AMMO (POWW) 10-K 13 Jun 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Mar. 31, 2024	Jun. 10, 2024	Sep. 30, 2023
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--03-31
Entity File Number	001-13101
Entity Registrant Name	AMMO, Inc.
Entity Central Index Key	0001015383
Entity Tax Identification Number	83-1950534
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	7681 E Gray Road
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85260
City Area Code	(480)
Local Phone Number	947-0001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 179,118,089
Entity Common Stock, Shares Outstanding		119,181,067
Documents Incorporated By Reference	Part III incorporates information by reference from the definitive proxy statement for the registrant’s 2024 Annual Meeting of Stockholders to be filed within 120 days after the end of the registrant’s fiscal year.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	342
Auditor Name	PANNELL KERR FORSTER OF TEXAS, P.C.
Auditor Location	Houston, Texas
Common Stock 0.001 Par Value [Member]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	POWW
Security Exchange Name	NASDAQ
8.75 Series A Cumulative Redeemable Perpetual Preferred Stock 0.001 Par Value [Member]
Title of 12(b) Security	8.75% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value
Trading Symbol	POWWP
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current Assets:
Cash and cash equivalents	$ 55,586,441	$ 39,134,027
Accounts receivable, net	28,221,321	29,346,380
Inventories	45,563,334	54,344,819
Prepaid expenses	2,154,170	5,126,667
Current portion of restricted cash		500,000
Total Current Assets	131,525,266	128,451,893
Equipment, net	58,082,040	55,963,255
Other Assets:
Deposits	349,278	7,028,947
Patents, net	4,539,290	5,032,754
Other intangible assets, net	111,049,067	123,726,810
Goodwill	90,870,094	90,870,094
Right of use assets - operating leases	2,000,093	1,261,634
Deferred income tax asset	1,487,088
TOTAL ASSETS	399,902,216	412,335,387
Current Liabilities:
Accounts payable	23,156,495	18,079,397
Accrued liabilities	7,030,667	4,353,354
Current portion of operating lease liability	479,651	470,734
Note payable related party		180,850
Current portion of construction note payable	273,459	260,429
Insurance premium note payable		2,118,635
Total Current Liabilities	30,940,272	25,463,399
Long-term Liabilities:
Contingent consideration payable	59,838	140,378
Construction note payable, net of unamortized issuance costs	10,735,241	10,922,443
Operating lease liability, net of current portion	1,609,836	903,490
Deferred income tax liability		2,309,592
Total Liabilities	43,345,187	39,739,302
Shareholders’ Equity:
Series A cumulative perpetual preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively	1,400	1,400
Common stock, $0.001 par value, 200,000,000 shares authorized 120,531,507 and 118,562,806 shares issued and 119,181,067 and 118,294,478 outstanding at March 31, 2024 and March 31, 2023, respectively	119,181	118,294
Additional paid-in capital	396,730,170	391,940,374
Accumulated deficit	(37,620,566)	(18,941,825)
Treasury Stock	(2,673,156)	(522,158)
Total Shareholders’ Equity	356,557,029	372,596,085
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 399,902,216	$ 412,335,387

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, dividend rate percentage	8.75%	8.75%
Preferred stock, stated value per share	$ 25	$ 25
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	1,400,000	1,400,000
Preferred stock, shares outstanding	1,400,000	1,400,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	120,531,507	118,562,806
Common stock, shares outstanding	119,181,067	118,294,478

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Net Revenues
Total Revenues		$ 145,054,572	$ 191,439,801	$ 240,269,166
Cost of Revenues		102,431,803	136,031,204	151,505,657
Gross Profit		42,622,769	55,408,597	88,763,509
Operating Expenses
Selling and marketing		1,370,079	4,729,540	7,310,216
Corporate general and administrative		29,583,274	24,980,079	16,986,344
Employee salaries and related expenses		16,703,822	15,679,135	13,615,439
Depreciation and amortization expense		13,542,791	13,278,762	13,702,148
Total operating expenses		61,199,966	58,667,516	51,614,147
Income/(Loss) from Operations		(18,577,197)	(3,258,919)	37,149,362
Other Expenses
Other income		(332,593)	25,181	21,840
Interest expense		(446,473)	(632,062)	(637,797)
Total other expense		(779,066)	(606,881)	(615,957)
Income/(Loss) before Income Taxes		(19,356,263)	(3,865,800)	36,533,405
Provision for Income Taxes		(3,791,063)	730,238	3,285,969
Net Income/(Loss)		(15,565,200)	(4,596,038)	33,247,436
Preferred Stock Dividend		(3,122,049)	(3,105,034)	(2,668,649)
Net Income/(Loss) Attributable to Common Stock Shareholders		$ (18,687,249)	$ (7,701,072)	$ 30,578,787
Net Income/(Loss) per share
Basic		$ (0.16)	$ (0.07)	$ 0.27
Diluted		$ (0.16)	$ (0.07)	$ 0.27
Weighted average number of shares outstanding
Basic		118,249,486	117,177,885	112,328,680
Diluted		118,249,486	117,177,885	114,189,720
Ammunition Sales [Member]
Net Revenues
Total Revenues	[1],[2]	$ 69,390,801	$ 114,116,044	$ 161,459,025
Marketplace Fee Revenue [Member]
Net Revenues
Total Revenues		53,942,076	63,149,673	64,608,516
Ammunition Casings Sales [Member]
Net Revenues
Total Revenues		$ 21,721,695	$ 14,174,084	$ 14,201,625
[1]Included in revenue for the fiscal year ended March 31, 2024, 2023, and 2022 are excise taxes of $ 6,155,524 9,789,897 6,155,524 9,789,897 14,646,983

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Excises taxes	$ 6,155,524	$ 9,789,897	$ 14,646,983

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Mar. 31, 2021		$ 93,100	$ 202,073,968	$ (41,819,539)		$ 160,347,529
Balance, shares at Mar. 31, 2021		93,099,967
Acquisition stock issuances		$ 20,000	142,671,282			142,691,282
Acquisition stock issuances, shares		20,000,000
Common stock issued for exercised warrants		$ 431	943,476			943,907
Common stock issued for exercised warrants, shares		431,080
Common stock issued for cashless warrant exercise		$ 375	(375)
Common stock issued for cashless warrant exercise, shares		374,584
Common stock issued for services and equipment		$ 773	1,630,928			1,631,701
Common stock issued for services and equipment, shares		772,450
Employee stock awards		$ 1,808	5,757,192			5,759,000
Employee stock awards, shares		1,807,666
Stock grants			252,488			252,488
Issuance of Series A Preferred Stock, net of issuance costs	$ 1,400		31,007,396			31,008,796
Issuance of Series A Preferred Stock, net of issuance costs, shares	1,400,000
Warrants issued for services			1,090,076			1,090,076
Preferred stock dividends declared				(2,524,087)		(2,524,087)
Dividends accumulated on preferred stock				(144,562)		(144,562)
Net (income) loss				33,247,436		33,247,436
Balance at Mar. 31, 2022	$ 1,400	$ 116,487	385,426,431	(11,240,752)		374,303,566
Balance, shares at Mar. 31, 2022	1,400,000	116,485,747
Common stock issued for exercised warrants		$ 200	101,306			101,506
Common stock issued for exercised warrants, shares		200,003
Common stock issued for cashless warrant exercise		$ 99	(99)
Common stock issued for cashless warrant exercise, shares		99,762
Employee stock awards		$ 1,776	5,806,003			5,807,779
Employee stock awards, shares		1,777,294
Stock grants			179,094			179,094
Warrants issued for services			427,639			427,639
Preferred stock dividends declared				(638,071)		(638,071)
Dividends accumulated on preferred stock				(144,618)		(144,618)
Net (income) loss				(4,596,038)		(4,596,038)
Preferred stock dividend				(2,322,346)		(2,322,346)
Treasury shares purchased		(268)			(522,158)	$ (522,426)
Treasury shares purchased, shares						(268,328)
Balance at Mar. 31, 2023	$ 1,400	$ 118,294	391,940,374	(18,941,825)	(522,158)	$ 372,596,085
Balance, shares at Mar. 31, 2023	1,400,000	118,294,478
Common stock issued for exercised warrants		$ 32	76,168			76,200
Common stock issued for exercised warrants, shares		31,750
Employee stock awards		$ 1,938	4,080,170			4,082,108
Employee stock awards, shares		1,936,951
Stock grants			203,000			203,000
Preferred stock dividends declared				(638,071)		(638,071)
Dividends accumulated on preferred stock				(144,618)		(144,618)
Net (income) loss				(15,565,200)		(15,565,200)
Preferred stock dividend				(2,330,852)		(2,330,852)
Treasury shares purchased		(1,082)			(2,150,998)	$ (2,152,080)
Treasury shares purchased, shares						(1,082,112)
Common stock purchase options			430,457			$ 430,457
Balance at Mar. 31, 2024	$ 1,400	$ 119,182	$ 396,730,169	$ (37,620,566)	$ (2,673,156)	$ 356,557,029
Balance, shares at Mar. 31, 2024	1,400,000	119,181,067

Consolidated Statements of Cash

Consolidated Statements of Cash Flow - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net Income/(Loss)	$ (15,565,200)	$ (4,596,038)	$ 33,247,436
Adjustments to reconcile Net Loss to Net Cash provided by operations:
Depreciation and amortization	18,813,897	17,519,949	17,339,093
Debt discount amortization	83,253	83,253	38,330
Employee stock awards	4,082,108	5,807,779	5,759,000
Stock grants	203,000	179,094	252,488
Common stock purchase options	430,457
Stock for services			4,200
Contingent consideration payable fair value	(80,540)	(63,764)	(385,750)
Allowance for credit losses	419,527	191,299	2,748,250
(Gain)/loss on disposal of assets	259,540		(12,044)
Reduction in right of use asset	476,252	629,140	720,491
Warrant issued for services		213,819	718,045
Deferred income taxes	(3,796,680)	730,238	1,536,481
Accounts receivable	705,532	14,417,405	(20,707,052)
Due to related parties		15,000	657
Inventories	8,781,485	4,671,333	(43,149,234)
Prepaid expenses	4,028,696	2,763,855	1,996,287
Deposits	6,679,669	4,306,375	(8,826,504)
Accounts payable	5,077,098	(8,694,813)	9,930,191
Accrued liabilities	2,532,695	(1,970,078)	2,374,686
Operating lease liability	(499,448)	(647,480)	(732,468)
Net cash provided by operating activities	32,631,341	35,556,366	2,852,583
Cash flows from investing activities:
Gemini acquisition			(50,517,840)
Purchase of equipment	(8,024,765)	(12,541,325)	(19,218,982)
Proceeds from disposal of assets	3,750		59,800
Net cash used in investing activities	(8,021,015)	(12,541,325)	(69,677,022)
Cash flow from financing activities:
Payments on inventory facility, net		(825,675)	(265,422)
Proceeds from factoring liability	37,252,869	71,348,761	121,488,045
Payments on factoring liability	(37,252,869)	(71,834,432)	(122,844,562)
Payments on assumed debt from Gemini			(50,000,000)
Payments on note payable - related party	(180,850)	(684,921)	(625,147)
Payments on insurance premium note payment	(3,174,834)	(2,134,143)	(2,208,369)
Proceeds from construction note payable		1,000,000
Payments on construction note payable	(257,425)	(150,743)
Payments on note payable			(4,000,000)
Sale of preferred stock			35,000,000
Common stock issued for exercised warrants	76,200	101,506	943,907
Common stock issuance costs			(3,199,922)
Preferred stock dividends paid	(2,968,923)	(2,960,416)	(2,524,087)
Common stock repurchase plan	(2,152,080)	(522,426)
Net cash used in financing activities	(8,657,912)	(6,662,489)	(28,235,557)
Net increase/(decrease) in cash	15,952,414	16,352,552	(95,059,996)
Cash, beginning of period	39,134,027	23,281,475	118,341,471
Restricted cash, beginning of period	500,000
Cash and restricted cash, end of period	55,586,441	39,634,027	23,281,475
Restricted cash, end of period		500,000
Cash, end of period	55,586,441	39,134,027	23,281,475
Cash paid during the period for:
Interest	667,063	665,043	626,571
Income taxes		1,302,811
Non-cash investing and financing activities:
Operating lease liability	1,214,711	901,076	809,451
Insurance premium note payment	1,056,199	4,252,778	2,166,852
Dividends accumulated on preferred stock	144,618	144,618	144,562
Construction note payable		10,237,032	387,968
Acquisition stock issuances			143,400,000
Warrant issued for services			$ 1,090,077

ORGANIZATION AND BUSINESS ACTIV

ORGANIZATION AND BUSINESS ACTIVITY	12 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS ACTIVITY	NOTE 1 – ORGANIZATION AND BUSINESS ACTIVITY We were formed under the name Retrospettiva, Inc. in November 1990 to manufacture and import textile products, including both finished garments and fabrics. We were inactive until the following series of events in December 2016 and March 2017. On December 15, 2016, the Company’s majority shareholders sold 475,681 11,891,976 The Company also approved (i) doing business in the name AMMO, Inc., (ii) a change to the Company’s OTC trading symbol to POWW, (iii) an agreement and plan of merger to re-domicile and change the Company’s state of incorporation from California to Delaware, and (iv) a 1-for-25 reverse stock split (“Reverse Split”) of the issued and outstanding shares of the common stock of the Company. As a result of the reverse split, the previous issued and outstanding shares of common stock became 580,052 On March 17, 2017, the Company entered into a definitive agreement with AMMO, Inc. a Delaware Corporation (PRIVCO) under which the Company acquired all of the outstanding shares of common stock of (PRIVCO). Under the terms of the Agreement, the Company issued 17,285,800 475,681 500,000 604,371

