2014 Q2 Form 10-Q Financial Statement
#000095015914000415 Filed on August 18, 2014
Income Statement
| Concept | 2014 Q2 | 2014 Q1 | 2014 |
|---|---|---|---|
| Revenue | $6.230M | $3.608M | $21.07M |
| YoY Change | -12.21% | -63.76% | -35.12% |
| Cost Of Revenue | $6.012M | $6.260M | $21.80M |
| YoY Change | -9.95% | -24.76% | -15.88% |
| Gross Profit | $218.2K | -$2.651M | -$731.8K |
| YoY Change | -48.07% | -262.54% | -111.16% |
| Gross Profit Margin | 3.5% | -73.48% | -3.47% |
| Selling, General & Admin | $1.329M | $1.420M | $6.113M |
| YoY Change | -24.93% | -26.8% | -25.1% |
| % of Gross Profit | 608.86% | ||
| Research & Development | $0.00 | ||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $255.6K | $230.0K | $953.4K |
| YoY Change | 0.71% | 0.0% | 12.7% |
| % of Gross Profit | 117.14% | ||
| Operating Expenses | $1.329M | $1.420M | $6.113M |
| YoY Change | -24.93% | -27.18% | -25.1% |
| Operating Profit | -$1.111M | -$4.071M | -$6.845M |
| YoY Change | -17.73% | 1176.18% | 327.15% |
| Interest Expense | $160.6K | -$220.0K | $440.6K |
| YoY Change | 129.0% | 144.44% | 42.23% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$160.5K | $20.00K | -$436.2K |
| YoY Change | 116.75% | 29.35% | |
| Pretax Income | -$1.271M | -$4.280M | -$7.281M |
| YoY Change | -10.73% | 943.9% | 275.38% |
| Income Tax | $0.00 | -$190.0K | -$185.5K |
| % Of Pretax Income | |||
| Net Earnings | -$1.270M | -$4.100M | -$7.100M |
| YoY Change | -10.56% | 266.07% | 194.61% |
| Net Earnings / Revenue | -20.38% | -113.64% | -33.7% |
| Basic Earnings Per Share | -$0.05 | -$0.19 | -$0.34 |
| Diluted Earnings Per Share | -$0.05 | -$0.19 | -$0.34 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 24.01M shares | 20.77M shares | |
| Diluted Shares Outstanding | 24.01M shares | 20.77M shares |
Balance Sheet
| Concept | 2014 Q2 | 2014 Q1 | 2014 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $890.0K | $1.090M | $1.090M |
| YoY Change | -63.52% | -64.61% | -64.61% |
| Cash & Equivalents | $886.9K | $1.087M | $1.090M |
| Short-Term Investments | |||
| Other Short-Term Assets | $457.2K | $461.2K | $1.460M |
| YoY Change | -68.17% | -70.78% | -20.22% |
| Inventory | $4.940M | $5.550M | $5.550M |
| Prepaid Expenses | |||
| Receivables | $3.221M | $2.280M | $2.280M |
| Other Receivables | $10.00K | $10.00K | $10.00K |
| Total Short-Term Assets | $10.50M | $10.38M | $10.38M |
| YoY Change | -12.06% | -27.25% | -27.26% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $6.328M | $6.489M | $6.490M |
| YoY Change | -10.98% | -11.11% | -11.1% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $400.5K | $105.4K | $110.0K |
| YoY Change | |||
| Total Long-Term Assets | $6.728M | $6.595M | $6.590M |
| YoY Change | -5.35% | -9.67% | -9.73% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $10.50M | $10.38M | $10.38M |
| Total Long-Term Assets | $6.728M | $6.595M | $6.590M |
| Total Assets | $17.23M | $16.97M | $16.97M |
| YoY Change | -9.55% | -21.3% | -21.33% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.810M | $2.888M | $2.890M |
| YoY Change | 294.32% | 13.85% | 13.78% |
| Accrued Expenses | $3.816M | $3.893M | $400.0K |
| YoY Change | 56.58% | 107.64% | -67.21% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | -100.0% | -100.0% |
| Long-Term Debt Due | $5.580M | $4.170M | $4.170M |
| YoY Change | -0.53% | -27.85% | -27.85% |
| Total Short-Term Liabilities | $13.86M | $12.41M | $12.41M |
| YoY Change | 40.71% | 11.0% | 11.0% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $40.00K | $40.00K | $40.00K |
| YoY Change | 33.33% | 33.33% | 33.33% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $40.00K | $40.00K | $40.00K |
| YoY Change | 33.33% | 33.33% | 33.33% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $13.86M | $12.41M | $12.41M |
| Total Long-Term Liabilities | $40.00K | $40.00K | $40.00K |
| Total Liabilities | $14.89M | $13.40M | $13.44M |
| YoY Change | 46.84% | 16.83% | 17.18% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$4.436M | -$3.165M | |
| YoY Change | -277.0% | -180.53% | |
| Common Stock | $2.467K | $2.395K | |
| YoY Change | 23.6% | 19.99% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.342M | $3.531M | $3.530M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $17.23M | $16.97M | $16.97M |
| YoY Change | -9.55% | -21.3% | -21.33% |
Cashflow Statement
| Concept | 2014 Q2 | 2014 Q1 | 2014 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.270M | -$4.100M | -$7.100M |
| YoY Change | -10.56% | 266.07% | 194.61% |
| Depreciation, Depletion And Amortization | $255.6K | $230.0K | $953.4K |
| YoY Change | 0.71% | 0.0% | 12.7% |
| Cash From Operating Activities | -$1.560M | -$1.620M | $200.0K |
| YoY Change | 280.49% | -243.36% | -88.76% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $54.09K | -$10.00K | $64.90K |
| YoY Change | -4.13% | -96.15% | -90.21% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | -$50.00K | -$10.00K | -$60.00K |
| YoY Change | -16.67% | -96.15% | -90.91% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 1.410M | -1.030M | -2.130M |
| YoY Change | -929.41% | -615.0% | 144.83% |
| NET CHANGE | |||
| Cash From Operating Activities | -1.560M | -1.620M | 200.0K |
| Cash From Investing Activities | -50.00K | -10.00K | -60.00K |
| Cash From Financing Activities | 1.410M | -1.030M | -2.130M |
| Net Change In Cash | -200.0K | -2.660M | -1.990M |
| YoY Change | -68.75% | -348.6% | -896.0% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.560M | -$1.620M | $200.0K |
| Capital Expenditures | $54.09K | -$10.00K | $64.90K |
