10-K Filing

TECHPRECISION CORP CIK: 1328792 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001410578-23-001442`
Period End Date	20230331
Filing Date	20230615
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	tpcs-20230331x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 37 Cash Flow Statement 68 Stockholders Equity 17

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`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.58M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$534.47K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.58M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.01M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.34M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.95M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.35M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$1.69M	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`	$719.74K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.42M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$348.98K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.07M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.58M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$13.15M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$13.91M	USD	Point-in-time
Right of use asset, net	`FinanceLeaseRightOfUseAsset`	$5.66M	USD	Point-in-time
Right of use asset, net	`FinanceLeaseRightOfUseAsset`	$6.38M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.93M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.13M	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$121.26K	USD	Point-in-time
Other noncurrent assets, net	`OtherAssetsNoncurrent`	$121.26K	USD	Point-in-time
Total assets	`Assets`	$37.85M	USD	Point-in-time
Total assets	`Assets`	$36.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.22M	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`	$2.53M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.33M	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 lease liability	`LeaseLiabilityCurrent`	$711.73K	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.22M	USD	Point-in-time
Current portion of long-term debt, net	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$4.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.02M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$4.75M	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`	$5.14M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$2.70M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$305.07K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.61M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.59M	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock - par value $.0001 per share, shares authorized: March 31, 2023 - 50,000,000; Shares issued and outstanding: March 31, 2023 - 8,613,408; March 31, 2022 - 8,576,862	`CommonStockValue`	$858.00	USD	Point-in-time
Common stock - par value $.0001 per share, shares authorized: March 31, 2023 - 50,000,000; Shares issued and outstanding: March 31, 2023 - 8,613,408; March 31, 2022 - 8,576,862	`CommonStockValue`	$861.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.95M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.64M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$622.57K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-356.44K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.59M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$36.21M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.85M	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$22.28M	USD	Annual
Net sales	`Revenues`	$31.43M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$26.53M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$18.91M	USD	Annual
Gross profit	`GrossProfit`	$3.38M	USD	Annual
Gross profit	`GrossProfit`	$4.90M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.94M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.01M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.56M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-1.11M	USD	Annual
Other income (expense), net	`OtherIncomeAndExpense`	$-28.39K	USD	Annual
Other income (expense), net	`OtherIncomeAndExpense`	$40.84K	USD	Annual
Interest expense	`InterestExpense`	$355.61K	USD	Annual
Interest expense	`InterestExpense`	$269.38K	USD	Annual
Refundable employee retention tax credits	`EmployeeRetentionCreditRefund`	$636.56K	USD	Annual
PPP loan forgiveness	`PaycheckProtectionProgramLoanForgiveness`	$1.32M	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$321.80K	USD	Annual
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.02M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-783.42K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-542.19K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-192.35K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$195.58K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-979.01K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-349.83K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent`	$-1.91K	USD	Annual
Foreign currency translation reclassification	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-19.93K	USD	Annual
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-21.84K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-979.01K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-371.67K	USD	Annual
Net loss per share - basic	`EarningsPerShareBasic`	$-0.04	USD	Annual
Net loss per share - basic	`EarningsPerShareBasic`	$-0.11	USD	Annual
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.11	USD	Annual
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.04	USD	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.60M	shares	Annual
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.10M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.60M	shares	Annual
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.10M	shares	Annual

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-349.83K	USD	Annual
Net loss	`ProfitLoss`	$-979.01K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.46M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.22M	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$48.25K	USD	Annual
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$59.92K	USD	Annual
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$468.00	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$190.75K	USD	Annual
Stock based compensation expense	`ShareBasedCompensation`	$253.08K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$237.32K	USD	Annual
Change in contract loss provision	`GainLossOnContractTermination`	$223.11K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-192.35K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$195.58K	USD	Annual
PPP loan forgiveness	`EmployeeRetentionCreditRefundsAndPaycheckProtectionProgramLoanForgiveness`	$1.32M	USD	Annual
Stock based expense for contingent consideration	`StockBasedExpenseForContingentConsideration`	$56.31K	USD	Annual
Change in fair value for contingent consideration	`GainLossFromContingentConsideration`	$-50.45K	USD	Annual
Change in fair value for contingent consideration	`GainLossFromContingentConsideration`	$63.44K	USD	Annual
Fair value of the consideration transferred	`StockIssuedDuringPeriodValueAcquisitions`	$2.27M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-672.77K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$842.94K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$597.58K	USD	Annual
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.01M	USD	Annual
Fair Value of Warrants	`FairValueAdjustmentOfWarrants`	$46.26K	USD	Annual
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$42.49K	USD	Annual
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$177.91K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-354.99K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.07M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.39M	USD	Annual
Other noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-50.63K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$245.74K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.20M	USD	Annual
Accrued expenses and lease liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.09M	USD	Annual
Accrued expenses and lease liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.48M	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$1.39M	USD	Annual
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$568.27K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.14M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$257.84K	USD	Annual
Business acquisition, net of cash acquired	`BusinessAcquisitionNetOfCashAcquired`	$7.80M	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.33M	USD	Annual
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$939.00K	USD	Annual
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.73M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.32M	USD	Annual
Proceeds from term loan	`ProceedsFromTermLoan`	$4.00M	USD	Annual
Closing costs related to common stock sale	`PaymentsOfStockIssuanceCosts`	$335.42K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.52M	USD	Annual
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$10.89M	USD	Annual
Proceeds from revolver loan	`ProceedsFromLinesOfCredit`	$4.61M	USD	Annual
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$11.52M	USD	Annual
Repayment of revolver loan	`RepaymentsOfLinesOfCredit`	$3.33M	USD	Annual
Debt issuance costs	`PaymentsOfLoanCosts`	$169.88K	USD	Annual
Debt issuance costs	`PaymentsOfLoanCosts`	$57.72K	USD	Annual
Principal payments for leases	`FinanceLeasePrincipalPayments`	$508.81K	USD	Annual
Principal payments for leases	`FinanceLeasePrincipalPayments`	$36.57K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$397.49K	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$605.90K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.34M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.40M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.08M	USD	Annual
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-517.66K	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`	$534.47K	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`	$534.47K	USD	Point-in-time
Cash paid during the year for interest (net of interest capitalized)	`InterestPaidNet`	$288.08K	USD	Annual
Cash paid during the year for interest (net of interest capitalized)	`InterestPaidNet`	$236.57K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.94M	USD	Point-in-time
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
Net loss	`NetIncomeLoss`	$-979.01K	USD	Annual
Net loss	`NetIncomeLoss`	$-349.83K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-21.84K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$109.08K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$155.75K	USD	Annual
Stock issued for contingent consideration	`StockIssuedDuringPeriodValueContingentConsideration`	$56.31K	USD	Annual
Stock award nonemployee directors	`StockIssuedDuringPeriodValueStockOptionsExercised`	$144.00K	USD	Annual
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.59M	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.