS

Purchase Commitments

As of September 30, 2024, we had approximately $5,911 in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies.

Retirement Benefits

The Company has two defined contribution and savings plan that covers substantially all employees who have completed 90 days of service. The Company contributed the following amounts to the plan during the periods ended:

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Three Months ended

    

Three Months ended

    

Six Months ended

    

Six Months ended

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September 30, 2024

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September 30, 2023

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September 30, 2024

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September 30, 2023

Company contributions

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$

21

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$

22

​

$

42

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$

43

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Legal Proceeding

The estimated amounts of liabilities recorded for pending and threatened litigation are recorded in other current liabilities in our consolidated balance sheets. In accordance with the accounting standard for contingencies, we record a liability when management believes that it is both probable that a liability has been incurred and we can reasonably estimate the amount of the loss. Generally, the loss is recorded for the amount we expect to resolve the liability. We believe we have recorded adequate provisions for our litigation matters. We review and adjust these provisions quarterly to reflect the effect of negotiations, settlements, rulings, and advice.

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 case has been stayed and was resolved in principle at mediation on June 26, 2024. The former employee’s individual claims were also resolved at mediation, and final settlement payment on the individual claims was due and paid in August 2024.

On October 8, 2024, the Los Angeles County (CA) Superior Court approved the settlement of the Plaintiff’s claim for imposition of civil penalties pursuant to the PAGA. Under the terms of the PAGA Settlement Agreement, the full PAGA settlement amount was paid by Stadco on December 12, 2024, which was included in accrued expenses under the provision for claims as of March 31, 2024 (see Note 10 – Accrued Expenses).