Quarterly report pursuant to Section 13 or 15(d)

Property, Plant, Equipment and Rental Assets

v3.22.2.2
Property, Plant, Equipment and Rental Assets
6 Months Ended
Sep. 30, 2022
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,

    

2022

    

2022

 

Machinery, equipment, automobiles and furniture

$

16,479

$

15,945

 

Leasehold improvements

 

8,868

 

8,848

 

Molds and tooling

3,499

3,469

Rental assets

 

25,314

 

17,079

 

 

54,160

 

45,341

Less: accumulated depreciation

 

(28,785)

 

(27,303)

Total property, plant, equipment and rental assets, net

$

25,375

$

18,038

During the six months ended September 30, 2022, the Company deployed an additional 8.8 megawatts (“MWs”) of microturbine systems with a book value of approximately $8.2 million under its long-term rental program, bringing the total rental fleet to 29.9 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 $0.8 million and $0.4 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation expense for property, plant, equipment and rental assets was $1.5 million and $0.8 million for the six months ended September 30, 2022 and 2021, respectively.