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PROPERTY, EQUIPMENT AND EQUIPMENT, NET

3 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND EQUIPMENT, NET

PROPERTY, EQUIPMENT AND EQUIPMENT, NET

NOTE 14 – PROPERTY, PLANT, AND EQUIPMENT, NET

Property, plant, and equipment, net consists of the following:

​

​	​	​	​	​	​	​
​		December 31,			September 30,
​	​	2023		​	2023
Buildings	​	$	48,539,340	​	$	48,081,466
Machinery and equipment	​	​	31,175,282	​	​	27,861,452
Land	​	​	3,040,303	​	​	3,040,303
Construction-in-progress	​	​	8,186,675	​	​	5,180,642
Other fixed assets	​	​	3,953,967	​	​	2,824,165
Total cost of assets excluding accumulated impairment	​		94,895,567	​	​	86,988,028
Less: accumulated depreciation	​		(7,979,326)	​	​	(4,955,243)
Property, Plant, and Equipment, net	​	$	86,916,241	​	$	82,032,785

​

During the last quarter of fiscal year ended September 30, 2023, due to unfavorable market conditions, decline of the market prices of the Company’s common stock, and budgeted performance misses compared to the budgets prepared previously, we have tested long-lived asset for recoverability. The test was performed on September 1, 2023 by independent professional appraisers using both discounted cash flow method and guideline public company method. The fair value of the property, plant, and equipment of the ELMS/Legacy Mullen segment (classified in Level 3 of the fair value hierarchy) was determined on a standalone basis utilizing the cost and market approaches to value. The assets of the Bollinger's segment (see Note 21 - Segment information) were not impaired, except for impairment of goodwill (see Note 6 - Goodwill and intangible assets). An impairment loss in amount of $13,519,492 has been recognized in respect of the property, plant, and equipment of the ELMS/Legacy Mullen segment: primarily construction-in-progress, and machinery and equipment. No additional impairment has been recognized during the quarter ended December 31, 2023.

Depreciation expense related to property, plant, and equipment for the three months ended December 31, 2023 and 2022 was $3,024,083 and $2,037,623, respectively.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

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-Name Accounting Standards Codification
-Section 50
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-Name Accounting Standards Codification
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-Topic 958
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480321/958-360-50-7

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