10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0000950159-17-000056`
Period End Date	20161231
Filing Date	20170214
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	tpcs-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 78 Cash Flow Statement 57

Balance Sheet 65 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
Cash	`Cash`	$3.79M	USD	Point-in-time
Cash	`Cash`	$1.33M	USD	Point-in-time
Cash	`Cash`	$1.34M	USD	Point-in-time
Cash	`Cash`	$816.30K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0 at December 31, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$2.02M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $0 at December 31, 2016 and March 31, 2016	`AccountsReceivableNetCurrent`	$771.20K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	28.82M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	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`	$3.05M	USD	Point-in-time
Costs on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	28.82M	shares	Point-in-time
Inventories - raw materials	`InventoryRawMaterials`	$128.59K	USD	Point-in-time
Inventories - raw materials	`InventoryRawMaterials`	$124.39K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$363.52K	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`	$8.10M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.75M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.81M	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`	$13.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$548.76K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$996.07K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.20M	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`	$5.59K	USD	Point-in-time
Advanced claims payment	`AdvancedClaimsPaymentCurrent`	$507.83K	USD	Point-in-time
Billings on uncompleted contracts, in excess of related costs	`BillingsInExcessOfCost`	$663.16K	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`	$696.25K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.90M	USD	Point-in-time
Long-term debt, net	`LongTermDebtAndCapitalLeaseObligations`	$5.04M	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`	$22.58K	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, 28,824,593 shares issued and outstanding at December 31, 2016, and 27,324,593 shares issued and outstanding at March 31, 2016	`CommonStockValue`	$2.88K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 28,824,593 shares issued and outstanding at December 31, 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`	$7.09M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.19M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.25K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.57K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.41M	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`	$4.80M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$13.66M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.08M	USD	Point-in-time

Income Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$5.32M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$16.85M	USD	Annual
Net sales	`SalesRevenueNet`	$11.99M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$3.51M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$13.62M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$3.27M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.43M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$11.36M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$8.56M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$8.22M	USD	3 Qtrs
Gross profit	`GrossProfit`	$2.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.76M	USD	3 Qtrs
Gross profit	`GrossProfit`	$5.06M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.48M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.58M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.96M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$768.22K	USD	1 Quarter
Gain from claims assignment settlement	`GainLossOnSaleOfAccountsReceivable`	$1.12M	USD	3 Qtrs
Gain from claims assignment settlement	`GainLossOnSaleOfAccountsReceivable`	$1.12M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.28M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.60M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.22M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$303.44K	USD	1 Quarter
Other, net	`OtherNonoperatingGainsLosses`	$1.56K	USD	3 Qtrs
Other, net	`OtherNonoperatingGainsLosses`	$471.00	USD	1 Quarter
Other, net	`OtherNonoperatingGainsLosses`	$1.13K	USD	1 Quarter
Other, net	`OtherNonoperatingGainsLosses`	$8.71K	USD	3 Qtrs
Interest expense	`InterestExpense`	$291.91K	USD	1 Quarter
Interest expense	`InterestExpense`	$207.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$808.21K	USD	3 Qtrs
Interest expense	`InterestExpense`	$584.00K	USD	3 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-806.65K	USD	3 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-291.44K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-575.29K	USD	3 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-206.39K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$472.96K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$12.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.03M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.01M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$41.56K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$20.60K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.98M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$992.09K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$12.00K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$472.96K	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.14K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.32K	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$217.00	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.09K	USD	1 Quarter
Other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-2.32K	USD	3 Qtrs
Other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$217.00	USD	3 Qtrs
Other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-1.14K	USD	1 Quarter
Other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-1.09K	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.09K	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-2.32K	USD	3 Qtrs
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$217.00	USD	3 Qtrs
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.14K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$473.18K	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$10.87K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.98M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$991.00K	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	-	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	3 Qtrs
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	3 Qtrs
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	-	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	3 Qtrs
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	3 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`	27.60M	shares	3 Qtrs
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	26.08M	shares	3 Qtrs
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.16M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.87M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.26M	shares	3 Qtrs
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.51M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.21M	shares	3 Qtrs

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.98M	USD	3 Qtrs
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$992.09K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$12.00K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$472.96K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$582.63K	USD	3 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$519.11K	USD	3 Qtrs
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$129.38K	USD	3 Qtrs
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$219.88K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$51.10K	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$1.09M	USD	3 Qtrs
Benefit from contract loss adjustments	`GainLossOnContractTermination`	$111.96K	USD	3 Qtrs
Benefit from contract loss adjustments	`GainLossOnContractTermination`	$320.90K	USD	3 Qtrs
Gain from claims assignment settlement - noncash portion	`GainLossRelatedToLitigationSettlement`	$507.83K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.80K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.25M	USD	3 Qtrs
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$547.81K	USD	3 Qtrs
Costs on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$789.76K	USD	3 Qtrs
Inventories - raw materials	`IncreaseDecreaseInInventories`	$13.74K	USD	3 Qtrs
Inventories - raw materials	`IncreaseDecreaseInInventories`	$-4.20K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-167.26K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$110.36K	USD	3 Qtrs
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$30.96K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-438.49K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-447.31K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$67.71K	USD	3 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-412.20K	USD	3 Qtrs
Accrued taxes	`IncreaseDecreaseInAccruedTaxesPayable`	$-3.44K	USD	3 Qtrs
Advanced claims payment	`IncreaseDecreaseInAdvancedClaimsPayment`	$507.83K	USD	3 Qtrs
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-965.86K	USD	3 Qtrs
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-124.33K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.91M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$373.28K	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$452.82K	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$192.22K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-192.22K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-452.82K	USD	3 Qtrs
Deferred loan costs	`PaymentsOfLoanCosts`	$159.14K	USD	3 Qtrs
Borrowings of long-term debt	`ProceedsFromShortTermDebt`	$6.23M	USD	3 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$700.17K	USD	3 Qtrs
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$5.06M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-700.17K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.00M	USD	3 Qtrs
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-279.00	USD	3 Qtrs
Effect of exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-913.00	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$2.46M	USD	3 Qtrs
Net increase (decrease) in cash	`CashPeriodIncreaseDecrease`	$-520.02K	USD	3 Qtrs
Cash, beginning of period	`Cash`	$3.79M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.33M	USD	Point-in-time
Cash, beginning of period	`Cash`	$1.34M	USD	Point-in-time
Cash, beginning of period	`Cash`	$816.30K	USD	Point-in-time
Cash, end of period	`Cash`	$3.79M	USD	Point-in-time
Cash, end 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`	$816.30K	USD	Point-in-time
Interest	`InterestPaid`	$525.42K	USD	3 Qtrs
Interest	`InterestPaid`	$692.54K	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$45.00K	USD	3 Qtrs

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