0001387131-18-002144.txt : 20180515 0001387131-18-002144.hdr.sgml : 20180515 20180515104921 ACCESSION NUMBER: 0001387131-18-002144 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPI AEROSTRUCTURES INC CENTRAL INDEX KEY: 0000889348 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 112520310 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11398 FILM NUMBER: 18834103 BUSINESS ADDRESS: STREET 1: 200A EXECUTIVE DR CITY: EDGEWOOD STATE: NY ZIP: 11717 BUSINESS PHONE: 5165865200 MAIL ADDRESS: STREET 1: 91 HEARTLAND BLVD CITY: EDGEWOOD STATE: NY ZIP: 11717 10-Q 1 cvu-10q_033118.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒

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

For the quarterly period ended March 31, 2018

☐

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: 1-11398

CPI AEROSTRUCTURES, INC.

(Exact name of registrant as specified in its charter)

New York	11-2520310
(State or other jurisdiction	(IRS Employer Identification Number)
of incorporation or organization)

91 Heartland Blvd., Edgewood, NY	11717
(Address of principal executive offices)	(zip code)

(631) 586-5200

(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 ☒ No ☐

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 ☒ No ☐

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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
(Do not check if a smaller reporting company)	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 10, 2018 the number of shares of common stock, par value $.001 per share, outstanding was 8,938,461.

INDEX

Part I - Financial Information

Item 1 – Condensed Financial Statements

Condensed Balance Sheets as of March 31, 2018 (Unaudited) and December 31, 2017	3

Condensed Statements of Income and Comprehensive Income for the Three Months ended March 31, 2018 (Unaudited) and 2017 (Unaudited)	4

Condensed Statements of Shareholders’ Equity for the Three Months ended March 31, 2018 (Unaudited) and 2017 (Unaudited)	5

Condensed Statements of Cash Flows for the Three Months ended March 31, 2018 (Unaudited) and 2017 (Unaudited)	6

Notes to Condensed Financial Statements (Unaudited)	7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3 – Quantitative and Qualitative Disclosures About Market Risk	24

Item 4 – Controls and Procedures	24

Part II - Other Information

Item 1 – Legal Proceedings	25

Item 1A – Risk Factors	25

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3 – Defaults Upon Senior Securities	25

Item 4 – Mine Safety Disclosures	25

Item 5 – Other Information	25

Item 6 – Exhibits	25

Signatures	26

Exhibits

Part I - Financial Information

Item 1 – Condensed Financial Statements

CONDENSED BALANCE SHEETS

	March 31,			December 31,
	2018			2017
		(Unaudited)			(Note 1)
ASSETS
Current Assets:
Cash	$	283,240		$	1,430,877
Accounts receivable, net of allowance for doubtful accounts of $150,000 as of March 31, 2018 and December 31, 2017		3,984,414			5,379,821
Contract assets		114,023,576			111,158,551
Prepaid expenses and other current assets		2,363,604			2,413,187

Total current assets		120,654,834			120,382,436

Property and equipment, net		2,049,651			2,046,942
Deferred income taxes, net		1,161,818			1,566,818
Other assets		172,259			188,303
Total Assets	$	124,038,562		$	124,184,499

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	11,810,149		$	15,129,872
Accrued expenses		1,983,368			1,911,421
Contract liabilities		281,528			246,330
Current portion of long-term debt		2,135,641			2,009,000
Line of credit		24,838,685			22,838,685
Income tax payable		—			109,327

Total current liabilities		41,049,371			42,244,635

Long-term debt, net of current portion		6,479,867			7,019,468
Other liabilities		595,173			607,063

Total Liabilities		48,124,411			49,871,166

Shareholders’ Equity:
Common stock - $.001 par value; authorized 50,000,000 shares, 8,923,845 and 8,864,319 shares, respectively, issued and outstanding		8,919			8,863
Additional paid-in capital		54,120,415			53,770,618
Retained earnings		21,805,417			20,548,652
Accumulated other comprehensive loss		(20,600	)		(14,800	)

Total Shareholders’ Equity		75,914,151			74,313,333

Total Liabilities and Shareholders’ Equity	$	124,038,562		$	124,184,499

See Notes to Condensed Financial Statements

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For the Three Months Ended
	March 31,
	2018			2017
	(Unaudited)

Revenue	$	18,191,623		$	20,032,701
Cost of revenue		14,141,755			15,495,187

Gross profit		4,049,868			4,537,514
Selling, general and administrative expenses		2,049,840			2,163,878
Income from operations		2,000,028			2,373,636
Interest expense		447,263			390,335
Income before provision for income taxes		1,552,765			1,983,301

Provision for income taxes		296,000			734,000

Net income		1,256,765			1,249,301

Other comprehensive loss net of tax –Change in unrealized loss on interest rate swap		(5,800	)		5,200

Comprehensive income	$	1,250,965		$	1,254,501


Income per common share – basic	$	0.14		$	0.14

Income per common share – diluted	$	0.14		$	0.14

Shares used in computing income per common share:
Basic		8,888,179			8,781,292
Diluted		8,940,385			8,830,953

See Notes to Condensed Financial Statements

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

	Common Stock Shares		Amount		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss			Total Shareholders’ Equity

Balance at January 1, 2017		8,739,836	$	8,738	$	52,824,950	$	14,781,018	($	9,000	)	$	67,605,706
Net income		—		—		—		1,249,301		—			1,249,301
Change in unrealized loss from interest rate swap		—		—		—		—		5,200			5,200
Stock-based compensation expense		77,284		79		422,914		—		—			422,993

Balance at March 31, 2017		8,817,120	$	8,817	$	53,247,864	$	16,030,319	($	3,800	)	$	69,283,200

Balance at January 1, 2018		8,864,319	$	8,863	$	53,770,618	$	20,548,652	($	14,800	)	$	74,313,333
Net income		—		—		—		1,256,765		—			1,256,765
Change in unrealized loss from interest rate swap		—		—		—		—		(5,800	)		(5,800	)
Common stock issued as employee compensation		5,130		5		45,908		—		—			45,913
Stock-based compensation expense		54,396		51		303,889		—		—			303,940
Balance at March 31, 2018		8,923,845	$	8,919	$	54,120,415	$	21,805,417	($	20,600	)	$	75,914,151

See Notes to Condensed Financial Statements

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)


For the Three Months Ended March 31,	2018			2017

Cash flows from operating activities:
Net income	$	1,256,765		$	1,249,301
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		153,297			149,926
Debt issue costs		21,392			21,392
Deferred rent		(17,692	)		(7,670	)
Loss on disposal of fixed asset		—			21,010
Stock-based compensation		303,940			422,993
Common stock issued as employee compensation		45,913			—
Deferred income taxes		405,000			720,126
Changes in operating assets and liabilities:
Decrease in accounts receivable		1,395,407			338,235
Increase in contract assets		(2,865,025	)		(2,351,024	)
(Increase) decrease in prepaid expenses and other assets		49,583			(576,795	)
Decrease in accounts payable and accrued expenses		(3,247,776	)		(2,612,459	)
Increase (decrease) in contract liabilities		35,198			(266,404	)
Decrease in income taxes payable		(109,327	)		—

Net cash used in operating activities		(2,573,325	)		(2,891,369	)

Cash flows used in investing activities:
Purchase of property and equipment		(156,006	)		(90,017	)
Proceeds from sale of fixed asset		—			42,480

Net cash used in investing activities		(156,006	)		(47,537	)

Cash flows from financing activities:

Payments on long-term debt		(418,306	)		(169,724	)
Proceeds from line of credit		2,000,000			3,000,000
Payments on line of credit		—			(500,000	)

Net cash provided by financing activities		1,581,694			2,330,276

Net decrease in cash		(1,147,637	)		(608,630	)
Cash at beginning of period		1,430,877			1,039,586

Cash at end of period	$	283,240		$	430,956

Supplemental disclosures of cash flow information:

Cash paid during the period for:
Interest	$	429,614		$	389,615
Income taxes	$	—		$	13,888

See Notes to Condensed Financial Statements

NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)

1. INTERIM FINANCIAL STATEMENTS

The condensed financial statements of CPI Aerostructures, Inc. (the “Company”) as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

The condensed balance sheet at December 31, 2017 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected. Such adjustments are of a normal, recurring nature. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.

The Company maintains its cash in two financial institutions. The balances are insured by the Federal Deposit Insurance Corporation. From time to time, the Company’s balances may exceed these limits. As of March 31, 2018, the Company had $44,132 of uninsured balances. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.

Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in revenue in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

When changes are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.

Following the adoption of ASC 606, the Company’s revenue recognition for all of its contracts remained materially consistent with historical practice and there was no impact in the three months ended March 31, 2018 condensed financial statements upon adoption.

In compliance with ASC 606, costs and estimated earnings in excess of billings on uncompleted contracts, on the December 31, 2017 balance sheet, has been reclassified to contract assets. Additionally, billings in excess of costs and estimated earnings on uncompleted contracts and contract losses, on the December 31, 2017 balance sheet, have been combined and reclassified to contract liabilities.

2. aCCOUNTING STANDARDS

Recently Issued but not Adopted Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” The updated guidance requires lessees to recognize lease assets and lease liabilities for most operating leases. In addition, the updated guidance requires that lessors separate lease and non-lease components in a contract in accordance with the new revenue guidance in ASC 606. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the effect on its financial statements.

3. REVENUE RECOGNITION

The majority of the Company’s revenues are from long-term contracts with the U.S. government and commercial contractors. The contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) which provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. government contracts. The pricing for commercial contractors are based on the specific negotiations with each customer.

