10-K Filing

CPI AEROSTRUCTURES INC CIK: 889348 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001387131-19-002402`
Period End Date	20181231
Filing Date	20190401
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	cvu-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 21

Balance Sheet 65 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
Cash	`Cash`	$4.13M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.86M	shares	Point-in-time
Cash	`Cash`	$1.43M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.72M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$2.00M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.62M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.38M	USD	Point-in-time
Contract Assets	`ContractWithCustomerAssetNetCurrent`	$113.33M	USD	Point-in-time
Contract Assets	`ContractWithCustomerAssetNetCurrent`	$111.16M	USD	Point-in-time
Inventory	`InventoryNet`	$9.71M	USD	Point-in-time
Inventory	`InventoryNet`	$1.69M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$435.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$727.81K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$140.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$120.38M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.05M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivableNoncurrent`	$435.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$279.32K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$249.57K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$188.30K	USD	Point-in-time
Total Assets	`Assets`	$143.71M	USD	Point-in-time
Total Assets	`Assets`	$124.18M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.56M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.91M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.81M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$246.33K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.43M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.01M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$24.04M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$22.84M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$109.33K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$115.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$41.85M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$42.24M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$7.02M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.88M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$4.03M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$531.12K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$607.06K	USD	Point-in-time
Total Liabilities	`Liabilities`	$49.87M	USD	Point-in-time
Total Liabilities	`Liabilities`	$50.29M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,718,246 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, 11,718,246 and 8,864,319 shares, respectively, issued and outstanding	`CommonStockValue`	$11.71K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$53.77M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$70.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.76M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.80K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$93.42M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$67.61M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$74.31M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$124.18M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$143.71M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$83.93M	USD	Annual
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$81.28M	USD	Annual
Cost of sales	`CostOfRevenue`	$62.64M	USD	Annual
Cost of sales	`CostOfRevenue`	$65.77M	USD	Annual
Gross profit	`GrossProfit`	$18.65M	USD	Annual
Gross profit	`GrossProfit`	$18.16M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$8.45M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.53M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$10.20M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$8.64M	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$28.71K	USD	Annual
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-19.77K	USD	Annual
Interest expense	`InterestExpense`	$1.99M	USD	Annual
Interest expense	`InterestExpense`	$1.70M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-1.96M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-1.72M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.67M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.48M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.71M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.46M	USD	Annual
Net income	`NetIncomeLoss`	$2.21M	USD	Annual
Net income	`NetIncomeLoss`	$5.77M	USD	Annual
Change in unrealized (gain) loss-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$14.80K	USD	Annual
Change in unrealized (gain) loss-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-5.80K	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.23M	USD	Annual
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.76M	USD	Annual
Income per common share-basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	Annual
Income per common share-basic (in dollars per share)	`EarningsPerShareBasic`	$0.65	USD	Annual
Income per common share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.65	USD	Annual
Income per common share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.48M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.83M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.84M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.49M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$2.21M	USD	Annual
Net income	`NetIncomeLoss`	$5.77M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$616.29K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$710.20K	USD	Annual
Debt issuance costs	`AmortizationOfFinancingCosts`	$85.57K	USD	Annual
Debt issuance costs	`AmortizationOfFinancingCosts`	$95.94K	USD	Annual
Deferred rent	`OtherNoncashIncome`	$70.76K	USD	Annual
Deferred rent	`OtherNoncashIncome`	$30.68K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$895.01K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$671.62K	USD	Annual
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$50.78K	USD	Annual
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	Annual
Loss on disposal of fixed asset	`GainLossOnDispositionOfAssets`	$-21.01K	USD	Annual
Deferred income taxes	`DeferredPortionOfProvisionForIncomeTaxes`	$2.38M	USD	Annual
Deferred income taxes	`DeferredPortionOfProvisionForIncomeTaxes`	$5.34M	USD	Annual
Adjustment for maturity of interest rate swap	`AdjustmentForMaturityOfInterestRateSwap`	$-20.60K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$125.00K	USD	Annual
Bad debt expense	`ProvisionForDoubtfulAccounts`	$150.00K	USD	Annual
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.80M	USD	Annual
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.98M	USD	Annual
(Increase) in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$11.58M	USD	Annual
(Increase) in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.17M	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$257.71K	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$51.57K	USD	Annual
Increase in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$870.00K	USD	Annual
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.63M	USD	Annual
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.70M	USD	Annual
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$911.90K	USD	Annual
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-1.25M	USD	Annual
Decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-10.98K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$103.33K	USD	Annual
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.67K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.57M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.54M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$281.92K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$559.04K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$42.48K	USD	Annual
Purchase of WMI	`PurchaseOfWmi`	$-6.05M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-239.44K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.61M	USD	Annual
Net proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$16.17M	USD	Annual
Payment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	$6.50M	USD	Annual
Payment of line of credit	`RepaymentsOfLongTermLinesOfCredit`	$4.10M	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$7.70M	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.50M	USD	Annual
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$3.31M	USD	Annual
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$1.34M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$209.08K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.84M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-941.76K	USD	Annual
Net increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.70M	USD	Annual
Net increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$391.29K	USD	Annual
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.43M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.04M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.43M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.04M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$146.19K	USD	Annual
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$649.41K	USD	Annual
Cashless exercise of stock options	`StockIssued1`	$202.50K	USD	Annual
Cash paid for interest	`InterestPaidNet`	$1.58M	USD	Annual
Cash paid for interest	`InterestPaidNet`	$2.13M	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$10.95K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$144.72K	USD	Annual

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$93.42M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Net income	`NetIncomeLoss`	$2.21M	USD	Annual
Net income	`NetIncomeLoss`	$5.77M	USD	Annual
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeLossNetOfTax`	$14.80K	USD	Annual
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeLossNetOfTax`	$-5.80K	USD	Annual
Common stock issued in share offering, net of expenses	`StockIssuedDuringPeriodValueNewIssues`	$16.17M	USD	Annual
Common stock issued in share offering, net of expenses	`StockIssuedDuringPeriodValueNewIssues`	$16.10M	USD	Point-in-time
Common stock issued in share offering, net of expenses (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	2.76M	shares	Point-in-time
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$45.91K	USD	Annual
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$50.78K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$895.01K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$671.62K	USD	Annual
Balance, ending	`StockholdersEquity`	$93.42M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$67.61M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	8.86M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time

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