Note 6 - Property, Plant and Equipment, Net |
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Property, Plant and Equipment Disclosure [Text Block] |
6. PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expensed as incurred. Property, plant and equipment are as follows:
During the first quarter of 2025, the Company acquired Rahn, which included property, plant and equipment valued at $1.4 million.
During the first quarter of 2024, the Company acquired Heany, which included property, plant and equipment valued at million. During the second quarter of 2024, the Company exercised a purchase option for the building and land that CAD Enterprises, Inc. ("CAD") operates out of for $6.9 million, which was financed as described in the debt footnote (Note 7). During the third quarter of 2024, the Company acquired AIC, which included property, plant and equipment valued at $1.1 million.
During the second quarter of 2024, the Company issued 741 Class A Common Shares, valued at $30,011, to Air Power Dynamics, LLC in an arms-length exchange for an aerospace tooling machine. Air Power Dynamics, LLC was controlled by Ambassador Edward Crawford, who is the chairman of the Company's board.
Depreciation expense was $731,196 and $679,959 for the three months ended March 31, 2025 and 2024, respectively.
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