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

All of the Company’s current long-term contracts have a single performance obligation as the promise to transfer the goods or services are not separately identifiable from other promises in the contracts and, therefore, not distinct. Sometimes, the Company’s contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. All of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Revenues for the Company’s long-term contracts are recognized over time as the Company performs its obligations because of continuous transfer of control to the customer. The continuous transfer of control to the customer is supported by clauses in contracts that either allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and the products and services have no alternative use or the customer controls the work in progress.

Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses the cost-to-cost input method to measure of progress for its contracts because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on its contracts.

In applying the cost-to-cost input method, the Company compares the actual costs incurred relative to the total estimated costs to determine its progress towards contract completion and to calculate the corresponding amount of estimated revenue and estimated gross profit recognized. For any costs incurred that do not contribute to a performance obligation, the Company excludes such costs from its input methods of revenue recognition as the amounts are not reflective in transferring control of the asset to the customer. Costs to fulfill include labor, materials and subcontractors’ costs, other direct costs and an allocation of indirect costs.

Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin for a contract is reflected in revenue in the period the change becomes known. Contract estimates involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the application of the cost-to-cost input method; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

For the Company’s uncompleted contracts, contract assets include unbilled amounts and when the estimated revenues recognized exceeds the amount billed to the customer and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current. The Company’s contract liabilities consist of billings in excess of estimated revenues recognized. Contract liabilities are classified as current. The Company’s contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period.

Revenue recognized for the three months ended March 31, 2018, that was included in the contract liabilities at January 1, 2018 was $146,270.

The Company’s remaining performance obligations represents the transaction price of its long-term contracts for which work has not been performed. As of March 31, 2018, the aggregate amount of transaction price allocated to the remaining performance obligations was $62,075,462. The Company estimates that it expects to recognize approximately 64% of its remaining performance obligations in 2018 and 36% revenue in 2019.

In addition, the Company recognizes revenue for parts supplied for certain MRO contracts at a point in time following the transfer of control to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contract.

Revenue from long-term contracts transferred to customers over time and revenue from MRO contracts transferred at a point in time accounted for approximately 97% and 3%, respectively, for the three months ended March 31, 2018.

Revenue by long-term contract type for the three months ended March 31, 2018 is as follows:

Government subcontracts	$	8,137,726
Commercial contracts		7,476,095
Prime government contracts		2,577,802
	$	18,191,623

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

stock-based compensation

The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant.

In January 2018, the Company granted 58,578 restricted stock units (“RSUs”) to its board of directors as partial compensation for the 2018 year. In January 2017, the Company granted 59,395 RSUs to its board of directors as partial compensation for the 2017 year. RSUs vest quarterly on a straight-line basis over a one-year period. The Company’s net income for the three months ended March 31, 2018 and 2017 includes approximately $273,000 and $292,000, respectively, of non-cash compensation expense related to the RSU grants to the board of directors. This expense is recorded as a component of selling, general and administrative expenses.

In January 2018, the Company granted 5,130 shares of common stock to various employees. For the three months ended March 31, 2018, approximately $10,000 of compensation expense is included in selling, general and administrative expenses and approximately $36,000 of compensation expense is included in cost of revenue for this grant. In January 2017, the Company granted 5,550 shares of common stock to various employees. For the three months ended March 31, 2017, approximately $13,300 of compensation expense is included in selling, general and administrative expenses and approximately $37,500 of compensation expense is included in cost of revenue for this grant.

In March 2018, the Company granted 68,764 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criterion are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2022 based upon the service and performance thresholds. For the three months ended March 31, 2018, approximately $76,600 of compensation expense is included in selling, general and administrative expenses and approximately $16,100 of compensation expenses is included in cost of revenue for this grant.

In March 2017, the Company granted 73,060 shares of common stock to various employees. In the event that any of these employees voluntarily terminates their employment prior to certain dates, portions of the shares may be forfeited. In addition, if certain Company performance criterion are not achieved, portions of these shares may be forfeited. These shares will be expensed during various periods through March 2021 based upon the service and performance thresholds. For the three months ended March 31, 2017, approximately $93,600 of compensation expense is included in selling, general and administrative expenses and approximately $19,700 of compensation expense is included in cost of revenue for this grant.

In March 2018, 12,330 and 9,130 of the shares granted in 2016 and 2017, respectively, were forfeited because the Company failed to achieve certain performance criterion for the year ended December 31, 2017. In addition, on March 22, 2018, these employees returned 7,552 common shares, valued at approximately $62,000, to pay the employees’ withholding taxes.

In March 2017, 12,330 of the shares granted in August of 2016 were forfeited because the Company failed to achieve certain performance criterion for the year ended December 31, 2016. In addition, on March 9, 2017, these employees returned 4,525 common shares, valued at approximately $33,000, to pay the employees’ withholding taxes.

A summary of the status of the Company’s stock option plans as of March 31, 2018 and changes during the three months ended March 31, 2018 is as follows:

	Options		Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at beginning of period		80,249	$	11.05

Outstanding and vested at end of period		80,249	$	11.05		0.85	$	110,250

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

During the three months ended March 31, 2018 and March 31, 2017, no stock options were granted or exercised.

Derivative Instruments and Fair Value

Our use of derivative instruments has been to hedge interest rates. These derivative contracts are entered into with a financial institution. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.

We record these derivative financial instruments on the condensed balance sheets at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately.

In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date, and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge. The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item.

Fair Value

At March 31, 2018 and December 31, 2017, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.

	March 31, 2018
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	33,475,585	$	33,475,585

	December 31, 2017
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	31,893,894	$	31,893,894

We estimated the fair value of debt using market quotes and calculations based on market rates.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2018 and December 31, 2017:

			Fair Value Measurements March 31, 2018
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	26,427		—	$	26,427		—
Total	$	26,427		—	$	26,427		—

			Fair Value Measurements December 31, 2017
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	18,781		—	$	18,781		—
Total	$	18,781		—	$	18,781		—

The fair value of the Company’s interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the “replacement swap rate,” which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value of the interest differential between the contractual swap and the replacement swap.

As of March 31, 2018 and December 31, 2017, $26,427 and $18,781, respectively, was included in other liabilities related to the fair value of the Company’s interest rate swap, and $20,600 and $15,000, respectively, net of tax of approximately $4,000 and $4,000, respectively, was included in Accumulated Other Comprehensive Loss.

Contract assets and contract liabilities

Net Contract assets (liabilities) consist of the following:

	March 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	57,248,632		$	56,774,944		$	114,023,576
Contract liabilities		(226,712	)		(54,816	)		(281,528	)
Net contract assets (liabilities)	$	57,021,920		$	56,720,128		$	113,742,048

	12 /31/2017 (1)
	U.S. Government			Commercial			Total
Contract assets	$	54,591,601		$	56,566,950		$	111,158,551
Contract liabilities		(224,339	)		(21,991	)		(246,330	)
Net contract assets (liabilities)	$	54,367,262		$	56,544,959		$	110,912,221

(1)

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

The increase or decrease in the Company’s net contract assets (liabilities) from January 1, 2018 to March 31, 2018 was primarily due to costs incurred on newer programs, like the Raytheon Next Generation Jammer Pod ($0.7 million increase) and the new design of the HondaJet engine inlet ($1.0 million increase), for which the Company has not begun billing on a steady rate. Additionally, we experienced some delays in shipping on the G650 program which increased contract assets by $2.2 million.

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontractors.

Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2018, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $(320,303) from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. During the three months ended March 31, 2017, the effect of such revisions was a decrease to total gross profit of approximately $1,275,000.

Although management believes it has established adequate procedures for estimating costs to uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

INCOME PER COMMON SHARE

Basic income per common share is computed using the weighted average number of common shares outstanding. Diluted income per common share for the three months ended March 31, 2018 and 2017 is computed using the weighted-average number of common shares outstanding adjusted for the incremental shares attributed to outstanding options to purchase common stock, as well as unvested RSUs. Incremental shares of 78,933 were used in the calculation of diluted income per common share in the three months ended March 31, 2018. Incremental shares of 45,249 were not used in the calculation of diluted income per common share in the three months ended March 31, 2018, as their exercise price was in excess of the Company’s average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive. Incremental shares of 78,865 were used in the calculation of diluted income per common share in the three months ended March 31, 2017. Incremental shares of 114,466 were not used in the calculation of diluted income per common share in the three month period ended March 31, 2017, as their exercise price was in excess of the Company’s average stock price for the respective period and, accordingly, these shares are not assumed to be exercised for the diluted earnings per share calculation, as they would be anti-dilutive.

LINE OF CREDIT

On March 24, 2016, the Company entered into a Credit Agreement with Bank United, N.A. as the sole arranger, administrative agent and collateral agent and Citzens Bank N.A. (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

As of March 31, 2018, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

As of March 31, 2018, the Company had $24.8 million outstanding under the Revolving Loan bearing interest at 4.94%.

The BankUnited Facility is secured by all of the Company’s assets.

LONG-TERM DEBT

In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge.

The Company paid approximately $254,000 of debt issuance costs in connection with the BankUnited Facility of which approximately $64,000 is included in other assets and $21,000 is a reduction of long-term debt.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on March 31, 2019.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending March 31,
	2019	$	2,135,640
	2020		6,334,126
	2021		108,053
	2022		35,045
	Thereafter		24,036
		$	8,636,900

In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $511,900 including a current portion of $177,307.

10.

MAJOR CUSTOMERS

During the three months ended March 31, 2018, the Company’s four largest commercial customers accounted for 30% 14%, 12% and 10% of revenue. During the three months ended March 31, 2017, the Company’s two largest commercial customers accounted for 36% and 25% of revenue. In addition, during the three months ended March 31, 2018 and 2017, 14% and 1% of revenue, respectively, was directly from the U.S. Government.

