$TPCS
TECHPRECISION CORP

2017 Q4 Form 10-Q Financial Statement

#000114420418007986 Filed on February 13, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $3.642M $18.55M $5.319M
YoY Change -31.52% 10.07% 51.67%
Cost Of Revenue $3.220M $12.45M $3.267M
YoY Change -1.44% 9.63% 34.43%
Gross Profit $422.8K $6.096M $2.052M
YoY Change -79.4% 10.96% 91.42%
Gross Profit Margin 11.61% 32.86% 38.58%
Selling, General & Admin $596.3K $4.337M $1.955M
YoY Change -69.5% 28.12% 153.91%
% of Gross Profit 141.05% 71.14% 95.28%
Research & Development $0.00
YoY Change
% of Gross Profit 0.0%
Depreciation & Amortization $172.2K $689.3K $165.6K
YoY Change 3.98% -7.79% 452.09%
% of Gross Profit 40.74% 11.31% 8.07%
Operating Expenses $596.3K $4.337M $1.955M
YoY Change -69.5% 28.12% 153.91%
Operating Profit -$173.5K $2.881M $1.219M
YoY Change -114.23% 36.64% 303.67%
Interest Expense $104.9K $644.0K $207.5K
YoY Change -49.47% -14.39% -171.56%
% of Operating Profit 22.35% 17.02%
Other Income/Expense, Net -$104.8K -$635.6K -$206.4K
YoY Change -49.23% -15.37%
Pretax Income -$278.3K $2.246M $1.013M
YoY Change -127.48% 65.42% 10026.92%
Income Tax $413.1K -$2.834M $20.60K
% Of Pretax Income -126.2% 2.03%
Net Earnings -$690.0K $5.080M $990.0K
YoY Change -169.7% 273.97% 9800.0%
Net Earnings / Revenue -18.94% 27.39% 18.61%
Basic Earnings Per Share -$0.02 $0.18 $0.03
Diluted Earnings Per Share -$0.02 $0.18 $0.03
COMMON SHARES
Basic Shares Outstanding 28.82M 27.91M shares 28.16M shares
Diluted Shares Outstanding 28.82M 28.61M shares 28.87M shares

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.970M $3.066M $3.790M
YoY Change -21.64% 130.16% 362.2%
Cash & Equivalents $2.971M $3.066M $3.795M
Short-Term Investments
Other Short-Term Assets $510.0K $422.1K $360.0K
YoY Change 41.67% -20.48% -72.09%
Inventory $2.690M $2.239M $3.180M
Prepaid Expenses
Receivables $1.610M $1.871M $770.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.780M $7.598M $8.100M
YoY Change -3.95% 18.54% 39.18%
LONG-TERM ASSETS
Property, Plant & Equipment $5.300M $4.912M $4.750M
YoY Change 11.58% 2.04% -9.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $2.972M $810.0K
YoY Change 146.91% 245.3% 8000.0%
Total Long-Term Assets $7.300M $7.884M $5.560M
YoY Change 31.29% 38.93% 6.31%
TOTAL ASSETS
Total Short-Term Assets $7.780M $7.598M $8.100M
Total Long-Term Assets $7.300M $7.884M $5.560M
Total Assets $15.08M $15.48M $13.66M
YoY Change 10.4% 28.11% 23.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $260.0K $365.3K $550.0K
YoY Change -52.73% -63.32% -55.28%
Accrued Expenses $820.0K $893.4K $1.050M
YoY Change -21.9% -33.31% -12.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $750.0K $717.5K $700.0K
YoY Change 7.14% -24.72% -24.73%
Total Short-Term Liabilities $2.408M $2.619M $3.110M
YoY Change -22.58% -55.61% -42.19%
LONG-TERM LIABILITIES
Long-Term Debt $4.370M $4.875M $5.040M
YoY Change -13.29% 30.5% 24.75%
Other Long-Term Liabilities $0.00 $17.74K $20.00K
YoY Change -100.0% -52.18%
Total Long-Term Liabilities $4.370M $4.892M $5.060M
YoY Change -13.64% 29.69% 25.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.408M $2.619M $3.110M
Total Long-Term Liabilities $4.370M $4.892M $5.060M
Total Liabilities $6.780M $7.512M $8.860M
YoY Change -23.48% -27.47% -13.48%
SHAREHOLDERS EQUITY
Retained Earnings -$209.4K
YoY Change
Common Stock $2.882K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.301M $7.970M $4.800M
YoY Change
Total Liabilities & Shareholders Equity $15.08M $15.48M $13.66M
YoY Change 10.39% 28.11% 23.62%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income -$690.0K $5.080M $990.0K
YoY Change -169.7% 273.97% 9800.0%
Depreciation, Depletion And Amortization $172.2K $689.3K $165.6K
YoY Change 3.98% -7.79% 452.09%
Cash From Operating Activities $730.0K $1.730M $480.0K
YoY Change 52.08% 65.04% -214.29%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $787.8K -$340.0K
YoY Change -82.35% 4376.18% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$60.00K -$787.8K -$340.0K
YoY Change -82.35% 255.41% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K $792.4K 810.0K
YoY Change -122.22% -195.47% -452.17%
NET CHANGE
Cash From Operating Activities 730.0K $1.730M 480.0K
Cash From Investing Activities -60.00K -$787.8K -340.0K
Cash From Financing Activities -180.0K $792.4K 810.0K
Net Change In Cash 490.0K $1.734M 950.0K
YoY Change -48.42% -47879.59% -215.85%
FREE CASH FLOW
Cash From Operating Activities $730.0K $1.730M $480.0K
Capital Expenditures -$60.00K $787.8K -$340.0K
Free Cash Flow $790.0K $942.0K $820.0K
YoY Change -3.66% -8.59% -428.0%

