10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001410578-22-002194`
Period End Date	20220331
Filing Date	20220810
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	tpcs-20220331x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 38 Cash Flow Statement 71 Stockholders Equity 17

Balance Sheet 62 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, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	29.50M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.31M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.01M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$608.06K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	29.50M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$5.53M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.35M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$503.64K	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$874.54K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$1.36M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$767.52K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.42M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$379.44K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.07M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$13.15M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$4.06M	USD	Point-in-time
Right of use asset, net	`FinanceLeaseRightOfUseAsset`	$6.38M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.13M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.93M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$121.26K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$84.62K	USD	Point-in-time
Total assets	`Assets`	$16.00M	USD	Point-in-time
Total assets	`Assets`	$37.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$500.85K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.43M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.53M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$218.15K	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.77M	USD	Point-in-time
Current portion of long-term lease liability	`LeaseLiabilityCurrent`	$593.81K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$4.09M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.31M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$3.11M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$1.34M	USD	Point-in-time
Long-term lease liability	`FinanceLeaseLiabilityNoncurrent`	$5.85M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$305.07K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.59M	USD	Point-in-time
Commitments and contingent liabilities (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 34,307,450 and 29,498,662 shares issued and outstanding at March 31, 2022 and 2021	`CommonStockValue`	$2.95K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 34,307,450 and 29,498,662 shares issued and outstanding at March 31, 2022 and 2021	`CommonStockValue`	$3.43K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.94M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.64M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.84K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$972.40K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$622.57K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.85M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.00M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$15.60M	USD	Annual
Net sales	`Revenues`	$22.28M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$12.13M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$18.91M	USD	Annual
Gross profit	`GrossProfit`	$3.46M	USD	Annual
Gross profit	`GrossProfit`	$3.38M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.84M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$-1.56M	USD	Annual
(Loss) income from operations	`OperatingIncomeLoss`	$623.25K	USD	Annual
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-28.39K	USD	Annual
Other (expense) income, net	`OtherNonoperatingIncomeExpense`	$4.60K	USD	Annual
Interest expense	`InterestExpense`	$202.34K	USD	Annual
Interest expense	`InterestExpense`	$269.38K	USD	Annual
PPP loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$1.32M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$-197.74K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.02M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-542.19K	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$425.51K	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-192.35K	USD	Annual
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$104.88K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-349.83K	USD	Annual
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$320.63K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$150.00	USD	Annual
Foreign currency translation reclassification	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-19.93K	USD	Annual
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-21.84K	USD	Annual
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$150.00	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$320.78K	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-371.67K	USD	Annual
Net (loss) income per share - basic	`EarningsPerShareBasic`	$0.01	USD	Annual
Net (loss) income per share - basic	`EarningsPerShareBasic`	$-0.01	USD	Annual
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$0.01	USD	Annual
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.38M	shares	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.45M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.38M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.04M	shares	Annual

Cash Flow Statement 71 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-349.83K	USD	Annual
Net income (loss)	`NetIncomeLossAvailableToCommonStockholdersBasic`	$320.63K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.46M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$704.05K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$51.40K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$48.25K	USD	Annual
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.43K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$179.92K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$190.75K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$223.11K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$121.32K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$181.06K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-192.35K	USD	Annual
PPP loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$1.32M	USD	Annual
Contingent consideration	`GainLossFromContingentConsideration`	$-50.45K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$842.94K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-382.24K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.01M	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$1.03M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$42.49K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$53.54K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-226.71K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-354.99K	USD	Annual
Fair value of the consideration transferred	`StockIssuedDuringPeriodValueAcquisitions`	$2.27M	USD	Annual
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$50.63K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$315.78K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$245.74K	USD	Annual
Fair Value of Warrants	`FairValueAdjustmentOfWarrants`	$46.26K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.48M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$65.02K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$-586.90K	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$1.39M	USD	Annual
Copy and print equipment including property, plant and equipment net	`PrintEquipmentCostIncludingPropertyPlantAndEquipmentNet`	$45.66K	USD	Point-in-time
Number of stock options exercised	`StockIssuedDuringPeriodSharesStockOptionsExercised`	150,000.00	shares	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$635.85K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$257.84K	USD	Annual
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
Business acquisition, net of cash acquired	`BusinessAcquisitionNetOfCashAcquired`	$7.80M	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$939.00K	USD	Annual
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$546.89K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$9.58K	USD	Annual
Deposit for fixed assets	`DepositForFixedAssets`	$70.62K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.73M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-607.93K	USD	Annual
Proceeds from term loan	`ProceedsFromTermLoan`	$4.00M	USD	Annual
Closing costs related to common stock sale	`ClosingCostsRelatedToCommonStockSale`	$335.42K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.52M	USD	Annual
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$1.00M	USD	Annual
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$4.61M	USD	Annual
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$1.00M	USD	Annual
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$3.33M	USD	Annual
Debt issuance costs	`PaymentsOfLoanCosts`	$24.61K	USD	Annual
Debt issuance costs	`PaymentsOfLoanCosts`	$169.88K	USD	Annual
Proceeds from payroll protection program loan	`ProceedsFromPayrollProtectionProgram`	$1.32M	USD	Annual
Principal payments for leases	`FinanceLeasePrincipalPayments`	$508.81K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$120.44K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$397.49K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.40M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.17M	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-113.00	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.20M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.08M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$930.86K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$930.86K	USD	Point-in-time
Cash paid during the year for interest (net of amounts capitalized)	`InterestPaidNet`	$135.32K	USD	Annual
Cash paid during the year for interest (net of amounts capitalized)	`InterestPaidNet`	$236.57K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$155.75K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$179.92K	USD	Annual
Taxes on exercised options	`DeferredTaxExpenseFromStockOptionsExercised`	$28.30K	USD	Annual
Net income loss	`NetIncomeLoss`	$-349.83K	USD	Annual
Net income loss	`NetIncomeLoss`	$320.63K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-21.84K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$150.00	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$35.00K	USD	Annual
Issuance of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$46.26K	USD	Annual
Common stock issued for acquired business	`StockIssuedDuringPeriodValueAcquisitions`	$2.27M	USD	Annual
Proceeds from sale of common stock, net	`StockIssuedDuringPeriodValuePrivatePlacementNet`	$3.19M	USD	Annual
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time

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