At March 31, 2018, 34%, 16%, 13% and 11% of Contract assets were from the Company’s four largest commercial customers. At December 31, 2017, 32%, 20%, 12% and 10% of Contract assets were from the Company’s four largest commercial customers.

At March 31, 2018 and December 31, 2017, 3% and 4%, respectively, of Contract assets were directly from the U.S. Government.

At March 31, 2018, 26%, 21% and 20% of our accounts receivable were from our three largest commercial customers. At December 31, 2017, 44%, 18% and 13% of accounts receivable were from our three largest commercial customers.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

11.

SUBSEQUENT EVENTS

On March 21, 2018, the Company entered into a Stock Purchase Agreement (the “Agreement”) with Air Industries Group (“Air Industries”), pursuant to which, subject to the satisfaction or waiver of certain conditions, the Company will purchase from Air Industries all of the shares (the “Shares”) of Welding Metallurgy, Inc. (“WMI”), a wholly owned subsidiary of Air Industries (the “Acquisition”). WMI is engaged in the manufacture of complex components and assemblies for the defense and commercial aircraft industries. Under the terms of the Agreement, the Company will pay a purchase price for the Shares as follows: (i) $9.0 million in cash, subject to adjustment based on the working capital of WMI at the closing of the Acquisition and (ii) up to an aggregate of $1.0 million, in two payments of up to $500,000 each (the “Contingent Payments”) if WMI enters into certain long-term supply agreements. The Contingent Payments are reduced if milestones for signing are not achieved. The Company expects to consummate this acquisition in the quarter ending June 30, 2018.

On April 24, 2018, the Company obtained a commitment letter from Bank United with respect to amending the BankUnited Facility to, among other things, extend the term of each of the Revolving Loan and the Term Loan for an additional two years to May 31, 2021 and to provide for a new term loan to be used to fund the Acquisition that would mature on May 31, 2021. The amendments to the BankUnited Facility are subject to the lenders’ due diligence and the preparation and execution of formal documentation.

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

The following discussion should be read in conjunction with the Company’s Condensed Financial Statements and notes thereto contained in this report.

Forward Looking Statements

When used in this Form 10-Q and in future filings by us with the Securities and Exchange Commission, the words or phrases “will likely result,” “management expects” or “we expect,” “will continue,” “is anticipated,” “estimated” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The risks are included in Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2017 and Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q. We have no obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect anticipated or unanticipated events or circumstances occurring after the date of such statements.

Business Operations

We are a manufacturer of structural aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense markets. Within the global aerostructure supply chain, we are either a Tier 1 supplier to aircraft Original Equipment Manufacturers (“OEMs”) or a Tier 2 subcontractor to major Tier 1 manufactures. We also are a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with our assembly operations, we provide engineering, program management, supply chain management, and Maintenance Repair & Overhaul (“MRO”) services.

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

Backlog

We produce custom assemblies pursuant to long-term contracts and customer purchase orders. Backlog consists of aggregate values under such contracts and purchase orders, excluding the portion previously included in operating revenues on the basis of percentage of completion accounting, and including estimates of future contract price escalation. Substantially all of our backlog is subject to termination at will and rescheduling, without significant penalty. Funds are often appropriated for programs or contracts on a yearly or quarterly basis, even though the contract may call for performance that is expected to take a number of years. Therefore, our funded backlog does not include the full value of our contracts. Our total backlog as of March 31, 2018 and December 31, 2017 was as follows:

Backlog (Total)	March 31, 2018		December 31, 2017
Funded	$	56,797,000	$	71,059,000
Unfunded		316,457,000		317,667,000
Total	$	373,254,000	$	388,726,000

Approximately 78% of the total amount of our backlog at March 31, 2018 was attributable to government contracts. Our backlog attributable to government contracts at March 31, 2018 and December 31, 2017 was as follows:

Backlog (Government)	March 31, 2018		December 31, 2017
Funded	$	50,938,000	$	58,919,000
Unfunded		241,782,000		242,367,000
Total	$	292,720,000	$	301,286,000

Our backlog attributable to commercial contracts at March 31, 2018 and December 31, 2017 was as follows:

Backlog (Commercial)	March 31, 2018		December 31, 2017
Funded	$	5,859,000	$	12,140,000
Unfunded		74,675,000		75,300,000
Total	$	80,534,000	$	87,440,000

Our unfunded backlog is primarily comprised of the long-term contracts for the G650, E-2D, F-16, T-38, F-35, HondaJet Light Business Jet, Bell AH-1Z, Cessna Citation X+, Sikorsky S-92 and Embraer Phenom 300. These long-term contracts are expected to have yearly orders, which will be funded in the future.

The low level of funded backlog on commercial programs is the result of customers placing funded orders based upon expected lead time. These programs are under long-term agreements with our customers, and as such, we are protected by termination liability provisions.

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

Critical Accounting Policies

Revenue Recognition

Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in cost of sales in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.

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

Results of Operations

Revenue

Revenue for the three months ended March 31, 2018 was $18,191,623 compared to $20,032,701 for the same period last year, a decrease of $1,841,078 or 9.2%. This decrease is predominantly the result of a normal cyclical decrease in revenue on the Company’s E-2D programs for both domestic and foreign sales.

Revenue from government subcontracts was $8,137,726 for the three months ended March 31, 2018 compared to $12,498,469 for the three months ended March 31, 2017, a decrease of $4,360,743 or 34.9%. The decrease in revenue is the result of a normal cyclical decrease in revenue on the Company’s E-2D programs for both domestic and foreign sales.

Revenue from direct military was $2,577,802 for the three months ended March 31, 2018 compared to $146,988 for the three months ended March 31, 2017, an increase of $2,430,814. The increase in revenue is primarily driven by an increase in revenue from T-38 kits.

Revenue from commercial subcontracts was $7,476,095 for the three months ended March 31, 2018 compared to $7,387,244 for the three months ended March 31, 2017, an increase of $88,851 or 1.2%.

Inflation historically has not had a material effect on our operations.

Cost of sales

Cost of sales for the three months ended March 31, 2018 and 2017 was $14,141,755 and $15,495,187, respectively, a decrease of $1,353,432 or 8.7%, This decrease is the result of the comparable decline in revenue.

The components of the cost of sales were as follows:

	Three months ended
	March 31, 2018			March 31, 2017
Procurement	$	8,645,609		$	9,840,062
Labor		1,657,719			1,874,543
Factory overhead		3,941,364			4,253,088
Other contract costs		(102,937	)		(472,506	)

Cost of Sales	$	14,141,755		$	15,495,187

Other contract costs (credit) for the three months ended March 31, 2018 was ($102,937) compared to ($472,506), a decrease of $369,569. Other contract costs relate to expenses recognized for changes in estimates and expenses predominately associated with loss contracts. In both the three months ended March 31, 2018 and 2017, other contract costs are a credit, as we have incurred actual expenses on our A-10 program that had been previously recognized as part of the change in estimate charge.

Procurement for the three months ended March 31, 2018 was $8,645,609 compared to $9,840,062, a decrease of $1,194,453 or 12.1%. This decrease is a result of a $2.5 million decrease in procurement on our E-2D program, as we are shipping parts from stock and lowering inventory on this program, offset by a $1.4 million increase in procurement related to the production of T-38 kits.

Labor costs for the three months ended March 31, 2018 was $1,657,719 compared to $1,874,543, a decrease of $216,824 or 11.6%. The decrease is the result of approximately $187,000 decrease in the commercial programs described above, as well as $30,000 decrease in military programs.

Factory overhead for the three months ended March 31, 2018 was $3,941,364 compared to $4,253,088, a decrease of $311,724 or 7.3%. The decrease in factory overhead is predominantly the result in lower indirect payroll expense of approximately $200,000, as we have reduced the number of indirect personnel.

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

Gross Profit

Gross profit for the three months ended March 31, 2018 was $4,049,868 compared to $4,537,514 for the three months ended March 31, 2017, a decrease of $487,646, predominately the result of lower volume.

Favorable/Unfavorable Adjustments to Gross Profit (Loss)

During the three months ended March 31, 2018 and 2017, circumstances required that we make changes in estimates to various contracts. Such changes in estimates resulted in decreases in total gross profit as follows:

	Three months ended
	March 31, 2018			March 30, 2017
Favorable adjustments	$	175,000		$	211,000
Unfavorable adjustments		(495,000	)		(1,486,000	)
Net adjustments	$	(320,000	)	$	(1,275,000	)

During the three months ended March 31, 2018 we had one contract which had approximately a $241,000 unfavorable adjustment caused by changing estimates on a long-term program, that we are working with the customer to agree to contract extensions and expect to have to decrease our selling price. Also, we had one contract that had a $128,000 unfavorable adjustment caused by excess overhead and material costs incurred. There were no other material changes favorable or unfavorable during the three months ended March 31, 2018.

During the three months ended March 31, 2017 we had two contracts which had an approximately $659,000 and $436,000 of unfavorable adjustments caused by changing estimates on a long-term program that we are working with the customer to agree to contract extensions and expect to have to decrease our selling price. There were no other material changes favorable or unfavorable during the three months ended March 31, 2017.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2018 were $2,049,840 compared to $2,163,878 for the three months ended March 31, 2017, a decrease of $114,038, or 5.3%. This change was predominately the result of a decrease of approximately $108,000 in professional fees, a decrease of $75,000 in accrued bonuses, offset by an increase of $73,000 in consultants.

Income Before Provision for Income Taxes

Income before provision for income taxes for the three months ended March 31, 2018 was $1,552,765 compared to $1,983,301 for the same period last year, a decrease of $430,536 or 21.7%, predominately the result of lower government subcontractor revenue.

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

Provision for Income Taxes

Provision for income taxes was $296,000 for the three months ended March 31, 2018, compared to provision for income taxes of $734,000 for the three months ended March 31, 2017. The effective tax rate at March 31, 2018 and 2017 was 19% and 37%, respectively.