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets, inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation, and warrant-based compensation. Critical Accounting Estimates and Policies A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31, 2024, under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements. There have been no other significant changes to these policies during the year ended March 31, 2024. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Goodwill We evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization, we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and market capitalization decline is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the year ended March 31, 2024. As of March 31, 2024, the Company has a goodwill carrying value of $ 90,870,094 Accounts Receivable and Allowance for Credit Losses Our accounts receivable represents amounts due from customers for products sold and include an allowance for estimated credit losses which is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial condition. At March 31, 2024 and March 31, 2023, we reserved $ 3,666,078 3,246,551 Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, we consider highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Restricted Cash We consider cash to be restricted when withdrawal or general use is legally restricted. In the year ended March 31, 2023, our restricted cash balance was comprised of cash on deposit with banks to secure the Construction Loan Agreement as discussed in Note 12. During the year ended March 31, 2024, the remaining balance of our restricted cash was released. In the case that there is a balance, we report restricted cash in the Consolidated Balance Sheets as current or non-current classification based on the expected duration of the restriction. License Agreements We are a party to a license agreement with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited liability company. The license agreement grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse James Branded Products. We agreed to pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses and reasonable travel expenses. We were a party to a license agreement with Jeff Rann, a well-known wild game hunter and spokesman for the firearm and ammunition industries. The license agreement, which expired February 2022, granted us through the exclusive worldwide rights to Mr. Rann’s image rights and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of all Jeff Rann Branded Products. We agreed to pay Mr. Rann royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses and reasonable travel expenses. Patents On September 28, 2017, AMMO Technologies Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam, Inc, a Texas corporation, with ATI being the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles and ammunition using the Hybrid Luminescence Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26, 2013 owned by University of Louisiana at Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant to an Assignment and First Amendment to Exclusive License Assumption Agreement dated to be effective as of August 22, 2017, the Merger closing date. This asset will be amortized from September 2017, the first full month of the acquired rights, through October 29, 2028. Under the terms of the Exclusive License Agreement, the Company is obligated to pay a royalty to the patent holder, based on a $ 0.01 22,754 99,268 44,764 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In August 2018, we applied for additional patent coverage for the manufacturing methods or application of the Hybrid Luminescence Ammunition Technology on a variety of projectile and ammunition types. The costs of filing this patent were expensed. On October 5, 2018, we completed the acquisition of SW Kenetics, Inc. AMMO Technologies, Inc. succeeded all of the assets of SW Kenetics, Inc. and assumed all of the liabilities. The primary asset of SW Kenetics, Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned and transferred to AMMO Technologies, Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018. We intend to continue building our patent portfolio to protect our proprietary technologies and processes, and will file new applications where appropriate to preserve our rights to manufacture and sell our branded lines of ammunition. Other Intangible Assets On March 15, 2019, Enlight Group II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition of assets of Jagemann Stamping Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended and Restated Asset Purchase Agreement (See Note 19). The intangible assets acquired include a tradename, customer relationships, and intellectual property. On April 30, 2021, we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a Nevada limited liability company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight Group I, LLC surviving the merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments, LLC had nine (9) subsidiaries, all of which are related to Gemini’s ownership of GunBroker, an online auction marketplace dedicated to firearms, hunting, shooting, and related products. The intangible assets acquired include a tradename, customer relationships, intellectual property, software, and domain names. Impairment of Long-Lived Assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No Revenue Recognition We generate revenue from the production and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction revenue, payment processing revenue, and shipping income. We recognize revenue according to Accounting Standard Codification – Revenue from Contract with Customers (“ASC 606”). When the customer obtains control over the promised goods or services, we record revenue in the amount of consideration that we can expect to receive in exchange for those goods and services. We apply the following five-step model to determine revenue recognition: ● Identification of a contract with a customer ● Identification of the performance obligations in the contact ● Determination of the transaction price ● Allocation of the transaction price to the separate performance allocation ● Recognition of revenue when performance obligations are satisfied AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS We only apply the five-step model when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. At contract inception and once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. For Ammunition Sales and Casing Sales, our contracts contain a single performance obligation and the entire transaction price is allocated to the single performance obligation. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when the customer obtains control of our product, which typically occurs upon shipment of the product or the performance of the service. In the year ended March 31, 2021, we began accepting contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued Liabilities. We will recognize revenue when the performance obligation is met. For Marketplace revenue, the performance obligation is satisfied, and revenue is recognized as follows: Auction revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed. Compliance fee revenue consists of fees charged to customers based on a percentage of the final price of an item at the time of purchase. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed. Payment processing revenue consists of fees charged to customers on a transactional basis. The performance obligation is to process the transactions as initiated by the customer. The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue is recognized at a point in time when the transaction is processed. Shipping income consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed. Banner Advertising Campaign Revenue consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using the placement selected by the customer. The price is set by the GunBroker user agreement on the website based on standalone selling prices, or by advertising insertion order as negotiated by a media broker. If the number of impressions promised is not generated, the customer receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally run for one month, and revenue is recognized at a point in time at the end of the selected month. Product Sales consists of fees charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell and ship the inventory item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction item. For a fixed price item, the Company performs research to determine the current market rate for such an item, and the item is listed at that price. For an auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions due to the extent of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized at a point in time when the item has been shipped. Identity Verification consists of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance obligation is to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on the website based on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed. For the years ended March 31, 2024, 2023, and 2022, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows: SCHEDULE OF CONCENTRATION RISK OF TOTAL REVENUES AND ACCOUNTS RECEIVABLE For the Year Ended For the Year Ended For the Year Ended PERCENTAGES Revenues Accounts Receivable Revenues Accounts Receivable Revenues Accounts Receivable Customers: A - 11.8 % 12.2 % - - - B - - - - - 11.8 % - 11.8 % 12.2 % - - 11.8 % AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Disaggregated Revenue Information The following table represent a disaggregation of revenue from customers by category. We attribute net sales to categories by product or services types; ammunition, ammunition casings, and marketplace fees. The Company notes that revenue recognition processes are consistent between product and service type, however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to the customers of each product and service type. SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition Sales (1) $ 69,390,801 $ 114,116,044 $ 161,459,025 Marketplace Fee Revenue 53,942,076 63,149,673 64,608,516 Ammunition Casings Sales 21,721,695 14,174,084 14,201,625 Total Sales $ 145,054,572 $ 191,439,801 $ 240,269,166 (1) Included in revenue for the fiscal year ended March 31, 2024, 2023, and 2022 are excise taxes of $ 6,155,524 9,789,897 Ammunition products are sold through “Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also sell direct to customers online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated through our GunBroker online auction marketplace. All sales are recorded upon shipment and, depending on credit worthiness of customer, the payment terms will vary from thirty (30) to sixty (60) days. No refunds are allowed on any product shipped. Each product manufactured by the Company has standard specifications and performance objectives. The Company has an extensive product testing program and, if the Company were given notice of a product defect by a customer, the Company would request the return of the product so that the manufacturing defect could be identified. Advertising Costs We expense advertising costs as they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising costs are expenses as they are incurred in cost of revenues. We incurred advertising expenses of $ 1,149,596 1,355,179 1,823,060 384,002 1,068,700 1,406,043 765,594 417,017 Fair Value of Financial Instruments We measure options and warrants at fair value in accordance with Accounting Standards Codification 820 – Fair Value Measurement (“ASC 820”). The objective of ASC 820 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS This hierarchy requires us to minimize the use of unobservable inputs and to use observable market data, if available, when estimating fair value. We value all common stock issued for services on the date of the agreements, using the price at which shares were being sold to private investors or at the value of the services performed. We valued warrants and common stock purchase options issued for services at their respective grants dates during the years ended March 31, 2024, 2023, and 2022 using valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk free interest rate, volatility, and expected life. SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES March 31, 2024 March 31, 2023 March 31, 2022 Risk free interest rate 4.1 % 3.9 % 1.21 1.74 % Expected volatility 83.5 % 77.5 % 89.1 90.7 % Expected term 5.75 2.5 2.5 Expected dividend yield 0 % 0 % 0 % SCHEDULE OF FAIR VALUE OF COMMON STOCK AND WARRANTS Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) March 31, 2024 Common stock purchase options $ - $ 430,457 $ - $ 430,457 March 31, 2023 Warrants issued for services $ - $ 427,639 $ - $ 427,639 March 31, 2022 Warrants issued for services $ - $ 1,090,077 $ - $ 1,090,077 Equity fair value $ - $ 1,090,077 $ - $ 1,090,077 In connection with our acquisition of Gemini, we used the Level 2 inputs in estimating the fair value of the transaction. Please refer to Note 15. Inventories We state inventories at the lower of cost or net realizable value. We determine cost using the average cost method. Our inventory consists of raw materials, work in progress, and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other costs incurred to bring our inventories to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Property and Equipment We state property and equipment at historical cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of assets over their estimated useful lives, which are generally five to ten years. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited or charged to other income or expenses. We charge expenditures for normal repairs and maintenance to expense as incurred. We capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably assured. Compensated Absences We accrue a liability for compensated absences in accordance with Accounting Standards Codifications 710 – Compensation – General (“ASC 710”). Research and Development To date, we have expensed all costs associated with developing our product specifications, manufacturing procedures, and products through our cost of products sold, as this work was done by the same employees who produced the finished product. We anticipate that it may become necessary to reclassify research and development costs into our operating expenditures for reporting purposes as we begin to develop new technologies and lines of ammunition. Excise Tax As a result of regulations imposed by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect an 11 6.2 9.8 14.6 Stock-Based Compensation We account for stock-based compensation at fair value in accordance with Accounting Standards Codification 718 – Compensation – Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors. On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” Accordingly, stock based compensation is valued using market value of our Common Stock. Stock-based compensation is recognized on a straight line basis over the vesting periods and forfeitures are recognized in the periods they occur. We account for common stock purchase option awards by estimating the fair value of each option award on the grant date using the Black-Scholes option pricing model that uses assumption and estimates that we believe are reasonable. Concentrations of Credit Risk Accounts at banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Income Taxes We file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method in accordance with Accounting Standards Codification 740 - Income Taxes (“ASC 740”). The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period in which the change in judgment occurs. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Contingencies Certain conditions may exist as of the date the consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would be disclosed. The Company also received notice in October 2022 that an OSHA whistleblower complaint had been filed with the U.S. Department of Labor by that same employee that had been terminated for cause. The regulatory filing was received after AMMO refused to capitulate to the former employee’s demands. AMMO has produced documents and submitted its position statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional information through work with counsel and investigators and a supplemental response was provided to OSHA on or about July 10, 2023. The Company and the employee agreed to arbitrate the case. The parties reached a resolution of all outstanding claims in November 2023 and all claims have been dismissed. AMMO was involved in three contract arbitration cases with adverse former employees, one of which is still active. The first one involved an employee terminated for cause who is seeking contract wages and stock that was earned but clawed back upon his termination. In that case, the Company received a favorable ruling on a partial motion for summary judgment wherein the arbitrator ruled the employee had refused to return funds he received as reimbursement for invoices he never paid. The arbitrator, thus, granted the Company’s partially dispositive motion. The remaining claims went to an arbitration hearing which was completed and the arbitrator ordered closing briefs, which the parties exchanged. The Arbitrator has entered an Interim Award as well as a supplemental briefing award fees. The Parties have submitted their respective briefs on those issues. The Arbitrator will enter the final award in June, 2024, which is not appealable. On April 30, 2023, Director and stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the Company, and certain AMMO directors, former directors, employees, former employees and consultants. Urvan’s claims include fraudulent inducement, unjust enrichment and violations of the Arizona Securities Act. The suit seeks a Court order for partial recission of the Merger and compensatory damages of not less than $ 140 On August 1, 2023, AMMO filed a separate lawsuit against Urvan in the Delaware Court of Chancery alleging, among other things, that Urvan committed fraud in connection with the GunBroker.com sale, and that Urvan breached his indemnification obligations to AMMO after the sale. On September 11, 2023, the Delaware Court of Chancery consolidated AMMO’s lawsuit against Urvan with Urvan’s lawsuit against AMMO and the individual defendants. On September 18, 2023, AMMO filed an amended complaint that added a claim against Urvan for breach of the Arizona Securities Act. Urvan moved to dismiss AMMO’s complaint in full. On December 18, 2023, the Court of Chancery heard argument on the parties’ motions to dismiss in the consolidated action. On February 27, 2024, the Court issued an opinion resolving all pending motions to dismiss. The Court dismissed Urvan’s aiding and abetting claims against the individual defendants, but it declined to dismiss Urvan’s other claims against the individuals and declined to dismiss Urvan’s claims against AMMO. The Court rejected Urvan’s motion to dismiss AMMO’s claims against him in its entirety. On May 8, 2024, the Court ordered a case schedule culminating in a five-day trial on July 28, 2025. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS On December 6, 2023, Steve Urvan initiated a separate action against the Company in his capacity as director under 8 Del. C. On January 18, 2024, Innovative Computer Professionals, Inc. d/b/a Digital Cash Processing (“DCP”) filed a civil action in Minnesota state court against Outdoors Online, LLC d/b/a Gunbroker.com (“Gunbroker.com”) for breach of contract (the “MN Action”).  In the MN Action, DCP alleges that Gunbroker.com breached a May 2021 contract, pursuant to which DCP was to provide specified digital payment processing services, and it alleges $ 100 The Company does not feel as though it has a high level of risk exposure at this time. We have accrued for contingencies totaling approximately $ 1.4 no Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326),” which replaces the current incurred loss impairment methodology for most financial assets with the current expected credit loss (“CECL”) methodology. The series of new guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. The guidance should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contract

INCOME_(LOSS) PER COMMON SHARE

INCOME/(LOSS) PER COMMON SHARE	12 Months Ended
	Mar. 31, 2024
Net Income/(Loss) per share
INCOME/(LOSS) PER COMMON SHARE	NOTE 3 – INCOME/(LOSS) PER COMMON SHARE We calculate basic income/(loss) per share using the weighted-average number of shares of common stock outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities, such as outstanding options and warrants. We use the treasury stock method in the determination of dilutive shares outstanding during each reporting period. We have issued warrants to purchase 1,708,830 shares of common stock. Due to the net loss attributable to common shareholders for the year ended March 31, 2024, potentially dilutive securities, which consists of 175,000 2,406,946 150,000 20,000 SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE For the Year Ended 2024 2023 2022 Numerator: Net income/(loss) $ (15,565,200 ) $ (4,596,038 ) $ 33,247,436 Less: Preferred stock dividends (3,122,049 ) (3,105,034 ) (2,668,648 ) Net income/(loss) attributable to common stockholders $ (18,687,249 ) $ (7,701,072 ) $ 30,578,788 Denominator: Weighted average shares of common stock - basic 118,249,486 117,177,885 112,328,680 Effect of dilutive common stock purchase warrants - - 1,861,040 Effect of dilutive equity incentive awards - - - Weighted average shares of common stock - Diluted 118,249,486 117,177,885 114,189,720 Basic earnings per share: Income/(loss) per share attributable to common stockholders - basic $ (0.16 ) $ (0.07 ) $ 0.27 Diluted earnings per share: Income/(loss) per share attributable to common stockholders - diluted $ (0.16) $ (0.07) $ 0.27 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
ACCOUNTS RECEIVABLE	NOTE 4 – ACCOUNTS RECEIVABLE Our net accounts receivable are summarized as follows: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2024 March 31, 2023 March 31, 2022 Accounts receivable $ 31,887,399 $ 32,592,931 $ 47,010,336 Less: allowance for credit losses (3,666,078 ) (3,246,551 ) (3,055,252 ) Accounts receivable, net $ 28,221,321 $ 29,346,380 $ 43,955,084 The following presents a reconciliation of our allowance for credit losses for the periods presented: March 31, 2022 $ 3,055,252 Increase in allowance 2,160,323 Write-off of uncollectible amounts (1,969,024 ) March 31, 2023 3,246,551 Increase in allowance 1,530,891 Write-off of uncollectible amounts (1,111,364 ) March 31, 2024 $ 3,666,078

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5 – INVENTORIES At March 31, 2024 and March 31, 2023, the inventory balances are composed of: SCHEDULE OF INVENTORIES March 31, 2024 March 31, 2023 Finished product $ 11,055,061 $ 14,362,514 Raw materials 24,158,244 23,898,596 Work in process 10,350,029 16,083,709 Inventory net $ 45,563,334 $ 54,344,819

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 6 – PROPERTY, PLANT AND EQUIPMENT Property and equipment consisted of the following at March 31, 2024 and March 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 March 31, 2023 Leasehold Improvements $ 257,009 $ 257,009 Building and Improvements 29,143,445 28,623,329 Furniture and Fixtures 439,990 384,650 Vehicles 153,254 153,254 Equipment 45,467,137 40,233,186 Tooling 143,710 143,710 Construction in Progress 2,785,616 734,781 Total property and equipment $ 78,390,161 $ 70,529,919 Less accumulated depreciation (20,308,121 ) (14,566,664 ) Net property and equipment $ 58,082,040 $ 55,963,255 Depreciation Expense for the years ended March 31, 2024, 2023, and 2022 totaled $ 5,751,023 4,452,908 4,266,126 4,777,642 3,747,723 3,101,929 973,381 705,185 1,164,197 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

REVOLVING LOAN

REVOLVING LOAN	12 Months Ended
	Mar. 31, 2024
Revolving Loan
REVOLVING LOAN	NOTE 7 – REVOLVING LOAN On December 29, 2023, we entered into a Loan and Security Agreement (the “Sunflower Agreement”) by and among the Company and other borrowers party to the Agreement (collectively, the “Borrower”), the lenders party thereto (collectively, the “Lenders”) and Sunflower Bank, N.A., as administrative agent and collateral agent (the “Agent”). Capitalized terms used but not otherwise defined herein have the same definitions given to such terms in the Sunflower Agreement under the terms of the Sunflower Agreement, the Lenders have provided to the Borrower a revolving loan in the principal amount of the lesser of (a) $ 20,000,000 The Revolving Loan bears interest at a rate of the greater of (x) 3.50% (the “Floor Rate”) and (y) Term SOFR, plus 3.00% (the “Revolving Facility Applicable Rate”) and is computed on the basis of a 360-day year for the actual number of days elapsed. Except in an Event of Default (as defined below), Advances under the Revolving Loan shall bear interest, on the outstanding Daily Balance thereof, at the Revolving Facility Applicable Rate. Interest is due and payable on the first calendar day of each month during the term of the Sunflower Agreement. The Borrower is also obligated to pay to Agent, for the ratable benefit of Lenders, an origination fee, Prepayment Fee, unused facility fee, collateral monitoring fee and Lender Expenses. The Borrower may borrow, repay and reborrow under the Revolving Loan until December 29, 2026 (the “Maturity Date”), at which time the commitments will terminate and all outstanding loans, together with all accrued and unpaid interest, must be repaid. If the Revolving Loan is refinanced by another lender prior to the Maturity Date, an additional fee payable concurrently with such refinancing in an amount equal to (i) three percent (3.0%) of the Total Commitment Amount, if such financing occurs after the Closing Date but on or prior to the first anniversary of the Closing Date, (ii) two percent (2.0%) of the Total Commitment Amount, if such refinancing occurs after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, and (iii) one percent (1.0%) of the Total Commitment Amount, if such refinancing occurs after the second anniversary of the Closing Date but on or prior to the third anniversary of the Closing Date (the “Prepayment Fee”). The Sunflower Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Borrower’s and the Borrower’ subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, merge or consolidate, dispose of substantially all assets of the Borrower and its subsidiaries, taken as a whole, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, repurchase stock, and enter into restrictive agreements, in each case subject to customary exceptions. The Sunflower Agreement includes customary events of default (each, an “Event of Default”) that include, among other things, non-payment defaults, inaccuracy of representations and warranties, covenant defaults, insolvency defaults, material judgment defaults, attachment defaults, subordinated debt default, guaranty defaults, and governmental approval defaults. Upon an Event of Default, all Obligations under the Sunflower Agreement shall bear interest at a rate equal to three (3.0) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default. We did not have an outstanding balance on our Revolving Loan as of March 31, 2024.

