10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0000950159-13-000565`
Period End Date	20130630
Filing Date	20130918
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	tpcs-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 45 Cash Flow Statement 59

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 in 2013 and 2012	`AccountsReceivableNetCurrent`	$4.33M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 in 2013 and 2012	`AccountsReceivableNetCurrent`	$3.81M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$3.25M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$4.30M	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$354.52K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.01K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$25.01K	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$366.87K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$374.03K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$374.03K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$255.76K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$255.76K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.58M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.94M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.27M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.30M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.11M	USD	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$1.58M	USD	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$1.58M	USD	Point-in-time
Total assets	`Assets`	$19.05M	USD	Point-in-time
Total assets	`Assets`	$21.57M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.96M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	19.96M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$966.30K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.96M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.87M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	19.96M	shares	Point-in-time
Accrued taxes payable	`AccruedIncomeTaxesCurrent`	$232.62K	USD	Point-in-time
Accrued taxes payable	`AccruedIncomeTaxesCurrent`	$232.62K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$253.81K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$103.52K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$500.00K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$500.00K	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$5.61M	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$5.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.85M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$31.11K	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$30.45K	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$255.76K	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$255.76K	USD	Point-in-time
Commitments and contingent liabilities (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 15)	`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 5,532,998 shares issued and outstanding at June 30, 2013 and March 31, 2013, (liquidation preference of $1,576,904 at June 30, 2013 and March 31, 2013)	`PreferredStockValue`	$1.31M	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 5,532,998 shares issued and outstanding at June 30, 2013 and March 31, 2013, (liquidation preference of $1,576,904 at June 30, 2013 and March 31, 2013)	`PreferredStockValue`	$1.31M	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 19,956,871 shares at June 30, 2013 and March 31, 2013	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 19,956,871 shares at June 30, 2013 and March 31, 2013	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.08M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-108.87K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-221.42K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$10.10M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$19.05M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$7.15M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$32.47M	USD	Annual
Net sales	`SalesRevenueNet`	$7.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.68M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$25.91M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$6.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$420.24K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.11M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.77M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.35M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-894.97K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-7.55K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-46.00	USD	1 Quarter
Interest expense	`InterestExpense`	$80.09K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.13K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.69K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.61K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-78.44K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-74.07K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-973.42K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.42M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-267.26K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.40M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.42M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.10M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-706.16K	USD	1 Quarter
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-110.34K	USD	1 Quarter
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-70.59K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.21K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-12.10K	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-112.55K	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-82.69K	USD	1 Quarter
Net tax benefit of other comprehensive loss items	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-27.84K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.54M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-761.01K	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.96M	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`	19.96M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.39M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.40M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.42M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.10M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-706.16K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$253.83K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$206.05K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$126.09K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$141.36K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-267.26K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$87.96K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$687.09K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-521.20K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$125.05K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-123.42K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-1.05M	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$10.18K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$85.47K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$721.46K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-138.18K	USD	1 Quarter
Taxes receivable	`IncreaseDecreaseInPrepaidTaxes`	$-551.87K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-53.28K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$666.63K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.58M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.10K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-701.48K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-151.35K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$2.71M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.94M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-405.06K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.42K	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`	$-56.42K	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$342.60K	USD	1 Quarter
Repayment of debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$172.62K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-342.60K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-172.62K	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`	$3.50K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$1.56M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-630.61K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	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`	$3.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.82M	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`	$3.08M	USD	Point-in-time
Interest	`InterestPaid`	$64.73K	USD	1 Quarter
Interest	`InterestPaid`	$72.91K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Common stock issued in conversion of Series A Convertible Preferred Stock (in shares)	`ConversionOfStockSharesIssued1`	631,352.00	shares	1 Quarter
Series A Convertible Preferred Stock converted (in shares)	`ConversionOfStockSharesConverted1`	482,984.00	shares	1 Quarter
Capital lease arrangement for new office equipment	`CapitalLeaseObligationsIncurred`	$46.38K	USD	1 Quarter
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`LiabilitiesAssumed1`	$278.64K	USD	1 Quarter
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`LiabilitiesAssumed1`	$270.14K	USD	1 Quarter
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`TaxOnLiabilitiesAssumed`	$175.97K	USD	1 Quarter
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`TaxOnLiabilitiesAssumed`	-	USD	1 Quarter

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