In accordance with the Tax Cuts and Jobs Act that was enacted on December 22, 2017 (“U.S. Tax Reform”), corporate tax rates were reduced from the historical rates and thus the effective tax rate has changed significantly during the quarter ended March 31, 2018. The provision for income taxes for the interim quarters of 2017 were calculated under the old tax laws and as such are not comparable to the 2018 effective rates. The impact of the U.S. Tax Reform is primarily from revaluing our U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. Additionally, we have an AMT tax credit which will lower our effective rate below the federal statutory rate. For U.S. federal purposes the corporate statutory income tax rate was reduced from 35% to 21%, effective for our 2018 tax year. The provisional impact of the U.S. Tax Reform is our current best estimate based on the preliminary review of the new law and is subject to revision based on our existing accounting for income taxes policy as further information is gathered and interpretation and analysis of the tax legislation evolves. The Securities and Exchange Commission has issued rules allowing for a measurement period of up to one year after the enactment date of the U.S Tax Reform to finalize the recording of the related tax impacts. Any future changes to our provisional estimated impact of the U.S Tax Reform will be included as an adjustment to the provision for income taxes.

Net Income

Net income for the three months ended March 31, 2018 was $1,256,765 or $0.14 per basic share, compared to $1,249,301 or $0.14 per basic share, for the same period last year. Diluted income per share was $0.14 for the three months ended March 31, 2018 calculated utilizing 8,940,385 weighted average shares outstanding. Diluted income per share for the three months ended March 31, 2017 was $0.14, calculated utilizing 8,830,953 average shares outstanding as adjusted for the dilutive effect of outstanding stock options and RSUs.

Liquidity and Capital Resources

General

At March 31, 2018, we had working capital of $79,605,463 compared to $78,137,801 at December 31, 2017, an increase of $1,467,662 or 1.9%.

Cash Flow

A large portion of our cash flow is used to pay for materials and processing costs associated with contracts that are in process and which do not provide for progress payments. Costs for which we are not able to bill on a progress basis are components of “Contract Assets” on our condensed balance sheets and represent the aggregate costs and related earnings for uncompleted contracts for which the customer has not yet been billed. These costs and earnings are recovered upon shipment of products and presentation of billings in accordance with contract terms.

Because our revenue recognition policy requires us to use estimates in determining revenue, costs and profits and in assigning the amounts to accounting periods, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash that we receive during any reporting period. Accordingly, it is possible that we may have a shortfall in our cash flow and may need to borrow money, or to raise additional capital, until the reported earnings materialize into actual cash receipts.

At March 31, 2018, we had a cash balance of $283,240 compared to $1,430,877 at December 31, 2017.

Our contract assets increased by approximately $2.9 million during the three months ended March 31, 2018.

Several of our programs require us to expend up-front costs that may have to be amortized over a portion of production units. In the case of significant program delays and/or program cancellations, we could be required to bear impairment charges which may be material, for costs that are not recoverable. Such charges and the loss of up-front costs could have a material impact on our liquidity.

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

We continue to work to obtain better payment terms with our customers, including accelerated progress payment arrangements, as well as exploring alternative funding sources.

We believe that our existing resources, together with the availability under our credit facility and the commitment that we have from BankUnited to extend our credit facility, will be sufficient to meet our current working capital needs for at least 12 months from the date of the filing.

Credit Facilities

Credit Agreement and Term Loan

On March 24, 2016, the Company entered into a Credit Agreement with Bank United, N.A. as the sole arranger, administrative agent and collateral agent and Citzens Bank, N.A. (the “BankUnited Facility”). The BankUnited Facility provides for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement.

As of March 31, 2018, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

As of March 31, 2018, the Company had $24.8 million outstanding under the Revolving Loan bearing interest at 4.94%.

The BankUnited Revolving Facility is secured by all of our assets.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on March 31, 2019. The maturities of the Term Loan are included in the maturities of long-term debt.

Contractual Obligations

For information concerning our contractual obligations, see “Contractual Obligations” under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2017.

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4 – Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s management has established disclosure controls and procedures designed to ensure that information it is required to disclose in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within time periods specified in the Securities and Exchange Commission rules and forms. Such disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information the Company is required to disclose in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management to allow timely decisions regarding required disclosure.

Based on an evaluation of the Company’s disclosure controls and procedures as of March 31, 2018 made by management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) were effective as of March 31, 2018.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended March 31, 2018 that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

Part II: Other Information

Item 1 – Legal Proceedings

None.

Item 1A – Risk Factors

Material risks related to our business, financial condition and results of operations are disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the SEC on March 22, 2018. There have been no material changes to such risk factors. The risk factors disclosed in our Annual Report should be carefully considered in evaluating our business because such factors may have a significant impact on our business, operating results, liquidity and financial condition.

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

There have been no sales of unregistered equity securities for the three months ended March 31, 2018.

Item 3 – Defaults Upon Senior Securities

None.

Item 4 – Mine Safety Disclosures

Not applicable.

Item 5 – Other Information

None.

Item 6 – Exhibits

	Exhibit 31.1	Section 302 Certification by Chief Executive Officer and President
	Exhibit 31.2	Section 302 Certification by Chief Financial Officer (Principal Accounting Officer)
	Exhibit 32	Section 906 Certification by Chief Executive Officer and Chief Financial Officer
	Exhibit 101	The following financial information from CPI Aerostructures, Inc. Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheet, (ii) the Condensed Statements of Operations and Comprehensive Income, (iii) the Condensed Statement of Shareholder’s Equity, (iv) the Condensed Statements of Cash Flows, and (v) the Notes to the Condensed Financial Statements

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.

		CPI AEROSTRUCTURES, INC.

Dated: May 15, 2018	By.	/s/ Douglas J. McCrosson
		Douglas J. McCrosson
		Chief Executive Officer and President

Dated: May 15, 2018	By.	/s/ Vincent Palazzolo
		Vincent Palazzolo
		Chief Financial Officer (Principal Accounting Officer)

EX-31.1 2 ex31-1.htm CERTIFICATION BY CHIEF EXECUTIVE OFFICER AND PRESIDENT

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Douglas J. McCrosson, certify that:

I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc;

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;

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;

The registrant’s other certifying officer(s) 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 the 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 first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(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 significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2018

	By:	/s/ Douglas J. McCrosson
		Name: Douglas J. McCrosson
		Title: Chief Executive Officer and President

EX-31.2 3 ex31-2.htm CERTIFICATION BY CHIEF FINANCIAL OFFICER (PRINCIPAL ACCOUNTING OFFICER)

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY

ACT OF 2002

I, Vincent Palazzolo, certify that:

I have reviewed this Quarterly Report on Form 10-Q of CPI Aerostructures, Inc;

(a)

(b)

(c)

(d)

(a)

(b)

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

Date: May 15, 2018

	By:	/s/ Vincent Palazzolo
		Name: Vincent Palazzolo
		Title: Chief Financial Officer

EX-32 4 ex32.htm CERTIFICATION BY CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

CPI Aerostructures, Inc 10-Q

CPI AEROSTRUCTURES, INC

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CPI Aerostructures, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and

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

Date: May 15, 2018

	By:	/s/ Douglas J. McCrosson
		Name: Douglas J. McCrosson
		Title: Chief Executive Officer and President

	By:	/s/ Vincent Palazzolo
		Name: Vincent Palazzolo
		Title: Chief Financial Officer

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2.       aCCOUNTING STANDARDS   Recently Issued but not Adopted Accounting Pronouncements   In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842).” The updated guidance requires lessees to recognize lease assets and lease liabilities for most operating leases. In addition, the updated guidance requires that lessors separate lease and non-lease components in a contract in accordance with the new revenue guidance in ASC 606. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the effect on its financial statements.

<table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in"> </td> <td style="width: 0.35in; text-align: left">9.</td> <td>LONG-TERM DEBT</td></tr> </table>   In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge.   The Company paid approximately $254,000 of debt issuance costs in connection with the BankUnited Facility of which approximately $64,000 is included in other assets and $21,000 is a reduction of long-term debt.   The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on March 31, 2019.   The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Twelve months ending March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td> <td style="width: 72%; text-align: center">2019</td> <td style="width: 13%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,135,640</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: center">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,334,126</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="text-align: center">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">108,053</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: center">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,045</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">24,036</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">8,636,900</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $511,900 including a current portion of $177,307.

