10-K Filing

CPI AEROSTRUCTURES INC CIK: 889348 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001387131-20-007877`
Period End Date	20191231
Filing Date	20200825
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	cvu-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 34 Cash Flow Statement 66 Stockholders Equity 19

Balance Sheet 70 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`	$4.05M	USD	Point-in-time
Cash	`Cash`	$4.13M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.72M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.82M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$1.38M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$2.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.03M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.72M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$15.28M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$17.59M	USD	Point-in-time
Inventory	`InventoryNet`	$9.36M	USD	Point-in-time
Inventory	`InventoryNet`	$5.89M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$434.90K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$474.90K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$721.96K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.97M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$44.21M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$34.83M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.89M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.28M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.55M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$375.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivableNoncurrent`	$434.90K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$249.57K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$179.07K	USD	Point-in-time
Total Assets	`Assets`	$47.44M	USD	Point-in-time
Total Assets	`Assets`	$44.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.37M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.25M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.65M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$3.66M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.48M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.43M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.71M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$113.99K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.22K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$20.98M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$22.93M	USD	Point-in-time
Line of credit	`LineOfCredit`	$24.04M	USD	Point-in-time
Line of credit	`LineOfCredit`	$26.74M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.60M	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`	$1.76M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$531.12K	USD	Point-in-time
Total Liabilities	`Liabilities`	$52.08M	USD	Point-in-time
Total Liabilities	`Liabilities`	$51.37M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,818,830 and 11,718,246 shares, respectively, issued and outstanding	`CommonStockValue`	$11.72K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,818,830 and 11,718,246 shares, respectively, issued and outstanding	`CommonStockValue`	$11.82K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$70.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$71.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-74.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-79.05M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-13.29M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$44.34M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$47.44M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$87.52M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$70.37M	USD	Annual
Cost of sales	`CostOfRevenue`	$78.39M	USD	Annual
Cost of sales	`CostOfRevenue`	$66.16M	USD	Annual
Gross profit	`GrossProfit`	$4.21M	USD	Annual
Gross profit	`GrossProfit`	$9.13M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$9.78M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.56M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.43M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-5.57M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$28.71K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$89.67K	USD	Annual
Interest expense	`InterestExpense`	$1.99M	USD	Annual
Interest expense	`InterestExpense`	$2.10M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-2.02M	USD	Annual
Total other expense, net	`NonoperatingIncomeExpense`	$-1.96M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.53M	USD	Annual
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.45M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$16.05K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$3.88K	USD	Annual
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.55M	USD	Annual
Change in unrealized loss-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	Annual
Change in unrealized loss-interest rate swap	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$14.80K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.45M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.53M	USD	Annual
Loss per common share-basic (in dollars per share)	`EarningsPerShareBasic`	$-0.80	USD	Annual
Loss per common share-basic (in dollars per share)	`EarningsPerShareBasic`	$-0.38	USD	Annual
Loss per common share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.38	USD	Annual
Loss per common share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.80	USD	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.48M	shares	Annual
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.81M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.81M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.48M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.55M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$710.20K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.12M	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$95.51K	USD	Annual
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$95.51K	USD	Annual
Cash expended in excess of rent expense	`OtherNoncashIncome`	$70.76K	USD	Annual
Cash expended in excess of rent expense	`OtherNoncashIncome`	$112.05K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$730.56K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$671.62K	USD	Annual
Common stock issues as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$45.91K	USD	Annual
Common stock issues as employee compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$32.32K	USD	Annual
Adjustment for maturity of interest rate swap	`AdjustmentForMaturityOfInterestRateSwap`	$-14.80K	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$25.76K	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$34.10K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.81M	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.85M	USD	Annual
Decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-2.31M	USD	Annual
Decrease in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-10.45M	USD	Annual
Decrease in inventory	`IncreaseDecreaseInInventories`	$-227.34K	USD	Annual
Decrease in inventory	`IncreaseDecreaseInInventories`	$-292.77K	USD	Annual
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.20M	USD	Annual
Decrease (increase) in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$22.25K	USD	Annual
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-394.90K	USD	Annual
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-7.93M	USD	Annual
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-678.38K	USD	Annual
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.97M	USD	Annual
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$2.43M	USD	Annual
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-1.01M	USD	Annual
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-14.40K	USD	Annual
Decrease in other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.17K	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-112.78K	USD	Annual
(Decrease) increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.67K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.69M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-377.98K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$559.04K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$436.01K	USD	Annual
Purchase of WMI	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$5.95M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.51M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-436.01K	USD	Annual
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`	$1.30M	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$7.70M	USD	Annual
Proceeds from line of credit	`ProceedsFromLongTermLinesOfCredit`	$4.00M	USD	Annual
Payment of long-term debt	`RepaymentsOfDebt`	$3.31M	USD	Annual
Payment of long-term debt	`RepaymentsOfDebt`	$2.44M	USD	Annual
Stock offering costs paid	`PaymentsOfStockIssuanceCosts`	$119.57K	USD	Annual
Debt issue costs	`PaymentsOfDebtIssuanceCosts`	$157.21K	USD	Annual
Debt issue costs	`PaymentsOfDebtIssuanceCosts`	$25.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$118.64K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.89M	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-695.35K	USD	Annual
Net (decrease) increase in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.70M	USD	Annual
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.43M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.13M	USD	Point-in-time
Cash and restricted cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	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`	$6.13M	USD	Point-in-time
Cash and restricted cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$399.80K	USD	Annual
Equipment acquired under capital lease	`CapitalLeaseObligationsIncurred`	$649.41K	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$2.07M	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$2.13M	USD	Annual
Cash paid (received) for income taxes	`IncomeTaxesPaidNet`	$10.95K	USD	Annual
Cash paid (received) for income taxes	`IncomeTaxesPaidNet`	$-378.65K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-13.29M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	11.72M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-4.45M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.55M	USD	Annual
Change in unrealized loss from interest rate swap	`OtherComprehensiveIncomeLossNetOfTax`	$14.80K	USD	Annual
Common stock issued in share offering	`StockIssuedDuringPeriodValueNewIssues`	$16.17M	USD	Annual
Costs related to stock offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$119.57K	USD	Annual
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$32.32K	USD	Annual
Common stock issued as employee compensation	`StockIssuedDuringPeriodValueRestrictedStockAwardGross`	$45.91K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$671.62K	USD	Annual
Stock based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$730.56K	USD	Annual
Balance at ending	`StockholdersEquity`	$-13.29M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Balance at 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.