10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001387131-22-009506`
Period End Date	20220331
Filing Date	20220906
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	cvu-10q_033122_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 26 Cash Flow Statement 58 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`	12.34M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.38M	shares	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Cash	`Cash`	$2.93M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.97M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.34M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.38M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.85M	USD	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$2.85M	USD	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$3.47M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$24.46M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$25.76M	USD	Point-in-time
Inventory	`InventoryNet`	$3.70M	USD	Point-in-time
Inventory	`InventoryNet`	$4.03M	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`	$415.91K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$625.08K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$41.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.28M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.36M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.80M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.65M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.53M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$93.75K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$125.00K	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$306.57K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$372.74K	USD	Point-in-time
Total assets	`Assets`	$55.01M	USD	Point-in-time
Total assets	`Assets`	$52.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$6.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.84M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.00M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.60M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$3.37M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.12M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$1.09M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$1.50M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.35M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.58M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.60M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$5.17K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$5.17K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.65M	USD	Point-in-time
Line of credit	`LineOfCredit`	$21.00M	USD	Point-in-time
Line of credit	`LineOfCredit`	$21.25M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.04M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.45M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$896.59K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$60.34M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,383,210 and 12,335,683 shares, respectively, issued and outstanding	`CommonStockValue`	$12.34K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,383,210 and 12,335,683 shares, respectively, issued and outstanding	`CommonStockValue`	$12.38K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.18M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$55.01M	USD	Point-in-time
Total Liabilities and Shareholders Deficit	`LiabilitiesAndStockholdersEquity`	$52.25M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$30.82M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.70M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$25.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.39M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.14M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.53M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$296.95K	USD	1 Quarter
Interest expense	`InterestExpense`	$294.49K	USD	1 Quarter
Interest expense	`InterestExpense`	$328.61K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.66K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.23M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.25K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.27K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
(Loss) income per common share basic	`EarningsPerShareBasic`	-	USD	1 Quarter
(Loss) income per common share basic	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
(Loss) income per common share diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
(Loss) income per common share diluted	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.36M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.98M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.36M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.08M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$171.88K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$264.91K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$66.17K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$14.66K	USD	1 Quarter
Cash expended in excess of rent expense	`CashExpendedInExcessOfRentExpense`	$24.34K	USD	1 Quarter
Cash expended in excess of rent expense	`CashExpendedInExcessOfRentExpense`	$-43.79K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$25.88K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$343.73K	USD	1 Quarter
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$3.19K	USD	1 Quarter
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$40.00K	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-112.19K	USD	1 Quarter
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.31M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$6.97M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.30M	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	$-887.07K	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	$-331.80K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$61.71K	USD	1 Quarter
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-209.16K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$111.45K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.00M	USD	1 Quarter
(Decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.75M	USD	1 Quarter
(Decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.12M	USD	1 Quarter
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$2.85M	USD	1 Quarter
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$624.42K	USD	1 Quarter
Increase in settlement of litigation obligation	`IncreaseDecreaseInSettlementOfLitigationObligation`	$596.74K	USD	1 Quarter
Increase in settlement of litigation obligation	`IncreaseDecreaseInSettlementOfLitigationObligation`	$3.39M	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.25K	USD	1 Quarter
(Decrease) increase in loss reserve	`IncreaseDecreaseInLossReserve`	$288.54K	USD	1 Quarter
(Decrease) increase in loss reserve	`IncreaseDecreaseInLossReserve`	$-408.92K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.88M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.45M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.32K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.32K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$905.02K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$601.84K	USD	1 Quarter
Proceeds of line of credit	`ProceedsFromLinesOfCredit`	$261.31K	USD	1 Quarter
Proceeds of line of credit	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-340.52K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-905.02K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.38M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.22M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$815.34K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.93M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$815.34K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Interest	`InterestPaidNet`	$294.49K	USD	1 Quarter
Interest	`InterestPaidNet`	$331.44K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$1.27K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	12.34M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	12.38M	shares	Point-in-time
Net Income (Loss)	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$25.88K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$343.73K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	12.34M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	12.38M	shares	Point-in-time

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