10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0000950159-15-000177`
Period End Date	20150331
Filing Date	20150629
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	tpcs-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 44 Cash Flow Statement 63 Stockholders Equity 14

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $24,693 - 2015 and $25,010 - 2014	`AccountsReceivableNetCurrent`	$2.28M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $24,693 - 2015 and $25,010 - 2014	`AccountsReceivableNetCurrent`	$826.36K	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$5.26M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.01M	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$293.33K	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$134.81K	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`	$24.69K	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
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
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$826.70K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$461.25K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$538.25K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.67M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.61M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.49M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$105.39K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$45.49K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$11.33M	USD	Point-in-time
Total assets	`Assets`	$16.97M	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`	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.95M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.89M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.89M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Trade notes payable	`NotesPayableCurrent`	$138.24K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$1.21M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$1.46M	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$2.25M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$4.17M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$933.65K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.73M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$38.07K	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$2.49M	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$826.70K	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 March 31, 2015 and 2014, respectively (liquidation preference of $549,340 and $706,090 at March 31, 2015 and 2014, respectively)	`PreferredStockValue`	$524.21K	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 March 31, 2015 and 2014, respectively (liquidation preference of $549,340 and $706,090 at March 31, 2015 and 2014, respectively)	`PreferredStockValue`	$644.11K	USD	Point-in-time
Common stock -par value $.0001 per share, 90,000,000 shares authorized, 24,669,958 shares issued and outstanding, at March 31, 2015, and 23,951,004 shares issued and outstanding at March 31, 2014	`CommonStockValue`	$2.47K	USD	Point-in-time
Common stock -par value $.0001 per share, 90,000,000 shares authorized, 24,669,958 shares issued and outstanding, at March 31, 2015, and 23,951,004 shares issued and outstanding at March 31, 2014	`CommonStockValue`	$2.40K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.11M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-55.10K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$23.56K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$288.50K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$10.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.33M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.97M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$21.07M	USD	Annual
Net sales	`SalesRevenueNet`	$18.23M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$21.80M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$15.93M	USD	Annual
Gross profit (loss)	`GrossProfit`	$-731.79K	USD	Annual
Gross profit (loss)	`GrossProfit`	$2.31M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.53M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.11M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-6.84M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.23M	USD	Annual
Other (expense) income	`OtherNonoperatingIncomeExpense`	$874.00	USD	Annual
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-4.63K	USD	Annual
Interest expense	`InterestExpense`	$1.51M	USD	Annual
Interest expense	`InterestExpense`	$440.63K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$121.00	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$3.60K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-436.16K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-1.52M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.74M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.28M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-160.50K	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-185.47K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.10M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.58M	USD	Annual
Reclassification adjustment for cash flow hedges	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax`	$-248.46K	USD	Annual
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-16.68K	USD	Annual
Change in unrealized loss on cash flow hedges	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$157.20K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$9.12K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-334.00	USD	Annual
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$231.45K	USD	Annual
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$166.32K	USD	Annual
Tax expense from reclassification adjustment	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-152.79K	USD	Annual
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$78.66K	USD	Annual
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$166.32K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.51M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.93M	USD	Annual
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.34	USD	Annual
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.15	USD	Annual
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.15	USD	Annual
Net loss per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$-0.34	USD	Annual
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.77M	shares	Annual
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.12M	shares	Annual
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.77M	shares	Annual
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.12M	shares	Annual

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.10M	USD	Annual
Net Loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.58M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$893.59K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$839.51K	USD	Annual
Loss on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-882.00	USD	Annual
Loss on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-81.34K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$362.96K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$262.55K	USD	Annual
Amortization deferred loan costs	`AmortizationOfFinancingCosts`	$269.84K	USD	Annual
Amortization deferred loan costs	`AmortizationOfFinancingCosts`	$59.84K	USD	Annual
Provision for contract losses	`ProvisionForContractLosses`	$-790.79K	USD	Annual
Provision for contract losses	`ProvisionForContractLosses`	$2.99M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.45M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.06M	USD	Annual
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$959.71K	USD	Annual
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-3.25M	USD	Annual
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-62.22K	USD	Annual
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-158.51K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.06M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-45.70K	USD	Annual
Taxes receivable	`IncreaseDecreaseInPrepaidTaxes`	$-8.06K	USD	Annual
Taxes receivable	`IncreaseDecreaseInPrepaidTaxes`	$-365.97K	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$105.39K	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-61.35K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.22M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$357.12K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-818.86K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.36M	USD	Annual
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-232.62K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-250.18K	USD	Annual
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$1.21M	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$202.61K	USD	Annual
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-776.47K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$12.50K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.89K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$54.10K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-64.89K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-41.60K	USD	Annual
Deferred loan costs	`PaymentsOfLoanCosts`	$394.00K	USD	Annual
Borrowings of short-term debt	`ProceedsFromShortTermDebt`	$6.40M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$4.94M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.13M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-2.13M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.07M	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$23.00	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$544.00	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$249.62K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.99M	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.34M	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`	$1.09M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.08M	USD	Point-in-time
Interest expense	`InterestPaid`	$385.77K	USD	Annual
Interest expense	`InterestPaid`	$790.70K	USD	Annual
Notes Payable	`NotesIssued1`	$279.30K	USD	Annual
Number of shares of common stock issued for converted preferred stock	`ConversionOfStockSharesIssued1`	3.99M	shares	Annual
Number of shares of common stock issued for converted preferred stock	`ConversionOfStockSharesIssued1`	718,954.00	shares	Annual
Shares converted into common stock	`ConversionOfStockSharesConverted1`	3.06M	shares	Annual
Shares converted into common stock	`ConversionOfStockSharesConverted1`	550,000.00	shares	Annual
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`LiabilitiesAssumed1`	$231.78K	USD	Annual
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	`TaxOnLiabilitiesAssumed`	-	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Other comprehensive income (loss), tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	-	USD	Annual
Other comprehensive income (loss), tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	-	USD	Annual
Balance	`StockholdersEquity`	$288.50K	USD	Point-in-time
Balance	`StockholdersEquity`	$10.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.53M	USD	Point-in-time
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$262.55K	USD	Annual
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$362.96K	USD	Annual
Net Loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-7.10M	USD	Annual
Net Loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.58M	USD	Annual
Other comprehensive loss, net of tax benefit of $0 and $0 in 2015 and 2014	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$78.66K	USD	Annual
Other comprehensive loss, net of tax benefit of $0 and $0 in 2015 and 2014	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$166.32K	USD	Annual
Balance	`StockholdersEquity`	$288.50K	USD	Point-in-time
Balance	`StockholdersEquity`	$10.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$3.53M	USD	Point-in-time

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