10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001387131-21-012246`
Period End Date	20210331
Filing Date	20211227
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cvu-10q_033121_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 26 Cash Flow Statement 59 Stockholders Equity 16

Balance Sheet 74 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
Common stock, issued	`CommonStockSharesIssued`	11.99M	shares	Point-in-time
Cash	`Cash`	$815.34K	USD	Point-in-time
Cash	`Cash`	$6.03M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	11.95M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.99M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.23M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.96M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time
Insurance recovery receivable	`LossContingencyReceivableCurrent`	-	USD	Point-in-time
Insurance recovery receivable	`LossContingencyReceivableCurrent`	$2.85M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$26.70M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$19.73M	USD	Point-in-time
Inventory	`InventoryNet`	$5.50M	USD	Point-in-time
Inventory	`InventoryNet`	$6.39M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$40.00K	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$40.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$596.57K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$534.86K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$44.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.69M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$3.65M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$4.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.52M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.29M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$218.75K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$250.00K	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$191.18K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$176.51K	USD	Point-in-time
Total assets	`Assets`	$52.85M	USD	Point-in-time
Total assets	`Assets`	$46.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$15.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.99M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.94M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	-	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.39M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$528.60K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.65M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.01M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$2.30M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$6.50M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$7.35M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.82M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.84M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$3.20K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$948.00	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.44M	USD	Point-in-time
Line of credit	`LineOfCredit`	$20.74M	USD	Point-in-time
Line of credit	`LineOfCredit`	$21.00M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.07M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.54M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$6.21M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$4.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$59.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$64.26M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,985,152 and 11,951,271shares, respectively, issued and outstanding	`CommonStockValue`	$11.95K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 11,985,152 and 11,951,271shares, respectively, issued and outstanding	`CommonStockValue`	$11.98K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-83.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-85.00M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-10.04M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$46.51M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$52.85M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$30.82M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.86M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$25.90M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.92M	USD	1 Quarter
Gross profit	`GrossProfit`	$152.98K	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.09M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.39M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.53M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.94M	USD	1 Quarter
Interest expense	`InterestExpense`	$294.49K	USD	1 Quarter
Interest expense	`InterestExpense`	$416.67K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.23M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.36M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$578.00	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.25K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Income (loss) per common share basic	`EarningsPerShareBasic`	$-0.29	USD	1 Quarter
Income (loss) per common share basic	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Income (loss) per common share diluted	`EarningsPerShareDiluted`	$-0.29	USD	1 Quarter
Income (loss) per common share diluted	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.98M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.84M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.08M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.84M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-3.36M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$256.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$264.91K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$35.44K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$14.66K	USD	1 Quarter
Insurance receivable	`NoncashInsuranceReceivable`	$-2.85M	USD	1 Quarter
Insurance receivable	`NoncashInsuranceReceivable`	-	USD	1 Quarter
Settlement of litigation obligation	`OtherNoncashExpense`	$3.39M	USD	1 Quarter
Settlement of litigation obligation	`OtherNoncashExpense`	-	USD	1 Quarter
Cash expended in excess of rent expense	`OtherNoncashIncome`	$24.34K	USD	1 Quarter
Cash expended in excess of rent expense	`OtherNoncashIncome`	$38.64K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$343.73K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$347.19K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForLoanAndLeaseLosses`	$40.00K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForLoanAndLeaseLosses`	$-51.37K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-973.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.31M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$533.74K	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$6.97M	USD	1 Quarter
Decrease (increase) in inventory	`IncreaseDecreaseInInventories`	$-887.07K	USD	1 Quarter
Decrease (increase) in inventory	`IncreaseDecreaseInInventories`	$586.43K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$61.71K	USD	1 Quarter
(Increase) decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-26.55K	USD	1 Quarter
Decrease in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.51K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.00M	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$808.42K	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.19M	USD	1 Quarter
(Decrease) increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.12M	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.25K	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Increase (decrease) in loss reserve	`IncreaseDecreaseInOtherCurrentLiabilities`	$288.54K	USD	1 Quarter
Increase (decrease) in loss reserve	`IncreaseDecreaseInOtherCurrentLiabilities`	$-496.04K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.88M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.43M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfDebt`	$601.84K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfDebt`	$622.69K	USD	1 Quarter
Proceeds of line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds of line of credit	`ProceedsFromLongTermLinesOfCredit`	$261.31K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-340.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-622.69K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.22M	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.05M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$815.34K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.38M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$815.34K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.38M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.43M	USD	Point-in-time
Interest	`InterestPaidNet`	$294.49K	USD	1 Quarter
Interest	`InterestPaidNet`	$450.19K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$-928.00	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance at January 1, 2021 (As Restated - see Note 14)	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Balance at January 1, 2021 (As Restated - see Note 14)	`StockholdersEquity`	$-10.04M	USD	Point-in-time
Balance at January 1, 2021 (As Restated - see Note 14)	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Balance at January 1, 2021 (As Restated - see Note 14)	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.99M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time
Net Income	`NetIncomeLoss`	$-3.36M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$343.73K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$347.19K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-10.04M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-13.05M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.99M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	11.95M	shares	Point-in-time

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