10-K Filing

CPI AEROSTRUCTURES INC CIK: 889348 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001387131-23-004743`
Period End Date	20221231
Filing Date	20230414
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	cvu-10k_123122_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 24 Cash Flow Statement 60 Stockholders Equity 16

Balance Sheet 78 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`	12.51M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.34M	shares	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Cash	`Cash`	$3.85M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.86M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.34M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.96M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.97M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.51M	shares	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$3.60M	USD	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$2.85M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$27.38M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$24.46M	USD	Point-in-time
Inventory	`InventoryNet`	$2.49M	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`	$975.83K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$625.08K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$43.20M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$43.28M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.53M	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`	$1.12M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$6.57M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$125.00K	USD	Point-in-time
Intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$238.74K	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`	$59.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.03M	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`	$7.34M	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`	$5.12M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.00M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$576.55K	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$1.50M	USD	Point-in-time
Current portion of line of credit	`LinesOfCreditCurrent`	$1.20M	USD	Point-in-time
Current portion of line of credit	`LinesOfCreditCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`OtherLongTermDebtCurrent`	$1.72M	USD	Point-in-time
Current portion of long-term debt	`OtherLongTermDebtCurrent`	$3.37M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.82M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.58M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$5.17K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$11.40K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$30.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$31.10M	USD	Point-in-time
Line of credit, net of current portion	`LongTermLineOfCredit`	$21.25M	USD	Point-in-time
Line of credit, net of current portion	`LongTermLineOfCredit`	$19.80M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.45M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.08M	USD	Point-in-time
Long-term debt, net of current portion	`OtherLongTermDebtNoncurrent`	$1.54M	USD	Point-in-time
Long-term debt, net of current portion	`OtherLongTermDebtNoncurrent`	$70.98K	USD	Point-in-time
Total Liabilities	`Liabilities`	$60.34M	USD	Point-in-time
Total Liabilities	`Liabilities`	$55.25M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,506,795 and 12,335,683 shares, respectively, issued and outstanding	`CommonStockValue`	$12.51K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,506,795 and 12,335,683 shares, respectively, issued and outstanding	`CommonStockValue`	$12.34K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$73.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-78.18M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$4.20M	USD	Point-in-time
Total Shareholders Equity (Deficit)	`StockholdersEquity`	$-12.98M	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$59.45M	USD	Point-in-time
Total Liabilities and Shareholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$55.01M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$83.34M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$103.37M	USD	Annual
Cost of sales	`CostOfRevenue`	$67.03M	USD	Annual
Cost of sales	`CostOfRevenue`	$88.36M	USD	Annual
Gross profit	`GrossProfit`	$15.01M	USD	Annual
Gross profit	`GrossProfit`	$16.30M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.41M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$11.82M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$4.89M	USD	Annual
Income from operations	`OperatingIncomeLoss`	$3.18M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$4.79M	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$1.14M	USD	Annual
Interest expense	`InterestExpense`	$2.27M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-2.27M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$3.65M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.62M	USD	Annual
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$6.83M	USD	Annual
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$-6.55M	USD	Annual
Provision for (benefit from) income taxes	`IncomeTaxExpenseBenefit`	$14.61K	USD	Annual
Net income	`NetIncomeLoss`	$6.82M	USD	Annual
Net income	`NetIncomeLoss`	$9.18M	USD	Annual
Total shares	`WeightedAverageNumberOfSharesOutstandingBasic`	12.19M	shares	Annual
Total shares	`WeightedAverageNumberOfSharesOutstandingBasic`	12.39M	shares	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$6.82M	USD	Annual
Net income	`NetIncomeLoss`	$9.18M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.03M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$688.10K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$49.64K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$134.00K	USD	Annual
Cash expended below (in excess of) rent expense	`CashExpendedInExcessOfRentExpense`	$-139.01K	USD	Annual
Cash expended below (in excess of) rent expense	`CashExpendedInExcessOfRentExpense`	$51.92K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$355.88K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$828.29K	USD	Annual
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	$6.57M	USD	Annual
Change in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$72.10K	USD	Annual
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$127.41K	USD	Annual
Forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	$4.79M	USD	Annual
Forgiveness of PPP loan	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-37.84K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$132.22K	USD	Annual
Increase in insurance recovery receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$750.00K	USD	Annual
Increase in insurance recovery receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$2.85M	USD	Annual
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.93M	USD	Annual
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$4.73M	USD	Annual
Decrease in inventory	`IncreaseDecreaseInInventories`	$-1.54M	USD	Annual
Decrease in inventory	`IncreaseDecreaseInInventories`	$-2.36M	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$350.75K	USD	Annual
Increase in prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$321.42K	USD	Annual
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.50M	USD	Annual
Decrease in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.16M	USD	Annual
Increase in litigation settlement obligation	`IncreaseDecreaseInLitigationSettlementObligation`	$596.74K	USD	Annual
Increase in litigation settlement obligation	`IncreaseDecreaseInLitigationSettlementObligation`	$3.00M	USD	Annual
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$3.47M	USD	Annual
Increase in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$878.96K	USD	Annual
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-513.53K	USD	Annual
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-919.16K	USD	Annual
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$6.23K	USD	Annual
Increase in income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.22K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$944.33K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.80M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$40.79K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.19K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.19K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.79K	USD	Annual
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	$511.31K	USD	Annual
Proceeds from line of credit	`ProceedsFromLinesOfCredit`	-	USD	Annual
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$3.37M	USD	Annual
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$3.01M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.49M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.37M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.46M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$275.33K	USD	Annual
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.03M	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.31M	USD	Point-in-time
Cash at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.85M	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.03M	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.31M	USD	Point-in-time
Cash at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.85M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$1.14M	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$1.79M	USD	Annual
Cash paid for (received from) income taxes	`IncomeTaxesPaidNet`	$25.29K	USD	Annual
Cash paid for (received from) income taxes	`IncomeTaxesPaidNet`	$10.39K	USD	Annual

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`	$4.20M	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`	12.51M	shares	Point-in-time
Net income	`NetIncomeLoss`	$6.82M	USD	Annual
Net income	`NetIncomeLoss`	$9.18M	USD	Annual
Common stock forfeited	`CommonStockForfeited`	$221.00	USD	Annual
Common stock forfeited	`CommonStockForfeited`	$42.00	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$828.33K	USD	Annual
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$356.10K	USD	Annual
Ending balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.20M	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`	12.51M	shares	Point-in-time

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