Quarterly report pursuant to Section 13 or 15(d)

Property, Plant, Equipment and Rental Assets

v3.21.2
Property, Plant, Equipment and Rental Assets
6 Months Ended
Sep. 30, 2021
Property, Plant, Equipment and Rental Assets  
Property, Plant, Equipment and Rental Assets

6. Property, Plant, Equipment and Rental Assets

Property, plant, equipment and rental assets consisted of the following (in thousands):

September 30,

March 31,

    

2021

    

2021

 

Machinery, equipment, automobiles and furniture

$

15,611

$

15,523

 

Leasehold improvements

 

8,548

 

8,069

 

Molds and tooling

3,336

3,192

Rental assets

 

10,493

 

8,378

 

 

37,988

 

35,162

Less: accumulated depreciation

 

(26,301)

 

(25,532)

Total property, plant, equipment and rental assets, net

$

11,687

$

9,630

During the six months ended September 30, 2021, the Company deployed an additional 2.5 megawatts of its C1000 Signature Series systems with a book value of approximately $2.1 million under its long-term rental program, bringing the total rental fleet to 13.1 MWs.

The Company regularly assesses the useful lives of property and equipment and retires assets no longer in service. Depreciation expense for property, plant, equipment and rental assets was $0.4 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively. Depreciation expense for property, plant, equipment and rental assets was $0.8 million and $0.6 million for the six months ended September 30, 2021 and 2020, respectively.