10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0000950159-15-000262`
Period End Date	20150630
Filing Date	20150814
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	tpcs-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 42 Cash Flow Statement 56

Balance Sheet 71 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`	$1.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$886.89K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $24,693- in 2016 and 2015	`AccountsReceivableNetCurrent`	$821.64K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $24,693- in 2016 and 2015	`AccountsReceivableNetCurrent`	$826.36K	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$1.80M	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`	$135.77K	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$134.81K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$24.69K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$24.69K	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$826.70K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$826.70K	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$465.82K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$538.25K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.52M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.61M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.43M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$27.16K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$45.49K	USD	Point-in-time
Total assets	`Assets`	$10.97M	USD	Point-in-time
Total assets	`Assets`	$11.33M	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
Accounts payable	`AccountsPayableCurrent`	$1.20M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.67M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.53M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	25.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.67M	shares	Point-in-time
Trade notes payable	`NotesPayableCurrent`	$74.40K	USD	Point-in-time
Trade notes payable	`NotesPayableCurrent`	$138.24K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	25.45M	shares	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.70M	USD	Point-in-time
Advanced claims payment	`AdvancedClaimsPaymentCurrent`	$507.83K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$1.21M	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$714.55K	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$2.25M	USD	Point-in-time
Short-term debt	`ShortTermBorrowings`	$2.25M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$933.82K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$933.65K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.73M	USD	Point-in-time
Long-term debt, including capital lease	`LongTermDebtAndCapitalLeaseObligations`	$2.25M	USD	Point-in-time
Long-term debt, including capital lease	`LongTermDebtAndCapitalLeaseObligations`	$2.49M	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$826.70K	USD	Point-in-time
Noncurrent deferred taxes	`DeferredTaxLiabilitiesNoncurrent`	$826.70K	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 1,333,697 and 1,927,508 shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively (liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015)	`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 1,333,697 and 1,927,508 shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively (liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015)	`PreferredStockValue`	$394.76K	USD	Point-in-time
Common stock -par value $.0001 per share, 90,000,000 shares authorized, 25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015, and at March 31, 2015, respectively	`CommonStockValue`	$2.47K	USD	Point-in-time
Common stock -par value $.0001 per share, 90,000,000 shares authorized, 25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015, and at March 31, 2015, respectively	`CommonStockValue`	$2.54K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.63M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.49M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$23.56K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.02K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.54M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$288.50K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$509.26K	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.33M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$18.23M	USD	Annual
Net sales	`SalesRevenueNet`	$6.23M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$4.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$15.93M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$6.01M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$218.24K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.28M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$804.21K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-1.11M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$478.65K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$53.00	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-189.00	USD	1 Quarter
Interest expense	`InterestExpense`	$272.12K	USD	1 Quarter
Interest expense	`InterestExpense`	$160.59K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$10.00	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-160.54K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-272.30K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.27M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$206.35K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$206.35K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.60M	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.27M	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`	$-61.00	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`	$-61.00	USD	1 Quarter
Comprehensive income (loss), net of tax	`ComprehensiveIncomeNetOfTax`	$206.29K	USD	1 Quarter
Comprehensive income (loss), net of tax	`ComprehensiveIncomeNetOfTax`	$-1.26M	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net loss per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$-0.05	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`	$0.01	USD	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.01M	shares	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.87M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.87M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.01M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$206.35K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.60M	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.27M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$276.92K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$255.65K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$13.96K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$68.82K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$20.37K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$366.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$940.24K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.72K	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`	$-207.75K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-51.15K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$959.00	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-11.08K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-4.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$335.23K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$921.93K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-386.29K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-431.78K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$14.52K	USD	1 Quarter
Advanced claims payment	`IncreaseDecreaseInAdvancedClaimsPayment`	$507.83K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-496.95K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-809.77K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.56M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$379.31K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$54.09K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.60K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-17.60K	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`	$2.74M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$233.35K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-233.35K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.41M	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$75.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$1.00	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-199.81K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$128.44K	USD	1 Quarter
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`	$1.46M	USD	Point-in-time
Cash and cash equivalents, beginning 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`	$1.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.46M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$886.89K	USD	Point-in-time
Interest	`InterestPaid`	$159.32K	USD	1 Quarter
Interest	`InterestPaid`	$115.06K	USD	1 Quarter
Number of shares of common stock issued for converted preferred stock	`ConversionOfStockSharesIssued1`	718,954.00	shares	1 Quarter
Number of shares of common stock issued for converted preferred stock	`ConversionOfStockSharesIssued1`	776,229.00	shares	1 Quarter
Shares converted into common stock	`ConversionOfStockSharesConverted1`	593,811.00	shares	1 Quarter
Shares converted into common stock	`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
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.