TechPrecision (TPCS) 10-K 15 Jul 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Jul. 07, 2014	Sep. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'TECHPRECISION CORP	'	'
Entity Central Index Key	'0001328792	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Mar-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--03-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$10.10
Entity Common Stock, Shares Outstanding	'	24,669,958	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Mar. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$1,086,701	$3,075,376
Accounts receivable, less allowance for doubtful accounts of $25,010 in 2014 and 2013	2,280,469	4,330,637
Costs incurred on uncompleted contracts, in excess of progress billings	5,258,002	4,298,293
Inventories- raw materials	293,326	354,516
Income taxes receivable	8,062	374,030
Current deferred taxes	991,096	255,765
Other current assets	461,245	1,578,484
Total current assets	10,378,901	14,267,101
Property, plant and equipment, net	6,489,212	7,300,248
Other noncurrent assets, net	105,395	'
Total assets	16,973,508	21,567,349
Current liabilities:	'	'
Accounts payable	2,888,385	2,537,060
Accrued expenses	3,893,028	1,874,924
Accrued taxes payable	'	232,624
Deferred revenues	1,461,689	253,813
Revolving credit facility	'	500,000
Debt	4,169,771	5,784,479
Total current liabilities	12,412,873	11,182,900
Long-term debt, including capital leases	38,071	31,108
Noncurrent deferred taxes	991,096	255,765
Commitments and contingent liabilities (see Note 16)	'	'
Stockholders' Equity:	'	'
Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 2,477,508 and 5,532,998 shares issued and outstanding at March 31, 2014 and 2013, (liquidation preference of $706,090 and $1,576,904 at March 31, 2014 and 2013)	644,110	1,310,206
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 23,951,004 shares at March 31, 2014 and 19,956,871 at March 31, 2013	2,395	1,996
Additional paid in capital	6,105,211	5,076,552
Accumulated other comprehensive loss	-55,097	-221,418
Retained earnings (accumulated deficit)	-3,165,151	3,930,240
Total stockholders' equity	3,531,468	10,097,576
Total liabilities and stockholders' equity	$16,973,508	$21,567,349

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Accounts receivable, allowance for doubtful accounts (in dollars)	$25,010	$25,010
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	23,951,004	19,956,871
Common stock, shares outstanding	23,951,004	19,956,871
Series A Convertible Preferred Stock	'	'
Preferred stock, designated as Series A Convertible Preferred Stock	9,890,980	9,890,980
Preferred stock, shares issued	2,477,508	5,532,998
Preferred stock, shares outstanding	2,477,508	5,532,998
Preferred stock, liquidation preference (in dollars)	$706,090	$1,576,904

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	'	'
Net sales	$21,068,063	$32,472,919
Cost of sales	21,799,856	25,914,345
Gross (loss) profit	-731,793	6,558,574
Selling, general and administrative	6,112,909	8,160,984
Loss from operations	-6,844,702	-1,602,410
Other income (expense)	874	-29,586
Interest expense	-440,634	-309,799
Interest income	3,598	2,189
Total other expense, net	-436,162	-337,196
Loss before income taxes	-7,280,864	-1,939,606
Income tax (benefit) expense	-185,473	472,331
Net loss	-7,095,391	-2,411,937
Other comprehensive income (loss), before tax:	'	'
Change in unrealized loss on cash flow hedges	157,197	-13,470
Foreign currency translation adjustments	9,124	10,964
Other comprehensive income (loss), before tax	166,321	-2,506
Net tax benefit of other comprehensive income (loss) items	'	-4,672
Comprehensive loss	($6,929,070)	($2,409,771)
Net loss per share (basic) (in dollars per share)	($0.34)	($0.13)
Net loss per share (diluted) (in dollars per share)	($0.34)	($0.13)
Weighted average number of shares outstanding (basic) (in shares)	20,766,914	19,004,897
Weighted average number of shares outstanding (diluted) (in shares)	20,766,914	19,004,897

