tpcs10q.htm

0000950159-15-000262.txt : 20150814 0000950159-15-000262.hdr.sgml : 20150814 20150814161049 ACCESSION NUMBER: 0000950159-15-000262 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150814 DATE AS OF CHANGE: 20150814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TECHPRECISION CORP CENTRAL INDEX KEY: 0001328792 STANDARD INDUSTRIAL CLASSIFICATION: FABRICATED STRUCTURAL METAL PRODUCTS [3440] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51378 FILM NUMBER: 151055869 BUSINESS ADDRESS: STREET 1: 3553 WEST CHESTER PIKE STREET 2: #311 CITY: NEWTOWN SQUARE STATE: PA ZIP: 19073 BUSINESS PHONE: 484-693-1700 MAIL ADDRESS: STREET 1: 3553 WEST CHESTER PIKE STREET 2: #311 CITY: NEWTOWN SQUARE STATE: PA ZIP: 19073 FORMER COMPANY: FORMER CONFORMED NAME: Techprecision CORP DATE OF NAME CHANGE: 20060309 FORMER COMPANY: FORMER CONFORMED NAME: LOUNSBERRY HOLDINGS II INC DATE OF NAME CHANGE: 20050531 10-Q 1 tpcs10q.htm TECHPRECISION CORPORATION FORM 10-Q tpcs10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-51378

TECHPRECISION CORPORATION

(Exact name of registrant as specified in its charter)

DELAWARE		51-0539828
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

992 Old Eagle School Road, Suite 909 Wayne, PA		19087
(Address of principal executive offices)		(Zip Code)

(484) 693-1700

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	o
Non-Accelerated Filer	o	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

The number of shares of the Registrant’s common stock, par value $0.0001 per share, issued and outstanding at August 10, 2015 was 25,446,187.

TABLE OF CONTENTS

		Page
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	FINANCIAL STATEMENTS	3
	CONDENSED CONSOLIDATED BALANCE SHEETS	3
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)	4
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	5
	NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	15
ITEM 4.	CONTROLS AND PROCEDURES	22
PART II.	OTHER INFORMATION	22
ITEM 1.	LEGAL PROCEEDINGS	22
ITEM 1A.	RISK FACTORS	22
ITEM 6.	EXHIBITS	23
	SIGNATURES	24
EXHIBIT INDEX

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2015			March 31, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	1,464,760		$	1,336,325
Accounts receivable, less allowance for doubtful accounts of $24,693 in 2016 and 2015		821,639			826,363
Costs incurred on uncompleted contracts, in excess of progress billings		1,800,489			2,008,244
Inventories - raw materials		135,771			134,812
Current deferred taxes		826,697			826,697
Other current assets		465,816			538,253
Total current assets		5,515,172			5,670,694
Property, plant and equipment, net		5,430,345			5,610,041
Other noncurrent assets, net		27,155			45,490
Total assets	$	10,972,672		$	11,326,225

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	1,203,675		$	1,526,123
Trade notes payable		74,401			138,237
Accrued expenses		1,700,092			1,665,658
Advanced claims payment		507,835			--
Deferred revenues		714,551			1,211,506
Short-term debt		2,250,000			2,250,000
Current portion of long-term debt		933,823			933,651
Total current liabilities		7,384,377			7,725,175
Long-term debt, including capital lease		2,252,337			2,485,858
Noncurrent deferred taxes		826,697			826,697
Commitments and contingent liabilities (see Note 16)
Stockholders’ Equity:
Preferred stock - par value $.0001 per share, 10,000,000 shares authorized,
of which 9,890,980 are designated as Series A Preferred Stock, with 1,333,697 and 1,927,508
shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively
(liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015)		394,758			524,210
Common stock - par value $.0001 per share, 90,000,000 shares authorized,
25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015,
and at March 31, 2015, respectively		2,545			2,467
Additional paid in capital		6,630,920			6,487,589
Accumulated other comprehensive income		24,019			23,561
Accumulated deficit		(6,542,981	)		(6,749,332	)
Total stockholders’ equity		509,261			288,495
Total liabilities and stockholders’ equity	$	10,972,672		$	11,326,225

See accompanying notes to the condensed consolidated financial statements.

TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended June 30,
	2015			2014
Net sales	$	4,374,975		$	6,230,341
Cost of sales		3,092,116			6,012,101
Gross profit		1,282,859			218,240
Selling, general and administrative		804,207			1,328,773
Income (loss) from operations		478,652			(1,110,533	)
Other (expense) income		(189	)		53
Interest expense		(272,122	)		(160,589	)
Interest income		10			--
Total other expense, net		(272,301	)		(160,536	)
Income (loss) before income taxes		206,351			(1,271,069	)
Income tax expense		--			--
Net income (loss)	$	206,351		$	(1,271,069	)
Other comprehensive income (loss), before tax:
Change in unrealized loss on cash flow hedges		--			(16,680	)
Reclassification adjustments for cash flow hedge losses included in net loss		--			29,105
Foreign currency translation adjustments		(61	)		30
Other comprehensive income (loss), before tax		(61	)		12,455
Income tax expense of other comprehensive income (loss) items		--			--
Comprehensive income (loss), net of tax	$	206,290		$	(1,258,614	)
Net loss per share (basic)	$	0.01		$	(0.05	)
Net loss per share (diluted)	$	0.01		$	(0.05	)
Weighted average number of shares outstanding (basic)		24,867,019			24,010,264
Weighted average number of shares outstanding (diluted)		24,867,019			24,010,264

See accompanying notes to the condensed consolidated financial statements.

TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended June 30,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	206,351		$	(1,271,069	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		276,917			255,645
Stock based compensation expense		13,957			68,824
Provision for contract losses		20,371			366,951
Changes in operating assets and liabilities:
Accounts receivable		4,724			(940,242	)
Costs incurred on uncompleted contracts, in excess of progress billings		207,755			561,964
Inventories – raw materials		(959	)		51,153
Other current assets		11,078			4,001
Other noncurrent assets		--			(335,226	)
Accounts payable		(386,285	)		921,933
Accrued expenses		14,520			(431,784	)
Advanced claims payment		507,835			--
Deferred revenues		(496,955	)		(809,766	)
Net cash provided by (used in) operating activities		379,309			(1,557,616	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment		(17,600	)		(54,093	)
Net cash used in investing activities		(17,600	)		(54,093	)

CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings of long-term debt		--			4,150,000
Repayment of long-term debt		(233,349	)		(2,738,105	)
Net cash (used in) provided by financing activities		(233,349	)		1,411,895
Effect of exchange rate on cash and cash equivalents		75			1
Net increase (decrease) in cash and cash equivalents		128,435			(199,813	)
Cash and cash equivalents, beginning of period	$	1,336,325		$	1,086,701
Cash and cash equivalents, end of period	$	1,464,760		$	886,888

See accompanying notes to the condensed consolidated financial statements.

TECHPRECISION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Continued)

	Three Months Ended June 30,
	2015		2014
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid during the period for:
Interest	$	159,324	$	115,056
Income taxes	$	--	$	--

SUPPLEMENTAL INFORMATION – NONCASH INVESTING AND FINANCING TRANSACTIONS:

Three Months Ended June 30, 2015

For the three months ended June 30, 2015, the Company issued 776,229 shares of common stock in connection with the conversion of 593,811 shares of Series A Convertible Preferred Stock.

Three Months Ended June 30, 2014

For the three months ended June 30, 2014, the Company issued 718,954 shares of common stock in connection with the conversion of 550,000 shares of Series A Convertible Preferred Stock.

For the three months ended June 30, 2014, the Company recorded a liability of $219,359 (net of tax of $0) to reflect the fair value of an interest rate swap contract in connection with a tax exempt bond financing transaction.

See accompanying notes to the condensed consolidated financial statements.

TECHPRECISION CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - DESCRIPTION OF BUSINESS

TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. 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). TechPrecision, WCMC and Ranor are collectively referred to as the “Company”, “we”, “us” or “our”.

We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, commercial, and aerospace industries.

Liquidity and Capital Resources

At June 30, 2015, we had cash and cash equivalents of $1.5 million, of which $16,005 is located in China and may not be able to be repatriated for use in the United States without undue cost or expense, if at all. Net cash provided by operating activities was $379,309 for the three months ended June 30, 2015, which includes an advance payment of $507,835 received on April 17, 2015 under an Assignment of Claim Agreement described below. We continue to reduce our operating expenses to stay in line with current business conditions. Our profit margins have improved significantly for the three months ended June 30, 2015, when compared with the three months ended June 30, 2014. As a result, we recorded net income of $206,351 for the three months ended June 30, 2015 compared with a net loss of $1.3 million for the three months ended June 30, 2014.

We incurred an operating loss of $3.6 million for the year ended March 31, 2015, or fiscal 2015. In fiscal 2014, we recorded a provision for potential contract losses of $2.4 million in connection with the bankruptcy filing of GT Advanced Technologies, Inc., or GTAT, and filed a proof of claim with the bankruptcy court to recover all of our costs under the terms of a purchase agreement with GTAT. The claim is now considered an unsecured creditor claim within GTAT’s overall bankruptcy proceedings.

On April 17, 2015, the Company, through Ranor, entered into an Assignment of Claim Agreement, or the Assignment Agreement, with Citigroup Financial Products Inc., or Citigroup. Pursuant to the terms of the Assignment Agreement, Ranor agreed to sell, transfer, convey and assign to Citigroup all of Ranor’s right, title and interest in and to Ranor’s $3,740,956 unsecured claim against GTAT. Pursuant to the Assignment Agreement, Citigroup paid to Ranor an initial amount equal to $507,835. The Assignment Agreement provides for Citigroup to pay to Ranor up to an additional $614,452 upon either (A) receipt of written notice that Ranor’s claim (or any portion thereof) has been fully and finally allowed against GTAT as a non-contingent, liquidated, and undisputed general unsecured claim, been listed as non-contingent, liquidated, and undisputed on schedules filed by GTAT with the bankruptcy court, or appeared on the claims agent’s, or trustee’s or other estate representative’s records, or has otherwise been conclusively and finally treated in GTAT’s bankruptcy, as “allowed” or “accepted as filed”; or (B) the expiration of the time period during which any party (including GTAT) is permitted to file an objection, dispute or challenge with respect to Ranor’s claim without any such objection, dispute or challenge having been filed. If Ranor’s claim against GTAT is allowed in its entirety, then Citigroup will pay Ranor an additional $614,452. If the amount of Ranor’s claim that is allowed is greater than $1,692,782 but less than the full amount or Ranor’s claim, then Citigroup will pay Ranor an additional amount equal to $614,452 minus the product of 30% multiplied by the difference between the total amount of Ranor’s claim and the amount of such claim that is actually allowed. If the total amount of Ranor’s claim against GTAT that is allowed is less than $1,692,782, then Ranor may be obligated repay to Citigroup 30% of the difference between $1,692,782 and the amount of Ranor’s claim that is actually allowed plus interest at 7% per annum from April 21, 2015 through the date of the repurchase.

The Company cannot predict the amount of Ranor’s claim that will be finally allowed or admitted in the GTAT bankruptcy proceeding and cannot guarantee that Ranor will receive any additional payment on its claim. The Company continues to vigorously pursue its legal remedies in respect to the case described above; however, an adverse decision in any proceeding could significantly harm our business and our consolidated financial position, results of operations and cash flows.

On May 30, 2014, TechPrecision and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor. Payments under the LSA and Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% or the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.

In connection with the execution of the LSA, we paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million of the proceeds of the Credit Loan Note to pay off debt obligations owed to Santander Bank N.A. under a Loan and Security Agreement. Additionally, the Company retained approximately $1.27 million of the proceeds of the Credit Loan Note for general corporate purposes.

On December 22, 2014, Ranor entered into a Term Loan and Security Agreement, or TLSA, with Revere High Yield Fund, LP, or Revere. Pursuant to the TLSA, Revere agreed to loan an aggregate of $2.25 million to Ranor under a term loan note in the aggregate principal amount of $1.5 million, or the First Loan Note, and a term loan note in the aggregate principal amount of $750,000, or the Second Loan Note. The First Loan Note is collateralized by a secured interest in Ranor’s Massachusetts facility and certain machinery and equipment at Ranor. The Second Loan Note is collateralized by a secured interest in certain accounts, inventory and equipment of Ranor. Payments under the TLSA, the First Loan Note and the Second Loan Note are due as follows: (a) payments of interest only on advanced principal on a monthly basis on the first day of each month from February 1, 2015 until December 31, 2015 with an annual interest rate on the unpaid principal balance of the First Loan Note and the Second Loan Note equal to 12% per annum and (b) the principal balance plus accrued and unpaid interest payable on December 31, 2015. Ranor’s obligations under the TLSA, the First Loan Note and the Second Loan Note are guaranteed by TechPrecision pursuant to a Guaranty Agreement with Revere. Ranor utilized approximately $1.45 million of the proceeds of the First Loan Note and the Second Loan Note to repay in full loan obligations owed to the Bank, plus breakage fees on a related interest swap of $217,220 under the Loan and Security Agreement with Santander Bank N.A. The remaining proceeds of the First Loan Note and the Second Loan Note were retained by the Company to be used for general corporate purposes. Pursuant to the TLSA, Ranor is subject to certain affirmative covenants more fully described in Note 9 – Debt.

If we were to violate any of the covenants under the above debt agreements, the lenders could demand full repayment of the amounts we owe. As such, we would need to seek alternative financing to pay these obligation as we do not have existing facilities or sufficient cash on hand to satisfy these obligations, and there is no guarantee that we would be able to obtain such alternative financing.

Our liquidity is highly dependent on our available financing facilities and our ability to improve our gross profit and operating income. Our TLSA with Revere expires on December 31, 2015, and must be extended or refinanced with another lender. If we successfully secure additional acceptable financing facilities, execute on our business plans, improve gross profit and operating income, and reduce our operating costs, then we believe that our available cash will be sufficient to fund our operations, capital expenditures and principal and interest payments under our debt obligations through the next twelve months.

These factors raise substantial doubt about our ability to continue as a going concern. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must secure long-term financing on terms consistent with our near-term business plans. In addition, we must increase our backlog and change the composition of our revenues to focus on recurring unit of delivery projects rather than custom first article and prototyping projects, which do not efficiently utilize our manufacturing capacity. We plan to closely monitor our expenses and, if required, will further reduce operating costs and capital spending to enhance liquidity.

The condensed consolidated financial statements for the three months ended June 30, 2015 and for the year ended March 31, 2015, or fiscal 2015, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total current liabilities of $7.4 million at June 30, 2015 and to continue as a going concern is dependent upon the successful execution of our operating plan and our ability to timely secure additional long-term financing. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of operations and comprehensive income (loss) for the three month periods ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the three months ended June 30, 2015 and 2014 are unaudited, but, in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year.

The Notes to Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with our consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or the 2015 Form 10-K, filed with the SEC on June 29, 2015.

Significant Accounting Policies

Our significant accounting policies are set forth in detail in Note 2 to the 2015 Form 10-K.

NOTE 3 – RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS

In February 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU No. 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 makes specific amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entities guidance. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-02 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. The new guidance will be applied on a retrospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

NOTE 4 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following as of:

	June 30, 2015			March 31, 2015
Land	$	110,113		$	110,113
Building and improvements		3,235,308			3,235,308
Machinery equipment, furniture and fixtures		8,733,884			8,733,660
Equipment under capital leases		65,568			65,568
Construction in progress		17,600			--
Total property, plant and equipment		12,162,473			12,144,649
Less: accumulated depreciation		(6,732,128	)		(6,534,608	)
Total property, plant and equipment, net	$	5,430,345		$	5,610,041

Depreciation expense for the three months ended June 30, 2015 and 2014 was $197,228 and $215,516, respectively.

NOTE 5 - COSTS INCURRED ON UNCOMPLETED CONTRACTS

The following table sets forth information as to costs incurred on uncompleted contracts as of:

	June 30, 2015			March 31, 2015
Cost incurred on uncompleted contracts, beginning balance	$	4,068,488		$	9,960,072
Total cost incurred on contracts during the period		2,991,953			10,034,158
Less cost of sales, during the period		(3,092,116	)		(15,925,742	)
Cost incurred on uncompleted contracts, ending balance	$	3,968,325		$	4,068,488

Billings on uncompleted contracts, beginning balance	$	2,060,244		$	4,702,070
Plus: Total billings incurred on contracts, during the period		4,482,567			15,591,388
Less: Contracts recognized as revenue, during the period		(4,374,975	)		(18,233,214	)
Billings on uncompleted contracts, ending balance	$	2,167,836		$	2,060,244

Cost incurred on uncompleted contracts, ending balance	$	3,968,325		$	4,068,488
Billings on uncompleted contracts, ending balance		2,167,836			2,060,244
Costs incurred on uncompleted contracts, in excess of progress billings	$	1,800,489		$	2,008,244

Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of June 30, 2015 and March 31, 2015, we had deferred revenues totaling $714,551 and $1,211,506, respectively. Deferred revenues represent customer prepayments on their contracts and completed contracts on which all revenue recognition criteria were not met. We record provisions for losses within costs of sales in our condensed consolidated statement of operations and comprehensive income (loss). We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The agreements with our customers allow us to offset the progress payments against the costs incurred.

NOTE 6 – OTHER CURRENT ASSETS

	June 30, 2015		March 31, 2015
Payments advanced to suppliers	$	72,002	$	54,422
Prepaid insurance		176,745		205,477
Collateral deposits		85,252		85,252
Deferred loan costs, net of amortization		122,708		184,063
Other		9,109		9,039
Total	$	465,816	$	538,253

NOTE 7 – OTHER NONCURRENT ASSETS

	June 30, 2015		March 31, 2015
Deferred loan costs, net of amortization	$	27,155	$	45,490
Total	$	27,155	$	45,490

NOTE 8 - ACCRUED EXPENSES

	June 30, 2015		March 31, 2015
Accrued compensation	$	672,903	$	613,838
Provision for contract losses		469,580		533,799
Accrued interest expense		453,818		436,787
Other		103,791		81,234
Total	$	1,700,092	$	1,665,658

Our contract loss provision at both June 30, 2015 and March 31, 2015 includes approximately $0.5 million for estimated contract losses in connection with a certain customer purchase agreement. We filed a demand for arbitration under the contract to recover damages, together with attorney's fees, interest and costs, subsequent to the customer’s request to reduce the number of units ordered under the purchase agreement. As a result of the customer filing a voluntary bankruptcy claim, the demand is now considered an unsecured creditor claim within the customer’s overall bankruptcy proceedings. It is more likely than not that we will not be able to recover the full amount of our claim. As such, part of the total reduction in the liability reflects the netting of approximately $0.8 million of accumulated costs in work-in-progress and $1.1 million of accounts receivable with the loss provision. Accrued interest expense is for deferred interest costs accounted for under the effective interest method in connection with the Utica Credit Loan Note due November 2018.