Revenue by long-term contract type for the three months ended March 31, 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: left">Government subcontracts</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">8,137,726</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Commercial contracts</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,476,095</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Prime government contracts</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,577,802</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: right; padding-left: 5.4pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">18,191,623</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

A summary of the status of the Company’s stock option plans as of March 31, 2018 and changes during the three months ended March 31, 2018 is as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Options</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual term (in years)</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Outstanding at beginning of period</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">80,249</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">11.05</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Outstanding and vested at end of period</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">80,249</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">11.05</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">0.85</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">110,250</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

At March 31, 2018 and December 31, 2017, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.    <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="6" style="text-align: center">March 31, 2018</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Carrying Amount</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Debt</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-bottom: 2.5pt; text-align: justify">Short-term borrowings and long-term debt</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left">$</td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right">33,475,585</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left">$</td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right">33,475,585</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="6" style="text-align: center">December 31, 2017</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Carrying Amount</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Debt</td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; padding-bottom: 2.5pt; text-align: justify">Short-term borrowings and long-term debt</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left">$</td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right">31,893,894</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.5pt double; text-align: left">$</td> <td style="width: 10%; border-bottom: black 2.5pt double; text-align: right">31,893,894</td> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2018 and December 31, 2017:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">Fair Value Measurements March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">Description</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Quoted Prices in Active Markets for Identical assets (Level 1)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Significant Other Observable Inputs (Level 2)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-bottom: 1pt; text-align: center; padding-left: 5.4pt">Interest Rate Swap, net</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">26,427</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"> </td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">—</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">26,427</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"> </td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">—</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: center; padding-left: 5.4pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">26,427</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">26,427</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">Fair Value Measurements December 31, 2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">Description</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Quoted Prices in Active Markets for Identical assets (Level 1)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Significant Other Observable Inputs (Level 2)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Significant Unobservable Inputs (Level 3)</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; padding-bottom: 1pt; text-align: center; padding-left: 5.4pt">Interest Rate Swap, net</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">18,781</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"> </td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">—</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left">$</td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">18,781</td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"> </td> <td style="width: 10%; border-bottom: black 1pt solid; text-align: right">—</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center; padding-left: 5.4pt">Total</td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">18,781</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">18,781</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="text-align: left"> </td></tr> </table>

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center">Twelve months ending March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td> <td style="width: 72%; text-align: center">2019</td> <td style="width: 13%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,135,640</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: center">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,334,126</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="text-align: center">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">108,053</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td style="text-align: center">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">35,045</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">24,036</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">8,636,900</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

281528

246330

146270

226712

224339

54816

21991

62075462

80249

11.05

P10M6D

110250

273000

292000

10000

36000

13300

37500

93600

19700

76600

16100

58578

59395

5130

5550

68764

73060

P1Y

12330

9130

12330

7552

4525

62000

33000

33475585

31893894

26427

18781

26427

18781

26427

78933

78865

45249

114466

30000000

10000000

0.0494

2135640

6334126

108053

35045

24036

8636900

254000

64000

21000

511900

4 2 4 4 3 3

0.30

0.14

0.12

0.10

0.36

0.25

0.14

0.01

0.26

0.21

0.20

0.44

0.18

0.13

0.34

0.16

0.13

0.11

0.32

0.20

0.12

0.10

0.03

0.04

150000

35198 -266404 <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.35in; text-align: left">6.</td> <td>Contract assets and contract liabilities</td></tr> </table>   Net Contract assets (liabilities) consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">U.S.</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Government</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Commercial</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Contract assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">57,248,632</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">56,774,944</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">114,023,576</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Contract liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(226,712</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(54,816</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(281,528</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net contract assets (liabilities)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">57,021,920</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">56,720,128</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">113,742,048</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">12 /31/2017 (1)</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">U.S. Government</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Commercial</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Contract assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">54,591,601</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">56,566,950</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">111,158,551</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Contract liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(224,339</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(21,991</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(246,330</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net contract assets (liabilities)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">54,367,262</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">56,544,959</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">110,912,221</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">(1)</td> <td style="text-align: justify">On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.</td></tr> </table>   The increase or decrease in the Company’s net contract assets (liabilities) from January 1, 2018 to March 31, 2018 was primarily due to costs incurred on newer programs, like the Raytheon Next Generation Jammer Pod ($0.7 million increase) and the new design of the HondaJet engine inlet ($1.0 million increase), for which the Company has not begun billing on a steady rate. Additionally, we experienced some delays in shipping on the G650 program which increased contract assets by $2.2 million.   U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontractors.   Revisions in the estimated gross profits on contracts and contract amounts are made in the period in which the circumstances requiring the revisions occur. During the three months ended March 31, 2018, the effect of such revisions in total estimated contract profits resulted in a decrease to the total gross profit to be earned on the contracts of approximately $(320,303) from that which would have been reported had the revised estimates been used as the basis of recognition of contract profits in prior years. During the three months ended March 31, 2017, the effect of such revisions was a decrease to total gross profit of approximately $1,275,000.   Although management believes it has established adequate procedures for estimating costs to uncompleted open contracts, it is possible that additional significant costs could occur on contracts prior to completion.

Net Contract assets (liabilities) consist of the following:   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">March 31, 2018</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">U.S.</td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Government</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Commercial</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Contract assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">57,248,632</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">56,774,944</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">114,023,576</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Contract liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(226,712</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(54,816</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(281,528</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net contract assets (liabilities)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">57,021,920</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">56,720,128</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">113,742,048</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">12 /31/2017 (1)</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">U.S. Government</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Commercial</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Contract assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">54,591,601</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">56,566,950</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">111,158,551</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Contract liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(224,339</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(21,991</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(246,330</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net contract assets (liabilities)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">54,367,262</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">56,544,959</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">110,912,221</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">(1)</td> <td style="text-align: justify">On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.</td></tr> </table>

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3000000

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177307

9000000

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0.97 .64 .36

2018

2019

0.03

1.       INTERIM FINANCIAL STATEMENTS   The condensed financial statements of CPI Aerostructures, Inc. (the “Company”) as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.   The condensed balance sheet at December 31, 2017 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments that, in the opinion of management, are necessary for a fair presentation for the periods presented have been reflected. Such adjustments are of a normal, recurring nature. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The results of operations for interim periods are not necessarily indicative of the operating results to be expected for the full year or any other interim period.   The Company maintains its cash in two financial institutions.  The balances are insured by the Federal Deposit Insurance Corporation.  From time to time, the Company’s balances may exceed these limits.  As of March 31, 2018, the Company had $44,132 of uninsured balances.  The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.   Effective January 1, 2018, the Company adopted Accounting Standards Codification Topic 606 Revenue from Contracts with Customers (“ASC 606”) using the modified retrospective method for all of its contracts. ASC 606 requires sales and gross profit to be recognized over the contract period as work is performed based on the relationship between actual costs incurred and total estimated costs at the completion of the contract. Recognized revenues that will not be billed under the terms of the contract until a later date are recorded as an asset captioned “Contract assets.” Contracts where billings to date have exceeded recognized revenues are recorded as a liability captioned “Contract liabilities.” Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin percentage for a contract is reflected in revenue in the period the change becomes known. ASC 606 involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the process; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.   When changes are required for the estimated total revenue on a contract, these changes are recognized with an inception-to-date effect in the current period. Also, when estimates of total costs to be incurred exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined.   Following the adoption of ASC 606, the Company’s revenue recognition for all of its contracts remained materially consistent with historical practice and there was no impact in the three months ended March 31, 2018 condensed financial statements upon adoption.   In compliance with ASC 606, costs and estimated earnings in excess of billings on uncompleted contracts, on the December 31, 2017 balance sheet, has been reclassified to contract assets. Additionally, billings in excess of costs and estimated earnings on uncompleted contracts and contract losses, on the December 31, 2017 balance sheet, have been combined and reclassified to contract liabilities.

3.       REVENUE RECOGNITION   The majority of the Company’s revenues are from long-term contracts with the U.S. government and commercial contractors. The contracts with the U.S. government typically are subject to the Federal Acquisition Regulation (“FAR”) which provides guidance on the types of costs that are allowable in establishing prices for goods and services provided under U.S. government contracts. The pricing for commercial contractors are based on the specific negotiations with each customer.   The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.   To determine the proper revenue recognition method, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period.    All of the Company’s current long-term contracts have a single performance obligation as the promise to transfer the goods or services are not separately identifiable from other promises in the contracts and, therefore, not distinct. Sometimes, the Company’s contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. All of the Company’s contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.   Revenues for the Company’s long-term contracts are recognized over time as the Company performs its obligations because of continuous transfer of control to the customer. The continuous transfer of control to the customer is supported by clauses in contracts that either allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit and the products and services have no alternative use or the customer controls the work in progress.   Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company uses the cost-to-cost input method to measure of progress for its contracts because it best depicts the transfer of assets to the customer which occurs as the Company incurs costs on its contracts.   In applying the cost-to-cost input method, the Company compares the actual costs incurred relative to the total estimated costs to determine its progress towards contract completion and to calculate the corresponding amount of estimated revenue and estimated gross profit recognized. For any costs incurred that do not contribute to a performance obligation, the Company excludes such costs from its input methods of revenue recognition as the amounts are not reflective in transferring control of the asset to the customer. Costs to fulfill include labor, materials and subcontractors’ costs, other direct costs and an allocation of indirect costs.   Changes to the original estimates may be required during the life of the contract. Estimates are reviewed monthly and the effect of any change in the estimated gross margin for a contract is reflected in revenue in the period the change becomes known. Contract estimates involves considerable use of estimates in determining revenues, costs and profits and in assigning the amounts to accounting periods. As a result, there can be a significant disparity between earnings (both for accounting and tax purposes) as reported and actual cash received during any reporting period. The Company continually evaluates all of the issues related to the assumptions, risks and uncertainties inherent with the application of the cost-to-cost input method; however, it cannot be assured that estimates will be accurate. If estimates are not accurate or a contract is terminated, the Company is required to adjust revenue in later periods. Furthermore, even if estimates are accurate, there may be a shortfall in cash flow and the Company may need to borrow money, or seek access to other forms of liquidity, to fund its work in process or to pay taxes until the reported earnings materialize as actual cash receipts.   For the Company’s uncompleted contracts, contract assets include unbilled amounts and when the estimated revenues recognized exceeds the amount billed to the customer and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Contract assets are classified as current. The Company’s contract liabilities consist of billings in excess of estimated revenues recognized. Contract liabilities are classified as current. The Company’s contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period.   Revenue recognized for the three months ended March 31, 2018, that was included in the contract liabilities at January 1, 2018 was $146,270.   The Company’s remaining performance obligations represents the transaction price of its long-term contracts for which work has not been performed. As of March 31, 2018, the aggregate amount of transaction price allocated to the remaining performance obligations was $62,075,462. The Company estimates that it expects to recognize approximately 64% of its remaining performance obligations in 2018 and 36% revenue in 2019.   In addition, the Company recognizes revenue for parts supplied for certain MRO contracts at a point in time following the transfer of control to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contract.   Revenue from long-term contracts transferred to customers over time and revenue from MRO contracts transferred at a point in time accounted for approximately 97% and 3%, respectively, for the three months ended March 31, 2018.   Revenue by long-term contract type for the three months ended March 31, 2018 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 37%; font: 10pt Times New Roman,serif; text-align: left">Government subcontracts</td><td style="width: 1%; font: 10pt Times New Roman,serif"> </td> <td style="width: 1%; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman,serif; text-align: right">8,137,726</td><td style="width: 1%; font: 10pt Times New Roman,serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: left">Commercial contracts</td><td style="font: 10pt Times New Roman,serif"> </td> <td style="font: 10pt Times New Roman,serif; text-align: left"> </td><td style="font: 10pt Times New Roman,serif; text-align: right">7,476,095</td><td style="font: 10pt Times New Roman,serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1pt">Prime government contracts</td><td style="font: 10pt Times New Roman,serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman,serif; text-align: right">2,577,802</td><td style="padding-bottom: 1pt; font: 10pt Times New Roman,serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="font: 10pt Times New Roman,serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman,serif; text-align: right">18,191,623</td><td style="padding-bottom: 2.5pt; font: 10pt Times New Roman,serif; text-align: left"> </td></tr> </table>

