10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001387131-17-002570`
Period End Date	20170331
Filing Date	20170510
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	cvu-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 62 Stockholders Equity 18

Balance Sheet 64 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, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.82M	shares	Point-in-time
Cash	`Cash`	$1.00M	USD	Point-in-time
Cash	`Cash`	$430.96K	USD	Point-in-time
Cash	`Cash`	$1.04M	USD	Point-in-time
Cash	`Cash`	$824.35K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.74M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.74M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $535,514 as of March 31, 2017 and December 31, 2016	`AccountsReceivableNetCurrent`	$8.51M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.82M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $535,514 as of March 31, 2017 and December 31, 2016	`AccountsReceivableNetCurrent`	$8.18M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$99.58M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$101.93M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.73M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.16M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$113.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$111.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.30M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$3.95M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$3.23M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$252.48K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$236.44K	USD	Point-in-time
Total Assets	`Assets`	$118.91M	USD	Point-in-time
Total Assets	`Assets`	$117.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.75M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.39M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$115.34K	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$321.44K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.34M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.59M	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$1.38M	USD	Point-in-time
Contract loss	`ProvisionForLossOnContracts`	$904.66K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$24.94M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$22.44M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$6.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$6.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$40.56M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$8.86M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$8.45M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$619.87K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$632.74K	USD	Point-in-time
Total Liabilities	`Liabilities`	$49.63M	USD	Point-in-time
Total Liabilities	`Liabilities`	$50.19M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,817,120 and 8,739,836 shares, respectively, issued and outstanding	`CommonStockValue`	$8.74K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,817,120 and 8,739,836 shares, respectively, issued and outstanding	`CommonStockValue`	$8.82K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$52.82M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$53.25M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$14.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.03M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.80K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$61.59M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$69.28M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$67.61M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$70.53M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$118.91M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$117.79M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$12.67M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$20.03M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$15.50M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$24.31M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$4.54M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-11.64M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.72M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$2.37M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-14.36M	USD	1 Quarter
Interest expense	`InterestExpense`	$390.33K	USD	1 Quarter
Interest expense	`InterestExpense`	$275.73K	USD	1 Quarter
Income (loss) before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.64M	USD	1 Quarter
Income (loss) before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.98M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$734.00K	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-5.42M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Change in unrealized gain-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$5.20K	USD	1 Quarter
Change in unrealized gain-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$3.45K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-9.22M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$1.25M	USD	1 Quarter
Income (loss) per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$-1.07	USD	1 Quarter
Income (loss) per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Income (loss) per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.07	USD	1 Quarter
Income (loss) per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.60M	shares	1 Quarter
Basic (shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.78M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.83M	shares	1 Quarter
Diluted (shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.60M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$149.93K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$194.07K	USD	1 Quarter
Debt issue cost	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Debt issue cost	`AmortizationOfFinancingCosts`	$21.39K	USD	1 Quarter
Deferred rent	`OtherAmortizationOfDeferredCharges`	$-7.67K	USD	1 Quarter
Deferred rent	`OtherAmortizationOfDeferredCharges`	$1.37K	USD	1 Quarter
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	$-21.01K	USD	1 Quarter
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$422.99K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$273.06K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$395.75K	USD	1 Quarter
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$-5.42M	USD	1 Quarter
Deferred portion of provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$720.13K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.47M	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-338.24K	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$-9.74M	USD	1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$2.35M	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$576.79K	USD	1 Quarter
Increase in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$199.42K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.37M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.61M	USD	1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$206.10K	USD	1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-103.46K	USD	1 Quarter
Increase (decrease) in accrued losses on uncompleted contracts	`IncreaseDecreaseInAccruedLossOnUncompletedContracts`	$4.61M	USD	1 Quarter
Increase (decrease) in accrued losses on uncompleted contracts	`IncreaseDecreaseInAccruedLossOnUncompletedContracts`	$-472.51K	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-170.22K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.89M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-5.73M	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$89.74K	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$90.02K	USD	1 Quarter
Proceeds from sale of fixed asset	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.48K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-89.74K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-47.54K	USD	1 Quarter
Payment on long-term debt	`RepaymentsOfLongTermDebt`	$169.72K	USD	1 Quarter
Payment on long-term debt	`RepaymentsOfLongTermDebt`	$1.24M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$10.00M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$3.00M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$26.24M	USD	1 Quarter
Payment on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$29.20M	USD	1 Quarter
Payment on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$500.00K	USD	1 Quarter
Debt issue costs	`PaymentsOfDebtIssuanceCosts`	$153.85K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.33M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$5.65M	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-608.63K	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-177.68K	USD	1 Quarter
Cash at beginning of period	`Cash`	$1.00M	USD	Point-in-time
Cash at beginning of period	`Cash`	$430.96K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.04M	USD	Point-in-time
Cash at beginning of period	`Cash`	$824.35K	USD	Point-in-time
Cash at end of period	`Cash`	$1.00M	USD	Point-in-time
Cash at end of period	`Cash`	$430.96K	USD	Point-in-time
Cash at end of period	`Cash`	$1.04M	USD	Point-in-time
Cash at end of period	`Cash`	$824.35K	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$232.57K	USD	1 Quarter
Interest	`InterestPaid`	$389.62K	USD	1 Quarter
Interest	`InterestPaid`	$383.52K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$13.89K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$165.03K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$61.59M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$69.28M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$70.53M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.74M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.82M	shares	Point-in-time
Net income (loss)	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-9.22M	USD	1 Quarter
Change in unrealized gain from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$5.20K	USD	1 Quarter
Change in unrealized gain from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$3.45K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$422.99K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$273.06K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$61.59M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$69.28M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$70.53M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.74M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.82M	shares	Point-in-time

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