NOTE 9 – DEBT

	June 30, 2015		March 31, 2015
Utica Credit Loan Note due November 2018	$	3,150,926	$	3,381,481
Revere Term Loan and Notes due December 2015		2,250,000		2,250,000
Obligations under capital lease		35,234		38,028
Total debt	$	5,436,160	$	5,669,509
Less: Short-term debt	$	2,250,000	$	2,250,000
Less: Current portion of long-term debt	$	933,823	$	933,651
Long-term debt, including capital lease	$	2,252,337	$	2,485,858

Term Loan and Security Agreement

On December 22, 2014, Ranor entered into the TLSA with Revere. Pursuant to the TLSA, Revere agreed to loan an aggregate of $2.25 million to Ranor under the First Loan Note in the aggregate principal amount of $1.5 million and the Second Loan Note in the aggregate principal amount of $750,000. The First Loan Note is collateralized by a secured interest in Ranor’s Massachusetts facility and certain machinery and equipment at Ranor. The Second Loan Note is collateralized by a secured interest in certain accounts, inventory and equipment of Ranor. Payments under the TLSA, the First Loan Note and the Second Loan Note are due as follows: (a) payments of interest only on advanced principal on a monthly basis on the first day of each month from February 1, 2015 until December 31, 2015 with an annual interest rate on the unpaid principal balance of the First Loan Note and the Second Loan Note equal to 12% per annum and (b) the principal balance plus accrued and unpaid interest payable on December 31, 2015. Ranor’s obligations under the TLSA, the First Loan Note and the Second Loan Note are guaranteed by TechPrecision pursuant to a Guaranty Agreement with Revere. Ranor utilized approximately $1.45 million of the proceeds of the First Loan Note and Second Loan Note to pay off Bond obligations owed to Santander Bank N.A. plus breakage fees on a related interest swap of $217,220 under the Loan and Security Agreement with Santander Bank N.A. The remaining proceeds of the First Loan Note and the Second Loan Note were retained by the Company for general corporate purposes. Pursuant to the TLSA, Ranor is subject to certain affirmative and negative covenants, including a cash covenant, which requires that we maintain minimum month end cash balances that range from $400,000 to $820,000. We were required to maintain a cash balance of $775,000 and $500,000 at June 30, 2015 and March 31, 2015, respectively. We were in compliance with all covenants under the TLSA at June 30, 2015 and March 31, 2015.

Loan and Security Agreement

On May 30, 2014, TechPrecision and Ranor entered into the LSA with Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor. Payments under the LSA and the Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% or the six-month LIBOR interest rate, as described in the Credit Loan Note. At June 30, 2015, the rate of interest on the debt under the LSA was 10.8%. In addition, if the obligations under the LSA and the Credit Loan Note are paid in full prior to the maturity date, Ranor will be required to pay Utica deferred interest in an amount ranging from $166,000 during the first twelve months of the term of the loan to $498,000 at any time after the forty-eighth month of the term of the loan. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.

Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business; and (5) enter into any transaction that would materially or adversely affect the collateral or Ranor’s ability to repay the obligations under the LSA and the Credit Loan Note. The restrictions contained in these covenants are subject to certain exceptions specified in the LSA and in some cases may be waived by written consent of Utica. Any failure to comply with the covenants outlined in the LSA without waiver by Utica or certain other provisions in the LSA would constitute an event of default, pursuant to which Utica may accelerate the repayment of the loan. In connection with the execution of the LSA, the Company paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million of the proceeds of the Credit Loan Note to pay off, or complete a refinancing of, debt obligations owed to Santander Bank N.A. under the Loan and Security Agreement. We paid a breakage fee of $29,448 for early termination of the interest rate swap for the Series B Bonds and recorded the amount as interest expense in our statement of operations. We retained approximately $1.27 million of the proceeds of the Credit Loan Note for general corporate purposes.

Capital Lease

We entered into a new capital lease in April 2012 for certain office equipment. The lease has a term of 63 months, bears interest at 6.0% and requires monthly payments of principal and interest of $860. This lease was amended in fiscal 2014 when we purchased a replacement copier at Ranor. The revised lease term was extended by nine months and will expire in March 2018 and the required monthly payments of principal and interest increased to $1,117. The amount of the lease recorded in property, plant and equipment, net as of June 30, 2015 and March 31, 2015 was $31,889 and $38,027, respectively.

NOTE 10 - INCOME TAXES

We account for income taxes under the provisions of FASB ASC 740, Income Taxes. At the end of each interim period, we make an estimate of our annual expected effective tax rates in both the United States and China. For the three months ended June 30, 2015 and 2014, we recorded zero income tax expense. The lack of tax expense or benefit for the three months ended June 30, 2015 was primarily the result of recording a full valuation allowance on our net deferred tax assets. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. We have determined that it is more likely than not that certain future tax benefits may not be realized. A change in the estimates used to make this determination could require an increase in deferred tax assets if they become realizable.

At March 31, 2015, our federal net operating loss carry-forward was approximately $10.0 million. If not utilized, the federal net operating loss carry-forward will begin to expire in 2025. Section 382 of the Internal Revenue Code, as amended, provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis due to an ownership change in connection with the acquisition of Ranor in 2006.

We file income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Our foreign subsidiary files separate income tax returns in China, the foreign jurisdiction in which it is located. Tax years 2012 and forward remain open for examination. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

NOTE 11 - PROFIT SHARING PLAN

Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. Our contributions were $3,083 and $2,678 for the three months ended June 30, 2015 and 2014, respectively.

NOTE 12 - CAPITAL STOCK

Preferred Stock

We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitations of the holders of such series. Our board of directors has created one series of preferred stock - the Series A Convertible Preferred Stock.

During the three months ended June 30, 2015 and 2014, 593,811 and 550,000 shares of Series A Convertible Preferred Stock were converted into 776,229 and 718,954 shares of common stock, respectively. We had 1,333,697 and 1,927,508 shares of Series A Convertible Preferred Stock outstanding at June 30, 2015 and March 31, 2015, respectively.

Each share of Series A Convertible Preferred Stock was initially convertible into one share of common stock. As a result of our failure to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and each share of Series A Convertible Preferred Stock became convertible into 1.3072 shares of common stock, with an effective conversion price of $0.218. Based on the current conversion ratio, there were 1,743,409 and 2,519,638 common shares underlying the Series A Convertible Preferred Stock as of June 30, 2015 and March 31, 2015, respectively.

Upon any liquidation, we would be required to pay $0.285 for each share of Series A Convertible Preferred Stock. The payment would be made before any payment to holders of any junior securities and after payment to holders of securities that are senior to the Series A Convertible Preferred Stock.

Common Stock

We had 90,000,000 authorized common shares at June 30, 2015 and March 31, 2015. There were 25,446,187 and 24,669,958 shares of common stock outstanding at June 30, 2015 and March 31, 2015, respectively. For the three months ended June 30, 2015 we issued 776,229 shares of common stock in connection with conversions of Series A Convertible Preferred Stock. For the three months ended June 30, 2014, we issued 718,954 shares of common stock in connection with conversions of Series A Convertible Preferred Stock.

NOTE 13 - STOCK BASED COMPENSATION

In 2006, our board of directors adopted, and our stockholders approved, the 2006 long-term incentive plan, or the Plan, covering 1,000,000 shares of common stock. On August 5, 2010, the Plan was amended to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,000,000 shares. On September 15, 2011, the directors adopted and the shareholders approved an amendment to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,300,000 shares. The Plan provides for the grant of incentive and non-qualified options, stock grants, stock appreciation rights and other equity-based incentives to employees, including officers, and consultants. The Plan is to be administered by a committee of not less than two directors each of whom is to be an independent director. In the absence of a committee, the Plan is administered by our board of directors. Independent directors are not eligible for discretionary options.

Pursuant to the Plan, each newly elected independent director receives, at the time of election, a five-year option to purchase 50,000 shares of common stock at the market price on the date of his or her election. In addition, the Plan provides for the annual grant of an option to purchase 10,000 shares of common stock on July 1 of each year following the third anniversary of the date of election.

The fair value of the options we granted was estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We use the simplified method for all grants to estimate the expected term of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. Because of our limited stock exercise activity we did not rely on our historical exercise data. At June 30, 2015, there were 1,832,006 shares of common stock available for grant under the Plan.

The following table summarizes information about options for the periods presented below:

	Number Of			Weighted Average		Aggregate Intrinsic		Weighted Average Remaining Contractual Life
	Options			Exercise Price		Value		(in years)
Outstanding at 4/1/2014		1,355,500		$	1.014	$	329,025	7.32
Granted		50,000		$	0.620
Forfeited		(215,000	)	$	0.730
Outstanding at 3/31/2015		1,190,500		$	1.049	$	21,600	5.18
Granted		--		$	--
Forfeited		(120,000	)	$	1.110
Outstanding at 6/30/2015		1,070,500		$	1.042	$	14,418	4.77
Vested or expected to vest at 6/30/2015		1,070,500		$	1.042	$	14,418		4.77
Exercisable and vested at 6/30/2015		1,044,666		$	1.052	$	14,418		4.72

At June 30, 2015, there was $12,697 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next two years. The total fair value of shares vested during the three months ended June 30, 2015 was $31,266.

The following table summarizes the activity of our stock options outstanding but not vested for the three months ended June 30, 2015:

	Number of Options		Weighted Average Exercise Price
Outstanding at 3/31/2015		112,500	$	0.664
Granted		--	$	--
Forfeited		(40,000)	$	0.670
Vested		(46,666)	$	0.670
Outstanding at 6/30/2015		25,834	$	0.646

NOTE 14 - CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

We maintain bank account balances, which, at times, may exceed Federal Deposit Insurance Corporation insured limits. We have not experienced any losses with these accounts and believe that we are not exposed to any significant credit risk on cash.

At June 30, 2015, there were accounts receivable balances outstanding from six customers comprising 98% of the total receivables balance. The following table sets forth information as to accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of:

		June 30, 2015					March 31, 2015
Customer		Dollars		Percent			Dollars		Percent
	A	$	143,028		17	%	$	296,815		36	%
	B	$	*		*	%	$	128,738		16	%
	C	$	128,844		16	%	$	123,604		15	%
	D	$	162,491		20	%	$	*		*	%
	E	$	96,616		12	%	$	*		*	%
	F	$	176,088		21	%	$	*		*	%
	G	$	97,500		12	%	$	*		*	%

*less than 10% of total

We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our revenue for the three months ended:

		June 30, 2015				June 30, 2014
Customer		Dollars		Percent		Dollars		Percent
	A	$	1,177,537		27%	$	1,862,707		30%
	B	$	*		*%	$	1,762,985		28%
	C	$	666,989		15%	$	*		*%
	D	$	535,092		12%	$	*		*%
	E	$	469,718		11%	$	*		*%

*less than 10% of total

NOTE 15 – SEGMENT INFORMATION

We consider our business to consist of one segment - metal fabrication and precision machining. A significant amount of our operations, assets and customers are located in the United States. The following table presents our geographic information (net sales and property, plant and equipment, net) by the country in which the legal subsidiary is domiciled and assets are located:

		Net Sales				Property, Plant and Equipment, Net
		Three months ended:				At:
		June 30, 2015		June 30, 2014		June 30, 2015		March 31, 2015
United States	$	4,374,975	$	5,744,984	$	5,430,345	$	5,609,973
China	$	--	$	485,357	$	--	$	68

NOTE 16 – COMMITMENTS

Leases

New Lease

On June 1, 2015 we entered into a new office lease with GPX Wayne Office Properties, L.P., or GPX Wayne, pursuant to which the Company leases approximately 1,100 square feet located at 992 Old Eagle School Road, Wayne, Pennsylvania, or the Wayne Property. The Company assumed possession of the Wayne Property on June 16, 2015, or the Commencement Date. The initial term of this lease will expire on June 30, 2016, unless sooner terminated in accordance with the terms of the lease. The Company’s base rent for the Wayne Property is $1,838 per month in addition to payments for electricity (on a proportionate ratio basis for the entire building), certain contributions for leasehold improvements, and certain other additional rent items (including certain taxes, insurance premiums and operating expenses). Other than as described above, there is no relationship between the Company and GPX Wayne.

Termination of Lease

On June 4, 2015, the Company entered into a lease termination agreement with CLA Building Associates, L.P., or CLA, pursuant to which the Company and CLA agreed to terminate the lease between the Company and CLA with respect to certain office space in Newtown Square, Pennsylvania, or the Newtown Square Property. Pursuant to the lease termination agreement, the lease with respect to the Newtown Square Property was terminated and the Company vacated the Newtown Square Property on June 16, 2015. The lease termination agreement provides that CLA will retain the Company’s security deposit of $2,400.

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, certain guaranteed bonuses, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at June 30, 2015 for future executive salaries during the next twelve months, including fiscal 2015 bonuses payable after March 31, 2015, was approximately $0.9 million. The aggregate commitment at June 30, 2015 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees.

NOTE 17 - EARNINGS PER SHARE (EPS)

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of convertible preferred stock, warrants, and stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.

	Three Months ended June 30, 2015		Three Months ended June 30, 2014
Basic EPS
Net Income (Loss)	$	206,351	$	(1,271,069	)
Weighted average shares		24,867,019		24,010,264
Basic Income (Loss) per share	$	0.01	$	(0.05	)
Diluted EPS
Net Income (Loss)	$	206,351	$	(1,271,069	)
Dilutive effect of convertible preferred stock, stock options and restricted shares		--		--
Diluted weighted average shares		24,867,019		24,010,264
Diluted Income (Loss) per share	$	0.01	$	(0.05	)

All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three months ended June 30, 2015, there were 2,693,909 of potential common share equivalents that were out-of-the-money and were not included in the EPS calculations above. For the three months ended June 30, 2014, there were 2,192,220, of potentially anti-dilutive stock options and convertible preferred stock, none of which were included in the EPS calculations above.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Statement Regarding Forward Looking Disclosure

The following discussion of the results of our operations and financial condition should be read in conjunction with our condensed consolidated financial statements and the related notes which appear elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q, including this section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” may contain predictive or “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based in part on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors. Those factors include those risks discussed in Part II – Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and those discussed in Item 1A “Risk Factors” in the 2015 Form 10-K for the year ended March 31, 2015, as well as those described in any other filings which we make with the SEC. In addition, such statements could be affected by risks and uncertainties related to recurring operating losses and the availability of appropriate financing facilities impacting our ability to continue as a going concern, our ability to change the composition of our revenues and effectively reduce our operating expenses, our ability to receive contract awards through competitive bidding processes, our ability to maintain standards to enable us to manufacture products to exacting specifications, our ability to enter new markets for our services, marketing and customer acceptance of our products, our reliance on a small number of customers for a significant percentage of our business, competition, government regulations and requirements, pricing and development difficulties, our ability to make acquisitions and successfully integrate those acquisitions with our business, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this Quarterly report on Form 10-Q except as required by applicable law. Investors should evaluate any statements made by us in light of these important factors.

Overview

We offer a full range of services required to transform raw materials into precise finished products. Our manufacturing capabilities include: fabrication operations (cutting, press and roll forming, assembly, welding, heat treating, blasting and painting) and machining operations including CNC (computer numerical controlled) horizontal and vertical milling centers. We also provide support services to our manufacturing capabilities: manufacturing engineering (planning, fixture and tooling development, manufacturing), quality control (inspection and testing), materials procurement, production control (scheduling, project management and expediting) and final assembly.

All U.S. manufacturing is done in accordance with our written quality assurance program, which meets specific national and international codes, standards, and specifications. Ranor holds several certificates of authorization issued by the American Society of Mechanical Engineers and the National Board of Boiler and Pressure Vessel Inspectors. The standards used are specific to the customers’ needs, and our manufacturing operations are conducted in accordance with these standards.

Because our revenues are derived from the sale of goods manufactured pursuant to a contract, and we do not sell from inventory, it is necessary for us to constantly seek new contracts. There may be a time lag between our completion of one contract and commencement of work on another contract. During such periods, we may continue to incur overhead expense but with lower revenue resulting in lower operating margins. Furthermore, changes in either the scope of an existing contract or related delivery schedules may impact the revenue we receive under the contract and the allocation of manpower. Although we provide manufacturing services for large governmental programs, we usually do not work directly for the government or its agencies. Rather, we perform our services for large governmental contractors and large utility companies. However, our business is dependent in part on the continuation of governmental programs which require our services and products.

Our contracts are generated both through negotiation with the customer and from bids made pursuant to a request for proposal. Our ability to receive contract awards is dependent upon the contracting party’s perception of such factors as our ability to perform on time, our history of performance, including quality, our financial condition and our ability to price our services competitively. Although some of our contracts contemplate the manufacture of one or a limited number of units, we are seeking more long-term projects with a more predictable cost structure.

We historically have experienced, and continue to experience, customer concentration. For the three months ended June 30, 2015 and 2014, our largest customer accounted for approximately 27% and 30% of reported net sales, respectively, and our ten largest customers, accounted for approximately 99% and 96% of our revenue, respectively. Our sales order backlog at June 30, 2015 was approximately $13.9 million compared with a backlog of $14.3 million at March 31, 2015.

All of our sales recorded for the three months ended June 30, 2015 are from our U.S. segment. There were no sales generated from WCMC, our subsidiary in China, during the first quarter of fiscal 2016. At June 30, 2015, we did not have any open customer orders for WCMC in our backlog. We are evaluating how we utilize the WCMC entity moving forward.

On May 30, 2014 and on December 22, 2014 we entered into two new debt agreements with new lenders (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources”). The proceeds from these debt agreements ($6.4 million in total) were used to pay off amounts outstanding under a prior Loan Agreement and Mortgage Loan and Security Agreement, with Santander Bank, N.A. The proceeds from the new borrowings have allowed us to emerge from provisions we were in default of under our previous debt agreements. At June 30, 2015 and March 31, 2015, we were not in default under any of our debt agreements.

For the three months ended June 30, 2015, our net sales and net income were $4.4 million and $0.2 million, respectively, compared with net sales of $6.2 million and net loss of $1.3 million, respectively, for the three months ended June 30, 2014. Our gross margins for the three months ended June 30, 2015 were 29.0% compared with gross margins of 3.5% for the three months ended June 30, 2014. Gross margins for the three months ended June 30, 2015 improved as the number of units shipped or in production under certain loss contracts were significantly lower. Gross margins for the three months ended June 30, 2014 were negatively impacted by a large volume of lower margin production furnaces, under absorbed overhead of $1.0 million and approximately $0.4 million of new contract losses.

We incurred an operating loss of $3.6 million for the fiscal year ended March 31, 2015. During fiscal 2014, we recorded a provision for potential contract losses of approximately $2.4 million in connection with the bankruptcy filing of GTAT and filed a proof of claim with the bankruptcy court to recover all of our costs under the terms of a purchase agreement. The claim is now considered an unsecured creditor claim within GTAT’s overall bankruptcy proceedings.

On April 17, 2015, the Company, through Ranor, entered into the Assignment Agreement with Citigroup. Pursuant to the terms of the Assignment Agreement, Ranor agreed to sell, transfer, convey and assign to Citigroup all of Ranor’s right, title and interest in and to Ranor’s $3,740,956 unsecured claim against GTAT. Pursuant to the Assignment Agreement, Citigroup paid to Ranor an initial amount equal to $507,834. The Assignment Agreement provides for Citigroup to pay to Ranor up to an additional $614,452 upon either (A) receipt of written notice that Ranor’s claim (or any portion thereof) has been fully and finally allowed against GTAT as a non-contingent, liquidated, and undisputed general unsecured claim, been listed as non-contingent, liquidated, and undisputed on schedules filed by GTAT with the bankruptcy court, or appeared on the claims agent’s, or trustee’s or other estate representative’s records, or has otherwise been conclusively and finally treated in GTAT’s bankruptcy proceedings, as “allowed” or “accepted as filed”; or (B) the expiration of the time period during which any party (including GTAT) is permitted to file an objection, dispute or challenge with respect to Ranor’s claim without any such objection, dispute or challenge having been filed. If Ranor’s claim against GTAT is allowed in its entirety, then Citigroup will pay Ranor an additional $614,452. If the amount of Ranor’s claim that is allowed is greater than $1,692,782 but less than the full amount or Ranor’s claim, then Citigroup will pay Ranor an additional amount equal to $614,452 minus the product of 30% multiplied by the difference between the total amount of Ranor’s claim and the amount of such claim that is actually allowed. If the total amount of Ranor’s claim against GTAT that is allowed is less than $1,692,782, then Ranor may be obligated to repay to Citigroup 30% of the difference between $1,692,782 and the amount of Ranor’s claim that is actually allowed, plus interest at 7% per annum from April 21, 2015 through the date of the repurchase.