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Preferred Stock	Warrants Outstanding	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (accumulated deficit)
Balance at Mar. 31, 2012	$12,170,324	$1,637,857	$100,000	$1,799	$4,412,075	($223,584)	$6,342,177
Balance (in shares) at Mar. 31, 2012	'	7,035,982	'	17,992,177	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Warrants expired (in shares)	'	'	-100,000	'	'	'	'
Share based compensation	337,023	'	'	'	337,023	'	'
Conversion of preferred stock	'	-327,651	'	197	327,454	'	'
Conversion of preferred stock (in shares)	'	-1,502,984	'	1,964,694	'	'	'
Net loss	-2,411,937	'	'	'	'	'	-2,411,937
Other comprehensive loss, net of tax benefit, ($0) and ($4,672) for the year 2014, 2013, respectively	2,166	'	'	'	'	2,166	'
Balance at Mar. 31, 2013	10,097,576	1,310,206	'	1,996	5,076,552	-221,418	3,930,240
Balance (in shares) at Mar. 31, 2013	'	5,532,998	'	19,956,871	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Share based compensation	362,962	'	'	'	362,962	'	'
Conversion of preferred stock	'	-666,096	'	399	665,697	'	'
Conversion of preferred stock (in shares)	'	-3,055,490	'	3,994,133	'	'	'
Net loss	-7,095,391	'	'	'	'	'	-7,095,391
Other comprehensive loss, net of tax benefit, ($0) and ($4,672) for the year 2014, 2013, respectively	166,321	'	'	'	'	166,321	'
Balance at Mar. 31, 2014	$3,531,468	$644,110	'	$2,395	$6,105,211	($55,097)	($3,165,151)
Balance (in shares) at Mar. 31, 2014	'	2,477,508	'	23,951,004	'	'	'

CONSOLIDATED_STATEMENTS_OF_STO1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	'	'
Other comprehensive income (loss), tax	$0	($4,672)

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($7,095,391)	($2,411,937)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	953,428	846,012
Loss on sale of equipment	882	'
Stock based compensation expense	362,962	337,023
Deferred income taxes	'	695,762
Provision for contract losses	2,988,931	270,172
Changes in operating assets and liabilities:	'	'
Accounts receivable	2,056,509	572,786
Costs incurred on uncompleted contracts, in excess of progress billings	-959,709	-388,267
Inventories - raw materials	62,220	19,985
Other current assets	1,059,350	-75,540
Taxes receivable	365,968	1,824,262
Other noncurrent assets	-105,395	212,700
Accounts payable	357,115	1,171,600
Accrued expenses	-818,858	-822,450
Accrued taxes payable	-232,624	72,638
Deferred revenues	1,207,223	-545,600
Net cash provided by operating activities	202,611	1,779,146
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of property, plant and equipment	-64,895	-663,185
Net cash used in investing activities	-64,895	-663,185
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Borrowings of short-term debt	'	500,000
Repayment of long-term debt	-2,126,935	-1,366,017
Net cash used in financing activities	-2,126,935	-866,017
Effect of exchange rate on cash and cash equivalents	544	1,947
Net (decrease) increase in cash and cash equivalents	-1,988,675	251,891
Cash and cash equivalents, beginning of period	3,075,376	2,823,485
Cash and cash equivalents, end of period	1,086,701	3,075,376
Cash paid during the year for:	'	'
Interest expense	385,767	268,351
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:	'	'
Common stock issued in conversion of Series A Convertible Preferred Stock (in shares)	3,055,490	1,964,694
Series A Convertible Preferred Stock converted (in shares)	3,994,133	1,502,984
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	231,784	388,982
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	0	0
Capital lease arrangement for new office equipment	'	$46,378

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2014
DESCRIPTION OF BUSINESS	'
DESCRIPTION OF BUSINESS	'
	NOTE 1 - DESCRIPTION OF BUSINESS
	TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise (WFOE), to meet growing demand for local manufacturing of components in China. TechPrecision, WCMC and Ranor are collectively referred to as the “Company”, “we”, “us” or “our”.
