10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001387131-20-008662`
Period End Date	20200331
Filing Date	20200930
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	cvu-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 26 Cash Flow Statement 54 Stockholders Equity 17

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$235.59K	USD	Point-in-time
Accounts receivable, allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$230.85K	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`	$4.05M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash	`Cash`	$2.00M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$1.38M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.84M	shares	Point-in-time
Restricted cash	`RestrictedCash`	$1.38M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.82M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.84M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $235,588 as of March 31, 2020 and $230,855 as of December 31, 2019	`AccountsReceivableNetCurrent`	$6.11M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $235,588 as of March 31, 2020 and $230,855 as of December 31, 2019	`AccountsReceivableNetCurrent`	$7.03M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$15.28M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$15.81M	USD	Point-in-time
Inventory	`InventoryNet`	$5.89M	USD	Point-in-time
Inventory	`InventoryNet`	$6.94M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$473.40K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$474.90K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$688.01K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$721.96K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.40M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.51M	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`	$3.06M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$343.75K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$375.00K	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$151.04K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$179.07K	USD	Point-in-time
Total assets	`Assets`	$42.25M	USD	Point-in-time
Total assets	`Assets`	$44.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.26M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.05M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.37M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.56M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$4.75M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.65M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.15M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.46M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.48M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.75M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.71M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.22K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$1.22K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.98M	USD	Point-in-time
Line of credit	`LineOfCredit`	$26.74M	USD	Point-in-time
Line of credit	`LineOfCredit`	$26.74M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.14M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.60M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.17M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$52.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$52.46M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,837,218 and 11,818,830 shares, respectively, issued and outstanding	`CommonStockValue`	$11.84K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,837,218 and 11,818,830 shares, respectively, issued and outstanding	`CommonStockValue`	$11.82K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$71.29M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$71.64M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-81.86M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-79.05M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-10.21M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Total Shareholders' Deficit	`StockholdersEquity`	$-4.60M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$44.34M	USD	Point-in-time
Total Liabilities and Shareholders' Deficit	`LiabilitiesAndStockholdersEquity`	$42.25M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$21.99M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.86M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.16M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$19.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$697.82K	USD	1 Quarter
Gross profit	`GrossProfit`	$2.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.91M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.09M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.40M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-422.27K	USD	1 Quarter
Interest expense	`InterestExpense`	$416.67K	USD	1 Quarter
Interest expense	`InterestExpense`	$510.77K	USD	1 Quarter
Loss before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-933.04K	USD	1 Quarter
Loss before provision for (benefit from) income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.81M	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$1.68K	USD	1 Quarter
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$578.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-934.72K	USD	1 Quarter
Loss per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$-0.24	USD	1 Quarter
Loss per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Loss per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.24	USD	1 Quarter
Loss per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.74M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.84M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.74M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.84M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-934.72K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$209.26K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$256.28K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$36.95K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$35.44K	USD	1 Quarter
Cash expended in excess of rent expense	`OtherNoncashIncome`	$38.64K	USD	1 Quarter
Cash expended in excess of rent expense	`OtherNoncashIncome`	$28.01K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$347.19K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$330.79K	USD	1 Quarter
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$-51.37K	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.14M	USD	1 Quarter
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-973.00K	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$533.74K	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.19M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$1.38M	USD	1 Quarter
Increase in inventory	`IncreaseDecreaseInInventories`	$1.05M	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-26.55K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-541.79K	USD	1 Quarter
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.51K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.99M	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$735.28K	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.35M	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.19M	USD	1 Quarter
Decrease in loss reserve	`IncreaseDecreaseInOtherCurrentLiabilities`	$-626.88K	USD	1 Quarter
Decrease in loss reserve	`IncreaseDecreaseInOtherCurrentLiabilities`	$-505.41K	USD	1 Quarter
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-71.87K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.33M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$210.69K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-210.69K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.20K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfDebt`	$603.04K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfDebt`	$622.69K	USD	1 Quarter
Payments on line of credit	`RepaymentsOfLongTermLinesOfCredit`	$300.00K	USD	1 Quarter
Stock offering costs paid	`PaymentsOfStockIssuanceCosts`	$64.37K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-622.69K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-967.41K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.05M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.51M	USD	1 Quarter
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 beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Cash and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.38M	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
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Cash and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.38M	USD	Point-in-time
Interest	`InterestPaidNet`	$551.63K	USD	1 Quarter
Interest	`InterestPaidNet`	$450.19K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$-928.00	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$90.20K	USD	1 Quarter
Equipment acquired under financing lease	`CapitalLeaseObligationsIncurred`	$399.80K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-10.21M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Balance at beginning	`StockholdersEquity`	$-4.60M	USD	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	11.84M	shares	Point-in-time
Balance at beginning (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time
Net loss	`NetIncomeLoss`	$-2.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-934.72K	USD	1 Quarter
Costs related to stock offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$64.37K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$347.19K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$330.79K	USD	1 Quarter
Balance at ending	`StockholdersEquity`	$-7.74M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-10.21M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-3.93M	USD	Point-in-time
Balance at ending	`StockholdersEquity`	$-4.60M	USD	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	11.84M	shares	Point-in-time
Balance at ending (in shares)	`CommonStockSharesOutstanding`	11.82M	shares	Point-in-time

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