10-Q/A Filing

TECHPRECISION CORP CIK: 1328792 Q1 2012

Filing Information

Form Type	10-Q/A
Accession Number	`0000950159-12-000538`
Period End Date	20120630
Filing Date	20120913
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	tpcs-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 45 Cash Flow Statement 58

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.01K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 and $25,010	`AccountsReceivableNetCurrent`	$5.03M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 and $25,010	`AccountsReceivableNetCurrent`	$4.90M	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.01K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$3.79M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$3.91M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$373.54K	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$459.81K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.20M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.75M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	6.55M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$1.02M	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$1.32M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	7.04M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.49M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$2.21M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	6.55M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	7.04M	shares	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$2.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.38M	USD	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$1.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.27M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.40M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.27M	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxAssetsNetNoncurrent`	$118.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Noncurrent deferred taxes	`DeferredTaxAssetsNetNoncurrent`	$118.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$270.63K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$204.38K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	17.99M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.62M	shares	Point-in-time
Total assets	`Assets`	$24.05M	USD	Point-in-time
Total assets	`Assets`	$25.97M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	17.99M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.62M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.03M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.42M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.88M	USD	Point-in-time
Accrued taxes payable	`AccruedIncomeTaxesCurrent`	$159.99K	USD	Point-in-time
Accrued taxes payable	`AccruedIncomeTaxesCurrent`	$159.99K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$3.51M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$799.41K	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.22M	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.81M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.10M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$5.78M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$5.62M	USD	Point-in-time
Commitments and contingent liabilities (see Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 6,552,998 and 7,035,982 shares issued and outstanding at June 30, 2012 and March 31, 2012, (liquidation preference of $1,867,604 and $2,005,254 at June 30, 2012 and March 31, 2012)	`PreferredStockValue`	$1.64M	USD	Point-in-time
Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 6,552,998 and 7,035,982 shares issued and outstanding at June 30, 2012 and March 31, 2012, (liquidation preference of $1,867,604 and $2,005,254 at June 30, 2012 and March 31, 2012)	`PreferredStockValue`	$1.53M	USD	Point-in-time
Common stock -par value $0.0001 per share, authorized, 90,000,000 shares issued and outstanding, 18,623,529 shares at June 30, 2012 and 17,992,177 at March 31, 2012	`CommonStockValue`	$1.80K	USD	Point-in-time
Common stock -par value $0.0001 per share, authorized, 90,000,000 shares issued and outstanding, 18,623,529 shares at June 30, 2012 and 17,992,177 at March 31, 2012	`CommonStockValue`	$1.86K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.41M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$4.66M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-278.43K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-223.58K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$6.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$25.97M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$33.27M	USD	Annual
Net sales	`SalesRevenueNet`	$9.18M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$7.15M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$28.18M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$6.75M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.11M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-894.97K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$694.25K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$46.00	USD	1 Quarter
Interest expense	`InterestExpense`	$80.09K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.69K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.69K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.95K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-78.44K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-56.74K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$637.51K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-973.42K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-267.26K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$256.05K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$381.46K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-706.16K	USD	1 Quarter
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-70.59K	USD	1 Quarter
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-213.40K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$3.84K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-12.10K	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-209.56K	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-82.69K	USD	1 Quarter
Net tax benefit of other comprehensive loss items	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-85.94K	USD	1 Quarter
Net tax benefit of other comprehensive loss items	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-27.84K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-54.85K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-123.63K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-761.01K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$257.82K	USD	1 Quarter
Net (loss) income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net (loss) income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net (loss) income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Net (loss) income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.47M	shares	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.39M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.15M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.39M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$381.46K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-706.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$104.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$206.05K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$141.36K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$120.26K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-267.26K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-65.36K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$8.36K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$87.96K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.16M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$125.05K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$3.42M	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-123.42K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$85.47K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-370.20K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$721.46K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$239.64K	USD	1 Quarter
Taxes receivable	`IncreaseDecreaseInPrepaidTaxes`	$-551.87K	USD	1 Quarter
Taxes receivable	`IncreaseDecreaseInPrepaidTaxes`	$-122.26K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-53.28K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$188.48K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$666.63K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$83.81K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-701.48K	USD	1 Quarter
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$109.96K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$2.71M	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$424.48K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.35M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.94M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.46M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.02K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-20.02K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-1.46M	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	$950.00	USD	1 Quarter
Repayment of long-term debt, including capital lease	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$384.00K	USD	1 Quarter
Repayment of long-term debt, including capital lease	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$342.60K	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$282.70K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-100.35K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-342.60K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-17.06K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$3.29K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-201.31K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.56M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.38M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$4.38M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	USD	Point-in-time
Interest expense	`InterestPaid`	$72.91K	USD	1 Quarter
Interest expense	`InterestPaid`	$82.38K	USD	1 Quarter
Series A Convertible Preferred Stock converted (in shares)	`ConversionOfStockSharesConverted1`	482,984.00	shares	1 Quarter
Common stock issued in conversion of Series A Preferred Stock (in shares)	`ConversionOfStockSharesIssued1`	631,352.00	shares	1 Quarter
Capital lease arrangement for new office equipment	`CapitalLeaseObligationsIncurred`	$46.38K	USD	1 Quarter
Placed equipment into service which was under construction	`EquipmentUnderConstructionNowPlacedInService`	$101.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.