10-Q/A Filing

TECHPRECISION CORP CIK: 1328792 Q1 2011

Filing Information

Form Type	10-Q/A
Accession Number	`0001104659-11-051496`
Period End Date	20110630
Filing Date	20110913
Fiscal Year	2011
Fiscal Period	Q1
XBRL Instance	tpcs-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 32 Cash Flow Statement 55

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 and $25,010	`AccountsReceivableNetCurrent`	$2.42M	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`	$25.01K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $25,010 and $25,010	`AccountsReceivableNetCurrent`	$5.58M	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
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.52M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$5.94M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$353.20K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories- raw materials	`InventoryRawMaterials`	$723.40K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$681.56K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$441.83K	USD	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$527.59K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	8.38M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	8.88M	shares	Point-in-time
Current deferred taxes	`DeferredTaxAssetsNetCurrent`	$462.23K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	8.88M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	8.38M	shares	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$122.26K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.39M	USD	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$2.53M	USD	Point-in-time
Preferred stock, liquidation preference (in dollars)	`ConvertiblePreferredStockSeriesALiquidationPreference`	$2.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.26M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.46M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$3.14M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Building and equipment under construction	`ConstructionInProgressGross`	$2.17M	USD	Point-in-time
Building and equipment under construction	`ConstructionInProgressGross`	$3.20M	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
Deferred loan costs, net	`DeferredCosts`	$175.19K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.42M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.08M	shares	Point-in-time
Deferred loan costs, net	`DeferredCosts`	$181.14K	USD	Point-in-time
Total assets	`Assets`	$22.88M	USD	Point-in-time
Total assets	`Assets`	$24.10M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.42M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.08M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.09M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$958.01K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$382.13K	USD	Point-in-time
Deferred revenues	`DeferredRevenueCurrent`	$806.61K	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.37M	USD	Point-in-time
Current maturity of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.81M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$5.22M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$5.12M	USD	Point-in-time
Commitments and contingent liabilities (see Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 13)	`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 8,380,982 and 8,878,982 shares issued and outstanding at June 30, 2011 and March 31, 2011, respectively; (liquidation preference of $2,388,580 and $2,530,510 at June 30, 2011 and March 31, 2011, respectively)	`PreferredStockValue`	$1.93M	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 8,380,982 and 8,878,982 shares issued and outstanding at June 30, 2011 and March 31, 2011, respectively; (liquidation preference of $2,388,580 and $2,530,510 at June 30, 2011 and March 31, 2011, respectively)	`PreferredStockValue`	$2.04M	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares, issued and outstanding, 16,077,199 at June 30, 2011 and 15,422,888 shares at March 31, 2011, respectively	`CommonStockValue`	$1.54K	USD	Point-in-time
Common stock -par value $.0001 per share, authorized, 90,000,000 shares, issued and outstanding, 16,077,199 at June 30, 2011 and 15,422,888 shares at March 31, 2011, respectively	`CommonStockValue`	$1.61K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.35M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$3.58M	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.91K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-117.72K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.47M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$14.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.10M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.88M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$6.15M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$9.18M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.84M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.43M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.02M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$694.25K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$60.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$107.57K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.69K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.95K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.73K	USD	1 Quarter
Finance costs	`FinanceCostsExpenses`	$2.59K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-56.74K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-47.42K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$637.51K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$256.05K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$431.10K	USD	1 Quarter
Net income	`ProfitLoss`	$381.46K	USD	1 Quarter
Net income	`ProfitLoss`	$819.32K	USD	1 Quarter
Net income per share of common stock (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net income per share of common stock (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Net income per share (fully diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income per share (fully diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	14.23M	shares	1 Quarter
Weighted average number of shares outstanding (basic) (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.47M	shares	1 Quarter
Weighted average number of shares outstanding (fully diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.15M	shares	1 Quarter
Weighted average number of shares outstanding (fully diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	20.76M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$381.46K	USD	1 Quarter
Net income	`ProfitLoss`	$819.32K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$91.35K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$104.16K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$60.00K	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$80.97K	USD	1 Quarter
Share based compensation	`ShareBasedCompensation`	$120.26K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$76.99K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-65.36K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.16M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-101.13K	USD	1 Quarter
Inventory - raw materials	`IncreaseDecreaseInInventories`	$-14.06K	USD	1 Quarter
Inventory - raw materials	`IncreaseDecreaseInInventories`	$-370.20K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$3.42M	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$475.62K	USD	1 Quarter
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-122.26K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$239.64K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-15.95K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$175.99K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$188.48K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$202.13K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$178.01K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$424.48K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$4.58K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.35M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.02M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$60.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.15K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$325.76K	USD	1 Quarter
Deposits on building and equipment under construction	`RepaymentsOfAdvancesForConstruction`	$1.13M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$52.85K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.46M	USD	1 Quarter
Capital distribution to WM Realty partners	`CapitalDistributionOfEquity`	$55.37K	USD	1 Quarter
Proceeds from exercised stock options	`ProceedsFromStockOptionsExercised`	$950.00	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$282.70K	USD	1 Quarter
Repayments of long-term debt, including capital leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$384.00K	USD	1 Quarter
Repayments of long-term debt, including capital leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$203.26K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-258.63K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.35K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.29K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$816.96K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-201.31K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.77M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.34M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.77M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.59M	USD	Point-in-time
Interest expense	`InterestPaid`	$107.70K	USD	1 Quarter
Interest expense	`InterestPaid`	$82.38K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$95.00K	USD	1 Quarter
Placed equipment into service which was under construction	`EquipmentUnderConstructionNowPlacedInService`	$887.28K	USD	1 Quarter
Placed equipment into service which was under construction	`EquipmentUnderConstructionNowPlacedInService`	$100.19K	USD	1 Quarter

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