Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.19.2
PROPERTY AND EQUIPMENT
12 Months Ended
Mar. 31, 2019
PROPERTY AND EQUIPMENT [Text Block]

NOTE 3 – PROPERTY AND EQUIPMENT

Fixed assets consisted of the following at:

    March 31, 2019     March 31, 2018  
Machinery and Equipment $  3,764,533   $  2,096,074  
Machinery – Construction in Progress   -0-     312,160  
Office Equipment   29,000     29,300  
Less: Accumulated Depreciation   (1,848,568 )   (1,267,899 )
Fixed Assets, net $  1,945,265   $  1,169,635  

Depreciation expense for the years ended March 31, 2019 and 2018 was $580,669 and $418,777, 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 $14,934.00 each and one final installment of $4,040.41, 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 due and payable on January 1, 2019. As of March 31, 2019, the equipment was paid for in full.