| Free Cash Flow | -$1.614M | -$1.610M | $135.1K |
| YoY Change | 246.06% | -215.83% | -87.9% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q1 | us-gaap |
Deferred Finance Costs Noncurrent Gross
DeferredFinanceCostsNoncurrentGross
|
105395 | USD |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
886888 | USD |
| CY2014Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1271069 | USD |
| CY2014Q2 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
505000 | USD |
| CY2014Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
12326412 | USD |
| CY2014Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5837200 | USD |
| CY2014Q2 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
6052716 | USD |
| CY2014Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6489212 | USD |
| CY2014Q2 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6327789 | USD |
| CY2014Q2 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
12380505 | USD |
| CY2014Q2 | us-gaap |
Depreciation
Depreciation
|
215516 | USD |
| CY2013Q2 | us-gaap |
Depreciation
Depreciation
|
248440 | USD |
| CY2014Q1 | tpcs |
Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
|
9960072 | USD |
| CY2013Q1 | tpcs |
Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
|
6180839 | USD |
| CY2014Q2 | tpcs |
Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
|
8161105 | USD |
| CY2014 | tpcs |
Cost Incurred On Uncompleted Contracts During Period
CostIncurredOnUncompletedContractsDuringPeriod
|
25579089 | USD |
| CY2014Q2 | tpcs |
Cost Incurred On Uncompleted Contracts During Period
CostIncurredOnUncompletedContractsDuringPeriod
|
4213134 | USD |
| CY2014 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
21799856 | USD |
| CY2014Q2 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
6012101 | USD |
| CY2014Q1 | tpcs |
Billings On Uncompleted Contracts
BillingsOnUncompletedContracts
|
4702070 | USD |
| CY2013Q1 | tpcs |
Billings On Uncompleted Contracts
BillingsOnUncompletedContracts
|
1882546 | USD |
| CY2014Q2 | tpcs |
Billings On Uncompleted Contracts
BillingsOnUncompletedContracts
|
3465067 | USD |
| CY2014 | tpcs |
Billings On Contracts During Period
BillingsOnContractsDuringPeriod
|
23887587 | USD |
| CY2014 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
21068063 | USD |
| CY2014Q2 | tpcs |
Billings On Contracts During Period
BillingsOnContractsDuringPeriod
|
4993338 | USD |
| CY2014Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
6230341 | USD |
| CY2014Q2 | us-gaap |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs
CostsInExcessOfBillingsOnUncompletedContractsOrPrograms
|
4696038 | USD |
| CY2014Q1 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
1461689 | USD |
| CY2014Q1 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
229727 | USD |
| CY2014Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
79995 | USD |
| CY2014Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3893028 | USD |
| CY2014Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3815754 | USD |
| CY2014Q2 | us-gaap |
Operating Loss Carryforwards
OperatingLossCarryforwards
|
6000000 | USD |
| CY2014Q2 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q1 | us-gaap |
Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
|
231783 | USD |
| CY2014Q2 | us-gaap |
Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
|
219359 | USD |
| CY2014Q1 | us-gaap |
Provision For Loss On Contracts
ProvisionForLossOnContracts
|
3259103 | USD |
| CY2014Q2 | us-gaap |
Provision For Loss On Contracts
ProvisionForLossOnContracts
|
3114447 | USD |
| CY2014Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
81723 | USD |
| CY2014Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
90000000 | shares |
| CY2014Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
90000000 | shares |
| CY2014Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
24669958 | shares |
| CY2014Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
23951004 | shares |
| CY2014Q1 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
34984 | USD |
| CY2014Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
461245 | USD |
| CY2014Q2 | us-gaap |
Supplies
Supplies
|
140032 | USD |
| CY2014Q2 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
74944 | USD |
| CY2014Q2 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
457248 | USD |
| CY2014Q2 | us-gaap |
Accumulated Amortization Of Noncurrent Deferred Finance Costs
AccumulatedAmortizationOfNoncurrentDeferredFinanceCosts
|
40129 | USD |
| CY2014Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
105395 | USD |
| CY2014Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
400493 | USD |
| CY2014Q2 | tpcs |
Provision For Loss On Customer Purchase Agreement
ProvisionForLossOnCustomerPurchaseAgreement
|
2400000 | USD |
| CY2014Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
320419 | USD |
| CY2014Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
401953 | USD |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
3300000 | shares |
| CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1355500 | shares |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
1547006 | shares |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1355500 | shares |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
1355500 | shares |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
943832 | shares |
| CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.014 | |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.074 | |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
1.074 | |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
1.074 | |
