Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

v3.24.1.1.u2
Property, Plant and Equipment
12 Months Ended
Mar. 31, 2022
Property, Plant and Equipment  
Property, Plant and Equipment

5. Property, Plant and Equipment

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

March 31, 2022

March 31, 2021

    

(Restated)

    

(Restated)

 

Machinery, equipment, automobiles and furniture

$

15,945

$

15,523

 

Leasehold improvements

 

8,848

 

8,069

 

Molds and tooling

3,469

3,192

Rental assets

 

17,079

 

8,378

 

 

45,341

 

35,162

Less: accumulated depreciation

 

(27,303)

 

(25,532)

Total property, plant, equipment and rental assets, net

$

18,038

$

9,630

During Fiscal 2022, the Company deployed an additional 11.1 megawatts (“MWs”) of microturbine systems with a book value of approximately $8.7 million under its long-term rental program, bringing the total rental fleet to 21.1 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 $1.8 million and $1.3 million for Fiscal 2022 and 2021, respectively.