10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001387131-19-003504`
Period End Date	20190331
Filing Date	20190510
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	cvu-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 29 Cash Flow Statement 55 Stockholders Equity 19

Balance Sheet 72 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
Cash	`Cash`	$617.16K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.72M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.74M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$2.00M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.00M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$275.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$275.00K	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $275,000 as of March 31, 2019 and December 31, 2018	`AccountsReceivableNetCurrent`	$8.62M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $275,000 as of March 31, 2019 and December 31, 2018	`AccountsReceivableNetCurrent`	$6.58M	USD	Point-in-time
Contract Assets	`ContractWithCustomerAssetNetCurrent`	$113.33M	USD	Point-in-time
Contract Assets	`ContractWithCustomerAssetNetCurrent`	$120.75M	USD	Point-in-time
Inventory	`InventoryNet`	$9.71M	USD	Point-in-time
Inventory	`InventoryNet`	$11.09M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$435.00K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$435.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.97M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$142.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$140.20M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.93M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.53M	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`	$486.66K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$229.55K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$249.57K	USD	Point-in-time
Total Assets	`Assets`	$143.71M	USD	Point-in-time
Total Assets	`Assets`	$151.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.09M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.50M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.81M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.43M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.51M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.59M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$23.74M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$24.04M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$253.80K	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`	$45.04M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$3.84M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.88M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$4.03M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$4.03M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$531.12K	USD	Point-in-time
Total Liabilities	`Liabilities`	$50.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$56.51M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,736,386 and 11,718,246 shares, respectively, issued and outstanding	`CommonStockValue`	$11.74K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,736,386 and 11,718,246 shares, respectively, issued and outstanding	`CommonStockValue`	$11.71K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$70.92M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$70.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$24.42M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$95.35M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$75.91M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$74.31M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$93.42M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$151.86M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$143.71M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$25.58M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$18.19M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$20.17M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$14.14M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.42M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.05M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.81M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.61M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$510.77K	USD	1 Quarter
Interest expense	`InterestExpense`	$447.26K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.10M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.55M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$296.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$440.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.66M	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
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.25M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.66M	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`	8.89M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.74M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.79M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$209.26K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$153.30K	USD	1 Quarter
Debt issuance costs	`AmortizationOfFinancingCosts`	$21.39K	USD	1 Quarter
Debt issuance costs	`AmortizationOfFinancingCosts`	$20.02K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$-28.01K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$-17.69K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$330.79K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$303.94K	USD	1 Quarter
Common stock issued as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	1 Quarter
Deferred income taxes	`DeferredPortionOfProvisionForIncomeTaxes`	$405.00K	USD	1 Quarter
Deferred income taxes	`DeferredPortionOfProvisionForIncomeTaxes`	$-207.35K	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.04M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.40M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.87M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$7.42M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$1.38M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$49.10K	USD	1 Quarter
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-435.00K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-558.85K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-98.68K	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.99M	USD	1 Quarter
Increase (decrease) in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-3.25M	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$35.20K	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-686.78K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-109.33K	USD	1 Quarter
Increase (decrease) in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$138.80K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.33M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.57M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$156.01K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$210.69K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-156.01K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-210.69K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermLinesOfCredit`	$603.04K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermLinesOfCredit`	$418.31K	USD	1 Quarter
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$2.00M	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLongTermDebt`	$300.00K	USD	1 Quarter
Stock offering costs paid	`PaymentsOfDebtIssuanceCosts`	$64.37K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.58M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-967.41K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.51M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.15M	USD	1 Quarter
Cash and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.43M	USD	Point-in-time
Cash and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$283.24K	USD	Point-in-time
Cash and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.62M	USD	Point-in-time
Cash and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.43M	USD	Point-in-time
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$283.24K	USD	Point-in-time
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.62M	USD	Point-in-time
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Interest	`InterestPaidNet`	$429.61K	USD	1 Quarter
Interest	`InterestPaidNet`	$551.63K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$90.20K	USD	1 Quarter
Equipment acquired under financing lease	`CapitalLeaseObligationsIncurred`	$399.80K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$95.35M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$75.91M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$93.42M	USD	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Balance, beginning (in shares)	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time
Net income	`NetIncomeLoss`	$1.66M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.26M	USD	1 Quarter
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeLossNetOfTax`	$-5.80K	USD	1 Quarter
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$45.91K	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$303.94K	USD	1 Quarter
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$330.79K	USD	1 Quarter
Costs related to stock offering	`StockIssuedDuringPeriodValueNewIssues`	$-64.37K	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$95.35M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$75.91M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$74.31M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$93.42M	USD	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Balance, ending (in shares)	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time

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