| CY2014Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
329025 | USD |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
22075 | USD |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
22075 | USD |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
22075 | USD |
| CY2014 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y3M25D | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y3M29D | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P7Y3M29D | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y8M16D | |
| CY2014Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
271907 | USD |
| CY2014Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P33M | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
178685 | USD |
| CY2014Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
621333 | shares |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
411668 | shares |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
178665 | shares |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
|
31000 | shares |
| CY2014Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0.967 | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
|
0.877 | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
|
1.000 | |
| CY2014Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
|
1.960 | |
| CY2014Q2 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | item |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
24010264 | shares |
| CY2013Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
19956871 | shares |
| CY2013Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.07 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
| CY2013Q2 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1423905 | USD |
| CY2014Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
24010264 | shares |
| CY2013Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
19956871 | shares |
| CY2013Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.07 | |
| CY2014Q2 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
| CY2014Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2192220 | shares |
| CY2013Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
506500 | shares |
| CY2014Q2 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">NOTE 1 — DESCRIPTION OF BUSINESS</font></b></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">TechPrecision Corporation, or TechPrecision, is a custom manufacturer of large scale metal fabricated and machined precision components and equipment. We offer a full range of services required to transform metallic raw materials into precise finished products. We sell these finished products to customers in three main industry groups: naval/maritime, energy and precision industrial. These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, commercial, and aerospace industries. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation. On November 4, 2010, TechPrecision announced it completed the formation of a wholly foreign owned enterprise (WFOE), under the laws of the People’s Republic of China, Wuxi Critical Mechanical Components Co., Ltd., or WCMC, to meet demand for local manufacturing of components in China. TechPrecision, WCMC and Ranor are collectively referred to as “the Company,” “we,” “us” or “our.”</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><b><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Liquidity and Capital Resources</font></i></b></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">At March 31, 2013, we were not in compliance with the fixed charges and interest coverage financial covenants under our Loan and Security Agreement between Ranor and Santander Bank, or the Bank, dated February 24, 2006, as amended, or the Loan Agreement, and the Bank did not agree to waive the non-compliance with the covenants. Since we were in default, the Bank had the right to accelerate payment of the debt in full upon 60 days written notice.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On May 30, 2014, TechPrecision and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor.  Payments under the LSA and Credit Loan Note are due in monthly installments with interest on the unpaid principal balance of the Credit Loan Note at an interest rate equal to 7.5% plus the greater of 3.3% and the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business or (5) enter into any transaction that would materially or adversely affect the collateral or Ranor’s ability to repay the obligations under the LSA and the Credit Loan Note.  The restrictions of these covenants are subject to certain exceptions specified in the LSA and in some cases may be waived by written consent of Utica.  Any failure to comply with the covenants outlined in the LSA without waiver by Utica or certain other provisions in the LSA would be an event of default, pursuant to which Utica may accelerate the repayment of the loan.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In connection with the execution of the LSA, we paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million to pay off debt obligations owed to the Bank, under the Loan Agreement.  Additionally, the Company retained approximately $1.27 million for general corporate purposes.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On January 16, 2014, we entered into a forbearance and modification agreement with the Bank, or the First Forbearance Agreement, in connection with the Loan Agreement. Under the First Forbearance Agreement, the Bank agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement until March 31, 2014.