10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-043199`
Period End Date	20170630
Filing Date	20170814
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	tpcs-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 42 Cash Flow Statement 62

Balance Sheet 62 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.86M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.33M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	28.82M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	28.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	28.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	28.82M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.87M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.23M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$3.38M	USD	Point-in-time
Costs incurred on uncompleted contracts, in excess of progress billings	`CostsInExcessOfBillingsOnUncompletedContractsOrPrograms`	$2.10M	USD	Point-in-time
Inventories - raw materials	`InventoryRawMaterials`	$141.79K	USD	Point-in-time
Inventories - raw materials	`InventoryRawMaterials`	$151.52K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$422.10K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$460.31K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.60M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.91M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.95M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.12M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$3.39M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$34.02K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$100.00K	USD	Point-in-time
Total assets	`Assets`	$16.00M	USD	Point-in-time
Total assets	`Assets`	$16.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$365.31K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$564.73K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$893.41K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.40K	USD	Point-in-time
Billings on uncompleted contracts, in excess of related costs	`BillingsInExcessOfCost`	$574.31K	USD	Point-in-time
Billings on uncompleted contracts, in excess of related costs	`BillingsInExcessOfCost`	$642.83K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$729.78K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$717.48K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.91M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$4.72M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$4.87M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$521.43K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$521.43K	USD	Point-in-time
Noncurrent accrued expenses	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$12.90K	USD	Point-in-time
Noncurrent accrued expenses	`AccountsPayableAndAccruedLiabilitiesNoncurrent`	$17.74K	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 June 30 and March 31, 2017, respectively	`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 June 30 and March 31, 2017, respectively	`CommonStockValue`	$2.88K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.26M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.36M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.76K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.33K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$113.79K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-310.71K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$8.49M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.97M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$16.66M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$16.00M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$18.55M	USD	Annual
Net sales	`SalesRevenueNet`	$5.83M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$4.64M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$4.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$12.45M	USD	Annual
Gross profit	`GrossProfit`	$1.74M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.54M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$888.18K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$919.76K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$647.22K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$820.83K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$91.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$751.00	USD	1 Quarter
Interest expense	`InterestExpense`	$193.21K	USD	1 Quarter
Interest expense	`InterestExpense`	$108.78K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-192.46K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-108.69K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$712.14K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$454.76K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.45K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$287.63K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$424.50K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$445.30K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-942.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$732.00	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-942.00	USD	1 Quarter
Other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$732.00	USD	1 Quarter
Income tax expense on other comprehensive income	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	-	USD	1 Quarter
Income tax expense on other comprehensive income	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax`	$-296.00	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-942.00	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$436.00	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$424.94K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$444.36K	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Net income per share (basic) (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income per share (diluted) (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
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`	28.82M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.71M	shares	1 Quarter
Weighted average number of shares outstanding (diluted) (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.77M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$424.50K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$445.30K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$176.05K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$171.61K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$48.92K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$19.54K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$99.39K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$11.61K	USD	1 Quarter
Change in contract losses	`GainLossOnContractTermination`	$35.07K	USD	1 Quarter
Change in contract losses	`GainLossOnContractTermination`	$-130.66K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$273.53K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-641.35K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-626.58K	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$1.28M	USD	1 Quarter
Costs incurred on uncompleted contracts, in excess of progress billings	`IncreaseDecreaseInCostsIncurredOnUncompletedContracts`	$-781.21K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$11.32K	USD	1 Quarter
Inventories - raw materials	`IncreaseDecreaseInInventories`	$9.73K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$38.21K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-172.78K	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$4.84K	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$-52.44K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-378.15K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$199.42K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-105.47K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$15.25K	USD	1 Quarter
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$4.40K	USD	1 Quarter
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$9.45K	USD	1 Quarter
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-68.52K	USD	1 Quarter
Billings on uncompleted contracts, in excess of related costs	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-407.97K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$573.78K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.39M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$212.95K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-132.95K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Deferred loan costs	`PaymentsOfLoanCosts`	$144.34K	USD	1 Quarter
Deferred loan costs	`PaymentsOfLoanCosts`	-	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromShortTermDebt`	$2.83M	USD	1 Quarter
Borrowings of long-term debt	`ProceedsFromShortTermDebt`	-	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$2.54M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$174.59K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$139.86K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-174.59K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-115.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-186.00	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$266.06K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.53M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.86M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.33M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.86M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.33M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.33M	USD	Point-in-time
Interest expense	`InterestPaid`	$93.91K	USD	1 Quarter
Interest expense	`InterestPaid`	$365.17K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$20.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$10.00K	USD	1 Quarter

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