10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000950159-16-000697`
Period End Date	20160630
Filing Date	20160815
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	tpcs-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 39 Cash Flow Statement 52

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	-	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
Cash	`Cash`	$1.33M	USD	Point-in-time
Cash	`Cash`	$1.46M	USD	Point-in-time
Cash	`Cash`	$2.86M	USD	Point-in-time
Cash	`Cash`	$1.34M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.32M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.32M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0 at June 30, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$1.40M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0 at June 30, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$2.02M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.32M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	27.32M	shares	Point-in-time
Costs on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.40M	USD	Point-in-time
Costs on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$1.61M	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$139.91K	USD	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$128.59K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$541.42K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$530.81K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.55M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.81M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.64M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$684.27K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$684.27K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$123.90K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$176.34K	USD	Point-in-time
Total assets	`Assets`	$12.08M	USD	Point-in-time
Total assets	`Assets`	$12.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$617.92K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$996.07K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.80M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.67M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$9.03K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$18.48K	USD	Point-in-time
Advanced claims payment	`AdvancedClaimsPaymentCurrent`	$507.83K	USD	Point-in-time
Advanced claims payment	`AdvancedClaimsPaymentCurrent`	$507.83K	USD	Point-in-time
Billings on uncompleted contracts, in excess of related costs	`BillingsInExcessOfCost`	$1.22M	USD	Point-in-time
Billings on uncompleted contracts, in excess of related costs	`BillingsInExcessOfCost`	$1.63M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$577.34K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$953.11K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.90M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$4.48M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$3.74M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$684.27K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$684.27K	USD	Point-in-time
Noncurrent accrued expenses	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$37.10K	USD	Point-in-time
Noncurrent accrued expenses	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$32.26K	USD	Point-in-time
Commitments and contingent liabilities (see Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 14)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 27,324,593 shares issued and outstanding at June 30, 2016, and 27,324,593 shares issued and outstanding at March 31, 2016	`CommonStockValue`	$2.73K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 27,324,593 shares issued and outstanding at June 30, 2016, and 27,324,593 shares issued and outstanding at March 31, 2016	`CommonStockValue`	$2.73K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.11M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.09M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$20.63K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.57K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-5.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.18M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.08M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.00M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$4.37M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$4.64M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$16.85M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$11.36M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$3.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.54M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$804.21K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$888.18K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$647.22K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$478.65K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$746.00	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-189.00	USD	1 Quarter
Interest expense	`InterestExpense`	$272.12K	USD	1 Quarter
Interest expense	`InterestExpense`	$193.21K	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$10.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$5.00	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-272.30K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-192.46K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$206.35K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$454.76K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.45K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$445.30K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$206.35K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-61.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-942.00	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-942.00	USD	1 Quarter
Other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-61.00	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$206.29K	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$444.36K	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	24.87M	shares	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.32M	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`	27.71M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$445.30K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$206.35K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$197.23K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$176.05K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$79.69K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$48.92K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$11.61K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$13.96K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$-35.07K	USD	1 Quarter
Provision for contract losses	`ProvisionForContractLosses`	$20.37K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-626.58K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.72K	USD	1 Quarter
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-781.21K	USD	1 Quarter
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-207.75K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$11.32K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$959.00	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-172.78K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-11.08K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-52.44K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-386.29K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-378.15K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-105.47K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$14.52K	USD	1 Quarter
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$9.45K	USD	1 Quarter
Advanced claims payment	`IncreaseDecreaseInAdvancedClaimsPayment`	$507.83K	USD	1 Quarter
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-496.95K	USD	1 Quarter
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-407.97K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.39M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$379.31K	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
Deferred loan costs	`PaymentsOfLoanCosts`	$144.34K	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromShortTermDebt`	$2.83M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$233.35K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.54M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-233.35K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$139.86K	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-115.00	USD	1 Quarter
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$75.00	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$128.44K	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$1.53M	USD	1 Quarter
Cash, beginning of period	`Cash`	$1.33M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.46M	USD	Point-in-time
Cash, beginning of period	`Cash`	$2.86M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.34M	USD	Point-in-time
Cash, end of period	`Cash`	$1.33M	USD	Point-in-time
Cash, end of period	`Cash`	$1.46M	USD	Point-in-time
Cash, end of period	`Cash`	$2.86M	USD	Point-in-time
Cash, end of period	`Cash`	$1.34M	USD	Point-in-time
Interest	`InterestPaid`	$365.17K	USD	1 Quarter
Interest	`InterestPaid`	$159.32K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$20.00K	USD	1 Quarter

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