10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001387131-22-010137`
Period End Date	20220630
Filing Date	20220929
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	cvu-10q_063022_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 54 Cash Flow Statement 64 Stockholders Equity 27

Balance Sheet 76 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, outstanding	`CommonStockSharesOutstanding`	12.34M	shares	Point-in-time
Cash	`Cash`	$2.63M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.45M	shares	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.97M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.85M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.34M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.45M	shares	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$2.85M	USD	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$3.50M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$24.46M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$27.49M	USD	Point-in-time
Inventory	`InventoryNet`	$3.59M	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`	$42.34K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$625.08K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$508.97K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$42.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.28M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.80M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.94M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.65M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.39M	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$62.50K	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`	$325.85K	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`	$53.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.29M	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`	$5.11M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.60M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.00M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.12M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$5.03M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$1.50M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$918.55K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.37M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.33M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.64M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.58M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$5.17K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.92M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.10M	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`	$5.60M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.45M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$262.66K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$1.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$60.34M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,449,327 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, 12,449,327 and 12,335,683 shares, respectively, issued and outstanding	`CommonStockValue`	$12.45K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$73.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-77.70M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-4.69M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-10.56M	USD	Point-in-time
Total Shareholders Deficit	`StockholdersEquity`	$-5.34M	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`	$53.11M	USD	Point-in-time

Income Statement 54 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$39.06M	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$18.93M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$22.30M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$53.12M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$18.70M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$31.97M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$44.60M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$15.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$7.09M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.52M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.68M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.07M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$5.84M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$2.45M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$1.26M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$918.91K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$962.30K	USD	1 Quarter
Interest expense	`InterestExpense`	$767.04K	USD	2 Qtrs
Interest expense	`InterestExpense`	$293.69K	USD	1 Quarter
Interest expense	`InterestExpense`	$588.17K	USD	2 Qtrs
Interest expense	`InterestExpense`	$438.44K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$625.23K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$492.20K	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.86M	USD	2 Qtrs
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$523.86K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.33K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.22K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.08K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.50K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$484.70K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.86M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$623.15K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net income	`NetIncomeLoss`	$517.64K	USD	1 Quarter
Income per common share basic	`EarningsPerShareBasic`	$0.04	USD	2 Qtrs
Income per common share basic	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Income per common share basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Income per common share basic	`EarningsPerShareBasic`	$0.15	USD	2 Qtrs
Income per common share diluted	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Income per common share diluted	`EarningsPerShareDiluted`	$0.15	USD	2 Qtrs
Income per common share diluted	`EarningsPerShareDiluted`	$0.04	USD	2 Qtrs
Income per common share diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.40M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.09M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.44M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.19M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.50M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.26M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.53M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.15M	shares	2 Qtrs

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net income	`NetIncomeLoss`	$484.70K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.86M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$623.15K	USD	1 Quarter
Net income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net income	`NetIncomeLoss`	$517.64K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$530.84K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$343.75K	USD	2 Qtrs
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$28.11K	USD	2 Qtrs
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$46.89K	USD	2 Qtrs
Cash expended less than (in excess) of rent expense	`CashExpendedInExcessOfRentExpense`	$-78.54K	USD	2 Qtrs
Cash expended less than (in excess) of rent expense	`CashExpendedInExcessOfRentExpense`	$48.67K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$163.38K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$568.78K	USD	2 Qtrs
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$127.41K	USD	2 Qtrs
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$3.19K	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-117.97K	USD	2 Qtrs
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.24M	USD	2 Qtrs
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$4.27M	USD	2 Qtrs
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$3.03M	USD	2 Qtrs
Decrease in inventory	`IncreaseDecreaseInInventories`	$-1.11M	USD	2 Qtrs
Decrease in inventory	`IncreaseDecreaseInInventories`	$-441.14K	USD	2 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-116.11K	USD	2 Qtrs
Decrease (increase) in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$271.16K	USD	2 Qtrs
Increase in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$647.00	USD	2 Qtrs
Increase in refundable income taxes	`IncreaseDecreaseInIncomeTaxesReceivable`	$2.33K	USD	2 Qtrs
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$69.25K	USD	2 Qtrs
(Decrease) increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-126.88K	USD	2 Qtrs
Decrease in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-94.93K	USD	2 Qtrs
Decrease in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-124.98K	USD	2 Qtrs
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$2.85M	USD	2 Qtrs
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$650.69K	USD	2 Qtrs
Increase in settlement of litigation obligation	`IncreaseDecreaseInSettlementOfLitigationObligation`	$596.74K	USD	2 Qtrs
Increase in settlement of litigation obligation	`IncreaseDecreaseInSettlementOfLitigationObligation`	$3.37M	USD	2 Qtrs
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-5.17K	USD	2 Qtrs
Decrease in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-948.00	USD	2 Qtrs
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-344.44K	USD	2 Qtrs
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-577.17K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.10M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.49M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$25.32K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.95K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.32K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.95K	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.20M	USD	2 Qtrs
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$1.56M	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	-	USD	2 Qtrs
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$261.31K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-934.96K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.56M	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.68M	USD	2 Qtrs
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.43M	USD	2 Qtrs
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.60M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.60M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.03M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.63M	USD	Point-in-time
Interest	`InterestPaidNet`	$588.17K	USD	2 Qtrs
Interest	`InterestPaidNet`	$645.42K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	$5.92K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 27 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-4.69M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-10.56M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-5.34M	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`	12.45M	shares	Point-in-time
Net Income	`NetIncomeLoss`	$1.23M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$484.70K	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$1.86M	USD	2 Qtrs
Net Income	`NetIncomeLoss`	$623.15K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$517.64K	USD	1 Quarter
Common stock forfeited	`CommonStockForfeited`	$42.00	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$225.10K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$137.50K	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`	$-4.69M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-11.41M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-10.56M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-5.34M	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`	12.45M	shares	Point-in-time

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