10-Q Filing

CPI AEROSTRUCTURES INC CIK: 889348 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001387131-23-006490`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cpi-10q_033123_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 24 Cash Flow Statement 60 Stockholders Equity 16

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`	12.53M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	12.51M	shares	Point-in-time
Cash	`Cash`	$3.85M	USD	Point-in-time
Cash	`Cash`	$4.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.48M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.86M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.51M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	12.53M	shares	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$3.60M	USD	Point-in-time
Insurance recovery receivable	`InsuranceSettlementsReceivableCurrent`	$3.60M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$30.36M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$27.38M	USD	Point-in-time
Inventory	`InventoryNet`	$2.49M	USD	Point-in-time
Inventory	`InventoryNet`	$2.33M	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`	$969.12K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$975.83K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$46.79M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$43.20M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.07M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.53M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.05M	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`	$6.37M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Goodwill	`Goodwill`	$1.78M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$227.24K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$238.74K	USD	Point-in-time
Total Assets	`Assets`	$59.45M	USD	Point-in-time
Total Assets	`Assets`	$62.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.81M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$5.78M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$7.34M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.60M	USD	Point-in-time
Litigation settlement obligation	`LitigationReserveCurrent`	$3.60M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$7.49M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$6.00M	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$464.04K	USD	Point-in-time
Loss reserve	`LossContingencyAccrualCarryingValueCurrent`	$576.55K	USD	Point-in-time
Current portion of line of credit	`LinesOfCreditCurrent`	$1.92M	USD	Point-in-time
Current portion of line of credit	`LinesOfCreditCurrent`	$1.20M	USD	Point-in-time
Current portion of long-term debt	`OtherLongTermDebtCurrent`	$1.10M	USD	Point-in-time
Current portion of long-term debt	`OtherLongTermDebtCurrent`	$1.72M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$1.87M	USD	Point-in-time
Operating lease liabilities, current	`OperatingLeaseLiabilityCurrent`	$1.82M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$11.40K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$11.40K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$30.30M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$33.05M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$19.08M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$19.80M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.60M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.08M	USD	Point-in-time
Long-term debt, net of current portion	`OtherLongTermDebtNoncurrent`	$48.75K	USD	Point-in-time
Long-term debt, net of current portion	`OtherLongTermDebtNoncurrent`	$70.98K	USD	Point-in-time
Total Liabilities	`Liabilities`	$55.25M	USD	Point-in-time
Total Liabilities	`Liabilities`	$56.78M	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,526,042 and 12,506,795 shares, respectively, issued and outstanding	`CommonStockValue`	$12.51K	USD	Point-in-time
Common stock - $.001 par value; authorized 50,000,000 shares, 12,526,042 and 12,506,795 shares, respectively, issued and outstanding	`CommonStockValue`	$12.53K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$73.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$73.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.02M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$5.52M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$4.20M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$62.30M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$59.45M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$20.14M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$22.02M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.70M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$17.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.43M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$2.87M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$3.14M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$296.95K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.79M	USD	1 Quarter
Interest expense	`InterestExpense`	$328.61K	USD	1 Quarter
Interest expense	`InterestExpense`	$610.90K	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.18M	USD	1 Quarter
Income (loss) before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.66K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$199.26K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.27K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$983.30K	USD	1 Quarter
Income (loss) per common share, diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Income (loss) per common share, diluted	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Total shares	`WeightedAverageNumberOfSharesOutstandingBasic`	12.36M	shares	1 Quarter
Total shares	`WeightedAverageNumberOfSharesOutstandingBasic`	12.52M	shares	1 Quarter
Shares used in computing income (loss) per common share, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.61M	shares	1 Quarter
Shares used in computing income (loss) per common share, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.36M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$983.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$171.88K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$116.55K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$65.83K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$66.17K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$25.88K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$338.92K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-199.99K	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	-	USD	1 Quarter
Bad debt expense	`ProvisionForLoanAndLeaseLosses`	$3.19K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$626.14K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-112.19K	USD	1 Quarter
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$624.42K	USD	1 Quarter
Increase in insurance receivable	`IncreaseDecreaseInInsuranceSettlementsReceivable`	-	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$2.98M	USD	1 Quarter
Increase in contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.30M	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	$-331.80K	USD	1 Quarter
Decrease in inventory	`IncreaseDecreaseInInventories`	$-158.50K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-209.16K	USD	1 Quarter
Decrease in prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-6.71K	USD	1 Quarter
Decrease in operating right-of-use assets	`IncreaseDecreaseInLeasingReceivables`	$-455.47K	USD	1 Quarter
Decrease in operating right-of-use assets	`IncreaseDecreaseInLeasingReceivables`	$-435.97K	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.22M	USD	1 Quarter
Increase in accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$111.45K	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.75M	USD	1 Quarter
Increase (decrease) in contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$1.49M	USD	1 Quarter
Increase in settlement of litigation obligation	`IncreaseDecreaseInLitigationSettlementObligation`	-	USD	1 Quarter
Increase in settlement of litigation obligation	`IncreaseDecreaseInLitigationSettlementObligation`	$596.74K	USD	1 Quarter
Decrease in lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-392.18K	USD	1 Quarter
Decrease in lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-425.23K	USD	1 Quarter
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-408.92K	USD	1 Quarter
Decrease in loss reserve	`IncreaseDecreaseInLossReserve`	$-112.50K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$892.72K	USD	1 Quarter
Net cash provided by (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`	$43.52K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.32K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.52K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$905.02K	USD	1 Quarter
Payments on long-term debt	`RepaymentsOfLongTermDebt`	$644.16K	USD	1 Quarter
Debt issuance costs paid	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs paid	`PaymentsOfDebtIssuanceCosts`	$54.33K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-905.02K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-698.49K	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.38M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$150.70K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.85M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.93M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.00M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.31M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$3.85M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.93M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.00M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.31M	USD	Point-in-time
Interest	`InterestPaidNet`	$651.98K	USD	1 Quarter
Interest	`InterestPaidNet`	$331.44K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$1.27K	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`	$-5.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.52M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.20M	USD	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	12.53M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	12.51M	shares	Point-in-time
Net Income	`NetIncomeLoss`	$-32.93K	USD	1 Quarter
Net Income	`NetIncomeLoss`	$983.30K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$338.92K	USD	1 Quarter
Stock-based compensation expense	`StockIssuedDuringPeriodValueShareBasedCompensation`	$25.88K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-5.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.52M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.20M	USD	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	12.53M	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.