10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0000950159-16-000808`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	tpcs-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 80 Cash Flow Statement 56

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
Cash	`Cash`	$1.34M	USD	Point-in-time
Cash	`Cash`	$2.84M	USD	Point-in-time
Cash	`Cash`	$1.64M	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
Accounts receivable, less allowance for doubtful accounts of $0 at September 30, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$904.46K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.32M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0 at September 30, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$2.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	27.32M	shares	Point-in-time
Costs on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.16M	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
Inventories - raw materials	`InventoryRawMaterials`	$125.59K	USD	Point-in-time
Inventories - raw materials	`InventoryRawMaterials`	$128.59K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$530.81K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$378.75K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$6.41M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.81M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.58M	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`	$177.16K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$176.34K	USD	Point-in-time
Total assets	`Assets`	$11.84M	USD	Point-in-time
Total assets	`Assets`	$12.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$589.60K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$996.07K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.60M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.80M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$9.03K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$29.99K	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`	$683.66K	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`	$953.11K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$615.95K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.90M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$3.74M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$4.35M	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`	$27.42K	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 September 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 September 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`	$7.12M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.09M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$20.34K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.57K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.40M	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`	$2.74M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.08M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.84M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$8.48M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$8.30M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$16.85M	USD	Annual
Net sales	`SalesRevenueNet`	$4.10M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$3.66M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.18M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.29M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$2.70M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.79M	USD	2 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$11.36M	USD	Annual
Gross profit	`GrossProfit`	$1.47M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.69M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.01M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.63M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.71M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$739.59K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$910.04K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.38M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$976.17K	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$497.52K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$734.03K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.25K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$7.57K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$1.07K	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	$6.82K	USD	1 Quarter
Interest expense	`InterestExpense`	$244.18K	USD	1 Quarter
Interest expense	`InterestExpense`	$516.30K	USD	2 Qtrs
Interest expense	`InterestExpense`	$183.27K	USD	1 Quarter
Interest expense	`InterestExpense`	$376.48K	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$14.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNonoperatingNet`	$7.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$24.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNonoperatingNet`	$2.00	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-515.21K	USD	2 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-242.91K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-368.90K	USD	2 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-176.44K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$557.59K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$460.96K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.01M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$254.61K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$20.96K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$11.51K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$254.61K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$460.96K	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$991.38K	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$546.08K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.22K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$1.35K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-281.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$1.41K	USD	1 Quarter
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-281.00	USD	1 Quarter
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$1.41K	USD	1 Quarter
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-1.22K	USD	2 Qtrs
Other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$1.35K	USD	2 Qtrs
Other comprehensive income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$1.41K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-281.00	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$1.35K	USD	2 Qtrs
Other comprehensive income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.22K	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$462.31K	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$256.02K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$545.80K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$990.16K	USD	2 Qtrs
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	2 Qtrs
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.01	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`	$0.02	USD	2 Qtrs
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	2 Qtrs
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`	$0.04	USD	2 Qtrs
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.32M	shares	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25.46M	shares	2 Qtrs
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.32M	shares	2 Qtrs
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.11M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.94M	shares	2 Qtrs
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.02M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	25.50M	shares	2 Qtrs
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.26M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$254.61K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$460.96K	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$991.38K	USD	2 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$546.08K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$353.49K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$393.12K	USD	2 Qtrs
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$90.05K	USD	2 Qtrs
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$153.59K	USD	2 Qtrs
Stock based compensation expense	`ShareBasedCompensation`	$22.91K	USD	2 Qtrs
Stock based compensation expense	`ShareBasedCompensation`	$41.23K	USD	2 Qtrs
Provision for contract losses	`ProvisionForContractLosses`	$-40.53K	USD	2 Qtrs
Provision for contract losses	`ProvisionForContractLosses`	$20.37K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.12M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.92K	USD	2 Qtrs
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-534.21K	USD	2 Qtrs
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-240.43K	USD	2 Qtrs
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-3.00K	USD	2 Qtrs
Inventories - raw materials	`IncreaseDecreaseInInventories`	$15.82K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$4.76K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-152.05K	USD	2 Qtrs
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$819.00	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-406.46K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-846.39K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$68.30K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-170.37K	USD	2 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$20.96K	USD	2 Qtrs
Advanced claims payment	`IncreaseDecreaseInAdvancedClaimsPayment`	$507.83K	USD	2 Qtrs
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-527.67K	USD	2 Qtrs
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-945.36K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$792.89K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.43M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$114.86K	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.60K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-17.60K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-114.86K	USD	2 Qtrs
Deferred loan costs	`PaymentsOfLoanCosts`	$146.00K	USD	2 Qtrs
Borrowings of long-term debt	`ProceedsFromShortTermDebt`	$3.01M	USD	2 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$466.74K	USD	2 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.67M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-466.74K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$192.22K	USD	2 Qtrs
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$42.00	USD	2 Qtrs
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-259.00	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$308.29K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$1.51M	USD	2 Qtrs
Cash, beginning of period	`Cash`	$1.34M	USD	Point-in-time
Cash, beginning of period	`Cash`	$2.84M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.64M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.33M	USD	Point-in-time
Cash, end of period	`Cash`	$1.34M	USD	Point-in-time
Cash, end of period	`Cash`	$2.84M	USD	Point-in-time
Cash, end of period	`Cash`	$1.64M	USD	Point-in-time
Cash, end of period	`Cash`	$1.33M	USD	Point-in-time
Interest	`InterestPaid`	$479.18K	USD	2 Qtrs
Interest	`InterestPaid`	$312.26K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$20.00K	USD	2 Qtrs

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