10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001144204-19-032723`
Period End Date	20190331
Filing Date	20190627
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	tpcs-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 16

Balance Sheet 56 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
Common stock, shares issued	`CommonStockSharesIssued`	28.82M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	28.82M	shares	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`	$1.45M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.39M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$347.90K	USD	Point-in-time
Inventories	`InventoryNet`	$1.24M	USD	Point-in-time
Inventories	`InventoryNet`	$2.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$498.06K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$450.54K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.02M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.20M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.86M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.05M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$6.86K	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`	$14.28M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$609.08K	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`	$753.50K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$740.95K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$180.71K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$766.35K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$822.11K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.93M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$4.19M	USD	Point-in-time
Long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligations`	$3.41M	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, 29,234,594 and 28,824,593 shares issued and outstanding at March 31, 2019 and 2018	`CommonStockValue`	$2.88K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,234,594 and 28,824,593 shares issued and outstanding at March 31, 2019 and 2018	`CommonStockValue`	$2.92K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.69M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.56M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.94K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$24.24K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$993.34K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-576.62K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.01M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.97M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$14.28M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$16.70M	USD	Annual
Net sales	`Revenues`	$18.73M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.12M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$14.75M	USD	Annual
Gross profit	`GrossProfit`	$3.98M	USD	Annual
Gross profit	`GrossProfit`	$4.58M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.01M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.75M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$1.84M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$967.30K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$41.03K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$4.27K	USD	Annual
Interest expense	`InterestExpense`	$412.99K	USD	Annual
Interest expense	`InterestExpense`	$354.82K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-313.79K	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-408.72K	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.52M	USD	Annual
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$558.58K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$824.49K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$423.36K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.30K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$4.91K	USD	Annual
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-2.30K	USD	Annual
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$4.91K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-261.00K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.10M	USD	Annual
Net income (loss) per share basic	`EarningsPerShareBasic`	$0.04	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`	$0.04	USD	Annual
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.88M	shares	Annual
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.82M	shares	Annual
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.82M	shares	Annual
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.29M	shares	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$704.28K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$749.75K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$55.25K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$70.04K	USD	Annual
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-3.43K	USD	Annual
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-20.00K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$303.18K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$137.35K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$-52.20K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$143.10K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$423.36K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$825.38K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-75.79K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-436.54K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.33M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	-	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$263.62K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-150.53K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-13.32K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$28.44K	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$7.25K	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$17.74K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$263.38K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-19.60K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-151.40K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$246.50K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$149.85K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$462.12K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$531.31K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.26M	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$994.53K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$446.65K	USD	Annual
Proceeds from disposition of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$35.31K	USD	Annual
Proceeds from disposition of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$80.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-411.34K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-914.53K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$182.40K	USD	Annual
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	$188.60K	USD	Annual
Common stock repurchased	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Repayment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$14.00K	USD	Annual
Repayment of capital lease obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	$19.94K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$752.35K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$697.54K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-772.55K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-717.48K	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.22K	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$124.00	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-652.46K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-377.05K	USD	Annual
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	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`	$2.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.07M	USD	Point-in-time
Interest	`InterestPaidNet`	$292.68K	USD	Annual
Interest	`InterestPaidNet`	$343.68K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$32.23K	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.97M	USD	Point-in-time
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$96.52K	USD	Annual
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$303.18K	USD	Annual
Restricted stock award	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$122.50K	USD	Annual
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$81.67K	USD	Annual
Shares issued under long-term incentive plan	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$182.40K	USD	Annual
Common stock repurchased	`StockIssuedDuringPeriodValueNewIssues`	$-188.60K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.10M	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-265.91K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-2.30K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$4.91K	USD	Annual
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.97M	USD	Point-in-time

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