$TPCS
TECHPRECISION CORP

2022 Q4 Form 10-Q Financial Statement

#000141057822003480 Filed on November 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $8.327M $8.523M
YoY Change 27.89% 77.65%
Cost Of Revenue $6.828M $6.783M
YoY Change 13.18% 75.42%
Gross Profit $1.499M $1.740M
YoY Change 213.54% 86.92%
Gross Profit Margin 18.0% 20.41%
Selling, General & Admin $1.225M $1.827M
YoY Change -24.59% 55.67%
% of Gross Profit 81.7% 105.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $550.1K $531.2K
YoY Change 18.89% 59.47%
% of Gross Profit 36.7% 30.54%
Operating Expenses $1.225M $1.827M
YoY Change -24.59% 55.67%
Operating Profit $274.3K -$87.42K
YoY Change -123.94% -64.02%
Interest Expense $93.60K $83.73K
YoY Change -1.18% 47.17%
% of Operating Profit 34.12%
Other Income/Expense, Net -$93.35K $613.9K
YoY Change 0.68% -1198.31%
Pretax Income $181.0K $526.5K
YoY Change -114.61% -276.14%
Income Tax $46.99K $135.5K
% Of Pretax Income 25.97% 25.74%
Net Earnings $134.0K $390.9K
YoY Change -114.81% -277.37%
Net Earnings / Revenue 1.61% 4.59%
Basic Earnings Per Share $0.00 $0.01
Diluted Earnings Per Share $0.00 $0.01
COMMON SHARES
Basic Shares Outstanding 34.44M 34.31M
Diluted Shares Outstanding 36.13M 35.99M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $316.2K $235.4K
YoY Change -43.78% -16.33%
Cash & Equivalents $316.2K $235.4K
Short-Term Investments
Other Short-Term Assets $986.0K $1.010M
YoY Change 110.93% 65.08%
Inventory $2.292M $2.517M
Prepaid Expenses
Receivables $2.927M $2.040M
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.88M $15.02M
YoY Change 3.0% 3.3%
LONG-TERM ASSETS
Property, Plant & Equipment $12.64M $12.86M
YoY Change 4.71% 4.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $726.5K $695.4K
YoY Change 499.11% -64.99%
Total Long-Term Assets $21.53M $21.78M
YoY Change -2.02% -1.66%
TOTAL ASSETS
Total Short-Term Assets $15.88M $15.02M
Total Long-Term Assets $21.53M $21.78M
Total Assets $37.41M $36.80M
YoY Change 0.05% 0.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.490M $3.699M
YoY Change -42.03% 33.17%
Accrued Expenses $2.443M $2.477M
YoY Change -3.57% 6.71%
Deferred Revenue $1.905M $1.806M
YoY Change 6.27% 62.17%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.070M $3.030M
YoY Change -57.61% -20.06%
Total Short-Term Liabilities $8.636M $11.69M
YoY Change -29.89% 10.94%
LONG-TERM LIABILITIES
Long-Term Debt $4.864M $2.864M
YoY Change 51.49% -14.04%
Other Long-Term Liabilities $2.829M $1.300M
YoY Change -53.06% -78.93%
Total Long-Term Liabilities $7.692M $4.164M
YoY Change 139.6% 24.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.636M $11.69M
Total Long-Term Liabilities $7.692M $4.164M
Total Liabilities $21.81M $21.35M
YoY Change 1.18% 6.57%
SHAREHOLDERS EQUITY
Retained Earnings $646.3K $512.3K
YoY Change -46.95% -75.87%
Common Stock $3.444K $3.444K
YoY Change 0.47% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.60M $15.45M
YoY Change
Total Liabilities & Shareholders Equity $37.41M $36.80M
YoY Change 0.05% 0.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $134.0K $390.9K
YoY Change -114.81% -277.37%
Depreciation, Depletion And Amortization $550.1K $531.2K
YoY Change 18.89% 59.47%
Cash From Operating Activities -$752.4K $174.5K
YoY Change 29.24% -114.5%
INVESTING ACTIVITIES
Capital Expenditures $194.7K -$310.5K
YoY Change -364.82% -13.46%
Acquisitions
YoY Change
Other Investing Activities $7.000K
YoY Change
Cash From Investing Activities -$187.8K -$310.5K
YoY Change 155.3% -96.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.021M -202.3K
YoY Change 8.97% -102.73%
NET CHANGE
Cash From Operating Activities -752.4K 174.5K
Cash From Investing Activities -187.8K -310.5K
Cash From Financing Activities 1.021M -202.3K
Net Change In Cash 80.80K -338.2K
YoY Change -71.26% -82.7%
FREE CASH FLOW
Cash From Operating Activities -$752.4K $174.5K
Capital Expenditures $194.7K -$310.5K
Free Cash Flow -$947.2K $485.0K
YoY Change 86.21% -157.42%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 - DESCRIPTION OF BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">TechPrecision Corporation, or “TechPrecision”, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. On February 24, 2006, we acquired all the issued and outstanding capital stock of our wholly owned subsidiary Ranor, Inc., or “Ranor.” Ranor, together with its predecessors, has been in continuous operation since 1956. The name was changed to TechPrecision Corporation on March 6, 2006.