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On May 30, 2014, the Company and the Bank entered into a new forbearance and modification agreement, or the Second Forbearance Agreement. Under the Second Forbearance Agreement, the Bank agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement commencing retroactively on April 1, 2014 and extending until no later than June 30, 2014, or the Second Forbearance Period.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">During the Second Forbearance Period, we agreed to comply with the terms, covenants and provisions in the Loan Agreement and related documents, as amended by the Second Forbearance Agreement.  The Second Forbearance Agreement amends the Loan Agreement to, among other things, prohibit the Company’s Leverage Ratio  (as such term is defined in the Loan Agreement) to be greater than 1.75 to 1.0.  We were not in compliance with the leverage ratio covenant at June 30, 2014 or at March 31, 2014, as the actual leverage ratio was 4.3 to 1.0 and 3.8 to 1.0, respectively.</font> <font style="FONT-SIZE: 10pt;" size="2">The Second Forbearance Period was extended further subsequent to June 30, 2014 pursuant to an execution of a new forbearance and modification agreement (see Note 18).</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Since we are in default, the Bank has the right to accelerate payment of the debt in full upon 60 days written notice. As a consequence, we classified $4.4 million (includes $3.1 million for Utica) and $3.7 million under the Loan Agreement, the Series A Bonds, the Series B Bonds, and the LSA, as applicable, as a current liability at June 30, 2014 and March 31, 2014.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">In the event that we fail to pay off, or complete a refinancing of, the current outstanding obligations by the completion of the Second Forbearance Period (as extended by the forbearance and modification agreements entered into subsequent to June 30, 2014 — see Note 18), the interest rate on outstanding obligations will convert to the default interest rate of 65% of the sum of one month Libor plus 16%. If the Bank were to demand full repayment, we would be unable to pay the obligation as we do not have existing facilities or sufficient cash on hand to satisfy these obligations and would need to seek alternative financing.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">At June 30, 2014, we had cash and cash equivalents of $886,888, of which $11,356 is located in China and which we may not be able to repatriate for use in the U.S. without undue cost or expense, if at all. Our cash and cash equivalents total includes $505,000 of restricted cash with the Bank that may be used toward funding operating activities with the Bank’s approval. Approximately 36% of our accounts receivable were at risk of not being paid in a timely manner due to a contract dispute with one of our customers. We have incurred an operating loss of $1.3 million for the three months ended June 30, 2014. Our financial results for the past three years were impacted by significant new contract losses. We have recorded a provision for potential losses and, in one case, filed a demand for arbitration under a customer’s purchase agreement to recover all of our costs under the contract terms. We cannot be certain that we will be successful in recovering the full amount of our losses.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">These factors raise substantial doubt about our ability to continue as a going concern. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must secure long-term financing on terms consistent with our near-term business plans. In addition, we must increase our backlog and change the composition of our revenues to focus on recurring unit of delivery projects rather than custom first article and prototyping projects which do not efficiently use our manufacturing capacity, and reduce our operating expenses to be in line with current business conditions in order to increase profit margins and decrease the amount of cash used in operations. If successful in changing the composition of revenue and reducing costs, we anticipate that the year ending March 31, 2015, or fiscal 2015 operating results will reflect positive cash flows. We plan to closely monitor our expenses and, if required, will further reduce operating costs to enhance liquidity.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The condensed consolidated financial statements for the three months ended June 30, 2014 and the year ended March 31, 2014, or fiscal 2014, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total current liabilities of $13.9 million at June 30, 2014 and to continue as a going concern is dependent upon the availability of and our ability to timely secure long-term financing and the successful execution of an effective operating plan. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.</font></p> <p style="MARGIN: 0in 0in 0pt;"> </p> </div> | |
| CY2013Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-13103 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-809766 | USD |
| CY2013Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-151355 | USD |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1557616 | USD |
| CY2013Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-405061 | USD |
| CY2014Q2 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
54093 | USD |
| CY2014Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1086701 | USD |
| CY2014Q2 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