FACTORING LIABILITY

FACTORING LIABILITY	12 Months Ended
	Mar. 31, 2024
Factoring Liability
FACTORING LIABILITY	NOTE 8 – FACTORING LIABILITY On July 1, 2019, we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from time to time the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains a maximum advance amount of $ 5,000,000 85 4.5 3 150,000 185,319 62,500 153,646 37,500 327,746 100,000 On June 17, 2021, this agreement was amended which extended the maturity date to June 17, 2025 On November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023. We recognized an expense of $ 281,108

INVENTORY CREDIT FACILITY

INVENTORY CREDIT FACILITY	12 Months Ended
	Mar. 31, 2024
Inventory Credit Facility
INVENTORY CREDIT FACILITY	NOTE 9 – INVENTORY CREDIT FACILITY On June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line, and make loans from time to time to the Company for the purpose of providing capital. The twenty-four month agreement secured by our inventory, among other assets, contains a maximum loan amount of $ 1,750,000 annualized interest rate of the greater of the three-month LIBOR rate plus 3.09% or 8% 2 35,000 2,250,000 no 6,580 40,940 8,561 On November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

LEASES

LEASES	12 Months Ended
	Mar. 31, 2024
Leases
LEASES	NOTE 10 – LEASES We lease office, manufacturing, and warehouse space in Scottsdale, AZ, Atlanta and Marietta, GA, and Manitowoc, WI under contracts we classify as operating leases. None of our leases are financing leases. The Scottsdale lease has been extended through 2029 and does not include a renewal option. In August of 2021 we extended the lease of our Atlanta offices through May of 2027, accordingly we increased our Right of Use Assets and Operating Lease Liabilities by $ 501,125 308,326 38,185 901,076 As of March 31, 2024 and March 31, 2023, total Right of Use Assets were $ 2,000,093 1,261,634 738,459 2,089,487 1,374,224 479,651 470,734 1,609,836 2,089,487 903,490 1,374,224 Consolidated lease expense for the year ended March 31, 2024 was $ 663,826 642,105 21,722 881,171 861,777 19,394 1,221,473 1,177,589 43,884 The weighted average remaining lease term and weighted average discount rate for operating leases were 4.0 10.0 3.3 10.0 Future minimum lease payments under non-cancellable leases as of March 31, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Years Ended March 31, 2025 $ 666,233 2026 665,069 2027 581,574 2028 379,067 2029 258,102 Total Lease Payments 2,550,045 Less: Amount Representing Interest (460,558 ) Present value of lease liabilities $ 2,089,487

NOTES PAYABLE _ RELATED PARTY

NOTES PAYABLE – RELATED PARTY	12 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE – RELATED PARTY	NOTE 11 – NOTES PAYABLE – RELATED PARTY In connection with the acquisition of the casing division of Jagemann Stamping Company (“JSC”), a $ 10,400,000 500,000 9,900,000 The note bears interest per annum at approximately 4.6% payable in arrears monthly. 1,500,000 Post-closing of the transaction, it was made apparent that certain equipment that was agreed to be delivered free and clear by the Seller was not achievable as Seller was not able to purchase equipment that Seller had leased. Accordingly, the remaining value of the promissory note was reduced by $ 2,596,200 1,871,306 766,068 31,924 9,250 159,530 On June 26, 2020, the Company, Enlight Group II, LLC (“Enlight”), the Company’s wholly owned subsidiary and JSC entered into a Settlement Agreement pursuant to which the parties mutually agreed to settle all disputes and mutually release each other from liabilities related to the Amended APA occurring prior to June 26, 2020. Pursuant to the Settlement Agreement, the Company shall pay JSC $ 1,269,977 5,803,800 2,635,797 August 15, 2021 204,295 upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 April 1, 2021 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS As a result of the Settlement Agreement, the Company agreed to forego $ 1,000,000 On November 5, 2020, the Company paid $ 6,000,000 592,982 1,687,664 9 216,160 62,876 The Company did not have a balance on Amended Note B at March 31, 2024 and there was a balance of $ 180,850 1,788 48,665 110,518 On January 22, 2021, the Company repurchased 1,000,000 1.50

CONSTRUCTION NOTE PAYABLE

CONSTRUCTION NOTE PAYABLE	12 Months Ended
	Mar. 31, 2024
Construction Note Payable
CONSTRUCTION NOTE PAYABLE	NOTE 12 – CONSTRUCTION NOTE PAYABLE On October 14, 2021, we entered into a Construction Loan Agreement (the “Loan Agreement”) with Hiawatha National Bank (“Hiawatha”). The Loan Agreement specifies that Hiawatha may lend up to $ 11,625,000 160,000 329,843 Additionally, on October 14, 2021, we issued a Promissory Note in favor of Hiawatha (the “Note”) in the amount of up to $ 11,625,000 4.5 October 14, 2026 64,620 We can prepay the Note in whole or in part starting in July 2022 with a prepayment premium of one percent ( 1 The Loan Agreement contains customary events of default including, but not limited to, a failure to make any payments pursuant to the Loan Agreement or Note, a failure to complete construction of the project, a lien of $100,000 or more against the property, or a transfer of the property without Hiawatha’s consent. Upon the occurrence of an event of default, among other remedies, the amounts due pursuant to the Loan can be accelerated, Hiawatha can foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%) of the amount due will be owed with all amounts then owed pursuant to the Note bearing interest at an increased rate We are required to maintain a Debt Service Coverage Ratio, as defined in the terms of the Loan Agreement, of not less than 1.25 1.00 During the year ended March 31, 2023, approximately $ 11.2 1.0 257,425 150,743 500,000 500,000 500,000 zero AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
CAPITAL STOCK	NOTE 13 – CAPITAL STOCK Our authorized capital consists of 200,000,000 0.001 During the year ended March 31, 2022, we issued 23,385,780 ● 20,000,000 142,691,282 ● 431,080 943,907 ● 374,584 443,110 ● 772,450 1,631,701 ● 1,807,666 5,759,000 During the year ended March 31, 2023, we issued 2,077,059 ● 200,003 101,506 ● 99,762 100,000 ● 1,777,294 5,807,779 During the year ended March 31, 2024, we issued 1,968,701 ● 31,750 76,200 ● 1,936,951 4,082,108 At March 31, 2024, 2023, and 2022, outstanding and exercisable stock purchase warrants consisted of the following: SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS Number of Weighted Averaged Weighted Outstanding at March 31, 2021 3,607,945 $ 2.31 3.24 Granted 200,000 0.01 3.92 Exercised (874,190 ) 1.76 - Forfeited or cancelled - - - Outstanding at March 31, 2022 2,933,755 $ 2.32 2.29 Exercisable at March 31, 2022 2,933,755 $ 2.32 2.29 Number of Weighted Averaged Weighted Outstanding at March 31, 2022 2,933,755 $ 2.32 2.29 Granted 150,000 0.01 4.5 Exercised (300,003 ) 0.34 - Forfeited or cancelled (322,806 ) 2.00 - Outstanding at March 31, 2023 2,460,946 $ 2.46 1.59 Exercisable at March 31, 2023 2,460,946 $ 2.46 1.59 Number of Weighted Averaged Weighted Outstanding at March 31, 2023 2,460,946 $ 2.46 1.59 Exercised (31,750 ) 2.40 - Forfeited or cancelled (720,366 ) 3.19 - Outstanding at March 31, 2024 1,708,830 $ 2.16 1.09 Exercisable at March 31, 2024 1,708,830 $ 2.16 1.09 As of March 31, 2024, we had 1,708,830 Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 1.65 1,244,108 2.00 77,500 2.40 386,311 2.63 Option Granted During the year ended March 31, 2024, we granted stock options (“Options”) to purchase 400,000 100,000 300,000 25,000 430,457 SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS Number of Options 400,000 Option Vesting Period Up to 3 Per share grant price $ 2.08 Dividend yield - Expected volatility 83.5 % Risk-free interest rate 4.13 % Expected life (years) 5.75 Weighted average fair value $ 1.50 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
PREFERRED STOCK	NOTE 14 – PREFERRED STOCK On May 18, 2021, the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Secretary of State of the State of Delaware to establish the preferences, voting powers, limitations as to dividends or other distributions, qualifications, terms and conditions of redemption and other terms and conditions of the Series A Preferred Stock. The Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”), as to dividend rights and rights as to the distribution of assets upon the Company’s liquidation, dissolution or winding-up, ranks: (1) senior to all classes or series of Common Stock and to all other capital stock issued by the Company expressly designated as ranking junior to the Series A Preferred Stock; (2) on parity with any future class or series of the Company’s capital stock expressly designated as ranking on parity with the Series A Preferred Stock; (3) junior to any future class or series of the Company’s capital stock expressly designated as ranking senior to the Series A Preferred Stock; and (4) junior to all the Company’s existing and future indebtedness. The Series A Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. In the event of the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company, the holders of shares for the Series A Preferred Stock are entitled to be paid out of the Company’s assets legally available for distribution to its stockholders ( i.e. 25.00 The Company will pay cumulative cash dividends on the Series A Preferred Stock when, as and if declared by its board of directors (or a duly authorized committee of its board of directors), only out of funds legally available for payment of dividends. Dividends on the Series A Preferred Stock will accrue on the stated amount of $ 25.00 8.75 2.1875 payable quarterly in arrears on March 15, June 15, September 15, and December 15. Generally, the Series A Preferred Stock is not redeemable by the Company prior to May 18, 2026. However, upon a change of control or delisting event (each as defined in the Certificate of Designations), the Company will have a special option to redeem the Series A Preferred Stock for a limited period of time. On May 19, 2021, we entered into an underwriting agreement (the “Underwriting Agreement”) with Alexander Capital, L.P., as representative of several underwriters (collectively, the “Underwriters”), relating to a firm commitment public offering of 1,097,200 8.75 25.00 164,580 1,097,200 27,430,000 On May 25, 2021, we entered into an additional underwriting agreement with Alexander Capital, L.P. relating to a firm commitment public offering of 138,220 25.00 138,220 3,455,500 164,580 4,114,500 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Preferred dividends accumulated as of March 31, 2022 were $ 144,562 0.241246528 337,745 1.01475694444444 1,420,700 0.546875 765,642 Preferred dividends accumulated as of March 31, 2023 were $ 144,618 0.546875 765,625 0.5529514 774,132 0.55902778 782,639 0.559027777777778 782,639 Preferred dividends accumulated as of March 31, 2024 were $ 144,618 0.55902778 782,639 0.55902778 782,639 0.5529514 774,132 0.5529514 774,132

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	NOTE 15 – ACQUISITIONS Gemini Direct Investments, LLC On April 30, 2021 (the “Effective Date”) we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (“Sub”), Gemini Direct Investments, LLC, a Nevada limited liability company (“Gemini”), and Steven F. Urvan, an individual (the “Seller”), whereby Sub merged with and into Gemini, with Sub surviving the merger as a wholly owned subsidiary of the Company (the “Merger”). At the time of the Merger, Gemini had nine (9) subsidiaries, all of which are related to Gemini’s ownership of the GunBroker business. GunBroker is an on-line auction marketplace dedicated to firearms, hunting, shooting, and related products. The Merger was completed on the Effective Date. In consideration of the Merger, on the terms and subject to the conditions set forth in the Merger Agreement, on the Effective Date, (i) the Company assumed and repaid an aggregate amount of indebtedness of Gemini and its subsidiaries equal to $ 50,000,000 50,000,000 20,000,000 0.001 In connection with the Merger Agreement, the Company and the Seller agreed that the Stock Consideration consisted of: (a) 14,500,000 4,000,000 1,500,000 The total estimated consideration consisted of cash payment of $ 50,000,000 1,350,046 2,000,000 50,000,000 10,755,000 1,500,000 18,500,000 7.17 Pursuant to the Merger Agreement, the Company completed a Post-Closing Adjustment following the close of the Merger equal to the Closing Working Capital minus the Estimated Working Capital at closing of the Merger. Accordingly, the Company received a cash payment of $ 129,114 2,000,000 1,870,886 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In accordance with the acquisition method of accounting for business combinations, the assets acquired, and the liabilities assumed have been recorded at their respective fair values. The consideration in excess of the fair values of assets acquired, and liabilities assumed are recorded as goodwill, which we expect to be deductible for tax purposes. The goodwill consists largely of the growth and profitability expected from this Merger. The fair value of the consideration transferred was valued as follows: SCHEDULE OF FAIR VALUE OF CONSIDERATION TRANSFERRED Cash $ 48,649,954 Working capital adjustment 1,870,886 Contingent consideration 10,755,000 Common stock 132,645,000 Assumed debt 50,000,000 Fair value of consideration transferred $ 243,920,840 The allocation for the consideration recorded for the acquisition is as follows: SCHEDULE OF ALLOCATION FOR CONSIDERATION   Accounts receivable, net $ 17,002,362 Prepaid expenses 478,963 Equipment 1,051,980 Deposits 703,389 Other Intangible assets (1) 146,617,380 Goodwill (1) 90,870,094 Right of use assets - operating leases 612,727 Accounts payable (12,514,919 ) Accrued expenses (196,780 ) Operating lease liability (704,356 ) Total Consideration $ 243,920,840 (1) Other intangible assets consist of Tradenames, Customer Relationships, Intellectual Property, and other tangible assets related to the acquired business. We recorded approximately $ 1.3 Unaudited Pro Forma Results of Operations These pro forma results of operations give effect to the acquisition as if it had occurred on April 1, 2021. Material pro forma adjustments include the removal of approximately $ 1.8 0.9 SCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS INCOME STATEMENT DATA For the Year Ended March 31, 2022 Net revenues $ 248,314,587 Net income $ 37,793,924 The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations and financial position that would have been achieved had the acquisition been completed and taken place on the dates indicated or the future consolidated results of operations or financial position of the Company. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCRUED LIABILITIES	NOTE 16 – ACCRUED LIABILITIES At March 31, 2024 and March 31, 2023, accrued liabilities were as follows: SCHEDULE OF ACCRUED LIABILITIES March 31, 2024 March 31, 2023 Accrued FAET $ 1,145,937 $ 1,808,065 Accrued bonus program 1,185,877 - Accrued professional fees 1,134,368 736,323 Accrued payroll 964,661 430,344 Other accruals 417,496 618,243 Income taxes payable 359,356 403,739 Unearned revenue 1,822,972 101,593 Accrued sales commissions - 252,366 Accrued interest - 2,681 Accrued liabilities $ 7,030,667 $ 4,353,354