20600

14800

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"><td style="width: 0.35in; text-align: left">5.</td><td>Derivative Instruments and Fair Value</td> </tr></table>   Our use of derivative instruments has been to hedge interest rates. These derivative contracts are entered into with a financial institution. We do not use derivative instruments for trading purposes and we have procedures in place to monitor and control their use.   We record these derivative financial instruments on the condensed balance sheets at fair value. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.   Any ineffective portion of the gain or loss on the derivative instrument for a cash flow hedge is recorded in the results of operations immediately. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the results of operations immediately.   In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date, and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge. The Company measures ineffectiveness by comparing the cumulative change in the forward contact with the cumulative change in the hedged item.   Fair Value   At March 31, 2018 and December 31, 2017, the fair values of cash, accounts receivable, accounts payable and accrued expenses approximated their carrying values because of the short-term nature of these instruments.    <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="6" style="text-align: center">March 31, 2018</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Debt</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify; padding-bottom: 2.5pt; padding-left: 0in">Short-term borrowings and long-term debt</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">33,475,585</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">33,475,585</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="6" style="text-align: center">December 31, 2017</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Carrying Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Debt</td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify; padding-bottom: 2.5pt; padding-left: 0in">Short-term borrowings and long-term debt</td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">31,893,894</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">31,893,894</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   We estimated the fair value of debt using market quotes and calculations based on market rates.   The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2018 and December 31, 2017:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements March 31, 2018</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">Description</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Quoted Prices in Active Markets for Identical assets (Level 1)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Significant Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Interest Rate Swap, net</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">26,427</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">26,427</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 2.5pt; padding-left: 5.4pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,427</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">26,427</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements December 31, 2017</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">Description</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Quoted Prices in Active Markets for Identical assets (Level 1)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Significant Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">Interest Rate Swap, net</td><td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">18,781</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">18,781</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"> </td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">—</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-left: 5.4pt">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,781</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,781</td><td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="text-align: left"> </td></tr> </table>   The fair value of the Company’s interest rate swap was determined by comparing the fixed rate set at the inception of the transaction to the “replacement swap rate,” which represents the market rate for an offsetting interest rate swap with the same notional amounts and final maturity date. The market value is then determined by calculating the present value of the interest differential between the contractual swap and the replacement swap.   As of March 31, 2018 and December 31, 2017, $26,427 and $18,781, respectively, was included in other liabilities related to the fair value of the Company’s interest rate swap, and $20,600 and $15,000, respectively, net of tax of approximately $4,000 and $4,000, respectively, was included in Accumulated Other Comprehensive Loss.

On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities. 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Bank United [Member] Concentration Risk Benchmark [Axis] Revenue [Member] Concentration Risk Type [Axis] Customer One [Member] Customer Two [Member] Customer Three [Member] Customer Four [Member] US Government Concentration Risk [Member] Contract Assets [Member] Accounts Receivable [Member] Lease Arrangement, Type [Axis] US Government [Member] Commercial [Member] Business Acquisition [Axis] Stock Purchase Agreement - WMI [Member] Contingent Consideration by Type [Axis] Total Contingent Payments [Member] Contingent Payment #1 [Member] Contingent Payment #2 [Member] Timing of Transfer of Good or Service [Axis] Transferred over Time [Member] Transferred at Point in Time [Member] Revenue Remaining Performance Obligation, Expected Timing of Satisfaction Date [Axis] 2018 [Member] 2019 [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity's Reporting Status Current Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets: Cash Accounts receivable, net of allowance for doubtful accounts of $150,000 as of March 31, 2018 and December 31, 2017 Contract assets Prepaid expenses and other current assets Total current assets Property and equipment, net Deferred income taxes, net Other assets Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued expenses Contract liabilities Current portion of long-term debt Line of credit Income tax payable Total current liabilities Long-term debt, net of current portion Other liabilities Total Liabilities Shareholders' Equity: Common stock - $.001 par value; authorized 50,000,000 shares, 8,923,845 and 8,864,319 shares, respectively, issued and outstanding Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total Shareholders' Equity Total Liabilities and Shareholders' Equity Accounts receivable, net of allowance for doubtful Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenue Cost of revenue Gross profit Selling, general and administrative expenses Income from operations Interest expense Income before provision for income taxes Provision for income taxes Net income Other comprehensive loss net of tax - Change in unrealized loss on interest rate swap Comprehensive income Income per common share - basic (in dollars per share) Income per common share - diluted (in dollars per share) Shares used in computing income per common share: Basic (in shares) Diluted (in shares) Statement [Table] Statement [Line Items] Balance, beginning Balance, beginning (in shares) Net income Change in unrealized loss from interest rate swap Common stock issued upon exercise of options, net Common stock issued upon exercise of options, net (in shares) Common stock issued as employee compensation Common stock issued as employee compensation (in shares) Stock-based compensation expense Stock-based compensation expense (in shares) Tax benefit of stock option exercise Balance, ending Balance, ending (in shares) Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization Debt issue costs Deferred rent Loss on disposal of fixed asset Stock-based compensation Common stock issued as employee compensation Deferred income taxes Changes in operating assets and liabilities: Decrease in accounts receivable Increase in contract assets (Increase) decrease in prepaid expenses and other assets Decrease in accounts payable and accrued expenses Increase (decrease) in contract liabilities Decrease in income taxes payable Net cash used in operating activities Cash flows used in investing activities: Purchase of property and equipment Proceeds from sale of fixed asset Net cash used in investing activities Cash flows from financing activities: Payments on long-term debt Proceeds from line of credit Payment on line of credit Net cash provided by financing activities Net decrease in cash Cash at beginning of period Cash at end of period Supplemental disclosures of cash flow information: Cash paid during the period for: Interest Income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] INTERIM FINANCIAL STATEMENTS Accounting Changes and Error Corrections [Abstract] ACCOUNTING STANDARDS Revenue from Contract with Customer [Abstract] REVENUE RECOGNITION Disclosure of Compensation Related Costs, Share-based Payments [Abstract] STOCK-BASED COMPENSATION Derivative Instruments and Hedging Activities Disclosure [Abstract] DERIVATIVE INSTRUMENTS AND FAIR VALUE Contract Assets And Contract Liabilities Contract assets and contract liabilities Earnings Per Share [Abstract] INCOME PER COMMON SHARE Line of Credit Facility [Abstract] LINE OF CREDIT Debt Disclosure [Abstract] LONG-TERM DEBT Risks and Uncertainties [Abstract] EX-101.PRE 10 cvu-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 10, 2018
Document And Entity Information
Entity Registrant Name	CPI AEROSTRUCTURES INC
Entity Central Index Key	0000889348
Document Type	10-Q
Trading Symbol	CVU
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,938,461
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS (Unaudited) - USD ($)

Mar. 31, 2018

Dec. 31, 2017

Current Assets:

Cash

$ 283,240

$ 1,430,877

Accounts receivable, net of allowance for doubtful accounts of $150,000 as of March 31, 2018 and December 31, 2017

3,984,414

5,379,821

Contract assets

114,023,576

111,158,551

Prepaid expenses and other current assets

2,363,604

2,413,187

Total current assets

120,654,834

120,382,436

Property and equipment, net

2,049,651

2,046,942

Deferred income taxes, net

1,161,818

1,566,818

Other assets

172,259

188,303

Total Assets

124,038,562

124,184,499

Current Liabilities:

Accounts payable

11,810,149

15,129,872

Accrued expenses

1,983,368

1,911,421

Contract liabilities

281,528

246,330

^[1]

Current portion of long-term debt

2,135,641

2,009,000

Line of credit

24,838,685

22,838,685

Income tax payable

109,327

Total current liabilities

41,049,371

42,244,635

Long-term debt, net of current portion

6,479,867

7,019,468

Other liabilities

595,173

607,063

Total Liabilities

48,124,411

49,871,166

Shareholders' Equity:

Common stock - $.001 par value; authorized 50,000,000 shares, 8,923,845 and 8,864,319 shares, respectively, issued and outstanding

8,919

8,863

Additional paid-in capital

54,120,415

53,770,618

Retained earnings

21,805,417

20,548,652

Accumulated other comprehensive loss

(20,600)

(14,800)

Total Shareholders' Equity

75,914,151

74,313,333

Total Liabilities and Shareholders' Equity

$ 124,038,562

$ 124,184,499

[1]	On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful	$ 150,000	$ 150,000
Common stock, par value (in dollars per share)	$ .001	$ 0.001
Common stock, authorized	50,000,000	50,000,000
Common stock, issued	8,923,845	8,864,319
Common stock, outstanding	8,923,845	8,864,319

