10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-20-094702`
Period End Date	20200630
Filing Date	20200813
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	tpcs-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 36 Cash Flow Statement 66 Stockholders Equity 15

Balance Sheet 59 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, 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`	29.35M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.40M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$930.86K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$990.30K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.40M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$916.53K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.35M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$5.20M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.50M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$558.36K	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$561.57K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$739.09K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$656.04K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$606.15K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$418.89K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.63M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.06M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.18M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.12M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.15M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$32.60K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$21.37K	USD	Point-in-time
Total assets	`Assets`	$14.58M	USD	Point-in-time
Total assets	`Assets`	$15.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$555.98K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$185.06K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.53M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.55M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$805.05K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$516.34K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$109.83K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$621.25K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$3.23M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$2.46M	USD	Point-in-time
Commitments and contingent liabilities (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,398,662 and 29,354,594 shares issued and outstanding, at June 30, 2020 and March 31, 2020	`CommonStockValue`	$2.94K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,398,662 and 29,354,594 shares issued and outstanding, at June 30, 2020 and March 31, 2020	`CommonStockValue`	$2.94K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.85M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.79M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.59K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.69K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$651.77K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$535.54K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.41M	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 stockholders' equity	`StockholdersEquity`	$9.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$15.86M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.58M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$4.33M	USD	1 Quarter
Net sales	`Revenues`	$3.28M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.59M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$697.01K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.11M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$793.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$741.41K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-96.35K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$368.09K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$652.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$19.43K	USD	1 Quarter
Interest expense	`InterestExpense`	$57.90K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.52K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-57.25K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-57.09K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$311.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-153.59K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-37.36K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$90.22K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-116.23K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-179.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-97.00	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-179.00	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-97.00	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-116.33K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$220.60K	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.25M	shares	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.36M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.36M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.71M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-116.23K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$169.24K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$190.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$15.14K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$10.74K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$55.50K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$30.62K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$64.70K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-120.39K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$90.22K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-37.36K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-73.77K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-144.38K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.52M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$692.84K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-38.52K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$79.83K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-187.26K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-78.22K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-342.64K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$370.91K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$38.61K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.92K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-401.10K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-288.71K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-369.24K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.70M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.20K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.77K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.77K	USD	1 Quarter
Debt issue costs	`PaymentsOfLoanCosts`	$8.28K	USD	1 Quarter
Debt issue costs	`PaymentsOfLoanCosts`	-	USD	1 Quarter
Proceeds from payroll protection program	`ProceedsFromPayrollProtectionProgram`	-	USD	1 Quarter
Proceeds from payroll protection program	`ProceedsFromPayrollProtectionProgram`	$1.32M	USD	1 Quarter
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$1.00M	USD	1 Quarter
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$1.00M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$26.62K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$199.53K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.28M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-199.53K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$164.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-6.00	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.49M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$871.18K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.53M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.80M	USD	Point-in-time
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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.53M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.80M	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
Interest	`InterestPaidNet`	$40.02K	USD	1 Quarter
Interest	`InterestPaidNet`	$65.72K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Options exercised to purchase common stock	`StockIssuedDuringPeriodSharesStockOptionsExercised`	150,000.00	shares	1 Quarter
Options exercised to purchase common stock	`StockIssuedDuringPeriodSharesStockOptionsExercised`	150,000.00	shares	Point-in-time
Options exercised to purchase common stock	`StockIssuedDuringPeriodSharesStockOptionsExercised`	20,000.00	shares	Annual
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, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.97M	USD	Point-in-time
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$30.62K	USD	1 Quarter
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$55.50K	USD	1 Quarter
Shares issued under LTIP	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$7.20K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-116.23K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-179.00	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-97.00	USD	1 Quarter
Balance	`StockholdersEquity`	$9.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.97M	USD	Point-in-time

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