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS During the year ended March 31, 2024, we paid $ 410,173 244,640 168,581 350,345 134,240 25,000 53,250 201,646 150,866 On July 24, 2023, Fred Wagenhals departed as CEO and the Board appointed Mr. Wagenhals the Company’s Executive Chairman. Mr. Wagenhals remains a member of the Board. Mr. Wagenhals received the following payments in connection with his transition from CEO to Executive Chairman: (i) total cash payments of $ 1,060,290 300,000 624,000 On July 26, 2023, we obtained a $ 1.6 1.6 The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report”), the Seller is required to pay or be liable for these losses (capitalized terms are defined the Current Report). In July of 2023, the Company filed suit in the Delaware Chancery Court against Director and Shareholder Steve Urvan for claims arising out of the Company’s acquisition of certain companies referenced as the GunBroker family of companies. The claims arise based upon Mr. Urvan’s repeated failure and refusal to honor contractual defense and indemnification obligations arising under that certain Merger Agreement, along with alleged misrepresentations. On November 3, 2022, AMMO, Inc. (the “Company”) entered into a Settlement Agreement (the “Settlement Agreement”) with Steven F. Urvan and Susan T. Lokey (collectively with each of their respective affiliates and associates, the “Urvan Group”). Pursuant to the Settlement Agreement, the Urvan Group has agreed to withdraw its notice of stockholder nomination of its seven director candidates (the “Urvan Candidates”) and its demand to inspect books and records, pursuant to Section 220 of the General Corporation Law of the State of Delaware, and the Company agreed to immediately increase the size of the Board from seven to nine directors and appoint Christos Tsentas and Wayne Walker (each, a “New Director” and the New Directors together with Mr. Urvan, the “Urvan Group Directors”) to the Board to serve as directors with terms expiring at the 2022 Annual Meeting of Stockholders (the “2022 Annual Meeting”). The Company will include the Urvan Group Directors in its director candidates slate for the 2022 Annual Meeting and any subsequent Annual Meeting of Stockholders of the Company occurring prior to the Termination Date (as defined below). The Company has agreed to not increase the size of the Board above nine directors prior to the Termination Date unless the increase is approved by at least seven directors. Mr. Wagenhals will continue to serve as a director and Chairman of the Board. Unless otherwise mutually agreed to in writing by each party, the Settlement Agreement will remain in effect until the date that is the earlier of (i) 30 days prior to the earlier of (A) the deadline set forth in the notice requirements of Federal “Universal Proxy Rules” promulgated under Rule 14a-19(a) and Rule 14a-19(b) under the Securities Exchange Act of 1934, as amended (the “UPR Deadline”) relating to the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”) and (B) any deadline that may be set forth in the Company’s Amended and Restated Certificate of Incorporation (as amended from time to time, the “Certificate”) or Bylaws (the “Bylaws”) following the execution of the Settlement Agreement relating to the nomination of director candidates for election to the Board at the 2023 Annual Meeting, and (ii) 90 days prior to the first anniversary of the 2022 Annual Meeting (such date, the “Termination Date”). However, if the Company notifies Mr. Urvan in writing at least 15 days prior to such Termination Date that the Board irrevocably offers to re-nominate the Urvan Group Directors for election at the 2023 Annual Meeting and Mr. Urvan accepts such offer within 15 days of receipt of such notice, the Termination Date will be automatically extended until the earlier of (i) 30 days prior to the earlier of (A) the UPR Deadline relating to the Company’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”) and (B) any deadline that may be set forth in the Certificate or the Bylaws following execution of the Settlement Agreement relating to the nomination of director candidates for election to the Board at the 2024 Annual Meeting, and (ii) 90 days prior to the first anniversary of the 2023 Annual Meeting. Notwithstanding the foregoing, the “Termination Date” shall not occur prior to 20 days after Mr. Urvan’s departure from the Board. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Pursuant to the Settlement Agreement, the Company will suspend the previously announced separation of Company into Action Outdoor Sports, Inc. and Outdoor Online, Inc., pending the further evaluation of strategic options by the Board. The Company paid approximately $ 500,000 125,000 437,500 110,000 385,000 The foregoing summary of the Settlement Agreement does not purport to be complete and is subject to, and qualified in its entirety, by reference to the full text of the Settlement Agreement, a copy of which was previously filed as Exhibit 10.1 in the Form 8-K filed with the SEC on November 7, 2022, and incorporated herein by reference. During the year ended March 31, 2023, we paid $ 551,916 223,333 141,419 494,967 45,000 129,750 215,300 182,344 During the year ended March 31, 2022, we paid $ 229,083 60,000 173,000 1,042,277 139,164 In connection with the acquisition of the casing division of JSC, a promissory note was executed. On April 30, 2019, the note was subsequently extended to April 1, 2020. The note bears interest per annum at approximately 4.6 352,157 5 In October of 2019, it was made apparent that certain equipment that was agreed to be delivered free and clear by the Seller was not achievable as Seller was not able to purchase equipment that Seller had leased. Accordingly, the remaining value of the promissory note was reduced by $ 2,596,200 1,871,306 766,068 31,924 9,250 159,530 Through the Administrative and Management Services Agreement the Company with JSC, the Company purchased approximately incurred $ 2.0 170,355 1.7 408,852 On June 26, 2020, the Company and JSC entered into a Settlement Agreement pursuant to which the parties mutually agreed to settle all disputes and mutually release each other from liabilities related to the Amended APA occurring prior to June 26, 2020. Pursuant to the Settlement Agreement, the Company shall pay JSC $ 1,269,977 5,803,800 2,635,797 August 15, 2021 204,295 Pursuant to such provision, the Company: (a) upon the closing of an Offering of less than $ 10,000,000 10,000,000 1,000,000 1.50 On November 5, 2020, the Company paid $ 6,000,000 592,982 1,687,664 9 36 The Company paid off the balance of Amended Note B during the year ended March 31, 2024. The Company’s balance of Amended Note B was $ 180,850 865,771 1,788 48,665 110,518 60,100 On January 22, 2021, the Company repurchased 1,000,000 1.50 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 18 – INCOME TAXES The income tax (provision) benefit for the periods shown consist of the following: SCHEDULE OF INCOME TAX PROVISION BENEFIT 2024 2023 2022 Current US Federal $ - $ - $ (1,302,811 ) US State - - (446,677 ) Total current provision - - (1,749,488 ) Deferred US Federal 3,004,239 (578,679 ) (7,727,011 ) US State 786,824 (151,559 ) (2,649,261 ) Total deferred benefit 3,791,063 (730,238 ) (10,376,272 ) Change in valuation allowance - - 8,839,791 Income tax (provision) benefit $ 3,791,063 $ (730,238 ) $ (3,285,969 ) The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21 SCHEDULE OF RECONCILIATION OF INCOME TAX 2024 2023 2022 Computed tax expense 21 % 21 % 21 % State taxes, net of Federal income tax benefit 5 % 6 % 7 % Change in valuation allowance 0 % 0 % (24 )% Employee stock awards (7 )% (40 )% 4 % Other (1 )% 0 % 0 % Stock and Warrants on Note Conversion 0 % (5 )% 1 % Total provision for income taxes 18 % (18 )% 9 % The Company’s effective tax rates was 18 Significant components of the Company’s deferred tax liabilities and assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2024 2023 Deferred tax assets Net operating loss carryforward $ 5,397,983 $ 871,331 Loss on purchase 826,311 826,311 Other 314,257 - Total deferred tax assets $ 6,538,461 $ 1,697,642 Deferred tax liabilities Depreciation expense $ (3,007,227 ) $ (2,906,214 ) Other (2,044,236 ) (1,101,020 ) Total deferred tax liabilities $ (5,051,463 ) $ (4,007,234 ) Net deferred tax assets/(liabilities) $ 1,486,998 $ (2,309,592 ) Valuation allowance - - Net deferred tax assets/(liabilities) $ 1,486,998 $ (2,309,592 ) The Company accounts for uncertain tax positions in accordance with ASC No. 740-10-25. ASC No. 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC No. 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. To the extent that the final tax outcome of these matters is different than the amount recorded, such differences impact income tax expense in the period in which such determination is made. Interest and penalties, if any, related to accrued liabilities for potential tax assessments are included in income tax expense. ASC No. 740-10-25 also requires management to evaluate tax positions taken by the Company and recognize a liability if the Company has taken uncertain tax positions that more likely than not would not be sustained upon examination by applicable taxing authorities. The Company has evaluated tax positions taken by the Company and has concluded that as of March 31, 2024 and 2023, there are no uncertain tax positions taken, or expected to be taken, that would require recognition of a liability that would require disclosure in the financial statements. The Company has never had an Internal Revenue Service audit; therefore, the tax periods ended December 31, 2016, December 31, 2017 and March 31, 2018, 2019, 2020, 2021, 2022, 2023, and 2024 are subject to audit. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE 19 – GOODWILL AND INTANGIBLE ASSETS During our previous fiscal year ended March 31, 2022, we recorded $ 90,870,094 90,870,094 Total amortization expense of our intangible assets was $ 13,062,874 13,067,041 13,072,967 Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2024 Life Licenses Patent Other Intangible Assets Licensing Agreement – Jesse James 5 $ 125,000 $ - $ - Licensing Agreement – Jeff Rann 5 125,000 - - Streak Visual Ammunition patent 11.2 - 950,000 - SWK patent acquisition 15 - 6,124,005 - Jagemann Munition Components: Customer Relationships 3 - - 1,450,613 Intellectual Property 3 - - 1,543,548 Tradename 5 - - 2,152,076 GDI Acquisition: Tradename 15 - - 76,532,389 Customer List 10 - - 65,252,802 Intellectual Property 10 - - 4,224,442 Other Intangible Assets 5 - - 607,747 250,000 7,074,005 151,763,617 Accumulated amortization – Licensing Agreements (250,000 ) - - Accumulated amortization – Patents - (2,534,715 ) - Accumulated amortization – Intangible Assets - - (40,714,550 ) $ - $ 4,539,290 $ 111,049,067 March 31, 2023 Life Licenses Patent Other Intangible Assets Licensing Agreement – Jesse James 5 $ 125,000 $ - $ - Licensing Agreement – Jeff Rann 5 125,000 - - Streak Visual Ammunition patent 11.2 - 950,000 - SWK patent acquisition 15 - 6,124,005 - Jagemann Munition Components: Customer Relationships 3 - - 1,450,613 Intellectual Property 3 - - 1,543,548 Tradename 5 - - 2,152,076 GDI Acquisition: Tradename 15 - - 76,532,389 Customer List 10 - - 65,252,802 Intellectual Property 10 - - 4,224,442 Other Intangible Assets 5 - - 607,747 250,000 7,074,005 151,763,617 Accumulated amortization – Licensing Agreements (250,000 ) - - Accumulated amortization – Patents - (2,041,251 ) - Accumulated amortization – Intangible Assets - - (28,036,807 ) $ - $ 5,032,754 $ 123,726,810 Annual estimated amortization of intangible assets for the next five fiscal years are as follows: SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET Years Ended March 31, Estimates for 2025 $ 12,650,642 2026 12,614,775 2027 12,549,188 2028 12,543,226 2029 12,507,792 Thereafter 52,722,734 Annual amortization of intangible assets $ 115,588,357 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SEGMENTS

SEGMENTS	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	NOTE 20 – SEGMENTS On April 30, 2021, the Company entered into an agreement and plan of merger with Gemini, which, along with its subsidiaries, engages primarily in the operation of an online marketplace dedicated to firearms, hunting, shooting and related products. As a result, at March 31, 2024, our Chief Executive Officer reviews financial performance based on two operating segments as follows: ● Ammunition – which consists of our manufacturing business. The Ammunition segment engages in the design, production and marketing of ammunition, ammunition component and related products. ● Marketplace – which consists of the GunBroker E-commerce marketplace. In its role as an auction site, GunBroker supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. In the current period, we began the reporting of the separate allocation of certain corporate general and administrative expenses including non-cash stock compensation expense, as such we have updated the prior period disclosure herein. The following tables set forth certain financial information utilized by management to evaluate our operating segments for the annual periods presented: SCHEDULE OF OPERATING SEGMENTS For the Year Ended March 31, 2024 Ammunition Marketplace Corporate Total Net Revenues $ 91,112,496 $ 53,942,076 $ - $ 145,054,572 Cost of Revenues 94,771,262 7,660,541 - 102,431,803 General and administrative expense 8,967,456 9,885,131 28,804,588 47,657,175 Depreciation and amortization 508,485 13,034,306 - 13,542,791 Income/(Loss) from Operations $ (13,134,707 ) $ 23,362,098 $ (28,804,588 ) $ (18,577,197 ) Ammunition Marketplace Corporate Total For the Year Ended March 31, 2023 Ammunition Marketplace Corporate Total Net Revenues $ 128,290,128 $ 63,149,673 $ - $ 191,439,801 Cost of Revenues 126,914,265 9,116,939 - 136,031,204 General and administrative expense 10,378,456 9,707,425 25,302,873 45,388,754 Depreciation and amortization 578,326 12,700,436 - 13,278,762 Income/(Loss) from Operations $ (9,580,919 ) $ 31,624,873 $ (25,302,873 ) $ (3,258,919 ) Ammunition Marketplace Corporate and other expenses Total For the Year Ended March 31, 2022 Ammunition Marketplace Corporate and other expenses Total Net Revenues $ 175,660,650 $ 64,608,516 $ - $ 240,269,166 Cost of Revenues 142,773,306 8,732,351 - 151,505,657 General and administrative expense 11,932,721 8,434,308 17,544,970 37,911,999 Depreciation and amortization 1,579,778 12,122,370 - 13,702,148 Income/(Loss) from Operations $ 19,374,845 $ 35,319,487 $ (17,544,970 ) $ 37,149,362 Total assets by segment were as follows: SCHEDULE OF TOTAL ASSETS SEGMENTS For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition $ 163,864,522 $ 154,044,607 $ 160,305,107 Marketplace 236,037,694 258,290,780 253,873,206 $ 399,902,216 $ 412,335,387 $ 414,178,313 Total capital expenditures by segment were as follows: SCHEDULE OF CAPITAL EXPENDITURE SEGMENT For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition $ 5,519,135 $ 10,819,177 $ 17,728,023 Marketplace 2,505,630 1,722,148 1,490,959 $ 8,024,765 $ 12,541,325 $ 19,218,982

