10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-22-002784`
Period End Date	20220630
Filing Date	20220915
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	tpcs-20220630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 35 Cash Flow Statement 56 Stockholders Equity 13

Balance Sheet 66 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`	34.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$573.64K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	34.31M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.31M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.01M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	34.31M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.51M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.80M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.35M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$874.54K	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$1.04M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$1.86M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$1.36M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.42M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$728.07K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.07M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.94M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$13.15M	USD	Point-in-time
Right of use asset, net	`FinanceLeaseRightOfUseAsset`	$6.22M	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`	$2.30M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$121.26K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$680.26K	USD	Point-in-time
Total assets	`Assets`	$37.65M	USD	Point-in-time
Total assets	`Assets`	$37.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.91M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.44M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.46M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.77M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$1.79M	USD	Point-in-time
Current portion of long-term lease liability	`LeaseLiabilityCurrent`	$629.11K	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`	$3.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.87M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$2.99M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$3.11M	USD	Point-in-time
Long-term lease liability	`FinanceLeaseLiabilityNoncurrent`	$5.85M	USD	Point-in-time
Long-term lease liability	`FinanceLeaseLiabilityNoncurrent`	$5.68M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$1.30M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$305.07K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.83M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.59M	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (see Note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 34,307,450 shares issued and outstanding at June 30, 2022 and March 31, 2022	`CommonStockValue`	$3.43K	USD	Point-in-time
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 34,307,450 shares issued and outstanding at June 30, 2022 and March 31, 2022	`CommonStockValue`	$3.43K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.69M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$622.57K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$121.40K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.65M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.85M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$3.41M	USD	1 Quarter
Net sales	`Revenues`	$7.08M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.58M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.26M	USD	1 Quarter
Gross profit	`GrossProfit`	$817.22K	USD	1 Quarter
Gross profit	`GrossProfit`	$832.67K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$732.61K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.38M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-558.01K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$100.06K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$10.39K	USD	1 Quarter
Other (expense) income	`OtherNonoperatingIncomeExpense`	$-33.23K	USD	1 Quarter
Interest expense	`InterestExpense`	$29.88K	USD	1 Quarter
Interest expense	`InterestExpense`	$83.64K	USD	1 Quarter
PPP loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$1.32M	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-116.87K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$1.30M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-674.88K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.40M	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$26.58K	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-173.71K	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.37M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-501.17K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$42.00	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$42.00	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$1.37M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-501.17K	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net (loss) income per share - basic	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Net (loss) income per share - diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	29.50M	shares	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	34.31M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.05M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.31M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.37M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-501.17K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$182.68K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$585.36K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$13.40K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$8.82K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$52.11K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$33.50K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-18.40K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$69.95K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-173.71K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$26.58K	USD	1 Quarter
Change in fair value of contingent consideration	`GainLossFromContingentConsideration`	$33.47K	USD	1 Quarter
PPP loan forgiveness	`GainsLossesOnExtinguishmentOfDebt`	$1.32M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-501.88K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$547.34K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-716.60K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$452.41K	USD	1 Quarter
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$665.19K	USD	1 Quarter
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$-239.01K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-693.39K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-3.61K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-331.08K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$481.21K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-85.35K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-389.59K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$210.22K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$21.08K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$993.20K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.45M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$137.05K	USD	1 Quarter
Fixed asset deposit	`DepositForFixedAssets`	$559.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$203.98K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-762.98K	USD	1 Quarter
Debt issue costs	`PaymentsOfLoanCosts`	$6.27K	USD	1 Quarter
Principal payments for leases	`FinanceLeasePrincipalPayments`	$16.86K	USD	1 Quarter
Net payments under revolver loan	`RepaymentsOfLinesOfCredit`	$987.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$154.12K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$27.17K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.17K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.16M	USD	1 Quarter
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-20.00	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-478.50K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$105.66K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$573.64K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.24M	USD	Point-in-time
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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$573.64K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.24M	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
Interest	`InterestPaidNet`	$69.80K	USD	1 Quarter
Interest	`InterestPaidNet`	$32.75K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$11.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$52.11K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$33.50K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-501.17K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.37M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$42.00	USD	1 Quarter
Balance	`StockholdersEquity`	$11.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time

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