NOTE D – PROPERTY AND EQUIPMENT AND RIGHT OF USE ASSET - NET

Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation and amortization are provided by using the straight-line method based on estimated useful lives. Expenditures for major betterments that extend the useful life of property and equipment are capitalized. Repair and maintenance costs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in the results of operations. Right-of-use lease assets of $0 and $155,763, net, are included in leasehold improvements in Property and Equipment on the Consolidated Balance Sheets as of March 31, 2025, and 2024, respectively.

The estimated useful lives for financial reporting purposes are as follows:

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Property and equipment consist of the following:

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Depreciation and the amortization of intangibles totaled $159,656 which includes $155,763 of amortization of right-of-use lease asset for fiscal year ended March 31, 2025. For the fiscal year ended March 31, 2024, depreciation expense totaled $163,457 which included $155,764 of amortization of right-of-use lease asset.