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of AMMO, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made in preparing the condensed consolidated financial statements include the valuation of allowances for credit losses, valuation of deferred tax assets, inventories, useful lives of assets, goodwill, intangible assets, stock-based compensation, and warrant-based compensation.
Critical Accounting Estimates and Policies	Critical Accounting Estimates and Policies A summary of our critical accounting policies is included in our Annual Report on Form 10-K for the year ended March 31, 2024, under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We adopted Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments-Credit Losses (Topic 326) and ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” in the current period. These policy changes did not result in a material effect on the Company’s financial statements. There have been no other significant changes to these policies during the year ended March 31, 2024.
Goodwill	Goodwill We evaluate goodwill for impairment annually or more frequently when an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. In testing for goodwill impairment, we may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets to the fair value of the reporting unit. If the fair value is determined to be less than the book value or qualitative factors indicate that it is more likely than not that goodwill is impaired, a second step is performed to compute the amount of impairment as the difference between the estimated fair value of goodwill and the carrying value. We estimate the fair value of the reporting units using discounted cash flows. Forecasts of future cash flows are based on our best estimate of future net sales and operating expenses, based primarily on expected category expansion, pricing, market segment share, and general economic conditions. Due to the declines in the value of our stock price and market capitalization, we assessed qualitative factors to determine if it is more likely than not that the fair value of the Marketplace segment is less than its carrying amount. Through our analysis we determined our stock price and market capitalization decline is not indicative of a decrease in the fair value of our Marketplace segment and a fair value calculation using the discounted cash flows was more appropriate due to the operational performance of the reporting segment. Accordingly, the impairment of Goodwill was not warranted for the year ended March 31, 2024. As of March 31, 2024, the Company has a goodwill carrying value of $ 90,870,094
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Our accounts receivable represents amounts due from customers for products sold and include an allowance for estimated credit losses which is estimated based on the collectability and age of the accounts receivable balances and categorization of customers with similar financial condition. At March 31, 2024 and March 31, 2023, we reserved $ 3,666,078 3,246,551
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, we consider highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Restricted Cash	Restricted Cash We consider cash to be restricted when withdrawal or general use is legally restricted. In the year ended March 31, 2023, our restricted cash balance was comprised of cash on deposit with banks to secure the Construction Loan Agreement as discussed in Note 12. During the year ended March 31, 2024, the remaining balance of our restricted cash was released. In the case that there is a balance, we report restricted cash in the Consolidated Balance Sheets as current or non-current classification based on the expected duration of the restriction.
License Agreements	License Agreements We are a party to a license agreement with Jesse James, a well-known motorcycle designer, and Jesse James Firearms, LLC, a Texas limited liability company. The license agreement grants us the exclusive worldwide rights through April 12, 2026 to Mr. James’ image rights and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of Jesse James Branded Products. We agreed to pay Mr. James royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses and reasonable travel expenses. We were a party to a license agreement with Jeff Rann, a well-known wild game hunter and spokesman for the firearm and ammunition industries. The license agreement, which expired February 2022, granted us through the exclusive worldwide rights to Mr. Rann’s image rights and trademarks associated with him in connection with the marketing, promotion, advertising, sale, and commercial exploitation of all Jeff Rann Branded Products. We agreed to pay Mr. Rann royalty fees on the sale of ammunition and non-ammunition Branded Products and to reimburse him for any out-of-pocket expenses and reasonable travel expenses.
Patents	Patents On September 28, 2017, AMMO Technologies Inc. (“ATI”), an Arizona corporation, which is 100% owned by us, merged with Hallam, Inc, a Texas corporation, with ATI being the survivor. The primary asset of Hallam, Inc. was an exclusive license to produce projectiles and ammunition using the Hybrid Luminescence Ammunition Technology under patent U.S. 8,402,896 B1 with a publication date of March 26, 2013 owned by University of Louisiana at Lafayette. The license was formally amended and assigned to AMMO Technologies Inc. pursuant to an Assignment and First Amendment to Exclusive License Assumption Agreement dated to be effective as of August 22, 2017, the Merger closing date. This asset will be amortized from September 2017, the first full month of the acquired rights, through October 29, 2028. Under the terms of the Exclusive License Agreement, the Company is obligated to pay a royalty to the patent holder, based on a $ 0.01 22,754 99,268 44,764 AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS In August 2018, we applied for additional patent coverage for the manufacturing methods or application of the Hybrid Luminescence Ammunition Technology on a variety of projectile and ammunition types. The costs of filing this patent were expensed. On October 5, 2018, we completed the acquisition of SW Kenetics, Inc. AMMO Technologies, Inc. succeeded all of the assets of SW Kenetics, Inc. and assumed all of the liabilities. The primary asset of SW Kenetics, Inc. was a pending patent for modular projectiles. All rights to patent pending application were assigned and transferred to AMMO Technologies, Inc. pursuant to Intellectual Property Rights Agreement on September 27, 2018. We intend to continue building our patent portfolio to protect our proprietary technologies and processes, and will file new applications where appropriate to preserve our rights to manufacture and sell our branded lines of ammunition.
Other Intangible Assets	Other Intangible Assets On March 15, 2019, Enlight Group II, LLC d/b/a Jagemann Munition Components, a wholly owned subsidiary of AMMO, Inc., completed its acquisition of assets of Jagemann Stamping Company’s ammunition casing manufacturing and sales operations pursuant to the terms of the Amended and Restated Asset Purchase Agreement (See Note 19). The intangible assets acquired include a tradename, customer relationships, and intellectual property. On April 30, 2021, we entered into an agreement and plan of merger (the “Merger Agreement”), by and among the Company, SpeedLight Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company and Gemini Direct Investments, LLC, a Nevada limited liability company. Whereby SpeedLight Group I, LLC merged with and into Gemini Direct Investments, LLC, with SpeedLight Group I, LLC surviving the merger as a wholly owned subsidiary of the Company. At the time of the Merger, Gemini Direct Investments, LLC had nine (9) subsidiaries, all of which are related to Gemini’s ownership of GunBroker, an online auction marketplace dedicated to firearms, hunting, shooting, and related products. The intangible assets acquired include a tradename, customer relationships, intellectual property, software, and domain names.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. No
Revenue Recognition	Revenue Recognition We generate revenue from the production and sale of ammunition, ammunition casings, and marketplace fee revenue, which includes auction revenue, payment processing revenue, and shipping income. We recognize revenue according to Accounting Standard Codification – Revenue from Contract with Customers (“ASC 606”). When the customer obtains control over the promised goods or services, we record revenue in the amount of consideration that we can expect to receive in exchange for those goods and services. We apply the following five-step model to determine revenue recognition: ● Identification of a contract with a customer ● Identification of the performance obligations in the contact ● Determination of the transaction price ● Allocation of the transaction price to the separate performance allocation ● Recognition of revenue when performance obligations are satisfied AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS We only apply the five-step model when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services it transfers to the customer. At contract inception and once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and determine those that are performance obligations, and assess whether each promised good or service is distinct. For Ammunition Sales and Casing Sales, our contracts contain a single performance obligation and the entire transaction price is allocated to the single performance obligation. We recognize as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Accordingly, we recognize revenues (net) when the customer obtains control of our product, which typically occurs upon shipment of the product or the performance of the service. In the year ended March 31, 2021, we began accepting contract liabilities or deferred revenue. We included Deferred Revenue in our Accrued Liabilities. We will recognize revenue when the performance obligation is met. For Marketplace revenue, the performance obligation is satisfied, and revenue is recognized as follows: Auction revenue consists of optional listing fees with variable pricing components based on customer options selected from the GunBroker website and final value fees based on a percentage of the final selling price of the listed item. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed. Compliance fee revenue consists of fees charged to customers based on a percentage of the final price of an item at the time of purchase. The performance obligation is to process the transactions as initiated by the customer. Revenue is recognized at a point in time when the transaction is processed. Payment processing revenue consists of fees charged to customers on a transactional basis. The performance obligation is to process the transactions as initiated by the customer. The price is set by the GunBroker user agreement on the website based on stand-alone selling prices. Revenue is recognized at a point in time when the transaction is processed. Shipping income consists of fees charged to customers for shipping of sold items listed on the GunBroker website. The performance obligation is to ship the item sold as initiated by the customer. The price is set based on the third-party service provider selected to be used by the customer as well as the speed and location of shipment. Revenue is recognized at a point in time when the shipping label is printed. Banner Advertising Campaign Revenue consists of fees charged to customers for advertisement placement and impressions generated through the GunBroker website. The performance obligation is to generate the number of impressions specified by the customer on banner advertisements on the GunBroker website using the placement selected by the customer. The price is set by the GunBroker user agreement on the website based on standalone selling prices, or by advertising insertion order as negotiated by a media broker. If the number of impressions promised is not generated, the customer receives a refund and the refund is applied to the transaction price. Banner advertising campaigns generally run for one month, and revenue is recognized at a point in time at the end of the selected month. Product Sales consists of fees charged for the liquidation of excess inventory for partner distributors. The performance obligation is to sell and ship the inventory item as initiated by the customer. The price depends on whether the inventory is a fixed price item or an auction item. For a fixed price item, the Company performs research to determine the current market rate for such an item, and the item is listed at that price. For an auction item, the price is set by what the buyer is willing to pay. The Company acts as a principal in these transactions due to the extent of control they have over the product prior to the sale. Due to the principal determination, gross revenue is recognized at a point in time when the item has been shipped. Identity Verification consists of fees charged to customers for identity verification in order to gain access to the GunBroker website. The performance obligation is to process the identity verification as initiated by the customer. The price is set by the GunBroker user agreement on the website based on a stand-alone selling price. Revenue is recognized at a point in time when the identity verification is completed. For the years ended March 31, 2024, 2023, and 2022, the Company’s customers that comprised more than ten percent (10%) of total revenues and accounts receivable were as follows: SCHEDULE OF CONCENTRATION RISK OF TOTAL REVENUES AND ACCOUNTS RECEIVABLE For the Year Ended For the Year Ended For the Year Ended PERCENTAGES Revenues Accounts Receivable Revenues Accounts Receivable Revenues Accounts Receivable Customers: A - 11.8 % 12.2 % - - - B - - - - - 11.8 % - 11.8 % 12.2 % - - 11.8 % AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Disaggregated Revenue Information The following table represent a disaggregation of revenue from customers by category. We attribute net sales to categories by product or services types; ammunition, ammunition casings, and marketplace fees. The Company notes that revenue recognition processes are consistent between product and service type, however, the amount, timing and uncertainty of revenue and cash flows may vary by each product type due to the customers of each product and service type. SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition Sales (1) $ 69,390,801 $ 114,116,044 $ 161,459,025 Marketplace Fee Revenue 53,942,076 63,149,673 64,608,516 Ammunition Casings Sales 21,721,695 14,174,084 14,201,625 Total Sales $ 145,054,572 $ 191,439,801 $ 240,269,166 (1) Included in revenue for the fiscal year ended March 31, 2024, 2023, and 2022 are excise taxes of $ 6,155,524 9,789,897 Ammunition products are sold through “Big Box” retailers, manufacturers, local ammunition stores, and shooting range operators. We also sell direct to customers online. In contrast, our ammunition casings products are sold to manufacturers. Marketplace fees are generated through our GunBroker online auction marketplace. All sales are recorded upon shipment and, depending on credit worthiness of customer, the payment terms will vary from thirty (30) to sixty (60) days. No refunds are allowed on any product shipped. Each product manufactured by the Company has standard specifications and performance objectives. The Company has an extensive product testing program and, if the Company were given notice of a product defect by a customer, the Company would request the return of the product so that the manufacturing defect could be identified.
Advertising Costs	Advertising Costs We expense advertising costs as they are incurred in selling and marketing expenses of operating expenses. Marketplace advertising costs are expenses as they are incurred in cost of revenues. We incurred advertising expenses of $ 1,149,596 1,355,179 1,823,060 384,002 1,068,700 1,406,043 765,594 417,017
Fair Value of Financial Instruments	Fair Value of Financial Instruments We measure options and warrants at fair value in accordance with Accounting Standards Codification 820 – Fair Value Measurement (“ASC 820”). The objective of ASC 820 is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 specifies a valuation hierarchy based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s own assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS This hierarchy requires us to minimize the use of unobservable inputs and to use observable market data, if available, when estimating fair value. We value all common stock issued for services on the date of the agreements, using the price at which shares were being sold to private investors or at the value of the services performed. We valued warrants and common stock purchase options issued for services at their respective grants dates during the years ended March 31, 2024, 2023, and 2022 using valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk free interest rate, volatility, and expected life. SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES March 31, 2024 March 31, 2023 March 31, 2022 Risk free interest rate 4.1 % 3.9 % 1.21 1.74 % Expected volatility 83.5 % 77.5 % 89.1 90.7 % Expected term 5.75 2.5 2.5 Expected dividend yield 0 % 0 % 0 % SCHEDULE OF FAIR VALUE OF COMMON STOCK AND WARRANTS Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) March 31, 2024 Common stock purchase options $ - $ 430,457 $ - $ 430,457 March 31, 2023 Warrants issued for services $ - $ 427,639 $ - $ 427,639 March 31, 2022 Warrants issued for services $ - $ 1,090,077 $ - $ 1,090,077 Equity fair value $ - $ 1,090,077 $ - $ 1,090,077 In connection with our acquisition of Gemini, we used the Level 2 inputs in estimating the fair value of the transaction. Please refer to Note 15.
Inventories	Inventories We state inventories at the lower of cost or net realizable value. We determine cost using the average cost method. Our inventory consists of raw materials, work in progress, and finished goods. Cost of inventory includes cost of parts, labor, quality control, and all other costs incurred to bring our inventories to condition ready to be sold. We periodically evaluate and adjust inventories for obsolescence.
Property and Equipment	Property and Equipment We state property and equipment at historical cost less accumulated depreciation. We compute depreciation using the straight-line method at rates intended to depreciate the cost of assets over their estimated useful lives, which are generally five to ten years. Upon retirement or sale of property and equipment, we remove the cost of the disposed assets and related accumulated depreciation from the accounts and any resulting gain or loss is credited or charged to other income or expenses. We charge expenditures for normal repairs and maintenance to expense as incurred. We capitalize additions and expenditures for improving or rebuilding existing assets that extend the useful life. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the shorter of their economic lives or the lease term including any renewals that are reasonably assured.
Compensated Absences	Compensated Absences We accrue a liability for compensated absences in accordance with Accounting Standards Codifications 710 – Compensation – General (“ASC 710”).
Research and Development	Research and Development To date, we have expensed all costs associated with developing our product specifications, manufacturing procedures, and products through our cost of products sold, as this work was done by the same employees who produced the finished product. We anticipate that it may become necessary to reclassify research and development costs into our operating expenditures for reporting purposes as we begin to develop new technologies and lines of ammunition.
Excise Tax	Excise Tax As a result of regulations imposed by the Federal Government for sales of ammunition to non-government U.S. entities, we charge and collect an 11 6.2 9.8 14.6
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation at fair value in accordance with Accounting Standards Codification 718 – Compensation – Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors. On April 1, 2023 we adopted ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” Accordingly, stock based compensation is valued using market value of our Common Stock. Stock-based compensation is recognized on a straight line basis over the vesting periods and forfeitures are recognized in the periods they occur. We account for common stock purchase option awards by estimating the fair value of each option award on the grant date using the Black-Scholes option pricing model that uses assumption and estimates that we believe are reasonable.
Concentrations of Credit Risk	Concentrations of Credit Risk Accounts at banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000
Income Taxes	Income Taxes We file federal and state income tax returns in accordance with the applicable rules of each jurisdiction. We account for income taxes under the asset and liability method in accordance with Accounting Standards Codification 740 - Income Taxes (“ASC 740”). The provision for income taxes includes federal, state, and local income taxes currently payable, and deferred taxes. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable amounts in years in which those temporary differences are expected to be recovered or settled. If it is more likely than not that some portion or all of a deferred tax asset will not be realized, a valuation allowance is recognized. In accordance with ASC 740, we recognize the effect of income tax positions only if those positions are more likely than not of being sustained. We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period in which the change in judgment occurs.
Contingencies	Contingencies Certain conditions may exist as of the date the consolidated financial statements are issued that may result in a loss to us but will only be resolved when one or more future events occur or fail to occur. We assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, we evaluate the perceived merits of any legal proceedings or unasserted claims and the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability is reasonably estimated, the estimated liability would be accrued in our condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of range of possible loss if determinable and material, would be disclosed. The Company also received notice in October 2022 that an OSHA whistleblower complaint had been filed with the U.S. Department of Labor by that same employee that had been terminated for cause. The regulatory filing was received after AMMO refused to capitulate to the former employee’s demands. AMMO has produced documents and submitted its position statement to OSHA and the matter is currently pending at the agency level. AMMO uncovered additional information through work with counsel and investigators and a supplemental response was provided to OSHA on or about July 10, 2023. The Company and the employee agreed to arbitrate the case. The parties reached a resolution of all outstanding claims in November 2023 and all claims have been dismissed. AMMO was involved in three contract arbitration cases with adverse former employees, one of which is still active. The first one involved an employee terminated for cause who is seeking contract wages and stock that was earned but clawed back upon his termination. In that case, the Company received a favorable ruling on a partial motion for summary judgment wherein the arbitrator ruled the employee had refused to return funds he received as reimbursement for invoices he never paid. The arbitrator, thus, granted the Company’s partially dispositive motion. The remaining claims went to an arbitration hearing which was completed and the arbitrator ordered closing briefs, which the parties exchanged. The Arbitrator has entered an Interim Award as well as a supplemental briefing award fees. The Parties have submitted their respective briefs on those issues. The Arbitrator will enter the final award in June, 2024, which is not appealable. On April 30, 2023, Director and stockholder Steve Urvan filed suit in the Delaware Court of Chancery against the Company, and certain AMMO directors, former directors, employees, former employees and consultants. Urvan’s claims include fraudulent inducement, unjust enrichment and violations of the Arizona Securities Act. The suit seeks a Court order for partial recission of the Merger and compensatory damages of not less than $ 140 On August 1, 2023, AMMO filed a separate lawsuit against Urvan in the Delaware Court of Chancery alleging, among other things, that Urvan committed fraud in connection with the GunBroker.com sale, and that Urvan breached his indemnification obligations to AMMO after the sale. On September 11, 2023, the Delaware Court of Chancery consolidated AMMO’s lawsuit against Urvan with Urvan’s lawsuit against AMMO and the individual defendants. On September 18, 2023, AMMO filed an amended complaint that added a claim against Urvan for breach of the Arizona Securities Act. Urvan moved to dismiss AMMO’s complaint in full. On December 18, 2023, the Court of Chancery heard argument on the parties’ motions to dismiss in the consolidated action. On February 27, 2024, the Court issued an opinion resolving all pending motions to dismiss. The Court dismissed Urvan’s aiding and abetting claims against the individual defendants, but it declined to dismiss Urvan’s other claims against the individuals and declined to dismiss Urvan’s claims against AMMO. The Court rejected Urvan’s motion to dismiss AMMO’s claims against him in its entirety. On May 8, 2024, the Court ordered a case schedule culminating in a five-day trial on July 28, 2025. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS On December 6, 2023, Steve Urvan initiated a separate action against the Company in his capacity as director under 8 Del. C. On January 18, 2024, Innovative Computer Professionals, Inc. d/b/a Digital Cash Processing (“DCP”) filed a civil action in Minnesota state court against Outdoors Online, LLC d/b/a Gunbroker.com (“Gunbroker.com”) for breach of contract (the “MN Action”).  In the MN Action, DCP alleges that Gunbroker.com breached a May 2021 contract, pursuant to which DCP was to provide specified digital payment processing services, and it alleges $ 100 The Company does not feel as though it has a high level of risk exposure at this time. We have accrued for contingencies totaling approximately $ 1.4 no
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326),” which replaces the current incurred loss impairment methodology for most financial assets with the current expected credit loss (“CECL”) methodology. The series of new guidance amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. The guidance should be applied on either a prospective transition or modified-retrospective approach depending on the subtopic. The guidance is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires specific disclosures for equity securities subject to contractual sale restrictions. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. Additionally, it requires that a public entity (1) disclose an amount for “other segment items” by reportable segment, (2) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, and (3) requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this proposed ASU and all existing segment disclosures in Topic 280. The new guidance is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in this proposed ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the potential impact of these changes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The ASU requires that public business entities on an annual basis (1) disclose specific categories in the effective tax rate reconciliation and (2) provide additional information for reconciling items that meet or exceed a quantitative threshold. Additionally, it requires all entities disclose the following information about income taxes paid on an annual basis: (1) the year-to-date amounts of income taxes paid disaggregated by federal (national), state, and foreign taxes and (2) the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. The amendments in this proposed ASU should be applied on a prospective basis, although retrospective application to all periods presented is permitted. Early adoption is permitted. We are currently evaluating the potential impact of these changes. Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF CONCENTRATION RISK OF TOTAL REVENUES AND ACCOUNTS RECEIVABLE	SCHEDULE OF CONCENTRATION RISK OF TOTAL REVENUES AND ACCOUNTS RECEIVABLE For the Year Ended For the Year Ended For the Year Ended PERCENTAGES Revenues Accounts Receivable Revenues Accounts Receivable Revenues Accounts Receivable Customers: A - 11.8 % 12.2 % - - - B - - - - - 11.8 % - 11.8 % 12.2 % - - 11.8 %
SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT	SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition Sales (1) $ 69,390,801 $ 114,116,044 $ 161,459,025 Marketplace Fee Revenue 53,942,076 63,149,673 64,608,516 Ammunition Casings Sales 21,721,695 14,174,084 14,201,625 Total Sales $ 145,054,572 $ 191,439,801 $ 240,269,166 (1) Included in revenue for the fiscal year ended March 31, 2024, 2023, and 2022 are excise taxes of $ 6,155,524 9,789,897
SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES	SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES March 31, 2024 March 31, 2023 March 31, 2022 Risk free interest rate 4.1 % 3.9 % 1.21 1.74 % Expected volatility 83.5 % 77.5 % 89.1 90.7 % Expected term 5.75 2.5 2.5 Expected dividend yield 0 % 0 % 0 %
SCHEDULE OF FAIR VALUE OF COMMON STOCK AND WARRANTS	SCHEDULE OF FAIR VALUE OF COMMON STOCK AND WARRANTS Quoted Significant Significant Total (Level 1) (Level 2) (Level 3) March 31, 2024 Common stock purchase options $ - $ 430,457 $ - $ 430,457 March 31, 2023 Warrants issued for services $ - $ 427,639 $ - $ 427,639 March 31, 2022 Warrants issued for services $ - $ 1,090,077 $ - $ 1,090,077 Equity fair value $ - $ 1,090,077 $ - $ 1,090,077

INCOME_(LOSS) PER COMMON SHARE

INCOME/(LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Mar. 31, 2024
Net Income/(Loss) per share
SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE	SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE For the Year Ended 2024 2023 2022 Numerator: Net income/(loss) $ (15,565,200 ) $ (4,596,038 ) $ 33,247,436 Less: Preferred stock dividends (3,122,049 ) (3,105,034 ) (2,668,648 ) Net income/(loss) attributable to common stockholders $ (18,687,249 ) $ (7,701,072 ) $ 30,578,788 Denominator: Weighted average shares of common stock - basic 118,249,486 117,177,885 112,328,680 Effect of dilutive common stock purchase warrants - - 1,861,040 Effect of dilutive equity incentive awards - - - Weighted average shares of common stock - Diluted 118,249,486 117,177,885 114,189,720 Basic earnings per share: Income/(loss) per share attributable to common stockholders - basic $ (0.16 ) $ (0.07 ) $ 0.27 Diluted earnings per share: Income/(loss) per share attributable to common stockholders - diluted $ (0.16) $ (0.07) $ 0.27

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Mar. 31, 2024
Credit Loss [Abstract]
SCHEDULE OF ACCOUNTS RECEIVABLE	Our net accounts receivable are summarized as follows: SCHEDULE OF ACCOUNTS RECEIVABLE March 31, 2024 March 31, 2023 March 31, 2022 Accounts receivable $ 31,887,399 $ 32,592,931 $ 47,010,336 Less: allowance for credit losses (3,666,078 ) (3,246,551 ) (3,055,252 ) Accounts receivable, net $ 28,221,321 $ 29,346,380 $ 43,955,084 The following presents a reconciliation of our allowance for credit losses for the periods presented: March 31, 2022 $ 3,055,252 Increase in allowance 2,160,323 Write-off of uncollectible amounts (1,969,024 ) March 31, 2023 3,246,551 Increase in allowance 1,530,891 Write-off of uncollectible amounts (1,111,364 ) March 31, 2024 $ 3,666,078