	We manufacture large scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, commercial, and aerospace industries.
	The formation of WCMC was made in consultation with one of our largest customers in the Solar Energy industry, and was based on the forecasted demand for solar and nuclear energy components in Asia, and especially in China. During the third quarter of fiscal 2011, WCMC commenced organizational and start-up activities and production began during the fourth quarter of fiscal 2011, with initial production units shipped to our largest solar customer on March 31, 2011. Through our subcontractors, we have the capability and capacity to manufacture production furnaces for the Solar Energy industry and HEM Sapphire industry in both the U.S. and Asia.
	Liquidity and Capital Resources
	At March 31, 2013, we were not in compliance with the fixed charges and interest coverage financial covenants under our Loan and Security Agreement between Ranor and Santander Bank, or the Bank, dated February 24, 2006, or, as amended, the Loan Agreement, and the Bank did not agree to waive the non-compliance with the covenants. In addition, the Bank did not renew the revolving credit facility which expired on July 31, 2013. Since we were in default, the Bank had the right to accelerate payment of the debt in full upon 60 days written notice. As a consequence, we classified all amounts under the Loan Agreement ($5.8 million) as a current liability at March 31, 2013. The Loan Agreement was amended by the Forbearance and Modification Agreement, dated January 16, 2014, or the Forbearance Agreement. The Forbearance Agreement expired on March 31, 2014. The Bank did not agree to waive the non-compliance with the covenants at March 31, 2014. Since we were in default, the Bank had the right to accelerate payment of the debt in full upon the termination date of the Forbearance Agreement. As a consequence, we classified all amounts under the Loan Agreement, $4.2 million at March 31, 2014, as a current liability. We entered into a Forbearance and Modification Agreement, dated May 30, 2013, or the Second Forbearance Agreement, pursuant to which the Bank has agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement commencing retroactively on April 1, 2014 and extending until no later than June 30, 2014. On July 1, 2014, the Company and the Bank entered into a Forbearance and Modification Agreement, dated July 1, 2014, or the Third Forbearance Agreement. Under the Third Forbearance  Agreement, the Bank has agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement commencing on July 1, 2014 and extending until no later than July 31, 2014. We continue to make principal and interest payments pursuant to the terms of the Forbearance Agreement. If the Bank were to demand full repayment, we would be unable to pay the obligation as we do not have existing facilities or sufficient cash on hand to satisfy these obligations and would need to seek alternative financing.
	On May 30, 2014, we and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor.  Payments under the LSA and Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% and the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and Credit Loan Note are guaranteed by the Company.
	We have incurred an operating loss of $7.1 million for the period ended March 31, 2014. At March 31, 2014, we had cash and cash equivalents of $1.1 million. Fiscal 2014 margins were impacted by approximately $4.9 million of new contract losses. We have recorded a provision for potential losses and, in one case, filed a demand for arbitration under a customer’s purchase agreement to recover all of our costs under the contract terms. We cannot be certain that we will be successful in recovering the full amount of our loss.
	These factors raise substantial doubt about our ability to continue as a going concern. In order for us to continue operations beyond the next twelve months and be able to discharge our liabilities and commitments in the normal course of business, we must secure long-term financing on terms consistent with our near-term business plans. In addition, we must increase our backlog and change the composition of our revenues to focus on recurring unit of delivery projects rather than custom first article and prototyping projects which do not efficiently use our manufacturing capacity, and reduce our operating expenses to be in line with current business conditions in order to increase profit margins and decrease the amount of cash used in operations. If successful in changing the composition of revenue and reducing costs, we expect that fiscal 2015 operating results will reflect positive cash flows. We plan to closely monitor our expenses and, if required, will further reduce operating costs and capital spending to enhance liquidity.
