10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001144204-19-039544`
Period End Date	20190630
Filing Date	20190813
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	tpcs-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 36 Cash Flow Statement 52 Stockholders Equity 15

Balance Sheet 58 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`	$2.04M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.23M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.25M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.53M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.25M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$866.06K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.01M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.23M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$4.39M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$2.87M	USD	Point-in-time
Inventories	`InventoryNet`	$1.24M	USD	Point-in-time
Inventories	`InventoryNet`	$1.20M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$419.84K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$498.06K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.89M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.86M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.68M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.91M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$2.00M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$6.23K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$5.33K	USD	Point-in-time
Total assets	`Assets`	$16.05M	USD	Point-in-time
Total assets	`Assets`	$15.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$266.44K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$609.08K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$753.50K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$872.95K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$339.85K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$740.95K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$822.11K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$837.84K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.93M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$3.41M	USD	Point-in-time
Long-term debt	`LongTermDebtAndCapitalLeaseObligations`	$3.21M	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, 29,254,594 and 29,234,594 shares issued and outstanding, at June 30, 2019 and March 31, 2019	`CommonStockValue`	$2.92K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 29,254,594 and 29,234,594 shares issued and outstanding, at June 30, 2019 and March 31, 2019	`CommonStockValue`	$2.92K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.69M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.73M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.76K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.94K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.21M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$993.34K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.97M	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`	$8.67M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$15.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.05M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$4.10M	USD	1 Quarter
Net sales	`Revenues`	$4.33M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.05M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.05M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$730.47K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$741.41K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$368.09K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$322.06K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$19.43K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$2.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.52K	USD	1 Quarter
Interest expense	`InterestExpense`	$95.39K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-92.64K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-57.09K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$229.41K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$311.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$90.22K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$65.03K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-179.00	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-1.91K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-179.00	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$220.60K	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`	29.25M	shares	1 Quarter
Weighted average number of shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	28.82M	shares	1 Quarter
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.10M	shares	1 Quarter
Weighted average number of shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.71M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$185.59K	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$190.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$15.23K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$10.74K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$24.93K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$30.62K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$15.88K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-120.39K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$65.03K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$90.22K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-730.57K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-144.38K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.12M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.52M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$48.52K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-38.52K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-34.87K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-78.22K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-342.64K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.91K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$5.92K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$118.34K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-567.52K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$401.10K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-289.93K	USD	1 Quarter
Net cash provided by (used in) 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`	$101.69K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-101.69K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$199.53K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$186.90K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-199.53K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-186.90K	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$164.00	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$661.00	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.49M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-577.86K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.11M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.53M	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`	$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`	$3.53M	USD	Point-in-time
Interest	`InterestPaidNet`	$80.07K	USD	1 Quarter
Interest	`InterestPaidNet`	$65.72K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.97M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.67M	USD	Point-in-time
Non-vested restricted stock	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition`	$30.62K	USD	1 Quarter
Shares issued under long-term incentive plan	`StockIssuedDuringPeriodValueEmployeeBenefitPlan`	$7.20K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.93K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$220.78K	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$164.38K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-179.00	USD	1 Quarter
Balance	`StockholdersEquity`	$9.97M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.71M	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.