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORIES	At March 31, 2024 and March 31, 2023, the inventory balances are composed of: SCHEDULE OF INVENTORIES March 31, 2024 March 31, 2023 Finished product $ 11,055,061 $ 14,362,514 Raw materials 24,158,244 23,898,596 Work in process 10,350,029 16,083,709 Inventory net $ 45,563,334 $ 54,344,819

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following at March 31, 2024 and March 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2024 March 31, 2023 Leasehold Improvements $ 257,009 $ 257,009 Building and Improvements 29,143,445 28,623,329 Furniture and Fixtures 439,990 384,650 Vehicles 153,254 153,254 Equipment 45,467,137 40,233,186 Tooling 143,710 143,710 Construction in Progress 2,785,616 734,781 Total property and equipment $ 78,390,161 $ 70,529,919 Less accumulated depreciation (20,308,121 ) (14,566,664 ) Net property and equipment $ 58,082,040 $ 55,963,255

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2024
Leases
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES	Future minimum lease payments under non-cancellable leases as of March 31, 2024 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES Years Ended March 31, 2025 $ 666,233 2026 665,069 2027 581,574 2028 379,067 2029 258,102 Total Lease Payments 2,550,045 Less: Amount Representing Interest (460,558 ) Present value of lease liabilities $ 2,089,487

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS	At March 31, 2024, 2023, and 2022, outstanding and exercisable stock purchase warrants consisted of the following: SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS Number of Weighted Averaged Weighted Outstanding at March 31, 2021 3,607,945 $ 2.31 3.24 Granted 200,000 0.01 3.92 Exercised (874,190 ) 1.76 - Forfeited or cancelled - - - Outstanding at March 31, 2022 2,933,755 $ 2.32 2.29 Exercisable at March 31, 2022 2,933,755 $ 2.32 2.29 Number of Weighted Averaged Weighted Outstanding at March 31, 2022 2,933,755 $ 2.32 2.29 Granted 150,000 0.01 4.5 Exercised (300,003 ) 0.34 - Forfeited or cancelled (322,806 ) 2.00 - Outstanding at March 31, 2023 2,460,946 $ 2.46 1.59 Exercisable at March 31, 2023 2,460,946 $ 2.46 1.59 Number of Weighted Averaged Weighted Outstanding at March 31, 2023 2,460,946 $ 2.46 1.59 Exercised (31,750 ) 2.40 - Forfeited or cancelled (720,366 ) 3.19 - Outstanding at March 31, 2024 1,708,830 $ 2.16 1.09 Exercisable at March 31, 2024 1,708,830 $ 2.16 1.09
SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS	SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS Number of Options 400,000 Option Vesting Period Up to 3 Per share grant price $ 2.08 Dividend yield - Expected volatility 83.5 % Risk-free interest rate 4.13 % Expected life (years) 5.75 Weighted average fair value $ 1.50

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
SCHEDULE OF FAIR VALUE OF CONSIDERATION TRANSFERRED	The fair value of the consideration transferred was valued as follows: SCHEDULE OF FAIR VALUE OF CONSIDERATION TRANSFERRED Cash $ 48,649,954 Working capital adjustment 1,870,886 Contingent consideration 10,755,000 Common stock 132,645,000 Assumed debt 50,000,000 Fair value of consideration transferred $ 243,920,840
SCHEDULE OF ALLOCATION FOR CONSIDERATION	The allocation for the consideration recorded for the acquisition is as follows: SCHEDULE OF ALLOCATION FOR CONSIDERATION   Accounts receivable, net $ 17,002,362 Prepaid expenses 478,963 Equipment 1,051,980 Deposits 703,389 Other Intangible assets (1) 146,617,380 Goodwill (1) 90,870,094 Right of use assets - operating leases 612,727 Accounts payable (12,514,919 ) Accrued expenses (196,780 ) Operating lease liability (704,356 ) Total Consideration $ 243,920,840 (1) Other intangible assets consist of Tradenames, Customer Relationships, Intellectual Property, and other tangible assets related to the acquired business.
SCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS	SCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS INCOME STATEMENT DATA For the Year Ended March 31, 2022 Net revenues $ 248,314,587 Net income $ 37,793,924

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED LIABILITIES	At March 31, 2024 and March 31, 2023, accrued liabilities were as follows: SCHEDULE OF ACCRUED LIABILITIES March 31, 2024 March 31, 2023 Accrued FAET $ 1,145,937 $ 1,808,065 Accrued bonus program 1,185,877 - Accrued professional fees 1,134,368 736,323 Accrued payroll 964,661 430,344 Other accruals 417,496 618,243 Income taxes payable 359,356 403,739 Unearned revenue 1,822,972 101,593 Accrued sales commissions - 252,366 Accrued interest - 2,681 Accrued liabilities $ 7,030,667 $ 4,353,354

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX PROVISION BENEFIT	The income tax (provision) benefit for the periods shown consist of the following: SCHEDULE OF INCOME TAX PROVISION BENEFIT 2024 2023 2022 Current US Federal $ - $ - $ (1,302,811 ) US State - - (446,677 ) Total current provision - - (1,749,488 ) Deferred US Federal 3,004,239 (578,679 ) (7,727,011 ) US State 786,824 (151,559 ) (2,649,261 ) Total deferred benefit 3,791,063 (730,238 ) (10,376,272 ) Change in valuation allowance - - 8,839,791 Income tax (provision) benefit $ 3,791,063 $ (730,238 ) $ (3,285,969 )
SCHEDULE OF RECONCILIATION OF INCOME TAX	The reconciliation of income tax expense computed at the U.S. federal statutory rate of 21 SCHEDULE OF RECONCILIATION OF INCOME TAX 2024 2023 2022 Computed tax expense 21 % 21 % 21 % State taxes, net of Federal income tax benefit 5 % 6 % 7 % Change in valuation allowance 0 % 0 % (24 )% Employee stock awards (7 )% (40 )% 4 % Other (1 )% 0 % 0 % Stock and Warrants on Note Conversion 0 % (5 )% 1 % Total provision for income taxes 18 % (18 )% 9 %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	Significant components of the Company’s deferred tax liabilities and assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2024 2023 Deferred tax assets Net operating loss carryforward $ 5,397,983 $ 871,331 Loss on purchase 826,311 826,311 Other 314,257 - Total deferred tax assets $ 6,538,461 $ 1,697,642 Deferred tax liabilities Depreciation expense $ (3,007,227 ) $ (2,906,214 ) Other (2,044,236 ) (1,101,020 ) Total deferred tax liabilities $ (5,051,463 ) $ (4,007,234 ) Net deferred tax assets/(liabilities) $ 1,486,998 $ (2,309,592 ) Valuation allowance - - Net deferred tax assets/(liabilities) $ 1,486,998 $ (2,309,592 )

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS	Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS March 31, 2024 Life Licenses Patent Other Intangible Assets Licensing Agreement – Jesse James 5 $ 125,000 $ - $ - Licensing Agreement – Jeff Rann 5 125,000 - - Streak Visual Ammunition patent 11.2 - 950,000 - SWK patent acquisition 15 - 6,124,005 - Jagemann Munition Components: Customer Relationships 3 - - 1,450,613 Intellectual Property 3 - - 1,543,548 Tradename 5 - - 2,152,076 GDI Acquisition: Tradename 15 - - 76,532,389 Customer List 10 - - 65,252,802 Intellectual Property 10 - - 4,224,442 Other Intangible Assets 5 - - 607,747 250,000 7,074,005 151,763,617 Accumulated amortization – Licensing Agreements (250,000 ) - - Accumulated amortization – Patents - (2,534,715 ) - Accumulated amortization – Intangible Assets - - (40,714,550 ) $ - $ 4,539,290 $ 111,049,067 March 31, 2023 Life Licenses Patent Other Intangible Assets Licensing Agreement – Jesse James 5 $ 125,000 $ - $ - Licensing Agreement – Jeff Rann 5 125,000 - - Streak Visual Ammunition patent 11.2 - 950,000 - SWK patent acquisition 15 - 6,124,005 - Jagemann Munition Components: Customer Relationships 3 - - 1,450,613 Intellectual Property 3 - - 1,543,548 Tradename 5 - - 2,152,076 GDI Acquisition: Tradename 15 - - 76,532,389 Customer List 10 - - 65,252,802 Intellectual Property 10 - - 4,224,442 Other Intangible Assets 5 - - 607,747 250,000 7,074,005 151,763,617 Accumulated amortization – Licensing Agreements (250,000 ) - - Accumulated amortization – Patents - (2,041,251 ) - Accumulated amortization – Intangible Assets - - (28,036,807 ) $ - $ 5,032,754 $ 123,726,810
SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET	Annual estimated amortization of intangible assets for the next five fiscal years are as follows: SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET Years Ended March 31, Estimates for 2025 $ 12,650,642 2026 12,614,775 2027 12,549,188 2028 12,543,226 2029 12,507,792 Thereafter 52,722,734 Annual amortization of intangible assets $ 115,588,357

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SCHEDULE OF OPERATING SEGMENTS	SCHEDULE OF OPERATING SEGMENTS For the Year Ended March 31, 2024 Ammunition Marketplace Corporate Total Net Revenues $ 91,112,496 $ 53,942,076 $ - $ 145,054,572 Cost of Revenues 94,771,262 7,660,541 - 102,431,803 General and administrative expense 8,967,456 9,885,131 28,804,588 47,657,175 Depreciation and amortization 508,485 13,034,306 - 13,542,791 Income/(Loss) from Operations $ (13,134,707 ) $ 23,362,098 $ (28,804,588 ) $ (18,577,197 ) Ammunition Marketplace Corporate Total For the Year Ended March 31, 2023 Ammunition Marketplace Corporate Total Net Revenues $ 128,290,128 $ 63,149,673 $ - $ 191,439,801 Cost of Revenues 126,914,265 9,116,939 - 136,031,204 General and administrative expense 10,378,456 9,707,425 25,302,873 45,388,754 Depreciation and amortization 578,326 12,700,436 - 13,278,762 Income/(Loss) from Operations $ (9,580,919 ) $ 31,624,873 $ (25,302,873 ) $ (3,258,919 ) Ammunition Marketplace Corporate and other expenses Total For the Year Ended March 31, 2022 Ammunition Marketplace Corporate and other expenses Total Net Revenues $ 175,660,650 $ 64,608,516 $ - $ 240,269,166 Cost of Revenues 142,773,306 8,732,351 - 151,505,657 General and administrative expense 11,932,721 8,434,308 17,544,970 37,911,999 Depreciation and amortization 1,579,778 12,122,370 - 13,702,148 Income/(Loss) from Operations $ 19,374,845 $ 35,319,487 $ (17,544,970 ) $ 37,149,362
SCHEDULE OF TOTAL ASSETS SEGMENTS	Total assets by segment were as follows: SCHEDULE OF TOTAL ASSETS SEGMENTS For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition $ 163,864,522 $ 154,044,607 $ 160,305,107 Marketplace 236,037,694 258,290,780 253,873,206 $ 399,902,216 $ 412,335,387 $ 414,178,313
SCHEDULE OF CAPITAL EXPENDITURE SEGMENT	Total capital expenditures by segment were as follows: SCHEDULE OF CAPITAL EXPENDITURE SEGMENT For the Year Ended March 31, 2024 March 31, 2023 March 31, 2022 Ammunition $ 5,519,135 $ 10,819,177 $ 17,728,023 Marketplace 2,505,630 1,722,148 1,490,959 $ 8,024,765 $ 12,541,325 $ 19,218,982

ORGANIZATION AND BUSINESS ACT_2

ORGANIZATION AND BUSINESS ACTIVITY (Details Narrative) - shares	Mar. 17, 2017	Dec. 15, 2016	Mar. 31, 2024	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares sold		475,681
Number of shares issued for pre-split		11,891,976
Reverse stock split		1-for-25 reverse stock split (“Reverse Split”) of the issued and outstanding shares of the common stock of the Company. As a result of the reverse split, the previous issued and outstanding shares of common stock became 580,052 shares; no shareholder was reversed below 100 shares, and all fractional shares resulting from the reverse split were rounded up to the next whole share
Common stock, shares issued		580,052	120,531,507	118,562,806
Common stock, shares outstanding		580,052	119,181,067	118,294,478
Definitive Agreement [Member] | PRIVCO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of common stock shares issued	17,285,800
Number of shares retired	475,681
Number of shares issued to satisfy issuance commitment	500,000
Shares equivalent to issuance recapitalization	604,371

SCHEDULE OF CONCENTRATION RISK

SCHEDULE OF CONCENTRATION RISK OF TOTAL REVENUES AND ACCOUNTS RECEIVABLE (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenue Benchmark [Member] | Customer A [Member]
Product Information [Line Items]
Concentration risk, percentage		12.20%
Revenue Benchmark [Member] | Customer B [Member]
Product Information [Line Items]
Concentration risk, percentage
Revenue Benchmark [Member] | Customer [Member]
Product Information [Line Items]
Concentration risk, percentage		12.20%
Accounts Receivable [Member] | Customer A [Member]
Product Information [Line Items]
Concentration risk, percentage	11.80%
Accounts Receivable [Member] | Customer B [Member]
Product Information [Line Items]
Concentration risk, percentage			11.80%
Accounts Receivable [Member] | Customer [Member]
Product Information [Line Items]
Concentration risk, percentage	11.80%		11.80%

SCHEDULE OF DISAGGREGATED REVEN

SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT (Details) - USD ($)		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Product Information [Line Items]
Total Sales		$ 145,054,572	$ 191,439,801	$ 240,269,166
Ammunition Sales [Member]
Product Information [Line Items]
Total Sales	[1],[2]	69,390,801	114,116,044	161,459,025
Marketplace Fee Revenue [Member]
Product Information [Line Items]
Total Sales		53,942,076	63,149,673	64,608,516
Ammunition Casings Sales [Member]
Product Information [Line Items]
Total Sales		$ 21,721,695	$ 14,174,084	$ 14,201,625
[1]Included in revenue for the fiscal year ended March 31, 2024, 2023, and 2022 are excise taxes of $ 6,155,524 9,789,897 6,155,524 9,789,897 14,646,983

SCHEDULE OF DISAGGREGATED REV_2

SCHEDULE OF DISAGGREGATED REVENUE FROM CUSTOMERS BY SEGMENT (Details) (Parenthetical) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Excise tax	$ 6,155,524	$ 9,789,897	$ 14,646,983

SCHEDULE OF FAIR VALUE MEASUREM

SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES (Details)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Measurement Input, Risk Free Interest Rate [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input	4.1	3.9
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input			1.21
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input			1.74
Measurement Input, Price Volatility [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input	83.5	77.5
Measurement Input, Price Volatility [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input			89.1
Measurement Input, Price Volatility [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input			90.7
Measurement Input, Expected Term [Member]
Property, Plant and Equipment [Line Items]
Fair value assumptions, measurement input, percentages	5 years 9 months	2 years 6 months	2 years 6 months
Measurement Input, Expected Dividend Rate [Member]
Property, Plant and Equipment [Line Items]
Warrants measurement input	0	0	0

SCHEDULE OF FAIR VALUE OF COMMO

SCHEDULE OF FAIR VALUE OF COMMON STOCK AND WARRANTS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Common Stock Purchase Options [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value	$ 430,457
Common Stock Purchase Options [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value
Common Stock Purchase Options [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value	430,457
Common Stock Purchase Options [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value
Warrants Issued For Services [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value		$ 427,639	$ 1,090,077
Warrants Issued For Services [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value
Warrants Issued For Services [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value		427,639	1,090,077
Warrants Issued For Services [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Equity fair value

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)			12 Months Ended
	Jan. 18, 2024	Apr. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2021	[1]
Goodwill			$ 90,870,094	$ 90,870,094		$ 90,870,094
Allowance for credit loss			3,666,078	3,246,551	$ 3,055,252
Impairment expense			$ 0	0	0
Excise tax percentage			11%
Excise taxes			$ 6,155,524	9,789,897	14,646,983
Cash, FDIC insured amount			$ 250,000
Income tax examination, description			We measure recognized income tax positions at the largest amount that is greater than 50% likely of being realized. We reflect changes in recognition or measurement in the period in which the change in judgment occurs.
Compensatory damages		$ 140,000,000
Loss Contingency, Damages Paid, Value	$ 100,000,000
Accrued contingencies			$ 1,400,000
Other contingencies			0
Ammunition Segment [Member]
Advertising expenses			384,002	1,068,700	1,406,043
Selling and Marketing Expense [Member]
Advertising expenses			1,149,596	1,355,179	1,823,060
Cost of Sales [Member] | Marketplace [Member]
Advertising expenses			$ 765,594		417,017
Patents [Member] | Exclusive License Agreement [Member]
Share price			$ 0.01
Royalty expenses			$ 22,754	$ 99,268	$ 44,764
[1]Other intangible assets consist of Tradenames, Customer Relationships, Intellectual Property, and other tangible assets related to the acquired business.