	The consolidated financial statements for the years ended March 31, 2014 and 2013 were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total liabilities of $13.4 million at March 31, 2014 and to continue as a going concern is dependent upon the timely availability of long-term financing and successful execution of an operating plan. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation and Consolidation
	The accompanying consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation.
	Use of Estimates in the Preparation of Financial Statements
	In preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reported period. We continually evaluate our estimates, including those related to contract accounting, accounts receivable, inventories, recovery of long-lived assets, income taxes and the valuation of equity transactions. We base our estimates on historical and current experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of the financial statements.
	Fair Value Measurements
	We account for fair value of financial instruments under the Financial Accounting Standard Board’s (FASB) Accounting Standards Codification (ASC) authoritative guidance which defines fair value and establishes a framework to measure fair value and the related disclosures about fair value measurements. The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The FASB establishes a fair value hierarchy used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Inputs based upon quoted market prices for identical assets or liabilities in active markets at the measurement date; Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3: Inputs that are management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instruments’ valuation.
	In addition, we will measure fair value in an inactive or dislocated market based on facts and circumstances and significant management judgment.  We will use inputs based on management estimates or assumptions, or make adjustments to observable inputs to determine fair value when markets are not active and relevant observable inputs are not available.  The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses as presented in the balance sheet, approximates fair value due to the short-term nature of these instruments.
	Cash and cash equivalents
	Holdings of highly liquid investments with maturities of three months or less, when purchased, are considered to be cash equivalents.  U.S. based deposits are maintained in a large regional bank. Our China subsidiary also maintains a bank account in a large national Bank in China subject to People’s Republic of China (PRC) banking regulations. Cash on deposit with a large national China-based bank was $29,191 and $482,630 at March 31, 2014 and 2013, respectively.
	Foreign currency translation
	The majority of our business is transacted in U.S. dollars; however, the functional currency of our China subsidiary is the local currency, the Chinese Yuan Renminbi. In accordance with ASC No. 830, Foreign Currency Matters (ASC 830), foreign currency translation adjustments of subsidiaries operating outside the U.S. are accumulated in other comprehensive income, a separate component of equity. Foreign currency transaction gains and losses are recognized in the determination of net income.
	Accounts receivable and allowance for doubtful accounts
	Accounts receivable are stated at the amount we expect to collect. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Based on management’s assessment, we provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances which remain outstanding after  reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Current earnings are also charged with an allowance for sales returns based on historical experience. Historically, the level of uncollectible accounts has not been significant. There was no bad debt expense for the years ended March 31, 2014 and 2013.
	Inventories
	Inventories - raw materials is stated at the lower of cost or market determined by the first-in, first-out (FIFO) method.
	Property, plant and equipment
	Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are accounted for on the straight-line method based on estimated useful lives. The amortization of leasehold improvements is based on the shorter of the lease term or the useful life of the improvement. Amortization of assets recorded under capital leases is included under depreciation expense. Betterments and large renewals, which extend the life of the asset, are capitalized whereas maintenance and repairs and small renewals are expensed as incurred. The estimated useful lives are: machinery and equipment, 5-15 years; buildings, 30 years; and leasehold improvements, 2-5 years.
	Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. There was no interest cost capitalized in fiscal 2014 and 2013.
	In accordance with ASC No. 360, Property, Plant & Equipment (ASC 360), our property, plant and equipment is tested for impairment when triggering events occur, and if impaired, written-down to fair value based on either discounted cash flows or appraised values. The carrying amount of an asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. There were no impairments for the years ended March 31, 2014 and 2013.
	Operating Leases
	Operating leases are charged to operations on a straight-line basis over the term of the lease. We lease our office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2017 and provide for renewal options ranging from three months to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties.
	Derivative Financial Instruments
	We are exposed to various risks such as fluctuating interest rates, foreign exchange rates and increasing commodity prices. To manage these market risks, we may periodically enter into derivative financial instruments such as interest rate swaps, options and foreign exchange contracts for periods consistent with and for notional amounts equal to or less than the related underlying exposures. We do not purchase or hold any derivative financial instruments for speculation or trading purposes.