At June 30, 2015, we had cash and cash equivalents of $1.4 million, of which $16,005 is located in China and may not able to be repatriated for use in the United States without undue cost or expense, if at all. Net cash provided by operating activities was $379,309 for the three months ended June 30, 2015, which includes an advance payment of $507,835 received under the Assignment Agreement.

These factors raise substantial doubt regarding our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources” and Part II – Item 1A “Risk Factors.”

Critical Accounting Policies and Estimates

The preparation of the unaudited condensed consolidated financial statements requires that we make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We continually evaluate our estimates, including those related to contract accounting, inventories, recovery of long-lived assets, income taxes and the valuation of equity transactions. These estimates and assumptions require management’s most difficult, subjective or complex judgments. Actual results may differ under different assumptions or conditions.

Our significant accounting policies are set forth in detail in Note 2 to the consolidated financial statements included in the 2015 Form 10-K. There were no significant changes in the critical accounting policies during the three months ended June 30, 2015, nor did we make any changes to our accounting policies that would have changed these critical accounting policies.

New Accounting Pronouncements

See Note 3 – Recently Issued and Adopted Accounting Pronouncements to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of recently adopted accounting guidance and other new accounting guidance.

Results of Operations

Our results of operations are affected by a number of external factors including the availability of raw materials (particularly steel), commodity prices, macroeconomic factors, including the availability of capital that may be needed by our customers, and political, regulatory and legal conditions in the United States and foreign markets. Our order and revenue stream is uneven and reflects an irregular pattern of orders we receive from our customers as they gauge their customers’ demand for new and existing products. Our results of operations are affected by our success in booking new contracts, the timing of revenue recognition, delays in customer acceptances of our products, delays in deliveries of ordered products and our rate of progress fulfilling our obligations under our contracts. A delay in deliveries or cancellations of orders would cause us to have inventories in excess of our short-term needs, and may delay our ability to recognize, or prevent us from recognizing, revenue on contracts in our order backlog. We continue to execute the business plan we developed in fiscal 2015, which has the immediate goal of realigning and stabilizing our cost structure so we can return to and sustain profitability, even at current lower revenue levels. In connection with the execution of this business plan, we need to rebuild our backlog with orders from our key customers.

Three Months Ended June 30, 2015

The following table sets forth information from our statements of operations in dollars and as a percentage of revenue:

	Three Months Ended June 30, 2015						Three Months Ended June 30, 2014						Changes Period Ended June 30, 2015 to 2014
(dollars in thousands)	Amount			Percent			Amount			Percent			Amount			Percent
Net sales	$	4,374			100	%	$	6,230			100	%	$	(1,856	)		(30	) %
Cost of sales		3,092			71	%		6,012			97	%		(2,920	)		(49	) %
Gross profit		1,282			29	%		218			3	%		1,064			nm	%
Selling, general and administrative		804			18	%		1,329			21	%		(525	)		(40	) %
Income (loss) from operations		478			11	%		(1,111	)		(18	)%		1,589			143	%
Other income (expense), net		--			--	%		1			--	%		(1	)		--	%
Interest expense		(272	)		(6	)%		(161	)		(2	)%		(111	)		(69	) %
Total other expense, net		(272	)		(6	)%		(160	)		(2	)%		(112	)		(69	) %
Income (loss) before income taxes		206			5	%		(1,271	)		(20	)%		1,477			116	%
Income tax expense		--			--	%		--			--	%		--			--	%
Net Income (loss)	$	206			5	%	$	(1,271	)		(20	)%	$	1,477			116	%

Net Sales

The following increases and decreases in net sales reflect an irregular order flow from our customers as they measure their demand for new and existing products. For the three months ended June 30, 2015, net sales decreased by $1.9 million, or 30%, to $4.4 million. Net Sales in our defense group decreased by $0.6 million on lower shipments of components to our largest customer. Net sales in our energy group increased by $0.5 million as a result of higher volume to all customers in this group. Net Sales in our precision industrial group decreased by $1.8 million, primarily on lower volume for certain prototypes, medical components and production furnaces. We shipped $1.8 million of production furnace components for the three months ended June 30, 2014 as required under a purchase agreement with GTAT. GTAT significantly reduced the number of units ordered under the contract and we filed a demand for arbitration under the terms of the agreement. We recorded a provision for potential contract losses in connection with GTAT’s subsequent bankruptcy filing and filed a proof of claim with the bankruptcy court to recover all of our costs under the contract terms. The claim is now considered an unsecured creditor claim within the customer’s overall bankruptcy proceedings. We have entered into the Assignment Agreement with Citigroup whereby we assigned our unsecured claim to Citigroup, but we cannot predict the amount of the claim that will be recovered in GTAT’s bankruptcy proceeding or the amount that will be received pursuant to the Assignment Agreement.

Cost of Sales and Gross Margin

Our cost of sales for the three months ended June 30, 2015 decreased by $2.9 million, or 49%. Gross margins during the three months ended June 30, 2015 were 29.3% compared with 3.5% for the same three month period in 2014. Gross margins for the three months ended June 30, 2015 were higher because of decreased materials and labor costs, and the absence of contract losses on custom first article projects. Our product mix for the three months ended June 30, 2015 primarily included orders for recurring business from our customers. Gross margins for the three months ended June 30, 2014 were lower because of a heavy volume of low margin production furnaces shipped during the period, under absorbed overhead of $1.0 million, and new contract losses of $0.4 million. Gross margin in any reporting period is impacted by the mix of services we provide on projects completed and in-process within that period. Actual production levels were lower than planned in the three months ended June 30, 2014 and resulted in under absorbed overheads for the period.

Selling, General and Administrative Expenses

Total selling, general and administrative expenses, or SG&A, for the three months ended June 30, 2015 were $0.8 million or 40% lower when compared with the three months ended June 30, 2014. SG&A compensation expenses were lower due to reduced headcount in the United States ($0.2 million), lower outside advisory services ($0.2 million), and reduced rental and office expense from our downsized corporate headquarters facility ($0.1 million).

Other Income (Expense)

The following table reflects other income (expense) and interest expense for the three months ended:

(dollars in thousands)	June 30, 2015			June 30, 2014			$ Change		% Change
Other income (expense), net	$	(179	)	$	53		$	(232)		nm%
Interest expense	$	(159,324	)	$	(115,056	)	$	(44,268)		38%
Interest expense: non-cash	$	(112,798	)	$	(45,533	)	$	(67,265)		nm%

Interest expense for the three months ended June 30, 2015 is higher due to higher levels of debt and higher interest rates. Non–cash interest expense primarily reflects the amortization of deferred loan costs in connection with the Credit Loan Note, the First Loan Note and the Second Loan Note. Interest expense for the three months ended June 30, 2014 includes a breakage fee of $29,448 in connection with an interest rate swap on certain indebtedness of the Company that was repaid.

Income Taxes

For the three months ended June 30, 2015 and 2014, we recorded zero tax expense. The zero tax expense recorded for the three months periods ended was the result of maintaining a full valuation allowance on our net deferred tax assets. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. We regularly assess the effects resulting from these factors to determine the adequacy of our provision for income taxes. Our future effective tax rate would be affected if earnings were lower than anticipated in countries where we have lower statutory rates and higher than anticipated in countries where we have higher statutory rates, by changes in the valuation of our deferred tax assets and liabilities, or by changes in tax laws, regulations, accounting principles, or interpretations thereof.

Net Income (Loss)

As a result of the foregoing, we had net income of $206,351, or $0.01 per share basic and fully diluted, for the three months ended June 30, 2015, as compared to net loss of $1.3 million, or $0.05 per share basic and fully diluted, for the three months ended June 30, 2014.

Liquidity and Capital Resources

At June 30, 2015, we had cash and cash equivalents of $1.5 million, of which $16,004 is located in China and may not be able to be repatriated for use in the United States without undue cost or expense, if at all. Net cash provided by operating activities was $379,309 for the three months ended June 30, 2015, which includes an advance payment of $507,835 received under the Assignment Agreement with Citigroup. We continue to reduce our operating expenses to stay in line with current business conditions. Our profit margins have improved significantly for the three months ended June 30, 2015, when compared with the three months ended June 30, 2014. As a result, we recorded net income of $206,351 for the three months ended June 30, 2015 compared with a net loss of $1.3 million for the three months ended June 30, 2014.

We incurred an operating loss of $3.6 million for the year ended March 31, 2015. During fiscal 2014, we recorded a provision for potential contract losses of $2.4 million in connection with the bankruptcy filing and filed a proof of claim with the bankruptcy court to recover all of our costs under the terms of a purchase agreement with GTAT. The claim is now considered an unsecured creditor claim within GTAT’s overall bankruptcy proceedings.

On April 17, 2015, the Company, through Ranor, entered into the Assignment Agreement with Citigroup. Pursuant to the terms of the Assignment Agreement, Ranor agreed to sell, transfer, convey and assign to Citigroup all of Ranor’s right, title and interest in and to Ranor’s $3,740,956 unsecured claim against GTAT. Pursuant to the Assignment Agreement, Citigroup paid to Ranor an initial amount equal to $507,834. The Assignment Agreement provides for Citigroup to pay to Ranor up to an additional $614,452 upon either (A) receipt of written notice that Ranor’s claim (or any portion thereof) has been fully and finally allowed against GTAT as a non-contingent, liquidated, and undisputed general unsecured claim, been listed as non-contingent, liquidated, and undisputed on schedules filed by GTAT with the bankruptcy court, or appeared on the claims agent’s, or trustee’s or other estate representative’s records, or has otherwise been conclusively and finally treated in GTAT’s bankruptcy, as “allowed” or “accepted as filed”; or (B) the expiration of the time period during which any party (including GTAT) is permitted to file an objection, dispute or challenge with respect to Ranor’s claim without any such objection, dispute or challenge having been filed. If Ranor’s claim against GTAT is allowed in its entirety, then Citigroup will pay Ranor an additional $614,452. If the amount of Ranor’s claim that is allowed is greater than $1,692,782 but less than the full amount or Ranor’s claim, then Citigroup will pay Ranor an additional amount equal to $614,452 minus the product of 30% multiplied by the difference between the total amount of Ranor’s claim and the amount of such claim that is actually allowed. If the total amount of Ranor’s claim against GTAT that is allowed is less than $1,692,782, then Ranor may be obligated repay to Citigroup 30% of the difference between $1,692,782 and the amount of Ranor’s claim that is actually allowed plus interest at 7% per annum from April 21, 2015 through the date of the repurchase.

The Company cannot predict the amount of Ranor’s claim that will be finally allowed or admitted in the GTAT bankruptcy proceeding and cannot guarantee that Ranor will receive any additional payment on its claim. The Company continues to vigorously pursue its legal remedies in respect to the case described above, however, an adverse decision in any proceeding could significantly harm our business and our consolidated financial position, results of operations and cash flows.

On December 22, 2014, Ranor entered into the TLSA, with Revere. Pursuant to the TLSA, Revere agreed to loan an aggregate of $2.25 million to Ranor under the First Loan Note in the aggregate principal amount of $1.5 million, or the Second Loan Note, in the aggregate principal amount of $750,000. The First Loan Note is collateralized by a secured interest in Ranor’s Massachusetts facility and certain machinery and equipment at Ranor. The Second Loan Note is collateralized by a secured interest in certain accounts, inventory and equipment of Ranor. Payments under the TLSA, the First Loan Note and the Second Loan Note are due as follows: (a) payments of interest only on advanced principal on a monthly basis on the first day of each month from February 1, 2015 until December 31, 2015 with an annual interest rate on the unpaid principal balance of the First Loan Note and the Second Loan Note equal to 12% per annum and (b) the principal balance plus accrued and unpaid interest payable on December 31, 2015. Ranor’s obligations under the TLSA, the First Loan Note and the Second Loan Note are guaranteed by TechPrecision pursuant to a Guaranty Agreement with Revere. Ranor utilized approximately $1.45 million of the proceeds of the First Loan Note and the Second Loan Note to repay in full loan obligations owed to the Bank, plus breakage fees on a related interest swap of $217,220 under the Loan and Security Agreement with the Santander Bank N.A. The remaining proceeds of the First Loan Note and the Second Loan Note were retained by the Company to be used for general corporate purposes. Pursuant to the TLSA, Ranor is subject to certain affirmative and negative covenants, including a cash covenant, which requires that we maintain minimum month end cash balances that range from $400,000 to $820,000. We were required to maintain a cash balance of $775,000 and $500,000 at June 30, 2015 and March 31, 2015, respectively. We were in compliance with all covenants under the TLSA at June 30, 2015.

The condensed consolidated financial statements for the three months ended June 30, 2015 and for the year ended March 31, 2015 were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total current liabilities of $7.4 million at June 30, 2015 and to continue as a going concern is dependent upon the availability of and our ability to timely secure long-term financing and the successful execution of our operating plan. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Our failure to service our current debt and obtain new or additional financing could impair our ability to both serve our existing customer base and develop new customers and could result in our failure to continue to operate as a going concern. To the extent that we require new or additional financing, we cannot assure you that we will be able to get such financing on terms equal to or better than the terms of the LSA or the TLSA. If we are unable to raise funds through a credit facility, it may be necessary for us to conduct an offering of debt and/or equity securities on terms which may be disadvantageous to us or have a negative impact on our outstanding securities and the holders of such securities. In the event of an equity offering, it may be necessary that we offer such securities at a price that is significantly below our current trading price which may result in substantial dilution to our investors that do not participate in the offering and a new low trading price for our common stock.

At June 30, 2015 and March 31, 2015, we had negative working capital of $1.9 million and $2.0 million, respectively. The following table sets forth the principal changes in the components of our working capital:

(dollars in thousands)	June 30, 2015		March 31, 2015		Change Amount			Percentage Change
Cash and cash equivalents	$	1,465	$	1,336	$	129			10	%
Accounts receivable, less allowance for doubtful accounts	$	822	$	826	$	(4	)		(1	) %
Costs incurred on uncompleted contracts, in excess of progress billings	$	1,800	$	2,008	$	(208	)		(10	)%
Inventory - raw materials	$	136	$	135	$	1			1	%
Current deferred taxes	$	827	$	827	$	-			--	%
Other current assets	$	466	$	538	$	(72	)		(14	)%
Accounts payable	$	1,204	$	1,526	$	(322	)		(21	)%
Trade notes payable	$	74	$	138	$	(64	)		(46	)%
Accrued expenses	$	1,700	$	1,666	$	34			2	%
Advanced claims payment	$	508	$	--	$	508			nm	%
Deferred revenues	$	715	$	1,212	$	(497	)		(41	)%
Short-term debt	$	2,250	$	2,250	$	--			--	%
Current portion of long-term debt	$	934	$	934	$	--			--	%

The following table summarizes our primary cash flows for the periods presented:

(dollars in thousands)	June 30, 2015			June 30, 2014			Change Amount
Cash flows provided by (used in):
Operating activities	$	379		$	(1,558	)	$	1,937
Investing activities	$	(18	)	$	(54	)	$	36
Financing activities	$	(233	)	$	1,412		$	(1,645	)
Effects of foreign exchange rates on cash and cash equivalents	$	--		$	--		$	--
Net increase (decrease) in cash and cash equivalents	$	128		$	(200	)	$	328

Operating activities

Cash provided by operations for the three months ended June 30, 2015 was $379,309 compared with cash used in operations of $1.6 million for the three months ended June 30, 2014. For the three months ended June 30, 2015 we recorded net income of $206,351 compared with a net loss of $1.3 million for the three months ended June 30, 2014. Our primary source of cash is from accounts receivable collections, customer advance payments, and project progress payments. Cash provided by operations for the three months ended June 30, 2015 was augmented by an advance payment of $507,835 received under the Assignment Agreement with Citigroup on April 17, 2015. There were no significant customer advance or project progress payments made on our projects in progress during the first quarter of fiscal 2015. Our cash flows can fluctuate significantly from period to period as the composition of our receivables collections mix changes between advance payments and customer payments made after shipment of finished goods.

Investing activities

The three month period ended June 30, 2015 and 2014 were marked by cash outflows for capital spending for new equipment of $17,600 and $54,093, respectively.

Financing activities

For the three months ended June 30, 2015, cash used in financing activities was $0.2 million, consisting of amounts used to make principal payments on our outstanding debt. On May 30, 2014, TechPrecision and Ranor entered into the LSA, with Utica, pursuant to which Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor. Ranor used approximately $2.65 million of the proceeds of the Credit Loan Note to pay off debt obligations owed to Santander Bank N.A. under a Loan and Security Agreement, while the remaining proceeds were used to fund our operations and investing activities.

All of the above activity resulted in a net increase in cash for the three months ended June 30, 2015 of $128,435, compared with a net decrease in cash of $199,813 for the three months ended June 30, 2014. We have no off-balance sheet assets or liabilities.

A table summarizing the amounts and estimated timing of future cash payments from commitments and contractual obligations was provided in the 2015 Form 10-K. During the three months ended June 30, 2015 there were no material changes to our commitments and contractual obligations.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2015, we carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, or Exchange Act). Based on the evaluation, our chief executive officer and chief financial officer have concluded that, as of June 30, 2015, our disclosure controls and procedures and internal control over financial reporting were not effective because of the material weakness described in Item 9A of the 2015 Form 10-K.

Disclosure controls and procedures are designed with the objective of ensuring that (i) information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and (ii) information is accumulated and communicated to management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

We are making progress remediating the material weakness identified in the 2015 Form 10-K as described in the next section. Notwithstanding this material weakness, we believe our condensed consolidated statements presented in this Quarterly Report on Form 10-Q fairly represent, in all material respects, our financial position, results of operations and cash flows for all periods presented herein.

Changes in Internal Controls

Except as identified below, there has been no change to our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2015, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. During the three months ended June 30, 2015 we continued to monitor our control environment and improve manual controls that support our financial reporting process by providing guidelines for account reconciliations and enhancing documentation to support sub-ledger account reconciliations. As we continue to remediate the material weakness described in Item 9A of the 2015 Form 10-K, we will determine the appropriate complement of corporate and divisional accounting personnel required to consistently operate management review controls.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There have been no material changes to the legal proceedings discussed in Item 3. “Legal Proceedings," in the 2015 Form 10-K.

Item 1A. Risk Factors

Except for the risk factor below, which supplements the risk factors discussed in Item 1A. “Risk Factors," in the 2015 Form 10-K, there have been no material changes to the risk factors discussed in Item 1A. “Risk Factors," in the 2015 Form 10-K. You should carefully consider the risks described in this Quarterly Report on Form 10-Q and the 2015 Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Quarterly Report on Form 10-Q and the 2015 Form 10-K, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of these risks actually occur, our business, financial condition and/or results of operations could be negatively affected.

