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, 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):


	December 31,		March 31,
	2021		2021
Machinery, equipment, automobiles and furniture	$	15,681	$	15,523
Leasehold improvements		8,566		8,069
Molds and tooling		3,336		3,192
Rental assets		13,439		8,378
		41,022		35,162
Less: accumulated depreciation		(26,760)		(25,532)
Total property, plant, equipment and rental assets, net	$	14,262	$	9,630

During the nine months ended December 31, 2021, the Company deployed an additional 7.1 megawatts (“MWs”) of microturbine systems with a book value of approximately $5.1 million under its long-term rental program, bringing the total rental fleet to 17.7 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 $0.5 million and $0.3 million for the three months ended December 31, 2021 and 2020, respectively. Depreciation expense for property, plant, equipment and rental assets was $1.2 million and $1.0 million for the nine months ended December 31, 2021 and 2020, respectively.