$TPCS
TECHPRECISION CORP

2023 Q1 Form 10-Q Financial Statement

#000141057823000130 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $7.505M $8.327M
YoY Change -0.74% 27.89%
Cost Of Revenue $6.657M $6.828M
YoY Change 3.59% 13.18%
Gross Profit $847.9K $1.499M
YoY Change -25.3% 213.54%
Gross Profit Margin 11.3% 18.0%
Selling, General & Admin $1.582M $1.225M
YoY Change -8.44% -24.59%
% of Gross Profit 186.58% 81.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $550.7K $550.1K
YoY Change 14.28% 18.89%
% of Gross Profit 64.95% 36.7%
Operating Expenses $1.582M $1.225M
YoY Change -8.44% -24.59%
Operating Profit -$734.1K $274.3K
YoY Change 23.84% -123.94%
Interest Expense -$94.63K $93.60K
YoY Change 7.68% -1.18%
% of Operating Profit 34.12%
Other Income/Expense, Net $12.77K -$93.35K
YoY Change -130.56% 0.68%
Pretax Income -$816.0K $181.0K
YoY Change 102.75% -114.61%
Income Tax $186.8K $46.99K
% Of Pretax Income 25.97%
Net Earnings -$1.003M $134.0K
YoY Change 68.3% -114.81%
Net Earnings / Revenue -13.36% 1.61%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$0.12 $0.00
COMMON SHARES
Basic Shares Outstanding 34.44M 34.44M
Diluted Shares Outstanding 36.13M

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $534.5K $316.2K
YoY Change -49.2% -43.78%
Cash & Equivalents $534.5K $316.2K
Short-Term Investments
Other Short-Term Assets $349.0K $986.0K
YoY Change -75.45% 110.93%
Inventory $2.413M $2.292M
Prepaid Expenses
Receivables $2.336M $2.927M
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.58M $15.88M
YoY Change -9.26% 3.0%
LONG-TERM ASSETS
Property, Plant & Equipment $13.91M $12.64M
YoY Change -28.78% 4.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $121.3K $726.5K
YoY Change -94.61% 499.11%
Total Long-Term Assets $21.63M $21.53M
YoY Change -0.72% -2.02%
TOTAL ASSETS
Total Short-Term Assets $14.58M $15.88M
Total Long-Term Assets $21.63M $21.53M
Total Assets $36.21M $37.41M
YoY Change -4.35% 0.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.224M $1.490M
YoY Change -35.09% -42.03%
Accrued Expenses $2.533M $2.443M
YoY Change -8.02% -3.57%
Deferred Revenue $2.334M $1.905M
YoY Change 32.19% 6.27%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.218M $2.070M
YoY Change -70.24% -57.61%
Total Short-Term Liabilities $9.021M $8.636M
YoY Change -32.25% -29.89%
LONG-TERM LIABILITIES
Long-Term Debt $4.749M $4.864M
YoY Change 52.46% 51.49%
Other Long-Term Liabilities $2.699M $2.829M
YoY Change -56.17% -53.06%
Total Long-Term Liabilities $7.449M $7.692M
YoY Change -19.68% 139.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.021M $8.636M
Total Long-Term Liabilities $7.449M $7.692M
Total Liabilities $21.61M $21.81M
YoY Change -4.32% 1.18%
SHAREHOLDERS EQUITY
Retained Earnings -$356.4K $646.3K
YoY Change -157.25% -46.95%
Common Stock $861.00 $3.444K
YoY Change -74.9% 0.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.59M $15.60M
YoY Change
Total Liabilities & Shareholders Equity $36.21M $37.41M
YoY Change -4.35% 0.05%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.003M $134.0K
YoY Change 68.3% -114.81%
Depreciation, Depletion And Amortization $550.7K $550.1K
YoY Change 14.28% 18.89%
Cash From Operating Activities $2.267M -$752.4K
YoY Change 18.91% 29.24%
INVESTING ACTIVITIES
Capital Expenditures $1.057M $194.7K
YoY Change -310.37% -364.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $7.000K
YoY Change
Cash From Investing Activities -$1.057M -$187.8K
YoY Change 110.37% 155.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -991.6K 1.021M
YoY Change 8.45% 8.97%
NET CHANGE
Cash From Operating Activities 2.267M -752.4K
Cash From Investing Activities -1.057M -187.8K
Cash From Financing Activities -991.6K 1.021M
Net Change In Cash 218.3K 80.80K
YoY Change -55.42% -71.26%
FREE CASH FLOW
Cash From Operating Activities $2.267M -$752.4K
Capital Expenditures $1.057M $194.7K
Free Cash Flow $1.210M -$947.2K
YoY Change -49.77% 86.21%

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 10pt 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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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
206432
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
16334
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
21134
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1171
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2415
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M29D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y6M
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.045
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.039
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
us-gaap Operating Lease Payments
OperatingLeasePayments
612411
us-gaap Operating Lease Payments
OperatingLeasePayments
181525
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
31058
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
493015
CY2022Q4 tpcs Finance Lease Liability Imputed Interest
FinanceLeaseLiabilityImputedInterest
-1005678
CY2022Q4 tpcs Finance Lease Liabilities
FinanceLeaseLiabilities
6209698
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
985224
CY2022Q4 tpcs Employee Agreement Annual Commitment For Future Salaries During Next Fiscal Year
EmployeeAgreementAnnualCommitmentForFutureSalariesDuringNextFiscalYear
600000
CY2022Q4 tpcs Employee Agreement Annual Commitment For Vacation And Holiday
EmployeeAgreementAnnualCommitmentForVacationAndHoliday
800000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
63354
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
65303
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8327345
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6511325
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
23926349
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14720964
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
274315
CY2021Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-1145825
us-gaap Operating Income Loss
OperatingIncomeLoss
-371117
us-gaap Operating Income Loss
OperatingIncomeLoss
-1288746
tpcs Employee Retention Credit Refund
EmployeeRetentionCreditRefund
624045
tpcs Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
1317100
CY2022Q4 tpcs Other Income And Expense
OtherIncomeAndExpense
254
CY2021Q4 tpcs Other Income And Expense
OtherIncomeAndExpense
1999
tpcs Other Income And Expense
OtherIncomeAndExpense
40590
tpcs Other Income And Expense
OtherIncomeAndExpense
13390
CY2022Q4 us-gaap Interest Expense
InterestExpense
93603
CY2021Q4 us-gaap Interest Expense
InterestExpense
94721
us-gaap Interest Expense
InterestExpense
260978
us-gaap Interest Expense
InterestExpense
181494
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
180966
CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1238547
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32540
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-139750
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1666741
us-gaap Depreciation And Amortization
DepreciationAndAmortization
978517
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
663033
tpcs Capital Expenditures From Purchase Of Fixed Assets
CapitalExpendituresFromPurchaseOfFixedAssets
436531

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