SCHEDULE OF INCOME_(LOSS) PER C

SCHEDULE OF INCOME/(LOSS) PER COMMON SHARE (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Net Income/(Loss) per share
Net income/(loss)	$ (15,565,200)	$ (4,596,038)	$ 33,247,436
Less: Preferred stock dividends	(3,122,049)	(3,105,034)	(2,668,648)
Net income/(loss) attributable to common stockholders	$ (18,687,249)	$ (7,701,072)	$ 30,578,788
Weighted average shares of common stock - basic	118,249,486	117,177,885	112,328,680
Effect of dilutive common stock purchase warrants			1,861,040
Effect of dilutive equity incentive awards
Weighted average shares of common stock - Diluted	118,249,486	117,177,885	114,189,720
Income/(loss) per share attributable to common stockholders - basic	$ (0.16)	$ (0.07)	$ 0.27
Income/(loss) per share attributable to common stockholders - diluted	$ (0.16)	$ (0.07)	$ 0.27

INCOME_(LOSS) PER COMMON SHAR_2

INCOME/(LOSS) PER COMMON SHARE (Details Narrative) - shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Number of Shares Outstanding, Diluted	118,249,486	117,177,885	114,189,720
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,708,830
Weighted Average Number of Shares Outstanding, Diluted	175,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,406,946	150,000
Equity Incentive Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			20,000

SCHEDULE OF ACCOUNTS RECEIVABLE

SCHEDULE OF ACCOUNTS RECEIVABLE (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Credit Loss [Abstract]
Accounts receivable	$ 31,887,399	$ 32,592,931	$ 47,010,336
Less: allowance for credit losses	(3,666,078)	(3,246,551)	(3,055,252)
Accounts receivable, net	28,221,321	29,346,380	$ 43,955,084
Allowance for credit losses, beginning balance	3,246,551	3,055,252
Increase in allowance	1,530,891	2,160,323
Write-off of uncollectible amounts	(1,111,364)	(1,969,024)
Allowance for credit losses, ending balance	$ 3,666,078	$ 3,246,551

SCHEDULE OF INVENTORIES (Detail

SCHEDULE OF INVENTORIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Finished product	$ 11,055,061	$ 14,362,514
Raw materials	24,158,244	23,898,596
Work in process	10,350,029	16,083,709
Inventory net	$ 45,563,334	$ 54,344,819

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 78,390,161	$ 70,529,919
Less accumulated depreciation	(20,308,121)	(14,566,664)
Net property and equipment	58,082,040	55,963,255
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	257,009	257,009
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	29,143,445	28,623,329
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	439,990	384,650
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	153,254	153,254
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	45,467,137	40,233,186
Tooling [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	143,710	143,710
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,785,616	$ 734,781

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Depreciation expense	$ 5,751,023	$ 4,452,908	$ 4,266,126
Cost of Sales [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Depreciation expense	4,777,642	3,747,723	3,101,929
Operating Expense [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Depreciation expense	$ 973,381	$ 705,185	$ 1,164,197

REVOLVING LOAN (Details Narrati

REVOLVING LOAN (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Dec. 29, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total commitment amount		$ 20,000,000
Revolving loan description	December 29, 2026 (the “Maturity Date”), at which time the commitments will terminate and all outstanding loans, together with all accrued and unpaid interest, must be repaid. If the Revolving Loan is refinanced by another lender prior to the Maturity Date, an additional fee payable concurrently with such refinancing in an amount equal to (i) three percent (3.0%) of the Total Commitment Amount, if such financing occurs after the Closing Date but on or prior to the first anniversary of the Closing Date, (ii) two percent (2.0%) of the Total Commitment Amount, if such refinancing occurs after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, and (iii) one percent (1.0%) of the Total Commitment Amount, if such refinancing occurs after the second anniversary of the Closing Date but on or prior to the third anniversary of the Closing Date (the “Prepayment Fee”).
Sunflower Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revolving loan description	The Revolving Loan bears interest at a rate of the greater of (x) 3.50% (the “Floor Rate”) and (y) Term SOFR, plus 3.00% (the “Revolving Facility Applicable Rate”) and is computed on the basis of a 360-day year for the actual number of days elapsed. Except in an Event of Default (as defined below), Advances under the Revolving Loan shall bear interest, on the outstanding Daily Balance thereof, at the Revolving Facility Applicable Rate. Interest is due and payable on the first calendar day of each month during the term of the Sunflower Agreement. The Borrower is also obligated to pay to Agent, for the ratable benefit of Lenders, an origination fee, Prepayment Fee, unused facility fee, collateral monitoring fee and Lender Expenses.

FACTORING LIABILITY (Details Na

FACTORING LIABILITY (Details Narrative) - USD ($)				12 Months Ended
	Dec. 29, 2023	Jun. 17, 2021	Jul. 01, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest expenses on factoring liability				$ 185,319	$ 153,646	$ 327,746
Amortization of commitment fee				$ 62,500	$ 37,500	$ 100,000
Maturity date		Jun. 17, 2025
Termination agreement expenses	$ 281,108
Factoring and Security Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum advance amount			$ 5,000,000
Line of credit facility interest rate during period			85%
Fee percentage			3%
Line of credit facility commitment fee amount			$ 150,000
Factoring and Security Agreement [Member] | Prime Rate [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit facility interest rate during period			4.50%

INVENTORY CREDIT FACILITY (Deta

INVENTORY CREDIT FACILITY (Details Narrative) - USD ($)		12 Months Ended
	Jun. 17, 2020	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Jul. 31, 2020
Inventory Credit Facility [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Interest expense on factoring liability		$ 0	$ 6,580	$ 40,940
Amortization of annual fee				$ 8,561
Revolving Inventory Loan and Security Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum loan amount	$ 35,000				$ 2,250,000
Line of credit interest rate description	annualized interest rate of the greater of the three-month LIBOR rate plus 3.09% or 8%
Commitment fee percentage	2%
Revolving Inventory Loan and Security Agreement [Member] | Eligible Inventory [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum loan amount	$ 1,750,000

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS UNDER NON-CANCELLABLE LEASES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Leases
2025	$ 666,233
2026	665,069
2027	581,574
2028	379,067
2029	258,102
Total Lease Payments	2,550,045
Less: Amount Representing Interest	(460,558)
Present value of lease liabilities	$ 2,089,487	$ 1,374,224

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2022	Sep. 30, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, liability	$ 2,089,487	$ 1,374,224
Right use of asset	2,000,093	1,261,634
Operating lease liability	(499,448)	(647,480)	$ (732,468)
Operating lease liability, current	479,651	470,734
Operating lease liability non-current	1,609,836	903,490
Consolidated lease expense	663,826	881,171	1,221,473
Operating lease expense	642,105	861,777	1,177,589
Other lease expenses	$ 21,722	$ 19,394	$ 43,884
Weighted average remaining lease term	4 years	3 years 3 months 18 days
Weighted average discount rate for operating leases	10%	10%
Previously Reported [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right use of asset	$ 738,459
Scottsdale Lease [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, liability					$ 501,125
Right use of asset					$ 501,125
Operating lease liability	38,185
Marietta Lease [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, liability				$ 308,326
Right use of asset				$ 308,326
Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease, liability	901,076
Right use of asset	$ 901,076

NOTES PAYABLE _ RELATED PARTY (

NOTES PAYABLE – RELATED PARTY (Details Narrative) - USD ($)

1 Months Ended

12 Months Ended

Jun. 17, 2021

Jan. 22, 2021

Nov. 05, 2020

Jun. 26, 2020

Mar. 14, 2020

Oct. 31, 2019

Apr. 30, 2019

Mar. 31, 2019

Mar. 25, 2019

May 31, 2019

Apr. 30, 2019

Mar. 31, 2024

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Mar. 16, 2021

Short-Term Debt [Line Items]

Payment of note payable related party

$ 4,000,000

Debt description

The note bears interest per annum at approximately 4.6% payable in arrears monthly.

Principal payments

257,425

150,743

Debt instrument maturity date

Jun. 17, 2025

Settlement Agreement [Member]

Short-Term Debt [Line Items]

Payment of note payable related party

$ 6,000,000

Debt description

Pursuant to the Settlement Agreement, the Company shall pay JSC $1,269,977 and shall provide JSC with: (i) two new promissory notes, a note of $5,803,800 related to the Seller Note and note of $2,635,797 for inventory and services, both with a maturity date of August 15, 2021, (ii) general business security agreements granting JSC a security interest in all personal property of the Company. Pursuant to the Notes, the Company is obligated to make monthly payments totaling $204,295 to JSC. In addition, the Notes have a mandatory prepayment provision that comes into effect if the Company conducts a publicly registered offering

Principal payments

$ 1,269,977

Debt instrument maturity date

Aug. 15, 2021

Proceeds from advances for construction

$ 1,000,000

Post Closing Transaction Note Reduction [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

$ 2,596,200

$ 2,596,200

Decreased Equipment Net [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

1,871,306

1,871,306

Reduction in Other Intangible Assets [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

766,068

766,068

Increased Accounts Receivable [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

31,924

31,924

Increase to Deposits [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

9,250

9,250

Decreased Accumulated Amortization [Member]

Short-Term Debt [Line Items]

Post-closing changes to the purchase price of transaction

159,530

$ 159,530

Inventory and Services [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Payment of note payable related party

2,635,797

Promissory Note [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Payment of note payable related party

$ 5,803,800

Note B [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Payment of note payable related party

592,982

Interest expenses

$ 62,876

Amended Note B [Member]

Short-Term Debt [Line Items]

Interest expenses

$ 1,788

48,665

110,518

60,100

Amended Note B [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Notes payable related party

$ 180,850

$ 865,771

Amended Note B [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Notes payable related party

$ 1,687,664

Debt interest rate

9%

Amended Note B [Member] | Settlement Agreement [Member] | Related Party [Member]

Short-Term Debt [Line Items]

Notes payable related party

$ 1,687,664

Note A [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Interest expenses

$ 216,160

Jagemann Stamping Company [Member]

Short-Term Debt [Line Items]

Debt description

Pursuant to such provision, the Company: (a) upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company’s common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement

The note bears interest per annum at approximately 4.6% payable in arrears monthly

Debt monthly payments

$ 204,295

Debt interest rate

4.60%

5%

Jagemann Stamping Company [Member] | Settlement Agreement [Member]

Short-Term Debt [Line Items]

Debt description

upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company’s common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement

Debt instrument maturity date

Apr. 01, 2021

Stock repurchased during period, shares

1,000,000

Shares issued, price per share

$ 1.50

Jagemann Stamping Company [Member] | Amended APA [Member]

Short-Term Debt [Line Items]

Stock repurchased during period, shares

1,000,000

Shares issued, price per share

$ 1.50

Jagemann Stamping Company [Member] | Promissory Note [Member]

Short-Term Debt [Line Items]

Payment of note payable related party

$ 10,400,000

$ 9,900,000

$ 500,000

$ 1,500,000

CONSTRUCTION NOTE PAYABLE (Deta

CONSTRUCTION NOTE PAYABLE (Details Narrative)			12 Months Ended
	Oct. 14, 2021 USD ($) ft²	Jun. 17, 2021	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt maturity date		Jun. 17, 2025
Debt instrument principal payment			$ 257,425	$ 150,743
Restricted cash released			500,000	500,000
Restricted cash				500,000
Hiawatha National Bank [Member] | Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt interest rate	4.50%
Debt maturity date	Oct. 14, 2026
Hiawatha National Bank [Member] | Maximum [Member] | Promissory Note [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt face amount	$ 11,625,000
Debt periodic payment	$ 64,620
Construction Loan Agreement [Member] | Hiawatha National Bank [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | ft²	160,000
Proceeds from notes payable				11,200,000
Prepayment premium of note amount, percentage	1%
Debt default, description	The Loan Agreement contains customary events of default including, but not limited to, a failure to make any payments pursuant to the Loan Agreement or Note, a failure to complete construction of the project, a lien of $100,000 or more against the property, or a transfer of the property without Hiawatha’s consent. Upon the occurrence of an event of default, among other remedies, the amounts due pursuant to the Loan can be accelerated, Hiawatha can foreclose on the property pursuant to the mortgage, and a late charge of five percent (5%) of the amount due will be owed with all amounts then owed pursuant to the Note bearing interest at an increased rate
Cash collateral or restricted cash				$ 1,000,000
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | First Advance [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from notes payable	$ 329,843
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt face amount	$ 11,625,000
Debt converison ratio	1.25
Construction Loan Agreement [Member] | Hiawatha National Bank [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt converison ratio	1

SCHEDULE OF OUTSTANDING AND EXE

SCHEDULE OF OUTSTANDING AND EXERCISABLE STOCK PURCHASE WARRANTS (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares, outstanding beginning	2,460,946	2,933,755	3,607,945
Weighted average exercise price, outstanding beginning	$ 2.46	$ 2.32	$ 2.31
Weighted average life remaining years, outstanding beginning	1 year 7 months 2 days	2 years 3 months 14 days	3 years 2 months 26 days
Number of shares, granted		150,000	200,000
Weighted average exercise price, granted		$ 0.01	$ 0.01
Weighted average life remaining years, outstanding granted		4 years 6 months	3 years 11 months 1 day
Number of shares, exercised	(31,750)	(300,003)	(874,190)
Weighted average exercise price, exercised	$ 2.40	$ 0.34	$ 1.76
Number of shares, forfeited or cancelled	(720,366)	(322,806)
Weighted average exercise price, forfeited or cancelled	$ 3.19	$ 2
Number of shares, outstanding ending	1,708,830	2,460,946	2,933,755
Weighted average exercise price, outstanding ending	$ 2.16	$ 2.46	$ 2.32
Weighted average life remaining years, outstanding ending	1 year 1 month 2 days	1 year 7 months 2 days	2 years 3 months 14 days
Number of shares, exercisable	1,708,830	2,460,946	2,933,755
Weighted average exercise price, exercisable	$ 2.16	$ 2.46	$ 2.32
Weighted average life remaining years, exercisable	1 year 1 month 2 days	1 year 7 months 2 days	2 years 3 months 14 days

SCHEDULE OF SHARE BASED COMPENS

SCHEDULE OF SHARE BASED COMPENSATION ARRANGEMENTS (Details)	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Equity [Abstract]
Number of options | shares	400,000
Vesting period	3 years
Grant price (per share)	$ 2.08
Expected dividend yields
Expected volatility	83.50%
Risk-free interest rates	4.13%
Expected lives	5 years 9 months
Weighted average fair value per share	$ 1.50

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized		200,000,000	200,000,000
Common stock, par value		$ 0.001	$ 0.001
Number of shares issued for merger, value				$ 142,691,282
Number of shares issued for services, shares				772,450
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross		400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares	300,000	100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	25,000
Expenses related to options		$ 430,457
Shares Issued for Services [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued for services, value				$ 1,631,701
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued cashless exercise of warrants			99,762	374,584
Cashless exercise of warrants			100,000	443,110
Warrants outstanding		1,708,830
Issuance of warrants, description		Each warrant provides the holder the right to purchase up to one share of our Common Stock at a predetermined exercise price. The outstanding warrants consist of (1) warrants to purchase 911 shares of Common Stock at an exercise price of $1.65 per share until April 2025; (2) warrants to purchase 1,244,108 shares of our Common Stock at an exercise price of $2.00 per share consisting of approximately 1% of the warrants until August 2024, and approximately 99% until February 2026; (3) warrants to purchase 77,500 shares of Common Stock at an exercise price of $2.40 until September 2024, and (4) warrants to purchase 386,311 shares of Common Stock at an exercise price of $2.63 until November 2025.
Warrant One [Member] | Until April 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants issued to purchase common stock		911
Warrants exercise price		$ 1.65
Warrant Two [Member] | Until August 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants issued to purchase common stock		1,244,108
Warrants exercise price		$ 2
Warrant Three [Member] | Until September 2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants issued to purchase common stock		77,500
Warrants exercise price		$ 2.40
Warrant Four [Member] | Until November 2025 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants issued to purchase common stock		386,311
Warrants exercise price		$ 2.63
Gemini Direct Investments LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued for merger, shares				20,000,000
Number of shares issued for merger, value				$ 142,691,282
Investors [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period shares warrants exercised, shares		31,750	200,003	431,080
Stock issued during period value warrants exercised, value		$ 76,200	$ 101,506	$ 943,907
Employees, Board of Directors, Advisory Committee [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued for employees benefit, shares		1,936,951	1,777,294	1,807,666
Shares issued for employees benefit, value		$ 4,082,108	$ 5,807,779	$ 5,759,000
New Issuance of Shares [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock issued new shares, shares		1,968,701	2,077,059	23,385,780

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - USD ($)																										12 Months Ended
	Mar. 15, 2024	Feb. 29, 2024	Dec. 15, 2023	Nov. 30, 2023	Sep. 15, 2023	Aug. 31, 2023	Jun. 15, 2023	May 31, 2023	Mar. 15, 2023	Feb. 28, 2023	Dec. 15, 2022	Nov. 30, 2022	Sep. 15, 2022	Aug. 17, 2022	Jun. 15, 2022	May 12, 2022	Mar. 15, 2022	Feb. 28, 2022	Dec. 15, 2021	Nov. 30, 2021	Sep. 15, 2021	Aug. 27, 2021	May 25, 2021	May 19, 2021	May 18, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Class of Stock [Line Items]
Dividend rate																										8.75%	8.75%
Proceeds from offering																												$ 31,008,796
Accumulated preferred dividends																										$ 144,618	$ 144,618	144,562
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Share price																									$ 25
Dividend rate																								8.75%	8.75%
Preferred stock dividend rate per annum		$ 0.5529514		$ 0.5529514		$ 0.55902778		$ 0.55902778		$ 0.546875		$ 0.5529514		$ 0.55902778		$ 0.559027777777778		$ 0.546875		$ 1.01475694444444		$ 0.241246528			$ 2.1875
Dividend payment terms																									payable quarterly in arrears on March 15, June 15, September 15, and December 15.
Accumulated preferred dividends									$ 765,625		$ 774,132		$ 782,639		$ 782,639		$ 765,642		$ 1,420,700		$ 337,745					$ 144,618
Dividends paid	$ 774,132		$ 774,132		$ 782,639		$ 782,639
Series A Preferred Stock [Member] | August 27, 2021 [Member]
Class of Stock [Line Items]
Accumulated preferred dividends																												$ 144,562
Series A Preferred Stock [Member] | February 17. 2023 [Member]
Class of Stock [Line Items]
Accumulated preferred dividends																											$ 144,618
Series A Preferred Stock [Member] | Underwriting Agreement [Member]
Class of Stock [Line Items]
Share price																							$ 25	$ 25
Number of common stock shares issued																							138,220	1,097,200
Proceeds from offering																							$ 3,455,500	$ 27,430,000
Series A Preferred Stock [Member] | Underwriting Agreement [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Number of common stock shares issued																							164,580
Proceeds from offering																							$ 4,114,500
Series A Preferred Stock [Member] | Underwriting Agreement [Member] | Underwriters [Member]
Class of Stock [Line Items]
Number of common stock shares issued																								164,580

SCHEDULE OF FAIR VALUE OF CONSI

SCHEDULE OF FAIR VALUE OF CONSIDERATION TRANSFERRED (Details)	Apr. 30, 2021 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Cash	$ 48,649,954
Working capital adjustment	1,870,886
Contingent consideration	10,755,000
Common stock	132,645,000
Assumed debt	50,000,000
Fair value of consideration transferred	$ 243,920,840

SCHEDULE OF ALLOCATION FOR CONS

SCHEDULE OF ALLOCATION FOR CONSIDERATION (Details) - USD ($)		Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2021
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Accounts receivable, net				$ 17,002,362
Prepaid expenses				478,963
Equipment				1,051,980
Deposits				703,389
Other Intangible assets	[1]			146,617,380
Goodwill		$ 90,870,094	$ 90,870,094	90,870,094	[1]
Right of use assets - operating leases				612,727
Accounts payable				(12,514,919)
Accrued expenses				(196,780)
Operating lease liability				(704,356)
Total Consideration				$ 243,920,840
[1]Other intangible assets consist of Tradenames, Customer Relationships, Intellectual Property, and other tangible assets related to the acquired business.

