10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-044014`
Period End Date	20180630
Filing Date	20180813
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	tpcs-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 42 Cash Flow Statement 59 Stockholders Equity 14

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.33M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.11M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$716.41K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.45M	USD	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
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.18M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$347.90K	USD	Point-in-time
Inventories	`InventoryNet`	$1.03M	USD	Point-in-time
Inventories	`InventoryNet`	$2.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$415.67K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$450.54K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.02M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.08M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.05M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.42M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$44.14K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$6.86K	USD	Point-in-time
Total assets	`Assets`	$15.99M	USD	Point-in-time
Total assets	`Assets`	$14.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$332.80K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$345.70K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$788.08K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$752.72K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$180.71K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.46M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$766.35K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$778.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.08M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$4.19M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$4.00M	USD	Point-in-time
Commitments and contingent liabilities (see Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 16)	`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, 2018	`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, 2018	`CommonStockValue`	$2.88K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.56M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.59M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$22.32K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.24K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-576.62K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$57.05K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$15.99M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.28M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$4.10M	USD	1 Quarter
Net sales	`Revenues`	$5.83M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$4.09M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.74M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.05M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$919.76K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$730.47K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$820.83K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$322.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$91.00	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$108.78K	USD	1 Quarter
Interest expense	`InterestExpense`	$95.39K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-108.69K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-92.64K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$229.41K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$712.14K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$287.63K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$65.03K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$424.50K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$4.91K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$732.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	1 Quarter
Other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-1.91K	USD	1 Quarter
Other comprehensive (loss) income, 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 (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$436.00	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.91K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$424.94K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$162.47K	USD	1 Quarter
Net income per share (basic)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income per share (basic)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Net income per share (diluted)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Net income per share (diluted)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Weighted average number of shares outstanding (basic)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.82M	shares	1 Quarter
Weighted average number of shares outstanding (basic)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.82M	shares	1 Quarter
Weighted average number of shares outstanding (diluted)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.77M	shares	1 Quarter
Weighted average number of shares outstanding (diluted)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.10M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$424.50K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$171.61K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$185.59K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$19.54K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$15.23K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$24.93K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$99.39K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-130.66K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$15.88K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$273.53K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$65.03K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-641.35K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-730.57K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.29M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$48.52K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractReceivablesNet`	-	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractReceivablesNet`	$2.12M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$38.21K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-34.87K	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	-	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$4.84K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.91K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$199.42K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$15.25K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$118.34K	USD	1 Quarter
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$4.40K	USD	1 Quarter
Accrued taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	-	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$68.52K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-567.52K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$573.78K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-289.93K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$212.95K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$101.69K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-101.69K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-132.95K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$174.59K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$186.90K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-186.90K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-174.59K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$661.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-186.00	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-577.86K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$266.06K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	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`	$2.11M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	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`	$2.11M	USD	Point-in-time
Interest expense	`InterestPaidNet`	$80.07K	USD	1 Quarter
Interest expense	`InterestPaidNet`	$93.91K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$10.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.97M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.67M	USD	Point-in-time
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.93K	USD	1 Quarter
Share based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$303.18K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$424.50K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$4.91K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$732.00	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	1 Quarter
Balance	`StockholdersEquity`	$7.97M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.67M	USD	Point-in-time

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