TECHPRECISION CORP Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>TECHPRECISION CORP (TPCS) has filed its 10-Q report for the quarter ending December 31, 2023, detailing financial performance and key dates.</b>

AI Summary

TECHPRECISION CORP (TPCS) filed a Quarterly Report (10-Q) with the SEC on March 1, 2024. TECHPRECISION CORP filed a 10-Q for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. Key dates mentioned include October 1, 2023, to December 31, 2023, for the current quarter. The company's fiscal year ends on March 31. The filing includes information related to common stock, retained earnings, and additional paid-in capital as of various dates in 2022 and 2023.

Why It Matters

For investors and stakeholders tracking TECHPRECISION CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for TECHPRECISION CORP, crucial for assessing performance and making investment decisions. Understanding the reported figures for common stock, retained earnings, and paid-in capital offers insight into the company's financial structure and equity changes over the past year.

Risk Assessment

Risk Level: low — TECHPRECISION CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand TECHPRECISION CORP's current financial health and operational performance.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-03-01 — Filing Date (Filed as of date)
• 0331 — Fiscal Year End (Fiscal year end)
• 2023-10-01 — Quarter Start Date (Reporting period for Q3 FY24)
• 2023-12-31 — Quarter End Date (Reporting period for Q3 FY24)

Key Players & Entities

• TECHPRECISION CORP (company) — Filer name
• TPCS (company) — Ticker symbol
• 2023-12-31 (date) — Conformed period of report
• 2024-03-01 (date) — Filed as of date
• 0331 (date) — Fiscal year end
• 1934 Act (regulator) — SEC Act
• 001-41698 (regulator) — SEC file number
• WESTMINSTER, MA (location) — Business address city and state

FAQ

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-03-01: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-07-13: Equity Incentive Plan Adoption — Date related to the Equity Incentive Plan 2016.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Marke

Filing Documents

• tpcs-20231231x10q.htm (10-Q) — 1797KB
• tpcs-20231231xex31d1.htm (EX-31.1) — 11KB
• tpcs-20231231xex31d2.htm (EX-31.2) — 11KB
• tpcs-20231231xex32d1.htm (EX-32.1) — 7KB
• 0001410578-24-000110.txt (&nbsp;) — 7588KB
• tpcs-20231231.xsd (EX-101.SCH) — 53KB
• tpcs-20231231_cal.xml (EX-101.CAL) — 52KB
• tpcs-20231231_def.xml (EX-101.DEF) — 193KB
• tpcs-20231231_lab.xml (EX-101.LAB) — 408KB
• tpcs-20231231_pre.xml (EX-101.PRE) — 339KB
• tpcs-20231231x10q_htm.xml (XML) — 1398KB

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 3 CONDENSED CONSOLIDATED BALANCE SHEETS 3 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 4 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY 5 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 8 ITEM 2 .

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 22 ITEM 3 . QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK 35 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 35 PART II . OTHER INFORMATION 38 ITEM 1A.

RISK FACTORS

RISK FACTORS 38 ITEM 6 . EXHIBITS 41

SIGNATURES

SIGNATURES 42 2 Table of Contents PART I

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TECHPRECISION CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, March 31, 2023 2023 ASSETS Current assets: Cash and cash equivalents $ 391,245 $ 534,474 Accounts receivable, net 2,192,061 2,336,481 Contract assets 8,372,183 8,947,811 Raw materials 2,054,348 1,692,852 Work-in-process 1,586,187 719,736 Other current assets 653,603 348,983 Total current assets 15,249,627 14,580,337 Property, plant and equipment, net 15,429,441 13,914,024 Right-of-use assets, net 5,149,898 5,660,938 Deferred income taxes 2,494,544 1,931,186 Other noncurrent assets, net 121,256 121,256 Total assets $ 38,444,766 $ 36,207,741 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable $ 1,727,108 $ 2,224,320 Accrued expenses 2,716,088 2,533,185 Contract liabilities 4,035,384 2,333,591 Current portion of long-term lease liability 727,683 711,727 Current portion of long-term debt, net 7,434,623 1,218,162 Total current liabilities 16,640,886 9,020,985 Long-term debt, net — 4,749,139 Long-term lease liability 4,595,170 5,143,974 Other noncurrent liability 4,373,494 2,699,492 Total liabilities 25,609,550 21,613,590 Commitments and contingencies (see Note 14) Stockholders' Equity: Common stock - par value $ .0001 per share, shares authorized: 50,000,000 ; Shares issued and outstanding: 8,762,432 at December 31, 2023 and 8,613,408 at March 31, 2023 876 861 Additional paid in capital 15,111,901 14,949,729 Accumulated deficit ( 2,277,561 ) ( 356,439 ) Total stockholders' equity 12,835,216 14,594,151 Total liabilities and stockholders' equity $ 38,444,766 $ 36,207,741 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents TECHPRECISION CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended D

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View this 10-Q filing on SEC EDGAR