Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

Property, Plant and Equipment

12 Months Ended

Mar. 31, 2022

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.