XML 14 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 18,191,623	$ 20,032,701
Cost of revenue	14,141,755	15,495,187
Gross profit	4,049,868	4,537,514
Selling, general and administrative expenses	2,049,840	2,163,878
Income from operations	2,000,028	2,373,636
Interest expense	447,263	390,335
Income before provision for income taxes	1,552,765	1,983,301
Provision for income taxes	296,000	734,000
Net income	1,256,765	1,249,301
Other comprehensive loss net of tax - Change in unrealized loss on interest rate swap	(5,800)	5,200
Comprehensive income	$ 1,250,965	$ 1,254,501
Income per common share - basic (in dollars per share)	$ 0.14	$ 0.14
Income per common share - diluted (in dollars per share)	$ 0.14	$ 0.14
Shares used in computing income per common share:
Basic (in shares)	8,888,179	8,781,292
Diluted (in shares)	8,940,385	8,830,953

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance, beginning at Dec. 31, 2016	$ 8,738	$ 52,824,950	$ 14,781,018	$ (9,000)	$ 67,605,706
Balance, beginning (in shares) at Dec. 31, 2016	8,739,836
Net income			1,249,301		1,249,301
Change in unrealized loss from interest rate swap				5,200	5,200
Stock-based compensation expense	$ 79	422,914			422,993
Stock-based compensation expense (in shares)	77,284
Balance, ending at Mar. 31, 2017	$ 8,817	53,247,864	16,030,319	(3,800)	69,283,200
Balance, ending (in shares) at Mar. 31, 2017	8,817,120
Balance, beginning at Dec. 31, 2017	$ 8,863	53,770,618	20,548,652	(14,800)	$ 74,313,333
Balance, beginning (in shares) at Dec. 31, 2017	8,864,319				8,864,319
Net income			1,256,765		$ 1,256,765
Change in unrealized loss from interest rate swap				(5,800)	(5,800)
Common stock issued as employee compensation	$ 5	45,908			45,913
Common stock issued as employee compensation (in shares)	5,130
Stock-based compensation expense	$ 51	303,889			303,940
Stock-based compensation expense (in shares)	54,396
Balance, ending at Mar. 31, 2018	$ 8,919	$ 54,120,415	$ 21,805,417	$ (20,600)	$ 75,914,151
Balance, ending (in shares) at Mar. 31, 2018	8,923,845				8,923,845

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 1,256,765	$ 1,249,301
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	153,297	149,926
Debt issue costs	21,392	21,392
Deferred rent	(17,692)	(7,670)
Loss on disposal of fixed asset		21,010
Stock-based compensation	303,940	422,993
Common stock issued as employee compensation	45,913
Deferred income taxes	405,000	720,126
Changes in operating assets and liabilities:
Decrease in accounts receivable	1,395,407	338,235
Increase in contract assets	(2,865,025)	(2,351,024)
(Increase) decrease in prepaid expenses and other assets	49,583	(576,795)
Decrease in accounts payable and accrued expenses	(3,247,776)	(2,612,459)
Increase (decrease) in contract liabilities	35,198	(266,404)
Decrease in income taxes payable	(109,327)
Net cash used in operating activities	(2,573,325)	(2,891,369)
Cash flows used in investing activities:
Purchase of property and equipment	(156,006)	(90,017)
Proceeds from sale of fixed asset		42,480
Net cash used in investing activities	(156,006)	(47,537)
Cash flows from financing activities:
Payments on long-term debt	(418,306)	(169,724)
Proceeds from line of credit	2,000,000	3,000,000
Payment on line of credit		(500,000)
Net cash provided by financing activities	1,581,694	2,330,276
Net decrease in cash	(1,147,637)	(608,630)
Cash at beginning of period	1,430,877	1,039,586
Cash at end of period	283,240	430,956
Cash paid during the period for:
Interest	$ 429,614	389,615
Income taxes		$ 13,888

XML 17 R7.htm IDEA: XBRL DOCUMENT

INTERIM FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INTERIM FINANCIAL STATEMENTS

1. INTERIM FINANCIAL STATEMENTS

XML 18 R8.htm IDEA: XBRL DOCUMENT

ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2018

Accounting Changes and Error Corrections [Abstract]

ACCOUNTING STANDARDS

2. aCCOUNTING STANDARDS

Recently Issued but not Adopted Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

3. REVENUE RECOGNITION

Revenue recognized for the three months ended March 31, 2018, that was included in the contract liabilities at January 1, 2018 was $146,270.

Revenue by long-term contract type for the three months ended March 31, 2018 is as follows:

Government subcontracts	$	8,137,726
Commercial contracts		7,476,095
Prime government contracts		2,577,802
	$	18,191,623

XML 20 R10.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK-BASED COMPENSATION

4.	stock-based compensation

The Company accounts for stock-based compensation based on the fair value of the stock or stock-based instrument on the date of grant.

A summary of the status of the Company’s stock option plans as of March 31, 2018 and changes during the three months ended March 31, 2018 is as follows:

	Options		Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at beginning of period		80,249	$	11.05

Outstanding and vested at end of period		80,249	$	11.05		0.85	$	110,250

During the three months ended March 31, 2018 and March 31, 2017, no stock options were granted or exercised.

XML 21 R11.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND FAIR VALUE

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND FAIR VALUE

5.	Derivative Instruments and Fair Value

Fair Value

	March 31, 2018
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	33,475,585	$	33,475,585

	December 31, 2017
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	31,893,894	$	31,893,894

We estimated the fair value of debt using market quotes and calculations based on market rates.

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2018 and December 31, 2017:

			Fair Value Measurements March 31, 2018
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	26,427		—	$	26,427		—
Total	$	26,427		—	$	26,427		—

			Fair Value Measurements December 31, 2017
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	18,781		—	$	18,781		—
Total	$	18,781		—	$	18,781		—

XML 22 R12.htm IDEA: XBRL DOCUMENT

CONTRACT ASSETS AND CONTRACT LIABILITIES

3 Months Ended

Mar. 31, 2018

Contract Assets And Contract Liabilities

Contract assets and contract liabilities

6.	Contract assets and contract liabilities

Net Contract assets (liabilities) consist of the following:

	March 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	57,248,632		$	56,774,944		$	114,023,576
Contract liabilities		(226,712	)		(54,816	)		(281,528	)
Net contract assets (liabilities)	$	57,021,920		$	56,720,128		$	113,742,048

	12 /31/2017 (1)
	U.S. Government			Commercial			Total
Contract assets	$	54,591,601		$	56,566,950		$	111,158,551
Contract liabilities		(224,339	)		(21,991	)		(246,330	)
Net contract assets (liabilities)	$	54,367,262		$	56,544,959		$	110,912,221

(1)

U.S. Government Contracts includes contracts directly with the U.S. Government and Government subcontractors.

XML 23 R13.htm IDEA: XBRL DOCUMENT

INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

INCOME PER COMMON SHARE

7.	INCOME PER COMMON SHARE

XML 24 R14.htm IDEA: XBRL DOCUMENT

LINE OF CREDIT

3 Months Ended

Mar. 31, 2018

Line of Credit Facility [Abstract]

LINE OF CREDIT

8.	LINE OF CREDIT

As of March 31, 2018, the Company was in compliance with all of the financial covenants contained in the BankUnited Facility, as amended.

As of March 31, 2018, the Company had $24.8 million outstanding under the Revolving Loan bearing interest at 4.94%.

The BankUnited Facility is secured by all of the Company’s assets.

XML 25 R15.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on March 31, 2019.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending March 31,
	2019	$	2,135,640
	2020		6,334,126
	2021		108,053
	2022		35,045
	Thereafter		24,036
		$	8,636,900

In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $511,900 including a current portion of $177,307.

XML 26 R16.htm IDEA: XBRL DOCUMENT

MAJOR CUSTOMERS

3 Months Ended

Mar. 31, 2018

Risks and Uncertainties [Abstract]

MAJOR CUSTOMERS

10.

MAJOR CUSTOMERS

At March 31, 2018 and December 31, 2017, 3% and 4%, respectively, of Contract assets were directly from the U.S. Government.

XML 27 R17.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

11.

SUBSEQUENT EVENTS

XML 28 R18.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Schedule of revenue by long-term contract type

Revenue by long-term contract type for the three months ended March 31, 2018 is as follows:

Government subcontracts	$	8,137,726
Commercial contracts		7,476,095
Prime government contracts		2,577,802
	$	18,191,623

XML 29 R19.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock options plans activity

A summary of the status of the Company’s stock option plans as of March 31, 2018 and changes during the three months ended March 31, 2018 is as follows:

	Options		Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at beginning of period		80,249	$	11.05

Outstanding and vested at end of period		80,249	$	11.05		0.85	$	110,250

XML 30 R20.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values

	March 31, 2018
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	33,475,585	$	33,475,585

	December 31, 2017
	Carrying Amount		Fair Value
Debt
Short-term borrowings and long-term debt	$	31,893,894	$	31,893,894

Schedule of financial liabilities measured on recurring basis

The following table presents the fair values of those financial liabilities measured on a recurring basis as of March 31, 2018 and December 31, 2017:

			Fair Value Measurements March 31, 2018
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	26,427		—	$	26,427		—
Total	$	26,427		—	$	26,427		—

			Fair Value Measurements December 31, 2017
Description	Total		Quoted Prices in Active Markets for Identical assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest Rate Swap, net	$	18,781		—	$	18,781		—
Total	$	18,781		—	$	18,781		—

XML 31 R21.htm IDEA: XBRL DOCUMENT

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2018

Contract Assets And Contract Liabilities Tables

Schedule of net contract assets (liabilities)

