10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001104659-21-079441`
Period End Date	20210331
Filing Date	20210610
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	tpcs-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 38 Cash Flow Statement 61 Stockholders Equity 15

Balance Sheet 57 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`	29.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$930.86K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.35M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.50M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.35M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$990.30K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$608.06K	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$5.53M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.50M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$503.64K	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$561.57K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$767.52K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$656.04K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$379.44K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$606.15K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.06M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.93M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.12M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$84.62K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$32.60K	USD	Point-in-time
Total assets	`Assets`	$16.00M	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`	$500.85K	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`	$218.15K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$109.83K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.65M	USD	Point-in-time
Long-term debt, including finance lease	`LongTermDebtAndCapitalLeaseObligations`	$1.34M	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, 29,498,662 and 29,354,594 shares issued and outstanding at March 31, 2021 and 2020	`CommonStockValue`	$2.95K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,498,662 and 29,354,594 shares issued and outstanding at March 31, 2021 and 2020	`CommonStockValue`	$2.94K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.94M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.79M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.69K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.84K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$972.40K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$651.77K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.00M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$16.01M	USD	Annual
Net sales	`Revenues`	$15.60M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.13M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.87M	USD	Annual
Gross profit	`GrossProfit`	$3.14M	USD	Annual
Gross profit	`GrossProfit`	$3.46M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.84M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.79M	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Point-in-time
Income (loss) from operations	`OperatingIncomeLoss`	$623.25K	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-141.28K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$4.60K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$22.75K	USD	Annual
Interest expense	`InterestExpense`	$296.08K	USD	Annual
Interest expense	`InterestExpense`	$202.34K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-273.33K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-197.74K	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-414.61K	USD	Annual
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$425.51K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$104.88K	USD	Annual
Provision (benefit) for income taxes	`IncomeTaxExpenseBenefit`	$-73.04K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$320.63K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-252.00	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$150.00	USD	Annual
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-252.00	USD	Annual
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$150.00	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$320.78K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-341.82K	USD	Annual
Net income (loss) per share - basic	`EarningsPerShareBasic`	$0.01	USD	Annual
Net income (loss) per share - basic	`EarningsPerShareBasic`	$-0.01	USD	Annual
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Net income (loss) per share - diluted	`EarningsPerShareDiluted`	$0.01	USD	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.45M	shares	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.26M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.26M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.04M	shares	Annual

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$320.63K	USD	Annual
Copy and print equipment including property, plant and equipment net	`PrintEquipmentCostIncludingPropertyPlantAndEquipmentNet`	$45.66K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$717.58K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$704.05K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$51.40K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$59.50K	USD	Annual
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.43K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$90.92K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$179.92K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$-227.69K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$121.32K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$181.06K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-73.04K	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Annual
Provision for claims settlement	`LossContingencyAccrualProvision`	$495.00K	USD	Point-in-time
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-20.14K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-382.24K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.03M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$113.79K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$53.54K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-22.70K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$146.19K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-226.71K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-424.02K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$315.78K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$65.02K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$77.75K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-586.90K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$64.10K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$676.78K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$635.85K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.89K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.83K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$9.58K	USD	Annual
Deposit for fixed assets	`DepositForFixedAssets`	$70.62K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.83K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-607.93K	USD	Annual
Proceeds from stock transactions	`ProceedsFromIssuanceOfCommonStock`	$9.05K	USD	Annual
Proceeds from stock transactions	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$1.00M	USD	Annual
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$1.00M	USD	Annual
Deferred loan costs	`PaymentsOfLoanCosts`	$24.61K	USD	Annual
Deferred loan costs	`PaymentsOfLoanCosts`	$41.63K	USD	Annual
Proceeds from payroll protection program loan	`ProceedsFromPayrollProtectionProgram`	$1.32M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$1.71M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$120.44K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.17M	USD	Annual
Net cash provided by (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`	$-113.00	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.11M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.20M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$930.86K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.13M	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`	$930.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.04M	USD	Point-in-time
Interest	`InterestPaidNet`	$232.49K	USD	Annual
Interest	`InterestPaidNet`	$135.32K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$179.92K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$90.92K	USD	Annual
Shares issued under long-term incentive plan	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$7.20K	USD	Annual
Related party stock transaction	`StockIssuedDuringPeriodValueRelatedParty`	$1.85K	USD	Annual
Taxes on exercised options	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$-28.30K	USD	Annual
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$320.63K	USD	Annual
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-341.57K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-252.00	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$150.00	USD	Annual
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time

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