Quarterly report pursuant to Section 13 or 15(d)

Property, Plant, Equipment and Rental Assets

Property, Plant, Equipment and Rental Assets

9 Months Ended

Dec. 31, 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):


	December 31,		March 31,
	2022		2022
Machinery, equipment, automobiles and furniture	$	14,603	$	15,945
Leasehold improvements		8,868		8,848
Molds and tooling		3,516		3,469
Rental assets		28,519		17,079
		55,506		45,341
Less: accumulated depreciation		(29,600)		(27,303)
Total property, plant, equipment and rental assets, net	$	25,906	$	18,038

During the nine months ended December 31, 2022, the Company deployed an additional 12.4 megawatts (“MWs”) of microturbine systems with a book value of approximately $11.4 million under its long-term rental program, bringing the total rental fleet to 33.5 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 $0.9 million and $0.5 million for the three months ended December 31, 2022 and 2021, respectively. Depreciation expense for property, plant, equipment and rental assets was $2.3 million and $1.2 million for the nine months ended December 31, 2022 and 2021, respectively.