SCHEDULE OF UNAUDITED PRO FORMA

SCHEDULE OF UNAUDITED PRO FORMA RESULTS OF OPERATIONS (Details)	12 Months Ended
	Mar. 31, 2022 USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Net revenues	$ 248,314,587
Net income	$ 37,793,924

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative) - USD ($)			12 Months Ended
	Apr. 30, 2021	Apr. 01, 2021	Mar. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Contingent consideration payable, net of current portion				$ 59,838	$ 140,378
Contingent consideration, amount	$ 10,755,000
Working capital adjustments	$ 2,000,000
Transaction cost			$ 1,300,000
Business acquisitions pro form a interest and debt expense		$ 1,800,000
Business acquisitions pro form a depreciation and amortization		$ 900,000
Gemini Direct Investments LLC [Member]
Business Acquisition [Line Items]
Business acquisition, share price	$ 7.17
Company received a cash payment	$ 50,000,000
Business acquisition, cash acquired	1,350,046
Estimated working capital adjustment	2,000,000
Contingent consideration payable, net of current portion	50,000,000
Contingent consideration, amount	$ 10,755,000
Shares issued prior stockholder	1,500,000
Business combination additional securities of common stock	18,500,000
Merger Agreement [Member] | Gemini Direct Investments LLC [Member]
Business Acquisition [Line Items]
Business acquisition, amount	$ 50,000,000
Business acquisition, shares	20,000,000
Business acquisition, share price	$ 0.001
Company received a cash payment	$ 129,114
Consideration transferred	$ 1,870,886
Without Being Held in Escrow or Requiring Prior Stockholder Approval [Member]
Business Acquisition [Line Items]
Issuance of Series A Preferred Stock, net of issuance costs, shares	14,500,000
Pledge and Escrow Agreement [Member]
Business Acquisition [Line Items]
Issuance of Series A Preferred Stock, net of issuance costs, shares	4,000,000
Will Not Be Issued Prior to The Stockholder Approval [Member]
Business Acquisition [Line Items]
Issuance of Series A Preferred Stock, net of issuance costs, shares	1,500,000

SCHEDULE OF ACCRUED LIABILITIES

SCHEDULE OF ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued FAET	$ 1,145,937	$ 1,808,065
Accrued bonus program	1,185,877
Accrued professional fees	1,134,368	736,323
Accrued payroll	964,661	430,344
Other accruals	417,496	618,243
Income taxes payable	359,356	403,739
Unearned revenue	1,822,972	101,593
Accrued sales commissions		252,366
Accrued interest		2,681
Accrued liabilities	$ 7,030,667	$ 4,353,354

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)											1 Months Ended	12 Months Ended
	Jul. 24, 2023	Jul. 17, 2023	Nov. 03, 2022	Jun. 17, 2021	Jan. 22, 2021	Nov. 05, 2020	Jun. 26, 2020	Mar. 14, 2020	Oct. 31, 2019	Apr. 30, 2019	Apr. 30, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Jul. 26, 2023	Mar. 16, 2021
Service payment due amount												$ 1,134,368	$ 736,323
Shares for service														772,450
Common stock shares issued, value														$ 31,008,796
Letter of credit																$ 1,600,000
Deposits		$ 1,600,000
Description of line of credit facility		The term of the certificate of deposit is twelve months and includes interest of approximately 5%. Per the terms of the Merger Agreement, filed with the Commission on a Current Report on Form 8-K on May 6, 2021 (the “Current Report”), the Seller is required to pay or be liable for these losses (capitalized terms are defined the Current Report).
Revenues												145,054,572	191,439,801	240,269,166
Accounts receivable												28,221,321	29,346,380	43,955,084
Debt instrument, description											The note bears interest per annum at approximately 4.6% payable in arrears monthly.
Accrued interest															$ 352,157
Rent paid												663,826	881,171	1,221,473
Principal payments												257,425	150,743
Payment of note payable related party														4,000,000
Debt maturity date				Jun. 17, 2025
Amended Note B [Member]
Interest expenses												$ 1,788	48,665	$ 110,518	60,100
Post Closing Transaction Note Reduction [Member]
Post-closing changes to the purchase price of transaction								$ 2,596,200	$ 2,596,200
Decreased Equipment Net [Member]
Post-closing changes to the purchase price of transaction								1,871,306	1,871,306
Reduction in Other Intangible Assets [Member]
Post-closing changes to the purchase price of transaction								766,068	766,068
Increased Accounts Receivable [Member]
Post-closing changes to the purchase price of transaction								31,924	31,924
Increase to Deposits [Member]
Post-closing changes to the purchase price of transaction								9,250	9,250
Decreased Accumulated Amortization [Member]
Post-closing changes to the purchase price of transaction								$ 159,530	$ 159,530
Jagemann Stamping Company [Member]
Debt instrument, description							Pursuant to such provision, the Company: (a) upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company’s common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement			The note bears interest per annum at approximately 4.6% payable in arrears monthly
Debt interest rate														4.60%			5%
Common Stock [Member]
Common stock shares issued, value
Settlement Agreement [Member]
Issuance of Series A Preferred Stock, net of issuance costs, shares			110,000
Common stock shares issued, value			$ 385,000
Costs, fees and expenses			$ 500,000
Debt instrument, description							Pursuant to the Settlement Agreement, the Company shall pay JSC $1,269,977 and shall provide JSC with: (i) two new promissory notes, a note of $5,803,800 related to the Seller Note and note of $2,635,797 for inventory and services, both with a maturity date of August 15, 2021, (ii) general business security agreements granting JSC a security interest in all personal property of the Company. Pursuant to the Notes, the Company is obligated to make monthly payments totaling $204,295 to JSC. In addition, the Notes have a mandatory prepayment provision that comes into effect if the Company conducts a publicly registered offering
Principal payments							$ 1,269,977
Payment of note payable related party						$ 6,000,000
Debt maturity date							Aug. 15, 2021
Settlement Agreement [Member] | Maximum [Member]
Option grant to repurchase							1,000,000
Settlement Agreement [Member] | Monthly Payments [Member]
Principal payments							$ 204,295
Settlement Agreement [Member] | Ninety Percent [Member]
Proceeds from Notes payable							10,000,000
Settlement Agreement [Member] | Hundred Percent [Member]
Proceeds from Notes payable							10,000,000
Settlement Agreement [Member] | Seller Note [Member]
Payment of note payable related party							5,803,800
Settlement Agreement [Member] | Note B [Member]
Payment of note payable related party						$ 592,982
Interest expenses															62,876
Settlement Agreement [Member] | Amended Note B [Member]
Debt interest rate						9%
Notes payable related party						$ 1,687,664
Debt instrument term						36 months
Settlement Agreement [Member] | Inventory and Services [Member]
Payment of note payable related party							$ 2,635,797
Settlement Agreement [Member] | Jagemann Stamping Company [Member]
Debt instrument, description							upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company’s common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement
Debt maturity date							Apr. 01, 2021
Share price per share							$ 1.50
Shares repurchase							1,000,000
Settlement Agreement [Member] | Common Stock [Member]
Issuance of Series A Preferred Stock, net of issuance costs, shares			125,000
Common stock shares issued, value			$ 437,500
Administrative and Management Services [Member]
Inventory purchased during period													2,000,000	1,700,000
Rent paid													170,355	408,852
Amended APA [Member] | Jagemann Stamping Company [Member]
Share price per share					$ 1.50
Shares repurchase					1,000,000
Two Independent Contractors [Member]
Issuance of Series A Preferred Stock, net of issuance costs, shares												134,240
Related Party [Member]
Accounts receivable												$ 201,646
Accounts receivable												150,866
Accounts receivable													182,344	139,164
Related Party [Member] | Amended Note B [Member]
Notes payable related party													180,850	865,771
Related Party [Member] | Settlement Agreement [Member] | Amended Note B [Member]
Notes payable related party						$ 1,687,664
Board Of Directors [Member] | Marketplace Revenue [Member]
Revenues													215,300	1,042,277
Two Independent Contractors [Member]
Service fees												410,173	$ 551,916
Service payment due amount												$ 244,640			$ 223,333
Shares for service												168,581	141,419
Service paid													$ 494,967
Foregoing [Member]
Service paid												$ 350,345
Advisory Committee [Member]
Shares for service												25,000	45,000
Service paid												$ 53,250	$ 129,750	$ 173,000
Fred Wagenhals [Member]
Issuance of Series A Preferred Stock, net of issuance costs, shares	300,000
Payments to Employees	$ 1,060,290
Common stock shares issued, value	$ 624,000
Independent Contractor [Member]
Shares for service														60,000
Service paid														$ 229,083

SCHEDULE OF INCOME TAX PROVISIO

SCHEDULE OF INCOME TAX PROVISION BENEFIT (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
US Federal			$ (1,302,811)
US State			(446,677)
Total current provision			(1,749,488)
US Federal	3,004,239	(578,679)	(7,727,011)
US State	786,824	(151,559)	(2,649,261)
Total deferred benefit	3,791,063	(730,238)	(10,376,272)
Change in valuation allowance			8,839,791
Income tax (provision) benefit	$ 3,791,063	$ (730,238)	$ (3,285,969)

SCHEDULE OF RECONCILIATION OF I

SCHEDULE OF RECONCILIATION OF INCOME TAX (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax expense	21%	21%	21%
State taxes, net of Federal income tax benefit	5%	6%	7%
Change in valuation allowance	0%	0%	(24.00%)
Employee stock awards	(7.00%)	(40.00%)	4%
Other	(1.00%)	0%	0%
Stock and Warrants on Note Conversion	0%	(5.00%)	1%
Total provision for income taxes	18%	(18.00%)	9%

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 5,397,983	$ 871,331
Loss on purchase	826,311	826,311
Other	314,257
Total deferred tax assets	6,538,461	1,697,642
Depreciation expense	(3,007,227)	(2,906,214)
Other	(2,044,236)	(1,101,020)
Total deferred tax liabilities	(5,051,463)	(4,007,234)
Net deferred tax assets	1,486,998
Net deferred tax liabilities		(2,309,592)
Valuation allowance
Net deferred tax assets	$ 1,486,998

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax percentage	18%

SCHEDULE OF INTANGIBLE ASSETS (

SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 115,588,357
Licensing Agreement - Jesse James [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	5 years	5 years
Intangible assets, gross	$ 125,000	$ 125,000
Licensing Agreement - Jeff Rann [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	5 years	5 years
Intangible assets, gross	$ 125,000	$ 125,000
Streak Visual Ammunition Patent [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	11 years 2 months 12 days	11 years 2 months 12 days
Intangible assets, gross	$ 950,000	$ 950,000
SWK Patent Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	15 years	15 years
Intangible assets, gross	$ 6,124,005	$ 6,124,005
Customer Relationships [Member] | Jagemann Munition Components [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	3 years	3 years
Intangible assets, gross	$ 1,450,613	$ 1,450,613
Intellectual Property [Member] | GDI Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	10 years	10 years
Intangible assets, gross	$ 4,224,442	$ 4,224,442
Intellectual Property [Member] | Jagemann Munition Components [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	3 years	3 years
Intangible assets, gross	$ 1,543,548	$ 1,543,548
Trade Names [Member] | GDI Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	15 years	15 years
Intangible assets, gross	$ 76,532,389	$ 76,532,389
Trade Names [Member] | Jagemann Munition Components [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	5 years	5 years
Intangible assets, gross	$ 2,152,076	$ 2,152,076
Customer Lists [Member] | GDI Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	10 years	10 years
Intangible assets, gross	$ 65,252,802	$ 65,252,802
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	151,763,617	151,763,617
Accumulated amortization	(40,714,550)	(28,036,807)
Intangible assets, net	$ 111,049,067	$ 123,726,810
Other Intangible Assets [Member] | GDI Acquisition [Member]
Finite-Lived Intangible Assets [Line Items]
Licensing agreement, life	5 years	5 years
Intangible assets, gross	$ 607,747	$ 607,747
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	250,000	250,000
Accumulated amortization	(250,000)	(250,000)
Intangible assets, net
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	7,074,005	7,074,005
Accumulated amortization	(2,534,715)	(2,041,251)
Intangible assets, net	$ 4,539,290	$ 5,032,754

SCHEDULE OF ANNUAL AMORTIZATION

SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET (Details)	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 12,650,642
2026	12,614,775
2027	12,549,188
2028	12,543,226
2029	12,507,792
Thereafter	52,722,734
Annual amortization of intangible assets	$ 115,588,357

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2021	[1]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Goodwill	$ 90,870,094	$ 90,870,094		$ 90,870,094
Amortization of intangible assets	$ 13,062,874	$ 13,067,041	$ 13,072,967
Merger Agreement [Member] | Gemini Direct Investments LLC [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Goodwill			$ 90,870,094
[1]Other intangible assets consist of Tradenames, Customer Relationships, Intellectual Property, and other tangible assets related to the acquired business.

SCHEDULE OF OPERATING SEGMENTS

SCHEDULE OF OPERATING SEGMENTS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer [Line Items]
Total Revenues	$ 145,054,572	$ 191,439,801	$ 240,269,166
Cost of Revenues	102,431,803	136,031,204	151,505,657
General and administrative expense	47,657,175	45,388,754	37,911,999
Depreciation and amortization	13,542,791	13,278,762	13,702,148
Income/(Loss) from Operations	(18,577,197)	(3,258,919)	37,149,362
Ammunition [Member]
Revenue from External Customer [Line Items]
Total Revenues	91,112,496	128,290,128	175,660,650
Cost of Revenues	94,771,262	126,914,265	142,773,306
General and administrative expense	8,967,456	10,378,456	11,932,721
Depreciation and amortization	508,485	578,326	1,579,778
Income/(Loss) from Operations	(13,134,707)	(9,580,919)	19,374,845
Marketplace [Member]
Revenue from External Customer [Line Items]
Total Revenues	53,942,076	63,149,673	64,608,516
Cost of Revenues	7,660,541	9,116,939	8,732,351
General and administrative expense	9,885,131	9,707,425	8,434,308
Depreciation and amortization	13,034,306	12,700,436	12,122,370
Income/(Loss) from Operations	23,362,098	31,624,873	35,319,487
Corporate and Other Expenses [Member]
Revenue from External Customer [Line Items]
Total Revenues
Cost of Revenues
General and administrative expense	28,804,588	25,302,873	17,544,970
Depreciation and amortization
Income/(Loss) from Operations	$ (28,804,588)	$ (25,302,873)	$ (17,544,970)

SCHEDULE OF TOTAL ASSETS SEGMEN

SCHEDULE OF TOTAL ASSETS SEGMENTS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 399,902,216	$ 412,335,387	$ 414,178,313
Ammunition [Member]
Segment Reporting Information [Line Items]
Total assets	163,864,522	154,044,607	160,305,107
Marketplace [Member]
Segment Reporting Information [Line Items]
Total assets	$ 236,037,694	$ 258,290,780	$ 253,873,206

SCHEDULE OF CAPITAL EXPENDITURE

SCHEDULE OF CAPITAL EXPENDITURE SEGMENT (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Payment to acquire property and plant equipment	$ 8,024,765	$ 12,541,325	$ 19,218,982
Ammunition [Member]
Segment Reporting Information [Line Items]
Payment to acquire property and plant equipment	5,519,135	10,819,177	17,728,023
Marketplace [Member]
Segment Reporting Information [Line Items]
Payment to acquire property and plant equipment	$ 2,505,630	$ 1,722,148	$ 1,490,959