	All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. At March 31, 2014, we had two interest rate swap transactions designated as cash flow hedges, each with an effective date of January 3, 2011. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in Shareholders’ equity (as a component of accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately.
	We formally document the hedging relationship and its risk management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. We also formally assess, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions.
	We will discontinue hedge accounting prospectively when we determine that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires, is sold, terminated, or exercised, or our management determines to remove the designation of a cash flow hedge. See Note 8 for additional disclosure related to interest rate swaps.
	Convertible Preferred Stock and Warrants
	We measured the fair value of the Series A Convertible Preferred Stock by the amount of cash that was received for their issuance. We have determined that the convertible preferred shares and warrants issued are equity instruments. The holders of the Series A Convertible Preferred Stock have no right higher than the common stockholders other than the liquidation preference in the event of liquidation of the Company.
	Our warrants were excluded from derivative accounting because they were indexed to our unregistered common stock and are classified in stockholders’ equity. The majority of the warrants were exchanged for preferred stock on August 14, 2009. The remaining 112,500 warrants expired on September 1, 2010.
	On February 15, 2011, we issued an additional 100,000 warrants to acquire common stock at an exercise price of $1.65/share. The warrants had a fair value of $51,428. The warrants outstanding terminated at the end of the exercise period on February 14, 2013.
	Research and Development
	We charge research and development costs associated with the design and development of new products to expense when incurred. We incurred no research and development expense in fiscal 2014 or 2013.
	Selling, General, and Administrative
	Selling, general and administrative (SG&A) expenses include items such as executive compensation, business travel and advertising costs. Advertising costs are nominal and expensed as incurred. Other general and administrative expenses include items for our administrative functions and include costs for items such as office rent, supplies, insurance, legal, accounting, tax, telephone and other outside services. SG&A consisted of the following as of March 31:
		2014		2013
	Salaries and related expenses	$	3,634,538	$	4,460,708
	Professional fees	1,165,523		1,793,282
	Other general and administrative	1,312,848		1,906,994
	Total Selling, General and Administrative	$	6,112,909	$	8,160,984
	Stock Based Compensation
	Stock based compensation represents the cost related to stock based awards granted to our board of directors and employees. We measure stock based compensation cost at the grant date based on the estimated fair value of the award and recognizes the cost as expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. We estimate the fair value of stock options using a Black-Scholes valuation model.
	Excess tax benefits of awards that are recognized in equity related to stock options exercises are reflected as financing cash inflows. Stock based compensation cost that has been included in (loss) income from operations amounted to $362,962 and $337,023 for the fiscal years ended 2014 and 2013, respectively. See Note 13 for additional disclosures related to stock based compensation.
	Net Income (Loss) per Share of Common Stock
	Basic net income (loss) per common share is computed by dividing net income or loss by the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated using net income divided by diluted weighted-average shares. Diluted weighted-average shares include weighted-average shares outstanding plus the dilutive effect of convertible preferred stock, stock options and warrants calculated using the treasury stock method. See Note 13 for additional disclosures related to stock based compensation.
	Revenue Recognition
	We account for revenues and earnings using the percentage-of-completion method of accounting. Under this method, we recognize contract revenue and gross profit as the work progresses, either as the products are produced and delivered, or as services are rendered. We determine progress toward completion on production contracts based on either input measures, such as labor hours incurred, or output measures, such as units delivered.
	Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability are recognized in the period in which the revisions are determined. Costs incurred on uncompleted contracts consist of labor, overhead, and materials.
	We may combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned during the performance of the combined contracts.
