Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
9 Months Ended
Dec. 31, 2018
PROPERTY AND EQUIPMENT [Text Block]

NOTE 3 – PROPERTY AND EQUIPMENT

Fixed assets consisted of the following at:

      December 31, 2018     March 31, 2018  
  Machinery and Equipment $  2,408,234   $  2,096,074  
  Machinery – Construction in progress   1,174,457     312,160  
  Office Equipment   29,300     29,300  
  Less: Accumulated Depreciation   (1,602,667 )   (1,267,899 )
  Fixed Assets, net $  2,009,324   $  1,169,635  

Depreciation expense for the nine months ended December 31, 2018 and December 31, 2017 was $334,769 and $286,482, respectively.

On February 1, 2018, we exercised our purchase option to purchase four alkaline generating electrolysis system machines leased under the master lease agreement entered into on October 22, 2014, as amended on February 25, 2015 with Veterans Capital Fund, LLC for a total of $160,000. The purchase price bears interest of 12% per annum and is payable in eleven equal monthly installments of $14,934 each and one final installment of $4,040, with the first installment due on February 1, 2018 and on the remaining eleven installments due on the first of each month thereafter with the final installment paid on December 1, 2018.