We require additional capital to fund our operations. Our TLSA with Revere expires on December 31, 2015, and must be extended or refinanced with another lender. In the event that we determine that we are unable to secure additional funding when required, we may need to downsize or wind down our operations through liquidation, bankruptcy or a sale of our assets.

As of June 30, 2015, we had $1.5 million of cash and cash equivalents. Cash provided by operations for the three months ended June 30, 2015 was $379,309 compared with cash used in operations of $1.6 million for the three months ended June 30, 2014. Cash provided by operations for the three months ended June 30, 2015 was augmented by an advance payment of $507,835 received under the Assignment Agreement with Citigroup on April 17, 2015.

Our TLSA with Revere expires on December 31, 2015, and must be extended or refinanced with another lender. If we do not successfully secure additional acceptable financing facilities, execute on our business plans, improve gross profit and operating income, and reduce our operating costs, then our available cash may not be sufficient to fund our operations, capital expenditures and principal and interest payments under our debt obligations through the next twelve months.

Our cash flows can fluctuate significantly from period to period as the composition of our receivables collections mix changes between advance payments for materials and customer payments made after shipment of finished goods. If no additional debt or equity financing is consummated, it is possible that our existing cash and cash equivalents and expected revenue from operations may not be sufficient to meet our operating and capital requirements through the near-term, although changes in our business, whether or not initiated by us, may cause us to deplete such cash and cash equivalents available to us at a quicker rate. We must obtain additional financing in order to continue our operations beyond the near-term. There are no assurances that funding will be available when we need it on terms that we find favorable, if at all. If we are unable to secure additional financing on terms acceptable to us and on a timely basis, we may seek stockholder approval to dissolve or we may file for, or be forced to resort to, bankruptcy protection. Any decision to seek stockholder approval to dissolve or to file for, or be forced to resort to bankruptcy protection, may occur at any point during the near-term. In addition, if we raise additional capital by issuing equity securities, our existing stockholders’ percentage ownership will be reduced and they may experience substantial dilution. We may also issue equity securities that provide for rights, preferences and privileges senior to those of our common stock. If we raise additional funds by issuing debt securities, these debt securities would have rights, preferences, and privileges senior to those of our common stock and our preferred stock, and the terms of such debt securities could impose significant restrictions on our operations. If adequate funds are not available or are not available on acceptable terms, our ability to fund our operations, take advantage of opportunities, and otherwise respond to competitive pressures could be significantly delayed or limited, and we may need to downsize or halt our operations.

Item 6. Exhibits

Exhibit No.	Description

2.1	Assignment of Claim Agreement, dated April 17, 2015, by and between Ranor, Inc. and Citigroup Financial Products Inc. (Exhibit 2.1 to our Current Report on Form 8-K, filed with the Commission on April 23, 2015 and Incorporated by reference herein).
10.1	Lease Agreement, dated March 15, 2015, by and between CLA Building Associates, L.P. and TechPrecision Corporation (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on March 6, 2015 and incorporated herein by reference).
10.2	Lease Termination Agreement, dated March 2, 2015, by and between Center Valley Parkway Associates, L.P. and TechPrecision Corporation (Exhibit 10.2 to our Current Report on Form 8-K, filed with the Commission on March 6, 2015 and incorporated herein by reference).
10.3	Lease Agreement, dated June 1, 2015, by and between GPX Wayne Office Properties, L.P. and TechPrecision Corporation (Exhibit 10.1 to our Current Report on Form 8-K, filed with the Commission on June 5, 2015 and incorporated herein by reference).
10.4	Lease Termination Agreement, dated June 4, 2015, by and between CLA Building Associates, L.P. and TechPrecision Corporation (Exhibit 10.2 to our Current Report on Form 8-K, filed with the Commission on June 5, 2015 and incorporated herein by reference).
31.1	Rule 13a-14(a) certification of chief executive officer
31.2	Rule 13a-14(a) certification of chief financial officer
32.1	Section 1350 certification of chief executive and chief financial officers
101.INS	101.INS XBRL Instance Document
101.SCH 101.CAL 101.LAB 101.PRE 101.DEF	101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB XBRL Taxonomy Extension Labels Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TECHPRECISION CORPORATION

Dated: August 14, 2015		/s/ Richard F. Fitzgerald
		Richard F. Fitzgerald Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
31.1	Rule 13a-14(a) certification of chief executive officer
31.2	Rule 13a-14(a) certification of chief financial officer
32.1	Section 1350 certification of chief executive and chief financial officers
101.INS	101.INS XBRL Instance Document
101.SCH 101.CAL 101.LAB 101.PRE 101.DEF	101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.LAB XBRL Taxonomy Extension Labels Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document

EX-31.1 2 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, Alexander Shen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of TechPrecision Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 14, 2015	/s/ Alexander Shen
	Alexander Shen Chief Executive Officer

EX-31.2 3 ex31-2.htm EXHIBIT 31.2 ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, Richard F. Fitzgerald, certify that:

1. I have reviewed this quarterly report on Form 10-Q of TechPrecision Corporation;

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: August 14, 2015			/s/ Richard F. Fitzgerald
			Richard F. Fitzgerald
			Chief Financial Officer

EX-32.1 4 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of TechPrecision Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Alexander Shen, the Chief Executive Officer of the Company, and I, Richard F. Fitzgerald, the Chief Financial Officer of the Company, do hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 14, 2015	/s/ Alexander Shen
	Alexander Shen
	Chief Executive Officer

Dated: August 14, 2015	/s/ Richard F. Fitzgerald
	Richard F. Fitzgerald Chief Financial Officer

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498000 166000 P90D 900000 400000 507835 -561964 -207755 507835 1270000 800000 6 1 1 1838 0.07 0.30 9890980 9890980 366951 20371 1100000 2400000 500000 500000 <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> March 31, 2015 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Cost incurred on uncompleted contracts, beginning balance </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,068,488 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,960,072 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Total cost incurred on contracts during the period </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,991,953 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,034,158 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Less cost of sales, during the period </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,092,116 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(15,925,742 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Cost incurred on uncompleted contracts, ending balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,968,325 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,068,488 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Billings on uncompleted contracts, beginning balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,060,244 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,702,070 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Plus: Total billings incurred on contracts, during the period </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,482,567 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,591,388 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Less: Contracts recognized as revenue, during the period </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,374,975 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18,233,214 </td> <td valign="bottom" style="width:01.00%;"> ) </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Billings on uncompleted contracts, ending balance </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,167,836 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,060,244 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Cost incurred on uncompleted contracts, ending balance </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,968,325 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,068,488 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Billings on uncompleted contracts, ending balance </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,167,836 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,060,244 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Costs incurred on uncompleted contracts, in excess of progress billings </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,800,489 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,008,244 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> P5Y 2 10000 P5Y 0 1692782 3740956

1526123

1203675

826363

296815

128738

123604

821639

143028

128844

162491

96616

176088

97500

1665658

1700092

6534608

6732128

23561

24019

6487589

6630920

24693

2192220

2693909

11326225

10972672

5670694

5515172

1086701

886888

1336325

1464760

-199813

128435

0.0001

90000000

24669958

25446187

24669958

25446187

2467

2545

-1258614

206290

0.30

0.28

0.36

0.16

0.15

0.98

0.17

0.16

0.20

0.12

0.21

0.12

0.27

0.15

0.12

0.11

550000

593811

718954

776229

1.3072

6012101

15925742

3092116

2008244

1800489

5669509

3381481

38028

2250000

5436160

3150926

35234

2250000

0.033

six-month LIBOR

4150000

1500000

750000

2250000

0.108

0.12

184063

122708

45490

27155

1211506

714551

826697

2678

3083

85252

215516

197228

255645

276917

<div> <div style="margin-left:0pt;margin-right:0pt;">   NOTE 13 - STOCK BASED COMPENSATION   In 2006, our board of directors adopted, and our stockholders approved, the 2006 long-term incentive plan, or the Plan, covering 1,000,000 shares of common stock. On August 5, 2010, the Plan was amended to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,000,000 shares. On September 15, 2011, the directors adopted and the shareholders approved an amendment to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,300,000 shares. The Plan provides for the grant of incentive and non-qualified options, stock grants, stock appreciation rights and other equity-based incentives to employees, including officers, and consultants. The Plan is to be administered by a committee of not less than two directors each of whom is to be an independent director. In the absence of a committee, the Plan is administered by our board of directors. Independent directors are not eligible for discretionary options.   Pursuant to the Plan, each newly elected independent director receives, at the time of election, a five-year option to purchase 50,000 shares of common stock at the market price on the date of his or her election.  In addition, the Plan provides for the annual grant of an option to purchase 10,000 shares of common stock on July 1 of each year following the third anniversary of the date of election.   The fair value of the options we granted was estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We use the simplified method for all grants to estimate the expected term of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. Because of our limited stock exercise activity we did not rely on our historical exercise data. At June 30, 2015, there were 1,832,006 shares of common stock available for grant under the Plan.   The following table summarizes information about options for the periods presented below:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> Number Of </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Weighted Average </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Aggregate Intrinsic </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> Weighted Average Remaining Contractual Life </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Options </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Exercise Price </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in years) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 4/1/2014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,355,500 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329,025 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.32 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.620 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.730 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Outstanding at 3/31/2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,190,500 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.049 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,600 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.18 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(120,000 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.110 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,070,500 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.042 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.77 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Vested or expected to vest at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,070,500 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.042 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.77 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Exercisable and vested at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,044,666 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.052 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.72 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   At June 30, 2015 there was $12,697 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next two years. The total fair value of shares vested during the three months ended June 30, 2015 was $31,266.   The following table summarizes the activity of our stock options outstanding but not vested for the three months ended June 30, 2015:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Number of Options </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted Average Exercise Price </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 3/31/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,500 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.664 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(40,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.670 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;"> Vested </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(46,666 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.670 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,834 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.646 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:70.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

-0.050

0.010

-0.050

0.010

613838

672903

P2Y

12697

218240

1282859

-1271069

206351

921933

-386285

940242

-4724

-431784

14520

-809766

-496955

-51153

959

-4001

-11078

335226

436787

453818

160589

272122

115056

159324

134812

135771

11326225

10972672

219359

7725175

7384377

2485858

2252337

933651

933823

1411895

-233349

-54093

-17600

-1557616

379309

-1271069

-3600000

206351

-160536

-272301

138237

74401

-1110533

478652

10000000

81234

103791

538253

465816

9039

9109

45490

27155

-61

12455

-61

-29105

-16680

-189

240000

54093

17600

549340

380104

0.0001

0.285

10000000

1927508

1333697

1927508

1333697

524210

394758

205477

176745

4150000

12144649

8733660

65568

3235308

110113

12162473

8733884

65568

3235308

17600

110113

5610041

5609973

5430345

533799

469580

2650000

1450000

2738105

233349

-6749332

-6542981

6230341

485357

5744984

1862707

1762985

18233214

4374975

1177537

666989

535092

469718

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> Number Of </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Weighted Average </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> Aggregate Intrinsic </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> Weighted Average Remaining Contractual Life </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Options </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Exercise Price </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (in years) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 4/1/2014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,355,500 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>329,025 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.32 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.620 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(215,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.730 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Outstanding at 3/31/2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,190,500 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.049 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,600 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.18 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Forfeited </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(120,000 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.110 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,070,500 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.042 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.77 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Vested or expected to vest at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,070,500 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.042 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.77 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Exercisable and vested at 6/30/2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,044,666 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.052 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,418 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.72 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

2400

1328773

804207

68824

13957

1000000

3000000

3300000

1832006

14418

1044666

1.052

P4Y8M19D

215000

120000

50000

112500

25834

40000

0.670

0.664

0.646

329025

21600

14418

1355500

1190500

1070500

1.014

1.049

1.042

P7Y3M26D

P5Y2M5D

P4Y9M7D

14418

1070500

1.042

P4Y9M7D

31266

46666

0.670

0.730

1.110

0.620

2250000

288495

509261

54422

72002

24010264

24867019

24010264

24867019

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Other current assets Total Assets, Current Total current assets Property, Plant and Equipment, Net. Property, plant and equipment, net Total property, plant and equipment, net Property, Plant and Equipment, Net Other Assets, Noncurrent Other noncurrent assets, net Total Assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY: Liabilities, Current [Abstract] Current liabilities: Accounts Payable, Current Accounts payable Notes Payable, Current Trade notes payable Accrued Liabilities, Current Accrued expenses Total Carrying value as of the balance sheet date of advance claims payment. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Advanced Claims Payment Current Advanced claims payment Deferred Revenue, Current Deferred revenues Short-term Debt Short-term debt Less: Short-term debt Long-term Debt and Capital Lease Obligations, Current Current portion of long-term debt Less: Current portion of long-term debt Liabilities, Current Total current liabilities Total current liabilities Long-term Debt and Capital Lease Obligations Long-term debt, including capital lease Total Long-term debt, including capital lease Deferred Tax Liabilities, Net, Noncurrent Noncurrent deferred taxes Commitments and Contingencies Commitments and contingent liabilities (see Note 16) Stockholders' Equity Attributable to Parent [Abstract] Stockholders' Equity: Preferred Stock, Value, Issued Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 1,333,697 and 1,927,508 shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively (liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015) Common Stock, Value, Issued Common stock -par value $.0001 per share, 90,000,000 shares authorized, 25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015, and at March 31, 2015, respectively Additional Paid in Capital. Additional paid in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Retained Earnings (Accumulated Deficit) Accumulated deficit Stockholders' Equity Attributable to Parent Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' equity Class of Stock [Axis] Class Of Stock [Domain] Class of Stock [Domain] Convertible Preferred Stock [Member] Series A Convertible Preferred Stock Allowance for Doubtful Accounts Receivable, Current Accounts receivable, allowance for doubtful accounts (in dollars) Preferred Stock, Par or Stated Value Per Share Preferred stock, par value (in dollars per share) Preferred Stock, Shares Authorized Preferred stock, shares authorized This element represents the number of shares designated as Series A Convertible Preferred Stock. Preferred Stock, Designated Shares Preferred stock, designated as Series A Convertible Preferred Stock Preferred Stock, Shares Issued Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Shares outstanding Preferred Stock, Liquidation Preference, Value Preferred stock, liquidation preference (in dollars) Common Stock, Par or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Number of authorized common shares Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Number of outstanding common shares CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Revenue, Net Less: Contracts recognized as revenue, during the period Net sales Net Sales Cost of Goods and Services Sold Less cost of sales, during the period Cost of sales Gross Profit Gross profit Selling, General and Administrative Expense Selling, general and administrative Operating Income (Loss) Income (loss) from operations Other Nonoperating Income (Expense) Other (expense) income Interest Expense Interest expense Interest Income (Expense), Nonoperating, Net Interest income Nonoperating Income (Expense) Total other expense, net Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Income (loss) before income taxes Income Tax Expense (Benefit) Income tax expense Income tax (benefit) expense provision Net Income (Loss) Available to Common Stockholders, Basic Net income (loss) Net income (loss) Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent [Abstract] Other comprehensive income (loss), before tax: Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax Change in unrealized loss on cash flow hedges Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax Reclassification adjustments for cash flow hedge losses included in net loss Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Parent Foreign currency translation adjustments Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent Other comprehensive income (loss), before tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income (loss), net of tax Earnings Per Share, Basic Net loss per share (basic) (in dollars per share) Basic Income (Loss) per share (in dollars per share) Earnings Per Share, Diluted Net loss per share (diluted) (in dollars per share) Diluted Income (Loss) per share (in dollars per share) Weighted Average Number of Shares Outstanding, Basic Weighted average number of shares outstanding (basic) (in shares) Weighted average shares Weighted Average Number of Shares Outstanding, Diluted Weighted average number of shares outstanding (diluted) (in shares) Diluted weighted average shares CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Share-based Compensation Stock based compensation expense Amount of expense related to potential contract losses. Provision for Contract Losses Provision for contract losses Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Accounts Receivable Accounts receivable Represents the increase (decrease) during the reporting period in the cost of uncompleted contracts in excess of related billings, or unbilled accounts receivable forming a part of cash flows from operating activities. Increase (Decrease) in Costs Incurred on Uncompleted Contracts Costs incurred on uncompleted contracts, in excess of progress billings Increase (Decrease) in Inventories Inventories - raw materials Increase (Decrease) in Other Current Assets Other current assets Increase (Decrease) in Other Noncurrent Assets Other noncurrent assets Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accrued Liabilities Accrued expenses The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred for advanced claims payment received for assignment of Claim Agreement that are used in an entity's business. Increase Decrease in Advanced Claims Payment Advanced claims payment Increase (Decrease) in Deferred Revenue Deferred revenues Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash provided by (used in) operating activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Payments to Acquire Property, Plant, and Equipment Purchases of property, plant and equipment Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Issuance of Long-term Debt Borrowings of long-term debt Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Repayment of long-term debt Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash (used in) provided by financing activities Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations Effect of exchange rate on cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net increase (decrease) in cash and cash equivalents Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION No definition available. Cash Paid Disclosure [Abstract] Cash paid during the period for: Interest Paid Interest Noncash Investing and Financing Items [Abstract] SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS: Conversion of Stock, Shares Issued Number of shares of common stock issued for converted preferred stock Number of shares of common stock issued for converted preferred stock Conversion of Stock, Shares Converted Shares converted into common stock Shares converted into common stock Liabilities Assumed Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond Represents the amount of tax pertaining to liabilities assumed in noncash investing or financing activities. Tax on Liabilities Assumed Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond DESCRIPTION OF BUSINESS Nature of Operations [Text Block] DESCRIPTION OF BUSINESS BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Significant Accounting Policies [Text Block] BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements and Changes in Accounting Principles [Text Block] RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS PROPERTY, PLANT AND EQUIPMENT, NET Property, Plant and Equipment Disclosure [Text Block] PROPERTY, PLANT AND EQUIPMENT, NET COSTS INCURRED ON UNCOMPLETED CONTRACTS Long-term Contracts or Programs Disclosure [Text Block] COSTS INCURRED ON UNCOMPLETED CONTRACTS OTHER CURRENT ASSETS Other Current Assets [Text Block] OTHER CURRENT ASSETS OTHER NONCURRENT ASSETS Investments and Other Noncurrent Assets [Text Block] OTHER NONCURRENT ASSETS ACCRUED EXPENSES Accounts Payable and Accrued Liabilities Disclosure [Text Block] ACCRUED EXPENSES DEBT Debt Disclosure [Text Block] DEBT INCOME TAXES Income Tax Disclosure [Text Block] INCOME TAXES PROFIT SHARING PLAN Pension and Other Postretirement Benefits Disclosure [Text Block] PROFIT SHARING PLAN CAPITAL STOCK Stockholders' Equity Note Disclosure [Text Block] CAPITAL STOCK STOCK BASED COMPENSATION Disclosure of Compensation Related Costs, Share-based Payments [Text Block] STOCK BASED COMPENSATION CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS Concentration Risk Disclosure [Text Block] CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS SEGMENT INFORMATION Segment Reporting Disclosure [Text Block] SEGMENT INFORMATION COMMITMENTS Commitments and Contingencies Disclosure [Text Block] COMMITMENTS EARNINGS PER SHARE (EPS) Earnings Per Share [Text Block] EARNINGS PER SHARE (EPS) Property, Plant and Equipment [Table Text Block] Schedule of components of property, plant and equipment, net Tabular disclosure of amount included in cost of uncompleted contracts in excess of related billings or unbilled accounts receivable. Schedule of Costs in Excess of Billings on Uncompleted Contracts or Programs [Table Text Block] Schedule of costs incurred on uncompleted contracts Schedule of Other Current Assets [Table Text Block] Schedule of other current assets Schedule of Other Assets, Noncurrent [Table Text Block] Schedule of other noncurrent assets Schedule of Accrued Liabilities [Table Text Block] Schedule of accrued expenses Schedule of Debt [Table Text Block] Schedule of outstanding debt obligations Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Summary of information about options for the periods presented Schedule of Nonvested Share Activity [Table Text Block] Summary of activity of stock options outstanding but not vested Concentration Risk [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Accounts Receivable [Member] Receivable balance Sales [Member] Net sales Concentration Risk Type [Axis] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Customer Concentration Risk [Member] Customer Concentration Risk Concentration Risk [Line Items] Concentration of credit risk and major customers Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Schedule of concentration of risk by factors Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] Schedule of geographic information (net sales and net property, plant and equipment) by the country in which the legal subsidiary is domiciled and assets are located Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted loss per share computations Schedule of information pertaining to description of business. Description of Business [Table] Debt Instrument [Axis] Debt Instrument Name [Domain] Debt Instrument, Name [Domain] Secured Debt [Member] Revere Term Loan and Notes due December 2015 Represents information pertaining to first term loan note. First Term Loan Note [Member] First Term Loan Note Represents information pertaining to the second term loan. Second Term Loan Note [Member] Second Loan Note Represents information pertaining to the Credit Loan Note under the Loan and Security Agreement entered into with Utica Leasco, LLC. Credit Loan Note [Member] Utica Credit Loan Note due November 2018 Represents information pertaining to loan agreement with bank. Loan Agreement With Bank [Member] Loan agreement with bank Range [Axis] Range [Member] Range [Domain] Maximum [Member] Maximum Derivative Instrument [Axis] Derivative Contract Type [Domain] Derivative Contract [Domain] Interest Rate Swap [Member] Interest Rate Swap Long-term Debt, Type [Axis] Longterm Debt Type [Domain] Long-term Debt, Type [Domain] Represents information pertaining to Loan and Security Agreement. Loan And Security Agreement [Member] LSA Represents information pertaining to the Term Loan And Security Agreement. Term Loan And Security Agreement [Member] TLSA Description of Business [Line Items] DESCRIPTION OF BUSINESS Represents the amount of cash deposits with banks or financial institutions which are subject to People's Republic of China banking regulations. Cash Deposits in Bank Cash deposits located in China, which may not be able to be repatriated for use in the U.S. without undue cost or expense Cumulative provision for customer purchase agreement losses not offset against related costs accumulated on the balance sheet. Provision for Loss on Customer Purchase Agreement Provision for estimated customer purchase agreement losses EX-101.PRE 10 tpcs-20150630_pre.xml XML 11 R39.htm IDEA: XBRL DOCUMENT