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">TechPrecision is the parent company of Ranor, Westminster Credit Holdings, LLC, or “WCH”, Stadco New Acquisition, LLC, or “Acquisition Sub”, Stadco and Wuxi Critical Mechanical Components Co., Ltd., or “WCMC”, a wholly foreign owned enterprise. WCMC was dissolved and deregistered in November 2021 and has had no customers or operations for over five years. TechPrecision, Ranor, WCH, WCMC (until November 2021), Acquisition Sub and Stadco are collectively referred to as the “Company”, “we”, “us” or “our”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 25, 2021, the Company completed its previously announced acquisition of Stadco, pursuant to that certain stock purchase agreement with Acquisition Sub, Stadco Acquisition, LLC, Stadco and each equity holder of Stadco Acquisition, LLC. On the closing date, the Company, through Acquisition Sub, acquired all the issued and outstanding capital stock of Stadco from Stadco Acquisition, LLC in exchange for the issuance of shares of the Company’s common stock to Stadco Acquisition, LLC. As a result of the acquisition, Stadco is now our wholly owned indirect subsidiary. See Note 3 for additional disclosures related to this business combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We manufacture large-scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical, and precision industrial. All our operations and customers are in the United States, or “U.S.”.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Use of Estimates in the Preparation of Financial Statements - </i>In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenues and expenses during the reported period. We continually evaluate our estimates, including those related to revenue recognition and income taxes. We base our estimates on historical and current experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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FinanceLeaseWeightedAverageRemainingLeaseTerm1
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CY2021Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M25D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y9M
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2021Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.039
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
us-gaap Operating Lease Payments
OperatingLeasePayments
386786
us-gaap Operating Lease Payments
OperatingLeasePayments
66023
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
25820
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
475440
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
947926
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
7233441
CY2022Q3 tpcs Finance Lease Liability Imputed Interest
FinanceLeaseLiabilityImputedInterest
-1058725
CY2022Q3 tpcs Finance Lease Liabilities
FinanceLeaseLiabilities
6174716
CY2022Q3 tpcs Employee Agreement Annual Commitment For Future Salaries During Next Fiscal Year
EmployeeAgreementAnnualCommitmentForFutureSalariesDuringNextFiscalYear
600000
CY2022Q3 tpcs Employee Agreement Annual Commitment For Vacation And Holiday
EmployeeAgreementAnnualCommitmentForVacationAndHoliday
1000000.0
CY2022Q3 us-gaap Purchase Obligation
PurchaseObligation
7200000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
44122
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
43240
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8522647
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4797410
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15599004
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8209639
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-87423
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-242982
us-gaap Operating Income Loss
OperatingIncomeLoss
-645432
us-gaap Operating Income Loss
OperatingIncomeLoss
-142922
CY2022Q3 tpcs Employee Retention Credit Refund
EmployeeRetentionCreditRefund
624045
tpcs Employee Retention Credit Refund
EmployeeRetentionCreditRefund
624045
tpcs Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
1317100
CY2022Q3 tpcs Other Income And Expense
OtherIncomeAndExpense
73561
CY2021Q3 tpcs Other Income And Expense
OtherIncomeAndExpense
1001
tpcs Other Income And Expense
OtherIncomeAndExpense
40336
tpcs Other Income And Expense
OtherIncomeAndExpense
11391
CY2022Q3 us-gaap Interest Expense
InterestExpense
83730
CY2021Q3 us-gaap Interest Expense
InterestExpense
56894
us-gaap Interest Expense
InterestExpense
167375
us-gaap Interest Expense
InterestExpense
86772
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-298875
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-148426
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1098797
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1116602
us-gaap Depreciation And Amortization
DepreciationAndAmortization
515804
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
499341
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
362986

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0001410578-22-003480.txt Edgar Link pending
0001410578-22-003480-xbrl.zip Edgar Link pending
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tpcs-20220930.xsd Edgar Link pending
tpcs-20220930x10q.htm Edgar Link pending
tpcs-20220930xex31d1.htm Edgar Link pending
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tpcs-20220930_cal.xml Edgar Link unprocessable
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tpcs-20220930_lab.xml Edgar Link unprocessable
tpcs-20220930x10q_htm.xml Edgar Link completed