	Costs allocable to undelivered units are reported in the consolidated balance sheet as costs incurred on uncompleted contracts. Amounts in excess of agreed upon contract price for customer directed changes, construction changes, customer delays or other causes of additional contract costs are recognized in contract value if it is probable that a claim for such amounts will result in additional revenue and the amounts can be reliably estimated. Revenues from such claims are recorded only to the extent that contract costs relating to the claim have been incurred. Revisions in cost and profit estimates are reflected in the period in which the facts requiring the revision become known and are estimable.
	When we can only estimate a range of revenues and costs, we use the most likely estimate within the range. If we cannot determine which estimate in the range is most likely, the amounts within the ranges that would result in the lowest profit margin (the lowest contract revenue estimate and the highest contract cost estimate) are used.
	In some situations, it may be impractical for us to estimate either specific amounts or ranges of contract revenues and costs. However, if we can at least determine that we will not incur a loss, a zero profit model is adopted. The zero profit model results in the recognition of an equal amount of revenues and costs. This method is only used if more precise estimates cannot be made and its use is discontinued when such estimates are obtainable. When we obtain more precise estimates, the change is treated as a change in an accounting estimate.
	Income Taxes
	In accordance with ASC No. 740, Income Taxes (ASC 740), income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.     Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
	Recent Accounting Pronouncements
	In June, 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718)- Accounting for Share-based Payments when Terms of an award Provide That a Performance Target Could be Achieved after the Requisite Service Period. The Amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating ASU 2014-12 to determine the impact on the Company’s consolidated results of operations, financial position or cash flows.
	In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating ASU 2014-09 to determine the impact it may have on our current practices.
	In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted. The Company does not expect the adoption of ASU 2013-11 to have a significant impact on the Company’s financial statement presentation.
	In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU 2013-05”). ASU 2013-05 provides guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective for interim and annual reporting periods beginning after December 15, 2013. The Company does not expect the adoption of ASU 2013-05 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Mar. 31, 2014
PROPERTY, PLANT AND EQUIPMENT	'
PROPERTY, PLANT AND EQUIPMENT	'
	NOTE 3 - PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment, net consisted of the following as of March 31:
		2014			2013
	Land	$	110,113		$	110,113
	Building and improvements	3,261,680			3,261,680
	Machinery equipment, furniture and fixtures	8,889,051			8,826,050
	Equipment under capital leases	65,568			46,378
	Total property, plant and equipment	12,326,412			12,244,221
	Less: accumulated depreciation	(5,837,200		)	(4,943,973		)
	Total property, plant and equipment, net	$	6,489,212		$	7,300,248
	Depreciation expense for the years ended March 31, 2014 and 2013 was $895,528 and $804,564, respectively.

COSTS_INCURRED_ON_UNCOMPLETED_

COSTS INCURRED ON UNCOMPLETED CONTRACTS	12 Months Ended
	Mar. 31, 2014
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
	NOTE 4 - COSTS INCURRED ON UNCOMPLETED CONTRACTS
	The following table sets forth information as to costs incurred on uncompleted contracts as of March 31:
		2014			2013
	Cost incurred on uncompleted contracts, beginning balance	$	6,180,839		$	10,879,743
	Total cost incurred on contracts during the year	25,579,089			21,215,441
	Less cost of sales, during the year	(21,799,856		)	(25,914,345		)
	Cost incurred on uncompleted contracts, ending balance	$	9,960,072		$	6,180,839
	Billings on uncompleted contracts, beginning balance	$	1,882,546		$	6,969,717
	Plus: Total billings incurred on contracts, during the year	23,887,587			27,385,748
	Less: Contracts recognized as revenue, during the year	(21,068,063		)	(32,472,919		)
	Billings on uncompleted contracts, ending balance	$	4,702,070		$	1,882,546
	Cost incurred on uncompleted contracts, ending balance	$	9,960,072		$	6,180,839
	Billings on uncompleted contracts, ending balance	4,702,070			1,882,546
	Costs incurred on uncompleted contracts, in excess of progress billings	$	5,258,002		$	4,298,293
	Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of March 31, 2014 and 2013, we had deferred revenues totaling $1,461,689 and $253,813, respectively. Deferred revenues represent customer prepayments on their contracts and completed contracts on which all revenue recognition criteria were not met.   We record provisions for losses within costs of sales in our consolidated statement of operations and comprehensive (loss) income. We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The agreements with our customers allow us to offset the progress payments against the costs incurred.

