Quarterly report pursuant to Section 13 or 15(d)

Property, Plant, Equipment and Rental Assets

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.