3220715 | USD |
| CY2014Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
2280469 | USD |
| CY2014Q2 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
242179 | USD |
| CY2014Q1 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
293326 | USD |
| CY2014Q2 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
8062 | USD |
| CY2014Q1 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
8062 | USD |
| CY2014Q2 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
991096 | USD |
| CY2014Q1 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
991096 | USD |
| CY2014Q2 | us-gaap |
Assets Current
AssetsCurrent
|
10502226 | USD |
| CY2014Q1 | us-gaap |
Assets Current
AssetsCurrent
|
10378901 | USD |
| CY2014Q2 | us-gaap |
Assets
Assets
|
17230508 | USD |
| CY2014Q1 | us-gaap |
Assets
Assets
|
16973508 | USD |
| CY2014Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
3810319 | USD |
| CY2014Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
2888385 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
|
5584459 | USD |
| CY2014Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
|
4169771 | USD |
| CY2014Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
13862455 | USD |
| CY2014Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
12412873 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
35278 | USD |
| CY2014Q1 | us-gaap |
Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
|
38071 | USD |
| CY2014Q2 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
991096 | USD |
| CY2014Q1 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
991096 | USD |
| CY2014Q2 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
524210 | USD |
| CY2014Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
644110 | USD |
| CY2014Q2 | us-gaap |
Common Stock Value
CommonStockValue
|
2467 | USD |
| CY2014Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
2395 | USD |
| CY2014Q2 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
6293864 | USD |
| CY2014Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
6105211 | USD |
| CY2014Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-42642 | USD |
| CY2014Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-55097 | USD |
| CY2014Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-4436220 | USD |
| CY2014Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-3165151 | USD |
| CY2014Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2341679 | USD |
| CY2014Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3531468 | USD |
| CY2013Q2 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
3613 | USD |
| CY2013Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-74066 | USD |
| CY2013Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1423905 | USD |
| CY2014Q2 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-160536 | USD |
| CY2014Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-1271069 | USD |
| CY2014Q2 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
|
-16680 | USD |
| CY2013Q2 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
|
-110337 | USD |
| CY2014Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
17230508 | USD |
| CY2014Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
16973508 | USD |
| CY2014Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
25010 | USD |
| CY2014Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
25010 | USD |
| CY2014Q2 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2014Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2014Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2014Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2014Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2014Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
24669958 | shares |
| CY2014Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
23951004 | shares |
| CY2013Q2 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
7096692 | USD |
| CY2013Q2 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
6676449 | USD |
| CY2014Q2 | us-gaap |
Gross Profit
GrossProfit
|
218240 | USD |
| CY2013Q2 | us-gaap |
Gross Profit
GrossProfit
|
420243 | USD |
| CY2014Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
1328773 | USD |
| CY2013Q2 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
1770082 | USD |
| CY2014Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1110533 | USD |
| CY2013Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-1349839 | USD |
| CY2014Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
53 | USD |
| CY2013Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-7552 | USD |
| CY2014Q2 | us-gaap |
Interest Expense
InterestExpense
|
160589 | USD |
| CY2013Q2 | us-gaap |
Interest Expense
InterestExpense
|
70127 | USD |
| CY2014Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
|
30 | USD |
| CY2014Q2 | us-gaap |
Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
|
12455 | USD |
| CY2013Q2 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
|
-2212 | USD |
| CY2013Q2 | us-gaap |
Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
|
-112549 | USD |
| CY2014Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1258614 | USD |
| CY2013Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1536454 | USD |
| CY2014Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
255645 | USD |
| CY2013Q2 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
253833 | USD |
| CY2014Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
68824 | USD |
| CY2013Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
126092 | USD |
| CY2014Q2 | tpcs |
Provision For Contract Losses