OTHER_CURRENT_ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2014
OTHER CURRENT ASSETS	'
OTHER CURRENT ASSETS	'
	NOTE 5 — OTHER CURRENT ASSETS
	Other current assets included the following as of March 31:
		2014		2013
	Payments advanced to suppliers	$	196,534	$	267,513
	Prepaid insurance	229,727		187,086
	Collateral deposits (see Note 8)	—		1,032,348
	Deferred loan costs, net of amortization	—		57,930
	Other	34,984		33,607
	Total	$	461,245	$	1,578,484

OTHER_NONCURRENT_ASSETS

OTHER NONCURRENT ASSETS	12 Months Ended
	Mar. 31, 2014
OTHER NONCURRENT ASSETS	'
OTHER NONCURRENT ASSETS	'
	NOTE 6 — OTHER NONCURRENT ASSETS
	Other noncurrent assets included the following as of March 31:
		2014		2013
	Deferred loan costs, net of amortization	$	105,395	$	—
	Total	$	105,395	$	—

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2014
ACCRUED EXPENSES	'
ACCRUED EXPENSES	'
	NOTE 7 - ACCRUED EXPENSES
	Accrued expenses included the following as of March 31:
		2014		2013
	Accrued compensation	$	320,419	$	668,038
	Interest rate swaps market value	231,783		388,982
	Provision for contract losses	3,259,103		270,172
	Other	81,723		547,732
	Total	$	3,893,028	$	1,874,924
	Our loss provision includes approximately $2.7 million for estimated contract losses in connection with a certain customer purchase agreement. We filed a demand for arbitration under the contract to recover damages, together with attorney’s fees, interest and costs subsequent to the customer’s request to reduce the number of units ordered under the purchase agreement (See Note 19).

DEBT

DEBT	12 Months Ended
	Mar. 31, 2014
DEBT	'
DEBT	'
	NOTE 8 — DEBT
	Debt obligations outstanding were classified as of March 31:
		2014		2013
	Sovereign Bank Capital expenditure note due November 2014	$	—	$	306,432
	Sovereign Bank Staged advance note due March 2016	—		333,850
	MDFA Series A Bonds due January 2021	3,559,375		3,789,583
	MDFA Series B Bonds due January 2018	599,634		1,346,429
	Obligations under capital leases	10,762		8,185
	Total Short-term debt	$	4,169,771	5,784,479
	Long-term debt, obligations under capital leases	38,071		31,108
	Total Debt	$	4,207,842	$	5,815,587
	Loan Agreement
	On February 24, 2006, we entered into the Loan Agreement, with the Bank which has since been amended as further described below. Pursuant to the Loan Agreement, as amended, the Bank provided us with a secured term loan of $4.0 million, or the Term Note, and a revolving line of credit of up to $2.0 million, or Revolving Note. The Term Note was paid off in full on March 1, 2013. On January 29, 2007, the Loan Agreement was amended, adding a capital expenditure line of credit facility of $3.0 million, or Capital Expenditure Note. On March 29, 2010, the Bank agreed to extend to us a loan facility, or Staged Advance Note, in the amount of up to $1.9 million for the purpose of acquiring a gantry mill machine.
	MDFA Series A and B Bonds
	On December 30, 2010, we completed a $6.2 million tax exempt bond financing with the Massachusetts Development Finance Authority, or the MDFA, pursuant to which the MDFA sold to the Bank MDFA Revenue Bonds, Ranor Issue, Series 2010A in the original aggregate principal amount of $4.25 million, or Series A Bonds, and MDFA Revenue Bonds, Ranor Issue, Series 2010B in the original aggregate principal amount of $1.95 million, or Series B Bonds together with the Series A Bonds, the Bonds. The proceeds of such sales were loaned to us under the terms of a Mortgage Loan and Security Agreement, dated as of December 1, 2010, by and among us, MDFA and the Bank (as Bond owner and Disbursing Agent), or the MLSA.
