10-Q Filing

TECHPRECISION CORP CIK: 1328792 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-002021`
Period End Date	20230630
Filing Date	20230821
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	tpcs-20230630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 11

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`	50.00M	shares	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 issued	`CommonStockSharesIssued`	8.61M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$271.92K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.34M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$2.97M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.61M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.65M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$8.95M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$1.64M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsAndSupplies`	$1.69M	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$719.74K	USD	Point-in-time
Work-in-process	`InventoryWorkInProcessNetOfReserves`	$816.70K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$324.46K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$348.98K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.58M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.67M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$13.91M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$15.38M	USD	Point-in-time
Right-of-use asset, net	`FinanceLeaseRightOfUseAsset`	$5.66M	USD	Point-in-time
Right-of-use asset, net	`FinanceLeaseRightOfUseAsset`	$5.49M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$1.93M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.08M	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`	$36.21M	USD	Point-in-time
Total assets	`Assets`	$37.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$743.93K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.53M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.55M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.33M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$2.85M	USD	Point-in-time
Current portion of long-term lease liability	`LeaseLiabilityCurrent`	$715.71K	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`	$2.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.02M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$4.60M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$4.75M	USD	Point-in-time
Long-term lease liability	`FinanceLeaseLiabilityNoncurrent`	$5.14M	USD	Point-in-time
Long-term lease liability	`FinanceLeaseLiabilityNoncurrent`	$4.96M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$2.70M	USD	Point-in-time
Other noncurrent liability	`OtherLiabilitiesNoncurrent`	$4.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$21.61M	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: 50,000,000; Shares issued and outstanding: June 30, 2023 and March 31, 2023 - 8,613,408	`CommonStockValue`	$861.00	USD	Point-in-time
Common stock - par value $.0001 per share, shares authorized: 50,000,000; Shares issued and outstanding: June 30, 2023 and March 31, 2023 - 8,613,408	`CommonStockValue`	$861.00	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.95M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$14.95M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-356.44K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-883.89K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.81M	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 liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$37.73M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$36.21M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$7.08M	USD	1 Quarter
Net sales	`Revenues`	$7.37M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.26M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$817.22K	USD	1 Quarter
Gross profit	`GrossProfit`	$694.15K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.38M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.27M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-579.80K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-558.01K	USD	1 Quarter
Other income (expense), net	`OtherIncomeAndExpense`	$-33.23K	USD	1 Quarter
Other income (expense), net	`OtherIncomeAndExpense`	$1.00	USD	1 Quarter
Interest expense	`InterestExpense`	$83.64K	USD	1 Quarter
Interest expense	`InterestExpense`	$94.09K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-116.87K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-94.08K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-673.88K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-674.88K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-173.71K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-146.43K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-527.46K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-501.17K	USD	1 Quarter
Net loss per share - basic	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Net loss per share - basic	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Net loss per share - diluted	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.61M	shares	1 Quarter
Weighted average number of shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.58M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.61M	shares	1 Quarter
Weighted average number of shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.58M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-527.46K	USD	1 Quarter
Net loss	`ProfitLoss`	$-501.17K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$585.36K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$559.74K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$13.40K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$18.76K	USD	1 Quarter
Stock based compensation expense	`ShareBasedCompensation`	$52.11K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-16.17K	USD	1 Quarter
Change in contract loss provision	`GainLossOnContractTermination`	$-18.40K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-173.71K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-146.43K	USD	1 Quarter
Change in fair value for contingent consideration	`GainLossFromContingentConsideration`	$33.47K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$629.22K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-501.88K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-296.47K	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$452.41K	USD	1 Quarter
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$39.86K	USD	1 Quarter
Work-in-process and raw materials	`IncreaseDecreaseInInventories`	$665.19K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-24.53K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-693.39K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$481.21K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.48M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-85.35K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-167.63K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$21.08K	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractLiabilities`	$520.10K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$993.20K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$1.67M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.45M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$115.06K	USD	1 Quarter
Fixed asset deposit	`DepositForFixedAssets`	$559.00K	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.85M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$203.98K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-762.98K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.85M	USD	1 Quarter
Debt issue costs	`PaymentsOfLoanCosts`	$6.27K	USD	1 Quarter
Revolver loan payments and borrowings, net	`ProceedsFromRepaymentsOfRevolverLoanAndBorrowings`	$1.63M	USD	1 Quarter
Revolver loan payments and borrowings, net	`ProceedsFromRepaymentsOfRevolverLoanAndBorrowings`	$-987.00K	USD	1 Quarter
Payments of principal for leases	`FinanceLeasePrincipalPayments`	$16.86K	USD	1 Quarter
Payments of principal for leases	`FinanceLeasePrincipalPayments`	$6.19K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$154.12K	USD	1 Quarter
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$147.42K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.16M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.48M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-478.50K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-262.56K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$271.92K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$573.64K	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`	$1.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$271.92K	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`	$534.47K	USD	Point-in-time
Cash paid for interest; net of amounts capitalized	`InterestPaidNet`	$67.17K	USD	1 Quarter
Cash paid for interest; net of amounts capitalized	`InterestPaidNet`	$69.80K	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$14.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.59M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-527.46K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-501.17K	USD	1 Quarter
Stock based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$52.11K	USD	1 Quarter
Balance	`StockholdersEquity`	$14.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.81M	USD	Point-in-time
Balance	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$14.59M	USD	Point-in-time

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