10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001104659-20-072425`
Period End Date	20200331
Filing Date	20200611
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	tpcs-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 38 Cash Flow Statement 60 Stockholders Equity 20

Balance Sheet 55 line items

Line Item	Tag	Value	Unit	Period
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
Common stock, shares issued	`CommonStockSharesIssued`	29.23M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.04M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.35M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$930.86K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.01M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.23M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$990.30K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.35M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.50M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.39M	USD	Point-in-time
Inventories	`InventoryNet`	$1.24M	USD	Point-in-time
Inventories	`InventoryNet`	$1.22M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$606.15K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$498.06K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.86M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.18M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.12M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$32.60K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$6.23K	USD	Point-in-time
Total assets	`Assets`	$16.05M	USD	Point-in-time
Total assets	`Assets`	$14.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.06K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$609.08K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.55M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$753.50K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$805.05K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$740.95K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$109.83K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$822.11K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.93M	USD	Point-in-time
Long-term debt, including finance lease	`LongTermDebtAndCapitalLeaseObligations`	$3.41M	USD	Point-in-time
Long-term debt, including finance lease	`LongTermDebtAndCapitalLeaseObligations`	$2.46M	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, 29,354,594 and 29,234,594 shares issued and outstanding at March 31, 2020 and 2019	`CommonStockValue`	$2.94K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,354,594 and 29,234,594 shares issued and outstanding at March 31, 2020 and 2019	`CommonStockValue`	$2.92K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.69M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.79M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.94K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.69K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$993.34K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$651.77K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.47M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.05M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$16.70M	USD	Annual
Net sales	`Revenues`	$16.01M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.12M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.87M	USD	Annual
Gross profit	`GrossProfit`	$4.58M	USD	Annual
Gross profit	`GrossProfit`	$3.14M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.79M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.75M	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Point-in-time
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$-141.28K	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$1.84M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$22.75K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$41.03K	USD	Annual
Interest expense	`InterestExpense`	$296.08K	USD	Annual
Interest expense	`InterestExpense`	$354.82K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-273.33K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-313.79K	USD	Annual
(Loss) income before (benefit) expense for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-414.61K	USD	Annual
(Loss) income before (benefit) expense for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.52M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-73.04K	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$423.36K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.30K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-252.00	USD	Annual
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-2.30K	USD	Annual
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-252.00	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$1.10M	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-341.82K	USD	Annual
Net (loss) income per share - basic	`EarningsPerShareBasic`	$0.04	USD	Annual
Net (loss) income per share - basic	`EarningsPerShareBasic`	$-0.01	USD	Annual
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$0.04	USD	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.88M	shares	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.26M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.29M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.26M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$749.75K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$717.58K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$59.50K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$55.25K	USD	Annual
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-3.43K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$90.92K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$137.35K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$-227.69K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$143.10K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$423.36K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-73.04K	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Point-in-time
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-20.14K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-436.54K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$263.62K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-22.70K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.33M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$113.79K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$146.19K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-13.32K	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$7.25K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$263.38K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-424.02K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$77.75K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$246.50K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$149.85K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-64.10K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$531.31K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$676.78K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.83K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$446.65K	USD	Annual
Proceeds from disposition of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$35.31K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-411.34K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.83K	USD	Annual
Proceeds from stock transactions	`ProceedsFromIssuanceOfCommonStock`	$9.05K	USD	Annual
Proceeds from stock transactions	`ProceedsFromIssuanceOfCommonStock`	$182.40K	USD	Annual
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	$188.60K	USD	Annual
Deferred loan costs	`PaymentsOfLoanCosts`	$41.63K	USD	Annual
Repayment of finance lease obligation	`FinanceLeasePrincipalPayments`	$14.00K	USD	Annual
Repayment of finance lease obligation	`FinanceLeasePrincipalPayments`	$10.95K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$1.70M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$752.35K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-772.55K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.74M	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$339.00	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$124.00	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-652.46K	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.11M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$930.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$930.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.69M	USD	Point-in-time
Interest	`InterestPaidNet`	$232.49K	USD	Annual
Interest	`InterestPaidNet`	$292.68K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$96.52K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$81.67K	USD	Annual
Restricted stock award	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$111.00K	USD	Annual
Restricted stock award	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$122.50K	USD	Annual
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$-81.67K	USD	Annual
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$-101.75K	USD	Annual
Shares issued under long-term incentive plan	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$182.40K	USD	Annual
Shares issued under long-term incentive plan	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$7.20K	USD	Annual
Common stock repurchased	`StockIssuedDuringPeriodValueNewIssues`	$-188.60K	USD	Annual
Related party stock transaction	`StockIssuedDuringPeriodValueRelatedParty`	$1.85K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.30K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-252.00	USD	Annual
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time

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