DEBT (Details) - USD ($)			1 Months Ended	3 Months Ended	12 Months Ended
DEBT (Details) - USD ($)	Dec. 22, 2014	May. 30, 2014	Apr. 30, 2012	Jun. 30, 2015	Mar. 31, 2014	Mar. 31, 2015
Debt and capital lease obligations
Total debt				$ 5,436,160		$ 5,669,509
Less: Short-term debt				2,250,000		2,250,000
Less: Current portion of long-term debt				933,823		933,651
Total Long-term debt, including capital lease				2,252,337		2,485,858
LSA
Debt and capital lease obligations
Maximum amount of debt that can be defaulted		$ 5,000
Fees and associated costs		240,000
Loan proceeds retained for general corporate purposes		1,270,000
TLSA
Debt and capital lease obligations
Minimum cash balance requirement				775,000		500,000
TLSA \| Minimum
Debt and capital lease obligations
Minimum cash balance requirement				400,000
TLSA \| Maximum
Debt and capital lease obligations
Minimum cash balance requirement				820,000
Utica Credit Loan Note due November 2018
Debt and capital lease obligations
Total debt				$ 3,150,926		3,381,481
Utica Credit Loan Note due November 2018 \| LSA
Debt and capital lease obligations
Aggregate principal amount		$ 4,150,000
Stated interest rate to be used as variable interest basis		7.50%
Variable interest basis		six-month LIBOR
Interest margin (as a percent)		3.30%
Effective interest rate at end of period (as a percent)				10.80%
Deferred interest due during the first twelve months of the term (minimum range)				$ 166,000
Deferred interest due after the forty-eighth month of the term (maximum range)				498,000
Revere Term Loan and Notes due December 2015
Debt and capital lease obligations
Total debt				2,250,000		2,250,000
Revere Term Loan and Notes due December 2015 \| TLSA
Debt and capital lease obligations
Aggregate principal amount	$ 2,250,000
First Term Loan Note \| TLSA
Debt and capital lease obligations
Aggregate principal amount	$ 1,500,000
Interest rate (as a percent)	12.00%
Second Loan Note \| TLSA
Debt and capital lease obligations
Aggregate principal amount	$ 750,000
Interest rate (as a percent)	12.00%
Bonds financing \| TLSA
Debt and capital lease obligations
Repayment of debt	$ 1,450,000
Long-term obligations under capital leases
Debt and capital lease obligations
Total debt				35,234		38,028
Amount of the lease recorded in property, plant and equipment, net				$ 31,889		$ 38,027
Capital lease term			63 months
Capital lease term extension					9 months
Capital lease interest rate (as a percent)			6.00%
Capital lease monthly payment			$ 860		$ 1,117
Loan agreement with bank \| LSA
Debt and capital lease obligations
Repayment of debt		$ 2,650,000
Loan agreement with bank \| TLSA
Debt and capital lease obligations
Repayment of debt	1,450,000
Interest Rate Swap \| MDFA Series B Bonds \| LSA
Debt and capital lease obligations
Breakage fee		$ 29,448
Interest Rate Swap \| Loan agreement with bank
Debt and capital lease obligations
Breakage fee	$ 217,220

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COMMITMENTS (Details)	Jun. 01, 2015 USD ($) ft²	Jun. 30, 2015 USD ($)	Jun. 04, 2015 USD ($)
Employment agreements
Aggregate annual commitment for future executive salaries during the next fiscal year		$ 900,000
Aggregate commitment for vacation and holiday pay for non-executive employees		$ 400,000
New Lease \| GPX Wayne
Commitments
Area of land leased (in square feet) \| ft²	1,100
Monthly base rent	$ 1,838
Lease termination agreement \| CLA
Commitments
Security Deposit			$ 2,400

XML 14 R33.htm IDEA: XBRL DOCUMENT

DESCRIPTION OF BUSINESS (Details) - USD ($)				3 Months Ended		12 Months Ended
DESCRIPTION OF BUSINESS (Details) - USD ($)	Apr. 17, 2015	Dec. 22, 2014	May. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Mar. 31, 2014
DESCRIPTION OF BUSINESS
Cash and cash equivalents				$ 1,464,760	$ 886,888	$ 1,336,325	$ 1,086,701
Cash deposits located in China, which may not be able to be repatriated for use in the U.S. without undue cost or expense				16,005
Net cash provided by operating activities				379,309	(1,557,616)
Advanced claims payment				507,835
Net income (loss)				206,351	$ (1,271,069)	(3,600,000)
Provision for estimated customer purchase agreement losses				500,000		500,000
Total current liabilities				$ 7,384,377		$ 7,725,175
GT Advanced Technologies
DESCRIPTION OF BUSINESS
Provision for estimated customer purchase agreement losses							$ 2,400,000
LSA
DESCRIPTION OF BUSINESS
Maximum amount of debt that can be defaulted			$ 5,000
Fees and associated costs			240,000
Loan proceeds retained for general corporate purposes			1,270,000
Ranor, Inc. \| Citigroup Financial Products Inc \| Assignment of Claim Agreement
DESCRIPTION OF BUSINESS
Unsecured claim sold and assigned	$ 3,740,956
Initial amount received from the sale and assignment of unsecured claim	507,835
Claim, net of holdback, used as threshold for determining final payment or required repurchase on sale of unsecured claim	$ 1,692,782
Percentage of total claim received as initial payment to be used as multiplier in calculation of final settlement of agreement	30.00%
Percentage of interest to be payable for repurchase	7.00%
Ranor, Inc. \| Maximum \| Citigroup Financial Products Inc \| Assignment of Claim Agreement
DESCRIPTION OF BUSINESS
Additional amount to be received from the sale and assignment of unsecured claim	$ 614,452
Revere Term Loan and Notes due December 2015 \| TLSA
DESCRIPTION OF BUSINESS
Amount borrowed		$ 2,250,000
First Term Loan Note \| TLSA
DESCRIPTION OF BUSINESS
Amount borrowed		$ 1,500,000
Interest rate (as a percent)		12.00%
Second Loan Note \| TLSA
DESCRIPTION OF BUSINESS
Amount borrowed		$ 750,000
Interest rate (as a percent)		12.00%
Utica Credit Loan Note due November 2018 \| LSA
DESCRIPTION OF BUSINESS
Amount borrowed			$ 4,150,000
Stated interest rate to be used as variable interest basis			7.50%
Interest margin (as a percent)			3.30%
Variable interest basis			six-month LIBOR
Loan agreement with bank \| LSA
DESCRIPTION OF BUSINESS
Repayment of debt			$ 2,650,000
Loan agreement with bank \| TLSA
DESCRIPTION OF BUSINESS
Repayment of debt		$ 1,450,000
Loan agreement with bank \| Interest Rate Swap
DESCRIPTION OF BUSINESS
Breakage fee		$ 217,220

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OTHER CURRENT ASSETS (Tables)

3 Months Ended

Jun. 30, 2015

OTHER CURRENT ASSETS

Schedule of other current assets

	June 30, 2015		March 31, 2015
Payments advanced to suppliers	$	72,002	$	54,422
Prepaid insurance	176,745		205,477
Collateral deposits	85,252		85,252
Deferred loan costs, net of amortization	122,708		184,063
Other	9,109		9,039

Total	$	465,816	$	538,253

XML 17 R42.htm IDEA: XBRL DOCUMENT

CAPITAL STOCK (Details)	3 Months Ended		12 Months Ended
CAPITAL STOCK (Details)	Jun. 30, 2015 item $ / shares shares	Jun. 30, 2014 shares	Mar. 31, 2015 shares
Capital stock
Preferred stock, shares authorized	10,000,000		10,000,000
Shares converted into common stock	593,811	550,000
Number of shares of common stock issued for converted preferred stock	776,229	718,954
Number of authorized common shares	90,000,000		90,000,000
Number of outstanding common shares	25,446,187		24,669,958
Minimum
Capital stock
Number of series of preferred stock \| item	1
Series A Convertible Preferred Stock
Capital stock
Number of series of preferred stock \| item	1
Conversion ratio prior to adjustment	1
Conversion ratio	1.3072
Effective conversion price (in dollars per share) \| $ / shares	$ 0.218
Number of shares of common stock issuable upon conversion of convertible preferred stock	1,743,409		2,519,638
Required price per share upon liquidation \| $ / shares	$ 0.285
Shares converted into common stock	593,811	550,000
Number of shares of common stock issued for converted preferred stock	776,229	718,954	718,954
Shares outstanding	1,333,697		1,927,508

XML 18 R37.htm IDEA: XBRL DOCUMENT

OTHER NONCURRENT ASSETS (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
OTHER NONCURRENT ASSETS
Deferred loan costs, net of amortization	$ 27,155	$ 45,490
Total	$ 27,155	$ 45,490

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EARNINGS PER SHARE (EPS) (Details) - USD ($)
3 Months Ended 12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Mar. 31, 2015

Basic EPS

Net income (loss) $ 206,351 $ (1,271,069) $ (3,600,000)

Weighted average shares 24,867,019 24,010,264

Basic Income (Loss) per share (in dollars per share) $ 0.010 $ (0.050)

Diluted EPS

Net income (loss) $ 206,351 $ (1,271,069) $ (3,600,000)

Diluted weighted average shares 24,867,019 24,010,264

Diluted Income (Loss) per share (in dollars per share) $ 0.010 $ (0.050)

Antidilutive securities excluded from computation of earnings per share amount (in shares) 2,693,909 2,192,220

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XML 21 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727

PROPERTY, PLANT AND EQUIPMENT, NET
3 Months Ended

Jun. 30, 2015

PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 4 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following as of:

June 30, 2015

March 31,
2015

Land

$

110,113

$

110,113

Building and improvements

3,235,308

3,235,308

Machinery equipment, furniture and fixtures

8,733,884

8,733,660

Equipment under capital leases

65,568

65,568

Construction in progress

17,600

—

Total property, plant and equipment

12,162,473

12,144,649

Less: accumulated depreciation

(6,732,128
)

(6,534,608
)

Total property, plant and equipment, net

$

5,430,345

$

5,610,041

Depreciation expense for the three months ended June 30, 2015 and 2014 was $197,228 and $215,516, respectively.

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STOCK BASED COMPENSATION (Details)
3 Months Ended 12 Months Ended

Jun. 30, 2015

USD ($)

item

$ / shares

shares

Mar. 31, 2015

USD ($)

$ / shares

shares

Mar. 31, 2014

USD ($)

$ / shares

shares

Sep. 15, 2011

shares

Aug. 05, 2009

shares

Mar. 31, 2006

shares

Share based compensation

Maximum number of shares authorized to be issued 3,300,000 3,000,000 1,000,000

Options granted (in shares) 50,000

Exercise price of shares granted (in dollars per share) | $ / shares $ 0.620

Assumption used in valuation of stock options

Yield term of U.S. Treasury issues on which risk free interest rate is based 5 years

Additional general disclosure

Common stock available for grant under plan (in shares) 1,832,006

Number Of Options

Outstanding at the beginning of the period (in shares) 1,190,500 1,355,500

Granted (in shares) 50,000

Forfeited (in shares) (120,000) (215,000)

Outstanding at the end of the period (in shares) 1,070,500 1,190,500 1,355,500

Vested or expected to vest at the end of the period (in shares) 1,070,500

Exercisable and vested at the end of the period (in shares) 1,044,666

Weighted Average Exercise Price

Outstanding at the beginning of the period (in dollars per share) | $ / shares $ 1.049 $ 1.014

Granted (in dollars per share) | $ / shares 0.620

Forfeited (in dollars per share) | $ / shares 1.110 0.730

Outstanding at the end of the period (in dollars per share) | $ / shares 1.042 $ 1.049 $ 1.014

Vested or expected to vest at the end of the period (in dollars per share) | $ / shares 1.042

Exercisable and vested at the end of the period (in dollars per share) | $ / shares $ 1.052

Aggregate Intrinsic Value

Outstanding at the end of the period | $ $ 14,418 $ 21,600 $ 329,025

Vested or expected to vest at the end of the period | $ 14,418

Exercisable and vested at the end of the period | $ $ 14,418

Weighted Average Remaining Contractual Life

Outstanding at the end of the period 4 years 9 months 7 days 5 years 2 months 5 days 7 years 3 months 26 days

Vested or expected to vest at the end of the period 4 years 9 months 7 days

Exercisable and vested at the end of the period 4 years 8 months 19 days

Additional information on stock options

Unrecognized compensation cost related to stock options | $ $ 12,697

Period of recognition of unrecognized compensation expense 2 years

Fair value of shares vested | $ $ 31,266

Stock options outstanding but not vested, Number of Options

Outstanding at the beginning of the period (in shares) 112,500

Granted (in shares) 50,000

Vested (in shares) (46,666)

Forfeited (in shares) (40,000)

Outstanding at the end of the period (in shares) 25,834 112,500

Stock options outstanding but not vested, Weighted Average Exercise Price

Outstanding at the beginning of the period (in dollars per share) | $ / shares $ 0.664

Granted (in dollars per share) | $ / shares $ 0.620

Vested (in dollars per share) | $ / shares 0.670

Forfeited (in dollars per share) | $ / shares 0.670

Outstanding at the end of the period (in dollars per share) | $ / shares $ 0.646 $ 0.664

Director

Share based compensation

Terms of options 5 years

Options granted (in shares) 50,000

Annual grants to Directors on third anniversary of initial election (in shares) 10,000

Number Of Options

Granted (in shares) 50,000

Stock options outstanding but not vested, Number of Options

Granted (in shares) 50,000

Director | Minimum

Share based compensation

Number of directors on a committee to administer the plan | item 2

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STOCK BASED COMPENSATION (Tables)
3 Months Ended

Jun. 30, 2015

STOCK BASED COMPENSATION

Summary of information about options for the periods presented

Number Of

Weighted
Average

Aggregate
Intrinsic

Weighted
Average
Remaining
Contractual Life

Options

Exercise Price

Value

(in years)

Outstanding at 4/1/2014

1,355,500

$

1.014

$

329,025

7.32

Granted

50,000

$

0.620

Forfeited

(215,000
)

$

0.730

Outstanding at 3/31/2015

1,190,500

$

1.049

$

21,600

5.18

Granted

—

$

—

Forfeited

(120,000
)

$

1.110

Outstanding at 6/30/2015

1,070,500

$

1.042

$

14,418

4.77

Vested or expected to vest at 6/30/2015

1,070,500

$

1.042

$

14,418

4.77

Exercisable and vested at 6/30/2015

1,044,666

$

1.052

$

14,418

4.72

Summary of activity of stock options outstanding but not vested

Number of
Options

Weighted
Average
Exercise Price

Outstanding at 3/31/2015

112,500

$

0.664

Granted

—

$

—

Forfeited

(40,000
)

$

0.670

Vested

(46,666
)

$

0.670

Outstanding at 6/30/2015

25,834

$

0.646

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DEBT (Tables)
3 Months Ended

Jun. 30, 2015

DEBT

Schedule of outstanding debt obligations

June 30, 2015

March 31,
2015

Utica Credit Loan Note due November 2018

$

3,150,926

$

3,381,481

Revere Term Loan and Notes due December 2015

2,250,000

2,250,000

Obligations under capital leases

35,234

38,028

Total debt

$

5,436,160

$

5,669,509

Less: Short-term debt

$

2,250,000

$

2,250,000

Less: Current portion of long-term debt

$

933,823

$

933,651

Total long-term debt, including capital lease

$

2,252,337

$

2,485,858

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CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)
3 Months Ended 12 Months Ended

Jun. 30, 2015

USD ($)

item

Jun. 30, 2014

USD ($)

Mar. 31, 2015

USD ($)