Facts In Submission

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CY2017Q1 us-gaap Supplies
Supplies
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CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2017Q1 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2017Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
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CY2017Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
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CY2017Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
20000 USD
CY2017Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
100000 USD
CY2017Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
9241 USD
CY2017Q1 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
0 USD
us-gaap Depreciation
Depreciation
519114 USD
CY2017Q4 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
553 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
13810 USD
CY2017Q1 tpcs Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
5538815 USD
CY2016Q1 tpcs Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
5491605 USD
tpcs Cost Incurred On Uncompleted Contracts During Period
CostIncurredOnUncompletedContractsDuringPeriod
9117879 USD
CY2017 tpcs Cost Incurred On Uncompleted Contracts During Period
CostIncurredOnUncompletedContractsDuringPeriod
12501752 USD
CY2017 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12454542 USD
CY2017Q4 tpcs Cost Incurred On Uncompleted Contracts
CostIncurredOnUncompletedContracts
4191459 USD
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
408021 USD
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
568766 USD
CY2017Q4 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
104884 USD
CY2017Q1 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
148699 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
45324 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
33302 USD
CY2017Q4 us-gaap Accrued Professional Fees Current
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160482 USD
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
142648 USD
CY2017Q1 tpcs Accrued Project Costs
AccruedProjectCosts
0 USD
CY2017Q4 tpcs Accrued Project Costs
AccruedProjectCosts
99284 USD
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
125771 USD
CY2017Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
188977 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
5122110 USD
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
5592202 USD
CY2017Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5247881 USD
CY2017Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
5781179 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1700000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.60
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3002668 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
400000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3396668 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3396668 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3040000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.387
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.67
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.418
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
0.418
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.418
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1246600 USD
tpcs Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
0 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
957600 USD
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
876267 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
957600 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M19D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.96
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
876665 shares
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
356668 shares
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.266
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.39
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.415
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
3396668 shares
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
3040000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
281301 USD
CY2017Q4 tpcs Employee Agreement Annual Commitment For Vacation And Holiday
EmployeeAgreementAnnualCommitmentForVacationAndHoliday
200000 USD
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
717122 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
740248 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
658335 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1796668 shares
CY2016Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
423500 shares
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2590418 shares
CY2017Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
90000000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
28824593 shares
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
28824593 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28824593 shares
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28824593 shares
CY2017Q4 us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
0 USD
CY2016Q4 us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
1122287 USD
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
0 USD
us-gaap Gain Loss On Sale Of Accounts Receivable
GainLossOnSaleOfAccountsReceivable
1122287 USD
us-gaap Reclassifications
Reclassifications
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>NOTE 16 - RECLASSIFICATION OF PRIOR YEAR PRESENTATION</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain prior year amounts have been reclassified for consistency with the current year presentation. A reclassification has been made to the condensed consolidated balance sheets for fiscal year ended March 31, 2017, to offset deferred taxes within the same tax jurisdiction. This reclassification had no effect on the reported results of operations or the consolidated statements of cash flows.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0 USD
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
507835 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 29.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>NOTE 1 - DESCRIPTION OF BUSINESS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 29.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">TechPrecision Corporation, or TechPrecision, is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise (WFOE) organized under the laws of the People&#8217;s Republic of China.&#160;TechPrecision, WCMC and Ranor are collectively referred to as the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221;.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 29.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">We manufacture precision, large-scale fabricated and machined metal components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical and precision industrial.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1428500 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35 pure
CY2017Q4 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
500000 USD
tpcs Represents Amount Of Forfeited Aggregate Intrinsic Value
RepresentsAmountOfForfeitedAggregateIntrinsicValue
0 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.50
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term Simplified Method
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTermSimplifiedMethod
The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We used the simplified method for all grants to estimate the expected life of the option.
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure

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