10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0000950159-14-000415`
Period End Date	20140630
Filing Date	20140818
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	tpcs-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 42 Cash Flow Statement 54

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$886.89K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	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 2014 and 2013	`AccountsReceivableNetCurrent`	$3.22M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 in 2014 and 2013	`AccountsReceivableNetCurrent`	$2.28M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$4.70M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$5.26M	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$242.18K	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`	$293.33K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$8.06K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$8.06K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$991.10K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$991.10K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$457.25K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$461.25K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.50M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.38M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.49M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.33M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$105.39K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$400.49K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$17.23M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$16.97M	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`	23.95M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.67M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.81M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.95M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.89M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.82M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.89M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$1.46M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$651.92K	USD	Point-in-time
Debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$5.58M	USD	Point-in-time
Debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$4.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.86M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$38.07K	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$35.28K	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$991.10K	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$991.10K	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 1,927,508 and 2,477,508 shares issued and outstanding at June 30, 2014 and March 31, 2014, (liquidation preference of $549,340 and $706,090 at June 30, 2014 and March 31, 2014)	`PreferredStockValue`	$644.11K	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 1,927,508 and 2,477,508 shares issued and outstanding at June 30, 2014 and March 31, 2014, (liquidation preference of $549,340 and $706,090 at June 30, 2014 and March 31, 2014)	`PreferredStockValue`	$524.21K	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 24,669,958 shares at June 30, 2014 and 23,951,004 at March 31, 2014	`CommonStockValue`	$2.40K	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 24,669,958 shares at June 30, 2014 and 23,951,004 at March 31, 2014	`CommonStockValue`	$2.47K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.11M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.29M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-42.64K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-55.10K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.53M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.34M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.23M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.97M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$21.07M	USD	Annual
Net sales	`SalesRevenueNet`	$6.23M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$7.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.68M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.01M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$21.80M	USD	Annual
Gross profit	`GrossProfit`	$420.24K	USD	1 Quarter
Gross profit	`GrossProfit`	$218.24K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.77M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.35M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-7.55K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$53.00	USD	1 Quarter
Interest expense	`InterestExpense`	$160.59K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.13K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.61K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-160.54K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-74.07K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.27M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.42M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.27M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.42M	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`	$-16.68K	USD	1 Quarter
Reclassification adjustments for cash flow hedge losses included in net loss	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax`	$-29.11K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.21K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$30.00	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$12.46K	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-112.55K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.26M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.54M	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.05	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.07	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`	24.01M	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`	24.01M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.27M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.42M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$255.65K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$253.83K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$126.09K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$68.82K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$687.09K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$366.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$940.24K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-521.20K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-561.96K	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`	$-51.15K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-138.18K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-4.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$335.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.58M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$921.93K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-13.10K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-431.78K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-151.35K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-809.77K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-405.06K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.56M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$54.09K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.42K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-56.42K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-54.09K	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$4.15M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$172.62K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.74M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-172.62K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.41M	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$1.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$3.50K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-199.81K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-630.61K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$886.89K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.44M	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`	$886.89K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	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`	$3.08M	USD	Point-in-time
Interest	`InterestPaid`	$64.73K	USD	1 Quarter
Interest	`InterestPaid`	$115.06K	USD	1 Quarter
Common stock issued in conversion of Series A Convertible Preferred Stock (in shares)	`ConversionOfStockSharesIssued1`	718,954.00	shares	1 Quarter
Series A Convertible Preferred Stock converted (in shares)	`ConversionOfStockSharesConverted1`	550,000.00	shares	1 Quarter
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`LiabilitiesAssumed1`	$219.36K	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
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`TaxOnLiabilitiesAssumed`	-	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.