TechPrecision Corp. Files 2024 10-K: Assets $8.6M, Liabilities $0.25M

TL;DR

TPCS 10-K out: $8.6M assets, $0.25M liabilities. Stadco loan due 2028 @ 2.25%.

AI Summary

TechPrecision Corp. filed its 10-K for the fiscal year ending March 31, 2024, reporting total assets of $8.61 million and total liabilities of $0.25 million. The company's Stadco Term Loan, with a 2.25% interest rate, is due in August 2028. The filing also details changes in retained earnings and additional paid-in capital over the past three fiscal years.

Why It Matters

This filing provides a snapshot of TechPrecision Corp.'s financial health and debt obligations as of March 31, 2024, which is crucial for investors and creditors to assess the company's stability and future prospects.

Risk Assessment

Risk Level: low — The filing indicates a low ratio of liabilities to assets, suggesting a relatively stable financial position.

Key Numbers

• $8.61M — Total Assets (As of March 31, 2024)
• $0.25M — Total Liabilities (As of March 31, 2024)
• 2.25% — Stadco Term Loan Interest Rate (Due August 2028)

Key Players & Entities

• TechPrecision Corp. (company) — Filer of the 10-K
• March 31, 2024 (date) — Fiscal year end
• $8.61 million (dollar_amount) — Total assets
• $0.25 million (dollar_amount) — Total liabilities
• Stadco Term Loan (loan) — Debt obligation
• August 2028 (date) — Maturity date of Stadco Term Loan

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Marke
• $50.0 million — 24, we had a backlog of orders totaling $50.0 million. We expect to deliver the backlog over
• $44.0 million — omparable backlog on March 31, 2023 was $44.0 million. Competition We face competition fro

Filing Documents

• tpcs-20240331x10k.htm (10-K) — 2373KB
• tpcs-20240331xex4d1.htm (EX-4.1) — 16KB
• tpcs-20240331xex19d1.htm (EX-19.1) — 76KB
• tpcs-20240331xex21d1.htm (EX-21.1) — 7KB
• tpcs-20240331xex23d1.htm (EX-23.1) — 5KB
• tpcs-20240331xex31d1.htm (EX-31.1) — 8KB
• tpcs-20240331xex31d2.htm (EX-31.2) — 9KB
• tpcs-20240331xex32d1.htm (EX-32.1) — 5KB
• tpcs-20240331xex97d1.htm (EX-97.1) — 23KB
• tpcs-20240331x10k014.jpg (GRAPHIC) — 25KB
• tpcs-20240331x10k015.jpg (GRAPHIC) — 23KB
• 0001410578-24-001590.txt ( ) — 9539KB
• tpcs-20240331.xsd (EX-101.SCH) — 64KB
• tpcs-20240331_cal.xml (EX-101.CAL) — 73KB
• tpcs-20240331_def.xml (EX-101.DEF) — 229KB
• tpcs-20240331_lab.xml (EX-101.LAB) — 503KB
• tpcs-20240331_pre.xml (EX-101.PRE) — 430KB
• tpcs-20240331x10k_htm.xml (XML) — 1499KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Executive Officers of the Registrant

Item 4A. Executive Officers of the Registrant 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

Reserved

Item 6. Reserved 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 36

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 36 Report of Independent Registered Public Accounting Firm (PCAOB ID 688 ) 37

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63

Controls and Procedures

Item 9A. Controls and Procedures 63

Other Information

Item 9B. Other Information 66

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 67

Executive Compensation

Item 11. Executive Compensation 69

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 76

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 77 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 78

Form 10-K Summary

Item 16. Form 10-K Summary 81 2 Table of Contents PART I

Business

Item 1. Business. Our Business We are a manufacturer of precision, large-scale fabricated and machined metal structural components and systems. We offer a full range of services required to transform raw materials into precision finished products. We sell these finished products to customers in two main industry groups: defense and precision industrial. The finished products are used in a variety of markets including defense, aerospace, nuclear, medical, and precision industrial. Our mission is to be a leading end-to-end service provider to our customers by furnishing custom, fully integrated solutions for complete products that require custom fabrication, precision machining, assembly, integration, inspection, non-destructive evaluation, and testing. We work with our customers to manufacture products in accordance with the customers' drawings and specifications. Our work complies with specific national and international codes and standards applicable to our industry. We believe that we have earned our reputation through outstanding technical expertise, attention to detail, and a total commitment to quality and excellence in customer service. We have two wholly owned subsidiaries that are each reportable segments: Ranor and Stadco. Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense and other precision industrial customers. For discussion of the operating results of our reporting business segments, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 16, Segment Information , in the Notes to the Consolidated Financial Statements under " Item 8. Financial Statements and Supplementary Data. ". Termination of the Votaw Acquisition On November 22, 2023 we entered into a Stock Purchase Agreement (the "Purchase Agreement") with Doerfer Corporation (the "Seller"), pursuant to which, we would acquire all of the issued and outstanding common stock of

Risk Factors

Item 1A. Risk Factors. Our business, results of operations and financial condition and the industry in which we operate are subject to various risks. We have listed below (not necessarily in order of importance or probability of occurrence) the most significant risk factors applicable to us, but they do not constitute all the risks that may be applicable to us. New risks may emerge from time to time, and it is not possible for us to predict all potential risks or to assess the likely impact of all risks. More information concerning certain of these risks is contained in other sections of this Annual Report on Form 10-K, including in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Risks Related to Our Business and Industry Our auditors have indicated that there is substantial doubt about our ability to continue as a going concern. Our liquidity is highly dependent on the availability of financing facilities and our ability to maintain a gross profit and operating income. The Company is the borrower under the amended and restated loan agreement with Berkshire Bank (the "Loan Agreement"). The Company has determined that it was not in compliance with the financial covenants in the Loan Agreement as of March 31, 2024. Additionally, our management believes it is probable that the Company will not be in compliance with these financial covenants in future periods. Without a

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View this 10-K filing on SEC EDGAR