v3.25.2
Note 14 - Property, Plant, and Equipment, Net
 9 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 14 – PROPERTY, PLANT, AND EQUIPMENT, NET

 

Property, plant and equipment consist of the following:

 

  

June 30,

  

September 30,

 
  

2025

  

2024

 

Buildings

 $8,513,177  $50,007,998 

Machinery and equipment

  22,868,835   41,968,053 

Construction-in-progress

  3,075,654   3,183,451 

Land

  1,600,303   3,065,757 

Other fixed assets

  7,997,436   6,380,587 

Total cost of assets excluding accumulated impairment

  44,055,405   104,605,846 

Less: accumulated depreciation

  (13,868,062)  (22,425,580)

Property, Plant, and Equipment, net

 $30,187,343  $82,180,266 

 

Depreciation expenses related to property, plant and equipment for the three and nine months ended June 30, 2025 was $2.6 million and $10.3 million, respectively ($2.6 million and $14.3 million for the three and nine months ended June 30, 2024, respectively).

 

As further disclosed in Note 19 - Contingencies and claims, the Company entered into a legal settlement agreement with GEM to resolve outstanding legal claims. In full satisfaction of the related liability, the Company transferred ownership of its Mishawaka facility: mainly, a building with a carrying amount of $36.4 million, personal property with a carrying amount of $7.4 million, and land with a carrying amount of $1.4 million. The transaction does not qualify as a discontinued operation under ASC 205-20, as it does not represent a strategic shift in the Company’s operations nor was the asset a separate reportable segment. The excess of the carrying values of transferred assets over liabilities to GEM in amount of $14.3 million was presented in the consolidated statements of operations as "Loss on settlement (GEM case)".