Concentration of credit risk and major customers

Accounts receivable balance $ 821,639 $ 826,363

Net sales $ 4,374,975 $ 6,230,341 18,233,214

Receivable balance | Customer Concentration Risk

Concentration of credit risk and major customers

Number of major customers | item 6

Concentration risk percentage 98.00%

Receivable balance | Customer Concentration Risk | Customer A

Concentration of credit risk and major customers

Accounts receivable balance $ 143,028 $ 296,815

Concentration risk percentage 17.00% 36.00%

Receivable balance | Customer Concentration Risk | Customer B

Concentration of credit risk and major customers

Accounts receivable balance $ 128,738

Concentration risk percentage 16.00%

Receivable balance | Customer Concentration Risk | Customer C

Concentration of credit risk and major customers

Accounts receivable balance $ 128,844 $ 123,604

Concentration risk percentage 16.00% 15.00%

Receivable balance | Customer Concentration Risk | Customer D

Concentration of credit risk and major customers

Accounts receivable balance $ 162,491

Concentration risk percentage 20.00%

Receivable balance | Customer Concentration Risk | Customer E

Concentration of credit risk and major customers

Accounts receivable balance $ 96,616

Concentration risk percentage 12.00%

Receivable balance | Customer Concentration Risk | Customer F

Concentration of credit risk and major customers

Accounts receivable balance $ 176,088

Concentration risk percentage 21.00%

Receivable balance | Customer Concentration Risk | Customer G

Concentration of credit risk and major customers

Accounts receivable balance $ 97,500

Concentration risk percentage 12.00%

Net sales | Customer Concentration Risk | Customer A

Concentration of credit risk and major customers

Net sales $ 1,177,537 $ 1,862,707

Concentration risk percentage 27.00% 30.00%

Net sales | Customer Concentration Risk | Customer B

Concentration of credit risk and major customers

Net sales $ 1,762,985

Concentration risk percentage 28.00%

Net sales | Customer Concentration Risk | Customer C

Concentration of credit risk and major customers

Net sales $ 666,989

Concentration risk percentage 15.00%

Net sales | Customer Concentration Risk | Customer D

Concentration of credit risk and major customers

Net sales $ 535,092

Concentration risk percentage 12.00%

Net sales | Customer Concentration Risk | Customer E

Concentration of credit risk and major customers

Net sales $ 469,718

Concentration risk percentage 11.00%

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CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables) - Customer Concentration Risk
3 Months Ended

Jun. 30, 2015

Receivable balance

Concentration of credit risk and major customers

Schedule of concentration of risk by factors

June 30, 2015

March 31, 2015

Customer

Dollars

Percent

Dollars

Percent

A

$

143,028

17
%

$

296,815

36
%

B

$

*

*

%

$

128,738

16
%

C

$

128,844

16
%

$

123,604

15
%

D

$

162,491

20
%

$

*

*

%

E

$

96,616

12
%

$

*

*

%

F

$

176,088

21
%

$

*

*

%

G

$

97,500

12
%

$

*

*

%

*less than 10% of total

Net sales

Concentration of credit risk and major customers

Schedule of concentration of risk by factors

June 30, 2015

June 30, 2014

Customer

Dollars

Percent

Dollars

Percent

A

$

1,177,537

27
%

$

1,862,707

30
%

B

$

*

*

%

$

1,762,985

28
%

C

$

666,989

15
%

$

*

*

%

D

$

535,092

12
%

$

*

*

%

E

$

469,718

11
%

$

*

*

%

*less than 10% of total

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SEGMENT INFORMATION (Tables)
3 Months Ended

Jun. 30, 2015

SEGMENT INFORMATION

Schedule of geographic information (net sales and net property, plant and equipment) by the country in which the legal subsidiary is domiciled and assets are located

Net Sales

Property, Plant and Equipment,
Net

Three months ended:

At:

June 30,
2015

June 30,
2014

June 30,
2015

March
31, 2015

United States

$

4,374,975

$

5,744,984

$

5,430,345

$

5,609,973

China

$

—

$

485,357

$

—

$

68

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RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS
3 Months Ended

Jun. 30, 2015

RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS

NOTE 3 — RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS

In February 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU No. 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 makes specific amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entities guidance. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-02 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. The new guidance will be applied on a retrospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

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EARNINGS PER SHARE (EPS) (Tables)
3 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE (EPS)

Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted loss per share computations

Three Months
ended June 30,
2015

Three Months
ended June 30,
2014

Basic EPS

Net Income (Loss)

$

206,351

$

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)

Weighted average shares

24,867,019

24,010,264

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0.01

$

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Net Income (Loss)

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$

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Dilutive effect of convertible preferred stock, stock options and restricted shares

—

—

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24,867,019

24,010,264

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INCOME TAXES (Details) - USD ($)
3 Months Ended

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Jun. 30, 2014

Mar. 31, 2015

INCOME TAXES

Income tax (benefit) expense provision $ 0 $ 0

Federal net operating loss carry-forward $ 10,000,000

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Jun. 30, 2015

Mar. 31, 2015

Current assets:

Cash and cash equivalents $ 1,464,760 $ 1,336,325

Accounts receivable, less allowance for doubtful accounts of $24,693- in 2016 and 2015 821,639 826,363

Costs incurred on uncompleted contracts, in excess of progress billings 1,800,489 2,008,244

Inventories- raw materials 135,771 134,812

Current deferred taxes 826,697 826,697

Other current assets 465,816 538,253

Total current assets 5,515,172 5,670,694

Property, plant and equipment, net 5,430,345 5,610,041

Other noncurrent assets, net 27,155 45,490

Total assets 10,972,672 11,326,225

Current liabilities:

Accounts payable 1,203,675 1,526,123

Trade notes payable 74,401 138,237

Accrued expenses 1,700,092 1,665,658

Advanced claims payment 507,835

Deferred revenues 714,551 1,211,506

Short-term debt 2,250,000 2,250,000

Current portion of long-term debt 933,823 933,651

Total current liabilities 7,384,377 7,725,175

Long-term debt, including capital lease 2,252,337 2,485,858

Noncurrent deferred taxes $ 826,697 $ 826,697

Commitments and contingent liabilities (see Note 16)

Stockholders' Equity:

Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 1,333,697 and 1,927,508 shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively (liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015) $ 394,758 $ 524,210

Common stock -par value $.0001 per share, 90,000,000 shares authorized, 25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015, and at March 31, 2015, respectively 2,545 2,467

Additional paid in capital 6,630,920 6,487,589

Accumulated other comprehensive income 24,019 23,561

Accumulated deficit (6,542,981) (6,749,332)

Total stockholders' equity 509,261 288,495

Total liabilities and stockholders' equity $ 10,972,672 $ 11,326,225

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SEGMENT INFORMATION (Details)
3 Months Ended 12 Months Ended

Jun. 30, 2015

USD ($)

item

Jun. 30, 2014

USD ($)

Mar. 31, 2015

USD ($)

SEGMENT INFORMATION

Number of operating segments | item 1

SEGMENT INFORMATION

Net Sales $ 4,374,975 $ 6,230,341 $ 18,233,214

Property, Plant and Equipment, Net 5,430,345 5,610,041

United States

SEGMENT INFORMATION

Net Sales 4,374,975 5,744,984

Property, Plant and Equipment, Net $ 5,430,345 5,609,973

China

SEGMENT INFORMATION

Net Sales $ 485,357

Property, Plant and Equipment, Net $ 68

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DESCRIPTION OF BUSINESS
3 Months Ended

Jun. 30, 2015

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

NOTE 1 - DESCRIPTION OF BUSINESS

TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. 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). TechPrecision, WCMC and Ranor are collectively referred to as the “Company”, “we”, “us” or “our”.

We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, commercial, and aerospace industries.

Liquidity and Capital Resources

At June 30, 2015, we had cash and cash equivalents of $1.5 million, of which $16,005 is located in China and may not be able to be repatriated for use in the United States without undue cost or expense, if at all. Net cash provided by operating activities was $379,309 for the three months ended June 30, 2015, which includes an advance payment of $507,835 received on April 17, 2015 under an Assignment of Claim Agreement described below. We continue to reduce our operating expenses to stay in line with current business conditions. Our profit margins have improved significantly for the three months ended June 30, 2015, when compared with the three months ended June 30, 2014. As a result, we recorded net income of $206,351 for the three months ended June 30, 2015 compared with a net loss of $1.3 million for the three months ended June 30, 2014.

We incurred an operating loss of $3.6 million for the year ended March 31, 2015, or fiscal 2015. In fiscal 2014, we recorded a provision for potential contract losses of $2.4 million in connection with the bankruptcy filing of GT Advanced Technologies, Inc., or GTAT, and filed a proof of claim with the bankruptcy court to recover all of our costs under the terms of a purchase agreement with GTAT. The claim is now considered an unsecured creditor claim within GTAT’s overall bankruptcy proceedings.

On April 17, 2015, the Company, through Ranor, entered into an Assignment of Claim Agreement, or the Assignment Agreement, with Citigroup Financial Products Inc., or Citigroup. Pursuant to the terms of the Assignment Agreement, Ranor agreed to sell, transfer, convey and assign to Citigroup all of Ranor’s right, title and interest in and to Ranor’s $3,740,956 unsecured claim against GTAT. Pursuant to the Assignment Agreement, Citigroup paid to Ranor an initial amount equal to $507,835. The Assignment Agreement provides for Citigroup to pay to Ranor up to an additional $614,452 upon either (A) receipt of written notice that Ranor’s claim (or any portion thereof) has been fully and finally allowed against GTAT as a non-contingent, liquidated, and undisputed general unsecured claim, been listed as non-contingent, liquidated, and undisputed on schedules filed by GTAT with the bankruptcy court, or appeared on the claims agent’s, or trustee’s or other estate representative’s records, or has otherwise been conclusively and finally treated in GTAT’s bankruptcy, as “allowed” or “accepted as filed”; or (B) the expiration of the time period during which any party (including GTAT) is permitted to file an objection, dispute or challenge with respect to Ranor’s claim without any such objection, dispute or challenge having been filed. If Ranor’s claim against GTAT is allowed in its entirety, then Citigroup will pay Ranor an additional $614,452. If the amount of Ranor’s claim that is allowed is greater than $1,692,782 but less than the full amount or Ranor’s claim, then Citigroup will pay Ranor an additional amount equal to $614,452 minus the product of 30% multiplied by the difference between the total amount of Ranor’s claim and the amount of such claim that is actually allowed. If the total amount of Ranor’s claim against GTAT that is allowed is less than $1,692,782, then Ranor may be obligated repay to Citigroup 30% of the difference between $1,692,782 and the amount of Ranor’s claim that is actually allowed plus interest at 7% per annum from April 21, 2015 through the date of the repurchase.

The Company cannot predict the amount of Ranor’s claim that will be finally allowed or admitted in the GTAT bankruptcy proceeding and cannot guarantee that Ranor will receive any additional payment on its claim. The Company continues to vigorously pursue its legal remedies in respect to the case described above; however, an adverse decision in any proceeding could significantly harm our business and our consolidated financial position, results of operations and cash flows.

On May 30, 2014, TechPrecision and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor. Payments under the LSA and Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% or the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.

Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business; and (5) enter into any transaction that would materially or adversely affect the collateral or Ranor’s ability to repay the obligations under the LSA and the Credit Loan Note. The restrictions contained in these covenants are subject to certain exceptions specified in the LSA and in some cases may be waived by the written consent of Utica. Any failure to comply with the covenants outlined in the LSA without waiver by Utica or certain other provisions in the LSA would constitute an event of default, pursuant to which Utica may accelerate the repayment of the loan.

In connection with the execution of the LSA, we paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million of the proceeds of the Credit Loan Note to pay off debt obligations owed to Santander Bank N.A. under a Loan and Security Agreement. Additionally, the Company retained approximately $1.27 million of the proceeds of the Credit Loan Note for general corporate purposes.

On December 22, 2014, Ranor entered into a Term Loan and Security Agreement, or TLSA, with Revere High Yield Fund, LP, or Revere. Pursuant to the TLSA, Revere agreed to loan an aggregate of $2.25 million to Ranor under a term loan note in the aggregate principal amount of $1.5 million, or the First Loan Note, and a term loan note in the aggregate principal amount of $750,000, or the Second Loan Note. The First Loan Note is collateralized by a secured interest in Ranor’s Massachusetts facility and certain machinery and equipment at Ranor. The Second Loan Note is collateralized by a secured interest in certain accounts, inventory and equipment of Ranor. Payments under the TLSA, the First Loan Note and the Second Loan Note are due as follows: (a) payments of interest only on advanced principal on a monthly basis on the first day of each month from February 1, 2015 until December 31, 2015 with an annual interest rate on the unpaid principal balance of the First Loan Note and the Second Loan Note equal to 12% per annum and (b) the principal balance plus accrued and unpaid interest payable on December 31, 2015. Ranor’s obligations under the TLSA, the First Loan Note and the Second Loan Note are guaranteed by TechPrecision pursuant to a Guaranty Agreement with Revere. Ranor utilized approximately $1.45 million of the proceeds of the First Loan Note and the Second Loan Note to repay in full loan obligations owed to the Bank, plus breakage fees on a related interest swap of $217,220 under the Loan and Security Agreement with Santander Bank N.A. The remaining proceeds of the First Loan Note and the Second Loan Note were retained by the Company to be used for general corporate purposes. Pursuant to the TLSA, Ranor is subject to certain affirmative covenants more fully described in Note 9 — Debt.

If we were to violate any of the covenants under the above debt agreements, the lenders could demand full repayment of the amounts we owe. As such, we would need to seek alternative financing to pay these obligation as we do not have existing facilities or sufficient cash on hand to satisfy these obligations, and there is no guarantee that we would be able to obtain such alternative financing.

Our liquidity is highly dependent on our available financing facilities and our ability to improve our gross profit and operating income. Our TLSA with Revere expires on December 31, 2015, and must be extended or refinanced with another lender. If we successfully secure additional acceptable financing facilities, execute on our business plans, improve gross profit and operating income, and reduce our operating costs, then we believe that our available cash will be sufficient to fund our operations, capital expenditures and principal and interest payments under our debt obligations through the next twelve months.

These factors raise substantial doubt about our ability to continue as a going concern. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must secure long-term financing on terms consistent with our near-term business plans. In addition, we must increase our backlog and change the composition of our revenues to focus on recurring unit of delivery projects rather than custom first article and prototyping projects, which do not efficiently utilize our manufacturing capacity. We plan to closely monitor our expenses and, if required, will further reduce operating costs and capital spending to enhance liquidity.

The condensed consolidated financial statements for the three months ended June 30, 2015 and for the year ended March 31, 2015, or fiscal 2015, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total current liabilities of $7.4 million at June 30, 2015 and to continue as a going concern is dependent upon the successful execution of our operating plan and our ability to timely secure additional long-term financing. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

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COSTS INCURRED ON UNCOMPLETED CONTRACTS (Details) - USD ($)
3 Months Ended 12 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Mar. 31, 2015

Jun. 30, 2015

Mar. 31, 2015

Cost incurred on uncompleted contracts

Cost incurred on uncompleted contracts, beginning balance $ 4,068,488 $ 9,960,072 $ 9,960,072

Total cost incurred on contracts during the period 2,991,953 10,034,158

Less cost of sales, during the period (3,092,116) (6,012,101) (15,925,742)

Cost incurred on uncompleted contracts, ending balance 3,968,325 4,068,488

Billings on uncompleted contracts

Billings on uncompleted contracts, beginning balance 2,060,244 4,702,070 4,702,070

Plus: Total billings incurred on contracts, during the period 4,482,567 15,591,388

Less: Contracts recognized as revenue, during the period (4,374,975) (6,230,341) (18,233,214)

Billings on uncompleted contracts, ending balance 2,167,836 2,060,244

Cost incurred on uncompleted contracts

Cost incurred on uncompleted contracts, ending balance 4,068,488 9,960,072 9,960,072 $ 3,968,325 $ 4,068,488

Billings on uncompleted contracts, ending balance $ 2,060,244 $ 4,702,070 $ 4,702,070 2,167,836 2,060,244

Costs incurred on uncompleted contracts, in excess of progress billings 1,800,489 2,008,244

Deferred revenues $ 714,551 $ 1,211,506

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EARNINGS PER SHARE (EPS)
3 Months Ended

Jun. 30, 2015

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

NOTE 17 - EARNINGS PER SHARE (EPS)

Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of convertible preferred stock, warrants, and stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.

Three Months
ended June 30,
2015

Three Months
ended June 30,
2014

Basic EPS

Net Income (Loss)

$

206,351

$

(1,271,069
)

Weighted average shares

24,867,019

24,010,264

Basic Income (Loss) per share

$

0.01

$

(0.05
)

Diluted EPS

Net Income (Loss)

$

206,351

$

(1,271,069
)

Dilutive effect of convertible preferred stock, stock options and restricted shares

—

—

Diluted weighted average shares

24,867,019

24,010,264

Diluted Income (Loss) per share

$

0.01

$

(0.05
)

All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three months ended June 30, 2015, there were 2,693,909 of potential common share equivalents that were out-of-the-money and were not included in the EPS calculations above. For the three months ended June 30, 2014, there were 2,192,220, of potentially anti-dilutive stock options and convertible preferred stock, none of which were included in the EPS calculations above.

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OTHER CURRENT ASSETS (Details) - USD ($)

Jun. 30, 2015

Mar. 31, 2015

OTHER CURRENT ASSETS

Payments advanced to suppliers $ 72,002 $ 54,422

Prepaid insurance 176,745 205,477

Collateral deposits 85,252 85,252

Deferred loan costs, net of amortization 122,708 184,063

Other 9,109 9,039

Total $ 465,816 $ 538,253

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COSTS INCURRED ON UNCOMPLETED CONTRACTS (Tables)
3 Months Ended

Jun. 30, 2015

COSTS INCURRED ON UNCOMPLETED CONTRACTS

Schedule of costs incurred on uncompleted contracts

June 30, 2015

March 31,
2015

Cost incurred on uncompleted contracts, beginning balance

$

4,068,488

$

9,960,072

Total cost incurred on contracts during the period

2,991,953

10,034,158

Less cost of sales, during the period

(3,092,116
)

(15,925,742
)

Cost incurred on uncompleted contracts, ending balance

$

3,968,325

$

4,068,488

Billings on uncompleted contracts, beginning balance

$

2,060,244

$

4,702,070

Plus: Total billings incurred on contracts, during the period

4,482,567

15,591,388

Less: Contracts recognized as revenue, during the period

(4,374,975
)

(18,233,214
)

Billings on uncompleted contracts, ending balance

$

2,167,836

$

2,060,244

Cost incurred on uncompleted contracts, ending balance

$

3,968,325

$

4,068,488

Billings on uncompleted contracts, ending balance

2,167,836

2,060,244

Costs incurred on uncompleted contracts, in excess of progress billings

$

1,800,489

$

2,008,244

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended

Jun. 30, 2015

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of operations and comprehensive income (loss) for the three month periods ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the three months ended June 30, 2015 and 2014 are unaudited, but, in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year.

The Notes to Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with our consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or the 2015 Form 10-K, filed with the SEC on June 29, 2015.

Significant Accounting Policies

Our significant accounting policies are set forth in detail in Note 2 to the 2015 Form 10-K.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)

Jun. 30, 2015

Mar. 31, 2015

Accounts receivable, allowance for doubtful accounts (in dollars) $ 24,693 $ 24,693

Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Preferred stock, shares authorized 10,000,000 10,000,000

Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001

Common stock, shares authorized 90,000,000 90,000,000

Common stock, shares issued 25,446,187 24,669,958

Common stock, shares outstanding 25,446,187 24,669,958

Series A Convertible Preferred Stock

Preferred stock, designated as Series A Convertible Preferred Stock 9,890,980 9,890,980

Preferred Stock, Shares Issued 1,333,697 1,927,508

Preferred stock, shares outstanding 1,333,697 1,927,508

Preferred stock, liquidation preference (in dollars) $ 380,104 $ 549,340

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CAPITAL STOCK
3 Months Ended

Jun. 30, 2015

CAPITAL STOCK

CAPITAL STOCK

NOTE 12 - CAPITAL STOCK

Preferred Stock

We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitations of the holders of such series. Our board of directors has created one series of preferred stock - the Series A Convertible Preferred Stock.

