TECHPRECISION CORP - 10-Q filing on 2023-08-21

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Jun. 30, 2023

NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET


Property, plant and equipment, net consisted of the following as of:	June 30, 2023		March 31, 2023
Land	$	110,113	$	110,113
Building and improvements		3,293,986		3,293,986
Machinery equipment, furniture, and fixtures		24,846,351		23,018,713
Construction-in-progress		164,681		149,576
Total property, plant, and equipment		28,415,131		26,572,388
Less: accumulated depreciation		(13,038,405)		(12,658,364)
Total property, plant and equipment, net	$	15,376,726	$	13,914,024

We capitalize interest on borrowings during active construction period 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 three months ended June 30, 2023 was $28,168.