ProvisionForContractLosses
|
366951 | USD |
| CY2013Q2 | tpcs |
Provision For Contract Losses
ProvisionForContractLosses
|
687088 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
940242 | USD |
| CY2013Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-521202 | USD |
| CY2014Q2 | tpcs |
Increase Decrease In Costs Incurred On Uncompleted Contracts
IncreaseDecreaseInCostsIncurredOnUncompletedContracts
|
-561964 | USD |
| CY2013Q2 | tpcs |
Increase Decrease In Costs Incurred On Uncompleted Contracts
IncreaseDecreaseInCostsIncurredOnUncompletedContracts
|
-1047590 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-51153 | USD |
| CY2013Q2 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
10175 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-4001 | USD |
| CY2013Q2 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-138184 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
335226 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
921933 | USD |
| CY2013Q2 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1580512 | USD |
| CY2014Q2 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-431784 | USD |
| CY2014Q2 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-199813 | USD |
| CY2013Q2 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-630607 | USD |
| CY2014Q2 | us-gaap |
Interest Paid
InterestPaid
|
115056 | USD |
| CY2013Q2 | us-gaap |
Interest Paid
InterestPaid
|
64734 | USD |
| CY2014Q2 | us-gaap |
Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
|
550000 | shares |
| CY2013Q2 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
56424 | USD |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-54093 | USD |
| CY2013Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-56424 | USD |
| CY2014Q2 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
4150000 | USD |
| CY2014Q2 | us-gaap |
Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
|
2738105 | USD |
| CY2013Q2 | us-gaap |
Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
|
172618 | USD |
| CY2014Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
1411895 | USD |
| CY2013Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-172618 | USD |
| CY2014Q2 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
1 | USD |
| CY2013Q2 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents Continuing Operations
EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
|
3496 | USD |
| CY2014Q2 | us-gaap |
Liabilities Assumed1
LiabilitiesAssumed1
|
219359 | USD |
| CY2014Q2 | tpcs |
Tax On Liabilities Assumed
TaxOnLiabilitiesAssumed
|
0 | USD |
| CY2013Q2 | tpcs |
Tax On Liabilities Assumed
TaxOnLiabilitiesAssumed
|
0 | USD |
| CY2014Q2 | dei |
Entity Registrant Name
EntityRegistrantName
|
TECHPRECISION CORP | |
| CY2014Q2 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001328792 | |
| CY2014Q2 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2014Q2 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-06-30 | |
| CY2014Q2 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2014Q2 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--03-31 | |
| CY2014Q2 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2014Q2 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2014Q2 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2015 | |
| CY2014Q2 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2014Q3 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
24669958 | shares |
| CY2014Q2 | tpcs |
Employee Agreement Annual Commitment For Future Salaries During Next Twelve Months
EmployeeAgreementAnnualCommitmentForFutureSalariesDuringNextTwelveMonths
|
1000000 | USD |
| CY2014Q2 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
|
-29105 | USD |
| CY2014Q2 | tpcs |
Cash Deposits In Bank
CashDepositsInBank
|
11356 | USD |
| CY2014Q2 | us-gaap |
Deferred Finance Costs Noncurrent Gross
DeferredFinanceCostsNoncurrentGross
|
440622 | USD |
| CY2014Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2014Q1 | us-gaap |
Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
|
4207842 | USD |
| CY2014Q2 | tpcs |
Contract Losses
ContractLosses
|
300000 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
|
11598 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
|
12313 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
|
9392 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
|
1975 | USD |
| CY2014Q2 | us-gaap |
Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
|
5619737 | USD |
| CY2014Q2 | tpcs |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Yield Term Of Us Treasury Issues On Which Risk Free Interest Rate Is Based
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsYieldTermOfUSTreasuryIssuesOnWhichRiskFreeInterestRateIsBased
|
P5Y | |
| CY2013Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
2444769 | USD |
| CY2013Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3075376 | USD |
| CY2013Q2 | us-gaap |
Liabilities Assumed1
LiabilitiesAssumed1
|
278645 | USD |
| CY2014Q2 | us-gaap |
Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
|
5584459 | USD |
| CY2013Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
| CY2014Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
| CY2014Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2014Q2 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2014Q2 | tpcs |
Percentage Of Accounts Receivable At Risk Of Timely Payment Due To Contract Dispute
PercentageOfAccountsReceivableAtRiskOfTimelyPaymentDueToContractDispute
|
0.36 | pure |
| CY2014Q2 | tpcs |
Number Of Customer In Contact Dispute
NumberOfCustomerInContactDispute
|
1 | item |