During the three months ended June 30, 2015 and 2014, 593,811 and 550,000 shares of Series A Convertible Preferred Stock were converted into 776,229 and 718,954 shares of common stock, respectively. We had 1,333,697 and 1,927,508 shares of Series A Convertible Preferred Stock outstanding at June 30, 2015 and March 31, 2015, respectively.

Each share of Series A Convertible Preferred Stock was initially convertible into one share of common stock. As a result of our failure to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and each share of Series A Convertible Preferred Stock became convertible into 1.3072 shares of common stock, with an effective conversion price of $0.218. Based on the current conversion ratio, there were 1,743,409 and 2,519,638 common shares underlying the Series A Convertible Preferred Stock as of June 30, 2015 and March 31, 2015, respectively.

Upon any liquidation, we would be required to pay $0.285 for each share of Series A Convertible Preferred Stock. The payment would be made before any payment to holders of any junior securities and after payment to holders of securities that are senior to the Series A Convertible Preferred Stock.

Common Stock

We had 90,000,000 authorized common shares at June 30, 2015 and March 31, 2015. There were 25,446,187 and 24,669,958 shares of common stock outstanding at June 30, 2015 and March 31, 2015, respectively. For the three months ended June 30, 2015 we issued 776,229 shares of common stock in connection with conversions of Series A Convertible Preferred Stock. For the three months ended June 30, 2014, we issued 718,954 shares of common stock in connection with conversions of Series A Convertible Preferred Stock.

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Document and Entity Information - shares
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Jun. 30, 2015

Aug. 10, 2015

Document and Entity Information

Entity Registrant Name TECHPRECISION CORP

Entity Central Index Key 0001328792

Document Type 10-Q

Document Period End Date Jun. 30, 2015

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Current Fiscal Year End Date --03-31

Entity Current Reporting Status Yes

Entity Filer Category Smaller Reporting Company

Entity Common Stock, Shares Outstanding 25,446,187

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XML 43 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

STOCK BASED COMPENSATION
3 Months Ended

Jun. 30, 2015

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

NOTE 13 - STOCK BASED COMPENSATION

In 2006, our board of directors adopted, and our stockholders approved, the 2006 long-term incentive plan, or the Plan, covering 1,000,000 shares of common stock. On August 5, 2010, the Plan was amended to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,000,000 shares. On September 15, 2011, the directors adopted and the shareholders approved an amendment to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,300,000 shares. The Plan provides for the grant of incentive and non-qualified options, stock grants, stock appreciation rights and other equity-based incentives to employees, including officers, and consultants. The Plan is to be administered by a committee of not less than two directors each of whom is to be an independent director. In the absence of a committee, the Plan is administered by our board of directors. Independent directors are not eligible for discretionary options.

Pursuant to the Plan, each newly elected independent director receives, at the time of election, a five-year option to purchase 50,000 shares of common stock at the market price on the date of his or her election. In addition, the Plan provides for the annual grant of an option to purchase 10,000 shares of common stock on July 1 of each year following the third anniversary of the date of election.

The fair value of the options we granted was estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We use the simplified method for all grants to estimate the expected term of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. Because of our limited stock exercise activity we did not rely on our historical exercise data. At June 30, 2015, there were 1,832,006 shares of common stock available for grant under the Plan.

The following table summarizes information about options for the periods presented below:

Number Of

Weighted
Average

Aggregate
Intrinsic

Weighted
Average
Remaining
Contractual Life

Options

Exercise Price

Value

(in years)

Outstanding at 4/1/2014

1,355,500

$

1.014

$

329,025

7.32

Granted

50,000

$

0.620

Forfeited

(215,000
)

$

0.730

Outstanding at 3/31/2015

1,190,500

$

1.049

$

21,600

5.18

Granted

—

$

—

Forfeited

(120,000
)

$

1.110

Outstanding at 6/30/2015

1,070,500

$

1.042

$

14,418

4.77

Vested or expected to vest at 6/30/2015

1,070,500

$

1.042

$

14,418

4.77

Exercisable and vested at 6/30/2015

1,044,666

$

1.052

$

14,418

4.72

At June 30, 2015 there was $12,697 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next two years. The total fair value of shares vested during the three months ended June 30, 2015 was $31,266.

The following table summarizes the activity of our stock options outstanding but not vested for the three months ended June 30, 2015:

Number of
Options

Weighted
Average
Exercise Price

Outstanding at 3/31/2015

112,500

$

0.664

Granted

—

$

—

Forfeited

(40,000
)

$

0.670

Vested

(46,666
)

$

0.670

Outstanding at 6/30/2015

25,834

$

0.646

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Net sales $ 4,374,975 $ 6,230,341

Cost of sales 3,092,116 6,012,101

Gross profit 1,282,859 218,240

Selling, general and administrative 804,207 1,328,773

Income (loss) from operations 478,652 (1,110,533)

Other (expense) income (189) 53

Interest expense (272,122) (160,589)

Interest income 10

Total other expense, net (272,301) (160,536)

Income (loss) before income taxes 206,351 (1,271,069)

Income tax expense 0 0

Net income (loss) 206,351 (1,271,069)

Other comprehensive income (loss), before tax:

Change in unrealized loss on cash flow hedges (16,680)

Reclassification adjustments for cash flow hedge losses included in net loss 29,105

Foreign currency translation adjustments (61) 30

Other comprehensive income (loss), before tax (61) 12,455

Comprehensive income (loss), net of tax $ 206,290 $ (1,258,614)

Net loss per share (basic) (in dollars per share) $ 0.010 $ (0.050)

Net loss per share (diluted) (in dollars per share) $ 0.010 $ (0.050)

Weighted average number of shares outstanding (basic) (in shares) 24,867,019 24,010,264

Weighted average number of shares outstanding (diluted) (in shares) 24,867,019 24,010,264

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OTHER NONCURRENT ASSETS
3 Months Ended

Jun. 30, 2015

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS

NOTE 7 — OTHER NONCURRENT ASSETS

June 30, 2015

March 31,
2015

Deferred loan costs, net of amortization

$

27,155

$

45,490

Total

$

27,155

$

45,490

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OTHER CURRENT ASSETS
3 Months Ended

Jun. 30, 2015

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS

NOTE 6 — OTHER CURRENT ASSETS

June 30, 2015

March 31,
2015

Payments advanced to suppliers

$

72,002

$

54,422

Prepaid insurance

176,745

205,477

Collateral deposits

85,252

85,252

Deferred loan costs, net of amortization

122,708

184,063

Other

9,109

9,039

Total

$

465,816

$

538,253

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PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
3 Months Ended

Jun. 30, 2015

PROPERTY, PLANT AND EQUIPMENT, NET

Schedule of components of property, plant and equipment, net

June 30, 2015

March 31,
2015

Land

$

110,113

$

110,113

Building and improvements

3,235,308

3,235,308

Machinery equipment, furniture and fixtures

8,733,884

8,733,660

Equipment under capital leases

65,568

65,568

Construction in progress

17,600

—

Total property, plant and equipment

12,162,473

12,144,649

Less: accumulated depreciation

(6,732,128
)

(6,534,608
)

Total property, plant and equipment, net

$

5,430,345

$

5,610,041

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CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
3 Months Ended

Jun. 30, 2015

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

NOTE 14 - CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS

We maintain bank account balances, which, at times, may exceed Federal Deposit Insurance Corporation insured limits. We have not experienced any losses with these accounts and believe that we are not exposed to any significant credit risk on cash.

At June 30, 2015, there were accounts receivable balances outstanding from six customers comprising 98% of the total receivables balance. The following table sets forth information as to accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of:

June 30, 2015

March 31, 2015

Customer

Dollars

Percent

Dollars

Percent

A

$

143,028

17
%

$

296,815

36
%

B

$

*

*

%

$

128,738

16
%

C

$

128,844

16
%

$

123,604

15
%

D

$

162,491

20
%

$

*

*

%

E

$

96,616

12
%

$

*

*

%

F

$

176,088

21
%

$

*

*

%

G

$

97,500

12
%

$

*

*

%

*less than 10% of total

We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our revenue for the three months ended:

June 30, 2015

June 30, 2014

Customer

Dollars

Percent

Dollars

Percent

A

$

1,177,537

27
%

$

1,862,707

30
%

B

$

*

*

%

$

1,762,985

28
%

C

$

666,989

15
%

$

*

*

%

D

$

535,092

12
%

$

*

*

%

E

$

469,718

11
%

$

*

*

%

*less than 10% of total

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INCOME TAXES
3 Months Ended

Jun. 30, 2015

INCOME TAXES

INCOME TAXES

NOTE 10 - INCOME TAXES

We account for income taxes under the provisions of FASB ASC 740, Income Taxes. At the end of each interim period, we make an estimate of our annual expected effective tax rates in both the United States and China. For the three months ended June 30, 2015 and 2014, we recorded zero income tax expense. The lack of tax expense or benefit for the three months ended June 30, 2015 was primarily the result of recording a full valuation allowance on our net deferred tax assets. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. We have determined that it is more likely than not that certain future tax benefits may not be realized. A change in the estimates used to make this determination could require an increase in deferred tax assets if they become realizable.

At March 31, 2015, our federal net operating loss carry-forward was approximately $10.0 million. If not utilized, the federal net operating loss carry-forward will begin to expire in 2025. Section 382 of the Internal Revenue Code, as amended, provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis due to an ownership change in connection with the acquisition of Ranor in 2006.

We file income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Our foreign subsidiary files separate income tax returns in China, the foreign jurisdiction in which it is located. Tax years 2012 and forward remain open for examination. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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ACCRUED EXPENSES
3 Months Ended

Jun. 30, 2015

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 8 - ACCRUED EXPENSES

June 30, 2015

March 31,
2015

Accrued compensation

$

672,903

$

613,838

Provision for contract losses

469,580

533,799

Accrued interest expense

453,818

436,787

Other

103,791

81,234

Total

$

1,700,092

$

1,665,658

Our contract loss provision at both June 30, 2015 and March 31, 2015 includes approximately $0.5 million for estimated contract losses in connection with a certain customer purchase agreement. We filed a demand for arbitration under the contract to recover damages, together with attorney’s fees, interest and costs, subsequent to the customer’s request to reduce the number of units ordered under the purchase agreement. As a result of the customer filing a voluntary bankruptcy claim, the demand is now considered an unsecured creditor claim within the customer’s overall bankruptcy proceedings. It is more likely than not that we will not be able to recover the full amount of our claim. As such, part of the total reduction in the liability reflects the netting of approximately $0.8 million of accumulated costs in work-in-progress and $1.1 million of accounts receivable with the loss provision. Accrued interest expense is for deferred interest costs accounted for under the effective interest method in connection with the Utica Credit Loan Note due November 2018.

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DEBT
3 Months Ended

Jun. 30, 2015

DEBT

DEBT

NOTE 9 — DEBT

June 30, 2015

March 31,
2015

Utica Credit Loan Note due November 2018

$

3,150,926

$

3,381,481

Revere Term Loan and Notes due December 2015

2,250,000

2,250,000

Obligations under capital leases

35,234

38,028

Total debt

$

5,436,160

$

5,669,509

Less: Short-term debt

$

2,250,000

$

2,250,000

Less: Current portion of long-term debt

$

933,823

$

933,651

Total long-term debt, including capital lease

$

2,252,337

$

2,485,858

Term Loan and Security Agreement

On December 22, 2014, Ranor entered into the TLSA with Revere. Pursuant to the TLSA, Revere agreed to loan an aggregate of $2.25 million to Ranor under the First Loan Note in the aggregate principal amount of $1.5 million and the Second Loan Note in the aggregate principal amount of $750,000. The First Loan Note is collateralized by a secured interest in Ranor’s Massachusetts facility and certain machinery and equipment at Ranor. The Second Loan Note is collateralized by a secured interest in certain accounts, inventory and equipment of Ranor. Payments under the TLSA, the First Loan Note and the Second Loan Note are due as follows: (a) payments of interest only on advanced principal on a monthly basis on the first day of each month from February 1, 2015 until December 31, 2015 with an annual interest rate on the unpaid principal balance of the First Loan Note and the Second Loan Note equal to 12% per annum and (b) the principal balance plus accrued and unpaid interest payable on December 31, 2015. Ranor’s obligations under the TLSA, the First Loan Note and the Second Loan Note are guaranteed by TechPrecision pursuant to a Guaranty Agreement with Revere. Ranor utilized approximately $1.45 million of the proceeds of the First Loan Note and Second Loan Note to pay off Bond obligations owed to Santander Bank N.A. plus breakage fees on a related interest swap of $217,220 under the Loan and Security Agreement with Santander Bank N.A. The remaining proceeds of the First Loan Note and the Second Loan Note were retained by the Company for general corporate purposes. Pursuant to the TLSA, Ranor is subject to certain affirmative and negative covenants, including a cash covenant, which requires that we maintain minimum month end cash balances that range from $400,000 to $820,000. We were required to maintain a cash balance of $775,000 and $500,000 at June 30, 2015 and March 31, 2015, respectively. We were in compliance with all covenants under the TLSA at June 30, 2015 and March 31, 2015.

Loan and Security Agreement

On May 30, 2014, TechPrecision and Ranor entered into the LSA, with Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor. Payments under the LSA and the Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% or the six-month LIBOR interest rate, as described in the Credit Loan Note. At June 30, 2015, the rate of interest on the debt under the LSA was 10.8%. In addition, if the obligations under the LSA and the Credit Loan Note are paid in full prior to the maturity date, Ranor will be required to pay Utica deferred interest in an amount ranging from $166,000 during the first twelve months of the term of the loan to $498,000 at any time after the forty-eighth month of the term of the loan. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.

Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business; and (5) enter into any transaction that would materially or adversely affect the collateral or Ranor’s ability to repay the obligations under the LSA and the Credit Loan Note. The restrictions contained in these covenants are subject to certain exceptions specified in the LSA and in some cases may be waived by written consent of Utica. Any failure to comply with the covenants outlined in the LSA without waiver by Utica or certain other provisions in the LSA would constitute an event of default, pursuant to which Utica may accelerate the repayment of the loan. In connection with the execution of the LSA, the Company paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million of the proceeds of the Credit Loan Note to pay off, or complete a refinancing of, debt obligations owed to Santander Bank N.A. under the Loan and Security Agreement. We paid a breakage fee of $29,448 for early termination of the interest rate swap for the Series B Bonds and recorded the amount as interest expense in our statement of operations. We retained approximately $1.27 million of the proceeds of the Credit Loan Note for general corporate purposes.

Capital Lease

We entered into a new capital lease in April 2012 for certain office equipment. The lease has a term of 63 months, bears interest at 6.0% and requires monthly payments of principal and interest of $860. This lease was amended in fiscal 2014 when we purchased a replacement copier at Ranor. The revised lease term was extended by nine months and will expire in March 2018 and the required monthly payments of principal and interest increased to $1,117. The amount of the lease recorded in property, plant and equipment, net as of June 30, 2015 and March 31, 2015 was $31,889 and $38,027, respectively.

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PROFIT SHARING PLAN
3 Months Ended

Jun. 30, 2015

PROFIT SHARING PLAN

PROFIT SHARING PLAN

NOTE 11 - PROFIT SHARING PLAN

Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. Our contributions were $3,083 and $2,678 for the three months ended June 30, 2015 and 2014, respectively.

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PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Mar. 31, 2015

Property, Plant and Equipment

Total property, plant and equipment $ 12,162,473 $ 12,144,649

Less: accumulated depreciation (6,732,128) (6,534,608)

Total property, plant and equipment, net 5,430,345 5,610,041

Depreciation expense 197,228 $ 215,516

Land

Property, Plant and Equipment

Total property, plant and equipment 110,113 110,113

Building and improvements

Property, Plant and Equipment

Total property, plant and equipment 3,235,308 3,235,308

Machinery equipment, furniture and fixtures

Property, Plant and Equipment

Total property, plant and equipment 8,733,884 8,733,660

Equipment under capital leases

Property, Plant and Equipment

Total property, plant and equipment 65,568 $ 65,568

Construction in progress

Property, Plant and Equipment

Total property, plant and equipment $ 17,600

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COMMITMENTS
3 Months Ended

Jun. 30, 2015

COMMITMENTS

COMMITMENTS

NOTE 16 — COMMITMENTS

Leases

New Lease

On June 1, 2015 we entered into a new office lease with GPX Wayne Office Properties, L.P., or GPX Wayne, pursuant to which the Company leases approximately 1,100 square feet located at 992 Old Eagle School Road, Wayne, Pennsylvania, or the Wayne Property. The Company assumed possession of the Wayne Property on June 16, 2015, or the Commencement Date. The initial term of this lease will expire on June 30, 2016, unless sooner terminated in accordance with the terms of the lease. The Company’s base rent for the Wayne Property is $1,838 per month in addition to payments for electricity (on a proportionate ratio basis for the entire building), certain contributions for leasehold improvements, and certain other additional rent items (including certain taxes, insurance premiums and operating expenses). Other than as described above, there is no relationship between the Company and GPX Wayne.

Termination of Lease

On June 4, 2015, the Company entered into a lease termination agreement with CLA Building Associates, L.P., or CLA, pursuant to which the Company and CLA agreed to terminate the lease between the Company and CLA with respect to certain office space in Newtown Square, Pennsylvania, or the Newtown Square Property. Pursuant to the lease termination agreement, the lease with respect to the Newtown Square Property was terminated and the Company vacated the Newtown Square Property on June 16, 2015. The lease termination agreement provides that CLA will retain the Company’s security deposit of $2,400.

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, certain guaranteed bonuses, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at June 30, 2015 for future executive salaries during the next twelve months, including fiscal 2015 bonuses payable after March 31, 2015, was approximately $0.9 million. The aggregate commitment at June 30, 2015 was approximately $0.4 million for accrued payroll, vacation and holiday pay for the remainder of our employees.

