10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001387131-18-002144`
Period End Date	20180331
Filing Date	20180515
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	cvu-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 19

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance for doubtful	`AllowanceForDoubtfulAccountsReceivableCurrent`	$150.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful	`AllowanceForDoubtfulAccountsReceivableCurrent`	$150.00K	USD	Point-in-time
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
Cash	`Cash`	$1.43M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$430.96K	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$1.04M	USD	Point-in-time
Cash	`Cash`	$283.24K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.86M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $150,000 as of March 31, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$3.98M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.92M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $150,000 as of March 31, 2018 and December 31, 2017	`AccountsReceivableNetCurrent`	$5.38M	USD	Point-in-time
Contract assets	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$111.16M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Contract assets	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$114.02M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.92M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.36M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.38M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$1.16M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsNetNoncurrent`	$1.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$172.26K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$188.30K	USD	Point-in-time
Total Assets	`Assets`	$124.18M	USD	Point-in-time
Total Assets	`Assets`	$124.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.98M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$246.33K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$281.53K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.14M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$24.84M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$22.84M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$109.33K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.05M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$6.48M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$7.02M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$607.06K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$595.17K	USD	Point-in-time
Total Liabilities	`Liabilities`	$48.12M	USD	Point-in-time
Total Liabilities	`Liabilities`	$49.87M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,923,845 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.86K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 8,923,845 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$8.92K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$54.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$53.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.81M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-20.60K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.80K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$74.31M	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`	$75.91M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.04M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.18M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`SalesRevenueNet`	$18.19M	USD	1 Quarter
Revenue	`SalesRevenueNet`	$20.03M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$14.14M	USD	1 Quarter
Cost of revenue	`CostOfGoodsSold`	$15.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.54M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.05M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.16M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.00M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.37M	USD	1 Quarter
Interest expense	`InterestExpense`	$390.33K	USD	1 Quarter
Interest expense	`InterestExpense`	$447.26K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.98M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.55M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$734.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$296.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Other comprehensive loss net of tax - Change in unrealized loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-5.80K	USD	1 Quarter
Other comprehensive loss net of tax - Change in unrealized loss on interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$5.20K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.25M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.25M	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Income per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Income per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.78M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.83M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$153.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$149.93K	USD	1 Quarter
Debt issue costs	`AmortizationOfFinancingCosts`	$21.39K	USD	1 Quarter
Debt issue costs	`AmortizationOfFinancingCosts`	$21.39K	USD	1 Quarter
Deferred rent	`DeferredRent`	$17.69K	USD	1 Quarter
Deferred rent	`DeferredRent`	$7.67K	USD	1 Quarter
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	$-21.01K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$303.94K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$422.99K	USD	1 Quarter
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$720.13K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$405.00K	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.40M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-338.24K	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$2.87M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract`	$2.35M	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-49.58K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$576.79K	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.25M	USD	1 Quarter
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.61M	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$35.20K	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-266.40K	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-109.33K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.57M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.89M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$156.01K	USD	1 Quarter
Purchase of property 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	`NetCashProvidedByUsedInInvestingActivities`	$-47.54K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-156.01K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$169.72K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$418.31K	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$2.00M	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$3.00M	USD	1 Quarter
Payment on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$500.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.58M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.33M	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-1.15M	USD	1 Quarter
Net decrease in cash	`CashPeriodIncreaseDecrease`	$-608.63K	USD	1 Quarter
Cash at beginning of period	`Cash`	$1.43M	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`	$283.24K	USD	Point-in-time
Cash at end of period	`Cash`	$1.43M	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`	$283.24K	USD	Point-in-time
Interest	`InterestPaid`	$429.61K	USD	1 Quarter
Interest	`InterestPaid`	$389.62K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$13.89K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$74.31M	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`	$75.91M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.92M	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$-5.80K	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax`	$5.20K	USD	1 Quarter
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$45.91K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$303.94K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$422.99K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$74.31M	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`	$75.91M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.92M	shares	Point-in-time

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