Net Contract assets (liabilities) consist of the following:

	March 31, 2018
	U.S.
	Government			Commercial			Total
Contract assets	$	57,248,632		$	56,774,944		$	114,023,576
Contract liabilities		(226,712	)		(54,816	)		(281,528	)
Net contract assets (liabilities)	$	57,021,920		$	56,720,128		$	113,742,048

	12 /31/2017 (1)
	U.S. Government			Commercial			Total
Contract assets	$	54,591,601		$	56,566,950		$	111,158,551
Contract liabilities		(224,339	)		(21,991	)		(246,330	)
Net contract assets (liabilities)	$	54,367,262		$	56,544,959		$	110,912,221

(1)

XML 32 R22.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of maturities of long-term debt

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending March 31,
	2019	$	2,135,640
	2020		6,334,126
	2021		108,053
	2022		35,045
	Thereafter		24,036
		$	8,636,900

XML 33 R23.htm IDEA: XBRL DOCUMENT

INTERIM FINANCIAL STATEMENTS (Details Narrative)	Mar. 31, 2018 USD ($) Number
Interim Financial Statements Details Narrative
Cash, uninsured amount \| $	$ 44,132
Number of Financial Institutions where cash is maintained \| Number	2

XML 34 R24.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Details)	3 Months Ended
REVENUE RECOGNITION (Details)	Mar. 31, 2018 USD ($)
Product Information [Line Items]
Revenue by long-term contract type	$ 18,191,623
Government Subcontracts [Member]
Product Information [Line Items]
Revenue by long-term contract type	8,137,726
Commercial Contracts [Member]
Product Information [Line Items]
Revenue by long-term contract type	7,476,095
Prime Government Contracts [Member]
Product Information [Line Items]
Revenue by long-term contract type	$ 2,577,802

XML 35 R25.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Details Narrative) - USD ($)

3 Months Ended

Mar. 31, 2018

Jan. 02, 2018

Dec. 31, 2017

^[1]

Contract liability

$ 281,528

$ 146,270

$ 246,330

Remaining performance obligations

$ 62,075,462

2018 [Member]

Expect remaining performance obligation (percent)

64.00%

Performance Obligation Year

2018

2019 [Member]

Expect remaining performance obligation (percent)

36.00%

Performance Obligation Year

2019

Transferred over Time [Member]

Revenue from long-term contracts (percent)

97.00%

Transferred at Point in Time [Member]

Revenue from MRO contracts (percent)

3.00%

[1]	On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.

XML 36 R26.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Details) - Stock Option Plans [Member]	3 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Options, Outstanding
Outstanding at beginning \| shares	80,249
Outstanding and vested at end of period \| shares	80,249
Options, Outstanding, Weighted Average Exercise Price
Outstanding at beginning \| $ / shares	$ 11.05
Outstanding and vested at end of period \| $ / shares	$ 11.05
Options, Weighted Average Remaining Contractual Term
Outstanding and vested at end of period	10 months 6 days
Options, Aggregate Intrinsic Value
Outstanding and vested at end of period \| $	$ 110,250

XML 37 R27.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)			1 Months Ended				3 Months Ended
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	Mar. 22, 2018	Mar. 09, 2017	Mar. 31, 2018	Jan. 31, 2018	Mar. 31, 2017	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Restricted stock units granted				58,578		59,395
Vesting period				1 year		1 year
Restricted Stock Units (RSUs) [Member] \| Director [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation							$ 273,000	$ 292,000
Stock Awards [Member] \| Employees [Member]
Number of common shares granted				5,130		5,550
Stock Awards [Member] \| Employees [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation							10,000	13,300
Stock Awards [Member] \| Employees [Member] \| Cost of Sales [Member]
Stock-based compensation							$ 36,000	37,500
Stock Awards [Member] \| Employees [Member]
Number of common shares granted			68,764		73,060
Stock awards forfeited (shares)			12,330		9,130
Number of shares returned for employee's withholding taxes (shares)	7,552
Value of shares returned for employee's withholding taxes	$ 62,000
Stock Awards [Member] \| Employees [Member] \| Selling, General and Administrative Expenses [Member]
Stock-based compensation			$ 76,600					93,600
Stock Awards [Member] \| Employees [Member] \| Cost of Sales [Member]
Stock-based compensation			$ 16,100					$ 19,700
Stock Awards [Member] \| Employees [Member]
Stock awards forfeited (shares)					12,330
Number of shares returned for employee's withholding taxes (shares)		4,525
Value of shares returned for employee's withholding taxes		$ 33,000

XML 38 R28.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND FAIR VALUE (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount [Member]
Short-term borrowings and long-term debt	$ 33,475,585	$ 31,893,894
Fair Value [Member]
Short-term borrowings and long-term debt	$ 33,475,585	$ 31,893,894

XML 39 R29.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND FAIR VALUE (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Interest Rate Swap	$ 26,427	$ 18,781
Recurring Basis [Member]
Interest Rate Swap	26,427	18,781
Total	26,427	18,781
Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Interest Rate Swap	26,427	18,781
Total	$ 26,427	$ 18,781

XML 40 R30.htm IDEA: XBRL DOCUMENT

DERIVATIVE INSTRUMENTS AND FAIR VALUE (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments And Fair Value Details Narrative
Fair value of interest rate swap	$ 26,427	$ 18,781
Accumulated other comprehensive loss, net of tax	20,600	14,800
Accumulated other comprehensive loss, tax	$ 4,000	$ 1,000

XML 41 R31.htm IDEA: XBRL DOCUMENT

CONTRACT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($)

Mar. 31, 2018

Jan. 02, 2018

Dec. 31, 2017

^[1]

Operating Leased Assets [Line Items]

Contract assets

$ 114,023,576

$ 111,158,551

Contract liabilities

(281,528)

$ (146,270)

(246,330)

Net contract assets (liabilities)

113,742,048

110,912,221

US Government [Member]

Operating Leased Assets [Line Items]

Contract assets

57,248,632

54,591,601

Contract liabilities

(226,712)

(224,339)

Net contract assets (liabilities)

57,021,920

54,367,262

Commercial [Member]

Operating Leased Assets [Line Items]

Contract assets

56,774,944

56,566,950

Contract liabilities

(54,816)

(21,991)

Net contract assets (liabilities)

$ 56,720,128

$ 56,544,959

[1]	On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.

XML 42 R32.htm IDEA: XBRL DOCUMENT

CONTRACT ASSETS AND CONTRACT LIABILITIES (Details Narrative)	3 Months Ended
	Mar. 31, 2018 USD ($)
Contract Assets And Contract Liabilities Details Narrative
Increase in Raytheon Next Generation Jammer Pod	$ 700,000
Increase in new design of the HondaJet engine inlet	1,000,000
Increased in contract assets for G650 program	2,200,000
Decrease total gross profit	1,275,000
Decrease total gross profit earned on the contracts	$ (320,303)

XML 43 R33.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (shares)	78,933	78,865
Antidilutive securities excluded from computation of earnings per share (shares)	45,249	114,466

XML 44 R34.htm IDEA: XBRL DOCUMENT

LINE OF CREDIT (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 24, 2016
Oustanding loans	$ 24,838,685	$ 22,838,685
Bank United [Member] \| Term Loan [Member]
Debt instrument, face amount			$ 10,000,000
Revolving Credit Facility [Member] \| Bank United [Member]
Line of credit facility, maximum borrowing capacity			$ 30,000,000
Revolving Credit Facility [Member] \| Amendment - Bank United [Member]
Oustanding loans	$ 24,800,000
Line of credit facility, interest rate at period end	4.94%

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 45 R35.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT (Details)	Mar. 31, 2018 USD ($)
Year ending December 31,
2019	$ 2,135,640
2020	6,334,126
2021	108,053
2022	35,045
Thereafter	24,036
Total maturities	$ 8,636,900

XML 46 R36.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT (Details Narrative) - USD ($)	Mar. 24, 2016	Mar. 31, 2018
Capital lease and notes payable		$ 511,900
Capital lease and notes payable, current portion		177,307
Term Loan [Member] \| Bank United [Member]
Debt instrument, face amount	$ 10,000,000
Payments of debt issuance costs	$ 254,000
Debt issuance costs		64,000
Debt issuance costs, reduction of long-term debt		$ 21,000

XML 47 R37.htm IDEA: XBRL DOCUMENT

MAJOR CUSTOMERS (Details Narrative) - Number	3 Months Ended		12 Months Ended
MAJOR CUSTOMERS (Details Narrative) - Number	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenue [Member]
Concentration Risk [Line Items]
Number of large commercial customers	4	2
Revenue [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	30.00%	36.00%
Revenue [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	25.00%
Revenue [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Revenue [Member] \| Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%
Revenue [Member] \| US Government Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	1.00%
Contract Assets [Member]
Concentration Risk [Line Items]
Number of large commercial customers	4		4
Contract Assets [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	34.00%		32.00%
Contract Assets [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%		20.00%
Contract Assets [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%		12.00%
Contract Assets [Member] \| Customer Four [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%		10.00%
Contract Assets [Member] \| US Government Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	3.00%		4.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of large commercial customers	3		3
Accounts Receivable [Member] \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	26.00%		44.00%
Accounts Receivable [Member] \| Customer Two [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%		18.00%
Accounts Receivable [Member] \| Customer Three [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%		13.00%

XML 48 R38.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - Stock Purchase Agreement - WMI [Member]	Mar. 21, 2018 USD ($)
Purchase price for Shares	$ 9,000,000
Total Contingent Payments [Member]
Contingent payments	1,000,000
Contingent Payment #1 [Member]
Contingent payments	500,000
Contingent Payment #2 [Member]
Contingent payments	$ 500,000

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