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OTHER NONCURRENT ASSETS (Tables)
3 Months Ended

Jun. 30, 2015

OTHER NONCURRENT ASSETS

Schedule of other noncurrent assets

June 30, 2015

March 31,
2015

Deferred loan costs, net of amortization

$

27,155

$

45,490

Total

$

27,155

$

45,490

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PROFIT SHARING PLAN (Details) - Ranor, Inc. - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

PROFIT SHARING PLAN

Eligibility for employer matching contributions, period of service 90 days

Matching contributions made by the company $ 3,083 $ 2,678

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended

Jun. 30, 2015

Jun. 30, 2014

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) $ 206,351 $ (1,271,069)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization 276,917 255,645

Stock based compensation expense 13,957 68,824

Provision for contract losses 20,371 366,951

Changes in operating assets and liabilities:

Accounts receivable 4,724 (940,242)

Costs incurred on uncompleted contracts, in excess of progress billings 207,755 561,964

Inventories - raw materials (959) 51,153

Other current assets 11,078 4,001

Other noncurrent assets (335,226)

Accounts payable (386,285) 921,933

Accrued expenses 14,520 (431,784)

Advanced claims payment 507,835

Deferred revenues (496,955) (809,766)

Net cash provided by (used in) operating activities 379,309 (1,557,616)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of property, plant and equipment (17,600) (54,093)

Net cash used in investing activities (17,600) (54,093)

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings of long-term debt 4,150,000

Repayment of long-term debt (233,349) (2,738,105)

Net cash (used in) provided by financing activities (233,349) 1,411,895

Effect of exchange rate on cash and cash equivalents 75 1

Net increase (decrease) in cash and cash equivalents 128,435 (199,813)

Cash and cash equivalents, beginning of period 1,336,325 1,086,701

Cash and cash equivalents, end of period 1,464,760 886,888

Cash paid during the period for:

Interest $ 159,324 $ 115,056

SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:

Number of shares of common stock issued for converted preferred stock 776,229 718,954

Shares converted into common stock 593,811 550,000

Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond $ 219,359

Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond $ 0

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COSTS INCURRED ON UNCOMPLETED CONTRACTS
3 Months Ended

Jun. 30, 2015

COSTS INCURRED ON UNCOMPLETED CONTRACTS

COSTS INCURRED ON UNCOMPLETED CONTRACTS

NOTE 5 - COSTS INCURRED ON UNCOMPLETED CONTRACTS

The following table sets forth information as to costs incurred on uncompleted contracts as of:

June 30, 2015

March 31,
2015

Cost incurred on uncompleted contracts, beginning balance

$

4,068,488

$

9,960,072

Total cost incurred on contracts during the period

2,991,953

10,034,158

Less cost of sales, during the period

(3,092,116
)

(15,925,742
)

Cost incurred on uncompleted contracts, ending balance

$

3,968,325

$

4,068,488

Billings on uncompleted contracts, beginning balance

$

2,060,244

$

4,702,070

Plus: Total billings incurred on contracts, during the period

4,482,567

15,591,388

Less: Contracts recognized as revenue, during the period

(4,374,975
)

(18,233,214
)

Billings on uncompleted contracts, ending balance

$

2,167,836

$

2,060,244

Cost incurred on uncompleted contracts, ending balance

$

3,968,325

$

4,068,488

Billings on uncompleted contracts, ending balance

2,167,836

2,060,244

Costs incurred on uncompleted contracts, in excess of progress billings

$

1,800,489

$

2,008,244

Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of June 30, 2015 and March 31, 2015, we had deferred revenues totaling $714,551 and $1,211,506, respectively. Deferred revenues represent customer prepayments on their contracts and completed contracts on which all revenue recognition criteria were not met. We record provisions for losses within costs of sales in our condensed consolidated statement of operations and comprehensive income (loss). We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The agreements with our customers allow us to offset the progress payments against the costs incurred.

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ACCRUED EXPENSES (Tables)
3 Months Ended

Jun. 30, 2015

ACCRUED EXPENSES

Schedule of accrued expenses

June 30, 2015

March 31,
2015

Accrued compensation

$

672,903

$

613,838

Provision for contract losses

469,580

533,799

Accrued interest expense

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436,787

Other

103,791

81,234

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$

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ACCRUED EXPENSES (Details) - USD ($)
3 Months Ended

Jun. 30, 2015

Mar. 31, 2015

ACCRUED EXPENSES

Accrued compensation $ 672,903 $ 613,838

Provision for contract losses 469,580 533,799

Accrued interest expense 453,818 436,787

Other 103,791 81,234

Total 1,700,092 1,665,658

Provision for estimated customer purchase agreement losses 500,000 $ 500,000

Netting adjustment for accumulated costs in work-in-progress 800,000

Provision for loss on accounts receivable $ 1,100,000

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SEGMENT INFORMATION
3 Months Ended

Jun. 30, 2015

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 15 — SEGMENT INFORMATION

We consider our business to consist of one segment - metal fabrication and precision machining. A significant amount of our operations, assets and customers are located in the United States. The following table presents our geographic information (net sales and property, plant and equipment, net) by the country in which the legal subsidiary is domiciled and assets are located:

Net Sales

Property, Plant and Equipment,
Net

Three months ended:

At:

June 30,
2015

June 30,
2014

June 30,
2015

March
31, 2015

United States

$

4,374,975

$

5,744,984

$

5,430,345

$

5,609,973

China

$

—

$

485,357

$

—

$

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EARNINGS PER SHARE (EPS) (Details) - USD ($)	3 Months Ended		12 Months Ended
EARNINGS PER SHARE (EPS) (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Basic EPS
Net income (loss)	$ 206,351	$ (1,271,069)	$ (3,600,000)
Weighted average shares	24,867,019	24,010,264
Basic Income (Loss) per share (in dollars per share)	$ 0.010	$ (0.050)
Diluted EPS
Net income (loss)	$ 206,351	$ (1,271,069)	$ (3,600,000)
Diluted weighted average shares	24,867,019	24,010,264
Diluted Income (Loss) per share (in dollars per share)	$ 0.010	$ (0.050)
Antidilutive securities excluded from computation of earnings per share amount (in shares)	2,693,909	2,192,220

STOCK BASED COMPENSATION (Details)	3 Months Ended	12 Months Ended
STOCK BASED COMPENSATION (Details)	Jun. 30, 2015 USD ($) item $ / shares shares	Mar. 31, 2015 USD ($) $ / shares shares	Mar. 31, 2014 USD ($) $ / shares shares	Sep. 15, 2011 shares	Aug. 05, 2009 shares	Mar. 31, 2006 shares
Share based compensation
Maximum number of shares authorized to be issued				3,300,000	3,000,000	1,000,000
Options granted (in shares)		50,000
Exercise price of shares granted (in dollars per share) \| $ / shares		$ 0.620
Assumption used in valuation of stock options
Yield term of U.S. Treasury issues on which risk free interest rate is based	5 years
Additional general disclosure
Common stock available for grant under plan (in shares)	1,832,006
Number Of Options
Outstanding at the beginning of the period (in shares)	1,190,500	1,355,500
Granted (in shares)		50,000
Forfeited (in shares)	(120,000)	(215,000)
Outstanding at the end of the period (in shares)	1,070,500	1,190,500	1,355,500
Vested or expected to vest at the end of the period (in shares)	1,070,500
Exercisable and vested at the end of the period (in shares)	1,044,666
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 1.049	$ 1.014
Granted (in dollars per share) \| $ / shares		0.620
Forfeited (in dollars per share) \| $ / shares	1.110	0.730
Outstanding at the end of the period (in dollars per share) \| $ / shares	1.042	$ 1.049	$ 1.014
Vested or expected to vest at the end of the period (in dollars per share) \| $ / shares	1.042
Exercisable and vested at the end of the period (in dollars per share) \| $ / shares	$ 1.052
Aggregate Intrinsic Value
Outstanding at the end of the period \| $	$ 14,418	$ 21,600	$ 329,025
Vested or expected to vest at the end of the period \| $	14,418
Exercisable and vested at the end of the period \| $	$ 14,418
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	4 years 9 months 7 days	5 years 2 months 5 days	7 years 3 months 26 days
Vested or expected to vest at the end of the period	4 years 9 months 7 days
Exercisable and vested at the end of the period	4 years 8 months 19 days
Additional information on stock options
Unrecognized compensation cost related to stock options \| $	$ 12,697
Period of recognition of unrecognized compensation expense	2 years
Fair value of shares vested \| $	$ 31,266
Stock options outstanding but not vested, Number of Options
Outstanding at the beginning of the period (in shares)	112,500
Granted (in shares)		50,000
Vested (in shares)	(46,666)
Forfeited (in shares)	(40,000)
Outstanding at the end of the period (in shares)	25,834	112,500
Stock options outstanding but not vested, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 0.664
Granted (in dollars per share) \| $ / shares		$ 0.620
Vested (in dollars per share) \| $ / shares	0.670
Forfeited (in dollars per share) \| $ / shares	0.670
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 0.646	$ 0.664
Director
Share based compensation
Terms of options	5 years
Options granted (in shares)	50,000
Annual grants to Directors on third anniversary of initial election (in shares)	10,000
Number Of Options
Granted (in shares)	50,000
Stock options outstanding but not vested, Number of Options
Granted (in shares)	50,000
Director \| Minimum
Share based compensation
Number of directors on a committee to administer the plan \| item	2

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) item	Jun. 30, 2014 USD ($)	Mar. 31, 2015 USD ($)
Concentration of credit risk and major customers
Accounts receivable balance	$ 821,639		$ 826,363
Net sales	$ 4,374,975	$ 6,230,341	18,233,214
Receivable balance \| Customer Concentration Risk
Concentration of credit risk and major customers
Number of major customers \| item	6
Concentration risk percentage	98.00%
Receivable balance \| Customer Concentration Risk \| Customer A
Concentration of credit risk and major customers
Accounts receivable balance	$ 143,028		$ 296,815
Concentration risk percentage	17.00%		36.00%
Receivable balance \| Customer Concentration Risk \| Customer B
Concentration of credit risk and major customers
Accounts receivable balance			$ 128,738
Concentration risk percentage			16.00%
Receivable balance \| Customer Concentration Risk \| Customer C
Concentration of credit risk and major customers
Accounts receivable balance	$ 128,844		$ 123,604
Concentration risk percentage	16.00%		15.00%
Receivable balance \| Customer Concentration Risk \| Customer D
Concentration of credit risk and major customers
Accounts receivable balance	$ 162,491
Concentration risk percentage	20.00%
Receivable balance \| Customer Concentration Risk \| Customer E
Concentration of credit risk and major customers
Accounts receivable balance	$ 96,616
Concentration risk percentage	12.00%
Receivable balance \| Customer Concentration Risk \| Customer F
Concentration of credit risk and major customers
Accounts receivable balance	$ 176,088
Concentration risk percentage	21.00%
Receivable balance \| Customer Concentration Risk \| Customer G
Concentration of credit risk and major customers
Accounts receivable balance	$ 97,500
Concentration risk percentage	12.00%
Net sales \| Customer Concentration Risk \| Customer A
Concentration of credit risk and major customers
Net sales	$ 1,177,537	$ 1,862,707
Concentration risk percentage	27.00%	30.00%
Net sales \| Customer Concentration Risk \| Customer B
Concentration of credit risk and major customers
Net sales		$ 1,762,985
Concentration risk percentage		28.00%
Net sales \| Customer Concentration Risk \| Customer C
Concentration of credit risk and major customers
Net sales	$ 666,989
Concentration risk percentage	15.00%
Net sales \| Customer Concentration Risk \| Customer D
Concentration of credit risk and major customers
Net sales	$ 535,092
Concentration risk percentage	12.00%
Net sales \| Customer Concentration Risk \| Customer E
Concentration of credit risk and major customers
Net sales	$ 469,718
Concentration risk percentage	11.00%

RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2015
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	NOTE 3 — RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS In February 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU No. 2015-02, Amendments to the Consolidation Analysis. ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 makes specific amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the variable interest entities guidance. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company does not expect the adoption of ASU 2015-02 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 is effective for interim and annual reporting periods beginning after December 15, 2015. The new guidance will be applied on a retrospective basis and early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

INCOME TAXES (Details) - USD ($)	3 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
INCOME TAXES
Income tax (benefit) expense provision	$ 0	$ 0
Federal net operating loss carry-forward			$ 10,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 1,464,760	$ 1,336,325
Accounts receivable, less allowance for doubtful accounts of $24,693- in 2016 and 2015	821,639	826,363
Costs incurred on uncompleted contracts, in excess of progress billings	1,800,489	2,008,244
Inventories- raw materials	135,771	134,812
Current deferred taxes	826,697	826,697
Other current assets	465,816	538,253
Total current assets	5,515,172	5,670,694
Property, plant and equipment, net	5,430,345	5,610,041
Other noncurrent assets, net	27,155	45,490
Total assets	10,972,672	11,326,225
Current liabilities:
Accounts payable	1,203,675	1,526,123
Trade notes payable	74,401	138,237
Accrued expenses	1,700,092	1,665,658
Advanced claims payment	507,835
Deferred revenues	714,551	1,211,506
Short-term debt	2,250,000	2,250,000
Current portion of long-term debt	933,823	933,651
Total current liabilities	7,384,377	7,725,175
Long-term debt, including capital lease	2,252,337	2,485,858
Noncurrent deferred taxes	$ 826,697	$ 826,697
Commitments and contingent liabilities (see Note 16)
Stockholders' Equity:
Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 1,333,697 and 1,927,508 shares issued and outstanding at June 30, 2015 and March 31, 2015, respectively (liquidation preference: $380,104 - June 30, 2015; $549,340 - March 31, 2015)	$ 394,758	$ 524,210
Common stock -par value $.0001 per share, 90,000,000 shares authorized, 25,446,187 and 24,669,958 shares issued and outstanding at June 30, 2015, and at March 31, 2015, respectively	2,545	2,467
Additional paid in capital	6,630,920	6,487,589
Accumulated other comprehensive income	24,019	23,561
Accumulated deficit	(6,542,981)	(6,749,332)
Total stockholders' equity	509,261	288,495
Total liabilities and stockholders' equity	$ 10,972,672	$ 11,326,225

SEGMENT INFORMATION (Details)	3 Months Ended		12 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2015 USD ($) item	Jun. 30, 2014 USD ($)	Mar. 31, 2015 USD ($)
SEGMENT INFORMATION
Number of operating segments \| item	1
SEGMENT INFORMATION
Net Sales	$ 4,374,975	$ 6,230,341	$ 18,233,214
Property, Plant and Equipment, Net	5,430,345		5,610,041
United States
SEGMENT INFORMATION
Net Sales	4,374,975	5,744,984
Property, Plant and Equipment, Net	$ 5,430,345		5,609,973
China
SEGMENT INFORMATION
Net Sales		$ 485,357
Property, Plant and Equipment, Net			$ 68

OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
OTHER CURRENT ASSETS
Payments advanced to suppliers	$ 72,002	$ 54,422
Prepaid insurance	176,745	205,477
Collateral deposits	85,252	85,252
Deferred loan costs, net of amortization	122,708	184,063
Other	9,109	9,039
Total	$ 465,816	$ 538,253

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of June 30, 2015, the condensed consolidated statements of operations and comprehensive income (loss) for the three month periods ended June 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the three months ended June 30, 2015 and 2014 are unaudited, but, in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. The Notes to Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with our consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, or the 2015 Form 10-K, filed with the SEC on June 29, 2015. Significant Accounting Policies Our significant accounting policies are set forth in detail in Note 2 to the 2015 Form 10-K.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 24,693	$ 24,693
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	25,446,187	24,669,958
Common stock, shares outstanding	25,446,187	24,669,958
Series A Convertible Preferred Stock
Preferred stock, designated as Series A Convertible Preferred Stock	9,890,980	9,890,980
Preferred Stock, Shares Issued	1,333,697	1,927,508
Preferred stock, shares outstanding	1,333,697	1,927,508
Preferred stock, liquidation preference (in dollars)	$ 380,104	$ 549,340

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 10, 2015
Document and Entity Information
Entity Registrant Name	TECHPRECISION CORP
Entity Central Index Key	0001328792
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		25,446,187
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Net sales	$ 4,374,975	$ 6,230,341
Cost of sales	3,092,116	6,012,101
Gross profit	1,282,859	218,240
Selling, general and administrative	804,207	1,328,773
Income (loss) from operations	478,652	(1,110,533)
Other (expense) income	(189)	53
Interest expense	(272,122)	(160,589)
Interest income	10
Total other expense, net	(272,301)	(160,536)
Income (loss) before income taxes	206,351	(1,271,069)
Income tax expense	0	0
Net income (loss)	206,351	(1,271,069)
Other comprehensive income (loss), before tax:
Change in unrealized loss on cash flow hedges		(16,680)
Reclassification adjustments for cash flow hedge losses included in net loss		29,105
Foreign currency translation adjustments	(61)	30
Other comprehensive income (loss), before tax	(61)	12,455
Comprehensive income (loss), net of tax	$ 206,290	$ (1,258,614)
Net loss per share (basic) (in dollars per share)	$ 0.010	$ (0.050)
Net loss per share (diluted) (in dollars per share)	$ 0.010	$ (0.050)
Weighted average number of shares outstanding (basic) (in shares)	24,867,019	24,010,264
Weighted average number of shares outstanding (diluted) (in shares)	24,867,019	24,010,264

PROFIT SHARING PLAN	3 Months Ended
PROFIT SHARING PLAN	Jun. 30, 2015
PROFIT SHARING PLAN
PROFIT SHARING PLAN	NOTE 11 - PROFIT SHARING PLAN Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. Our contributions were $3,083 and $2,678 for the three months ended June 30, 2015 and 2014, respectively.

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Property, Plant and Equipment
Total property, plant and equipment	$ 12,162,473		$ 12,144,649
Less: accumulated depreciation	(6,732,128)		(6,534,608)
Total property, plant and equipment, net	5,430,345		5,610,041
Depreciation expense	197,228	$ 215,516
Land
Property, Plant and Equipment
Total property, plant and equipment	110,113		110,113
Building and improvements
Property, Plant and Equipment
Total property, plant and equipment	3,235,308		3,235,308
Machinery equipment, furniture and fixtures
Property, Plant and Equipment
Total property, plant and equipment	8,733,884		8,733,660
Equipment under capital leases
Property, Plant and Equipment
Total property, plant and equipment	65,568		$ 65,568
Construction in progress
Property, Plant and Equipment
Total property, plant and equipment	$ 17,600

PROFIT SHARING PLAN (Details) - Ranor, Inc. - USD ($)	3 Months Ended
PROFIT SHARING PLAN (Details) - Ranor, Inc. - USD ($)	Jun. 30, 2015	Jun. 30, 2014
PROFIT SHARING PLAN
Eligibility for employer matching contributions, period of service	90 days
Matching contributions made by the company	$ 3,083	$ 2,678

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 206,351	$ (1,271,069)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	276,917	255,645
Stock based compensation expense	13,957	68,824
Provision for contract losses	20,371	366,951
Changes in operating assets and liabilities:
Accounts receivable	4,724	(940,242)
Costs incurred on uncompleted contracts, in excess of progress billings	207,755	561,964
Inventories - raw materials	(959)	51,153
Other current assets	11,078	4,001
Other noncurrent assets		(335,226)
Accounts payable	(386,285)	921,933
Accrued expenses	14,520	(431,784)
Advanced claims payment	507,835
Deferred revenues	(496,955)	(809,766)
Net cash provided by (used in) operating activities	379,309	(1,557,616)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(17,600)	(54,093)
Net cash used in investing activities	(17,600)	(54,093)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings of long-term debt		4,150,000
Repayment of long-term debt	(233,349)	(2,738,105)
Net cash (used in) provided by financing activities	(233,349)	1,411,895
Effect of exchange rate on cash and cash equivalents	75	1
Net increase (decrease) in cash and cash equivalents	128,435	(199,813)
Cash and cash equivalents, beginning of period	1,336,325	1,086,701
Cash and cash equivalents, end of period	1,464,760	886,888
Cash paid during the period for:
Interest	$ 159,324	$ 115,056
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Number of shares of common stock issued for converted preferred stock	776,229	718,954
Shares converted into common stock	593,811	550,000
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond		$ 219,359
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond		$ 0

ACCRUED EXPENSES (Details) - USD ($)	3 Months Ended
ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2015	Mar. 31, 2015
ACCRUED EXPENSES
Accrued compensation	$ 672,903	$ 613,838
Provision for contract losses	469,580	533,799
Accrued interest expense	453,818	436,787
Other	103,791	81,234
Total	1,700,092	1,665,658
Provision for estimated customer purchase agreement losses	500,000	$ 500,000
Netting adjustment for accumulated costs in work-in-progress	800,000
Provision for loss on accounts receivable	$ 1,100,000