	In connection with the December 30, 2010 bond financing, we executed an Eighth Amendment to the Loan Agreement, or Eighth Amendment. The Eighth Amendment incorporated borrowing of the Bond proceeds into the borrowings covered by the Loan Agreement. The MLSA provides for customary events of default, including any event of default under the Loan Agreement described above. Subject to lapse of any applicable cure period, a default under the MLSA would cause the acceleration of all of our outstanding obligations under the MLSA. Under the MLSA and the Eighth Amendment, we were required, as of the end of each fiscal quarter, to meet certain financial covenants applicable while the Bonds remain outstanding, including, among other things, that the ratio of earnings available to cover fixed charges will be greater than or equal to 120%; the interest coverage ratio will equal or exceed 2:1; and that our leverage ratio will be less than or equal to 3:1.
	The proceeds from the sale of the Series A Bonds were used to finance the Ranor facility acquisition and 19,500 sq. ft. expansion of Ranor’s manufacturing facility in Westminster, Massachusetts, and the proceeds from the sale of the Series B Bonds were used to finance acquisitions of qualifying manufacturing equipment installed at the Westminster facility.
	Under the MLSA and related documents, the Westminster facility secures, and we further guarantee, Ranor’s obligations to the Bank and subsequent holders of the Bonds. The initial rate of interest on the Bonds was 1.96% for a period from the bond date to and including January 31, 2011, and the interest rate thereafter is 65% times the sum of 275 basis points plus one-month LIBOR. We are required to make monthly payments of $17,708 and $23,214 with respect to the Loans beginning on February 1, 2011 until the maturity date or earlier redemption of each Bond. The Series A Bonds and the Series B Bonds will mature on January 1, 2021 and January 1, 2018, respectively. The Bonds are redeemable pursuant to the MLSA prior to maturity, in whole or in part, on any payment date in accordance with the terms of the MLSA.
	In connection with the Bond financing, we and the Bank entered into the International Swap and Derivatives Association, Inc. 2002 Master Agreement, dated December 30, 2010, or ISDA Master Agreement, pursuant to which the variable interest rates applicable to the Bonds were swapped for fixed interest rates of 4.14% on the Series A Bonds and 3.63% on the Series B Bonds. Under the ISDA Master Agreement, we and the Bank entered into two swap transactions, each with an effective date of January 3, 2011. The notional amount of outstanding fair value interest rate swaps totaled $4.6 and $5.1 million at March 31, 2014 and 2013, respectively. These derivative instruments, which are designated as cash flow hedges, are carried on our consolidated balance sheet at fair value with the effective portion of the gain or loss on the derivative reported in stockholders’ equity as a component of accumulated other comprehensive loss and subsequently reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The swaps will terminate on January 4, 2021 and January 2, 2018, respectively. The fair value of the interest rate swaps contracts were measured using market based level 2 inputs. The method employed to calculate the values conforms to the industry convention for calculation of such values. The swap’s market value can be calculated any time by comparing the fixed rate set at the inception of the transaction and the “swap replacement 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 interest differential between the contractual swap and the replacement swap. The termination value is the sum of the present value interest differential as described above plus the accrued interest due at termination.
	Revolving Note:
	We and the Bank agreed to extend the maturity date of the revolving credit facility to July 29, 2012 under the Ninth Amendment to the Loan Agreement. The maturity date of the revolving credit facility was extended to January 31, 2013 under the Eleventh Amendment, and was extended further to July 31, 2013 under the Twelfth Amendment. The Revolving Note bears interest at a variable rate determined as the Prime Rate, plus 1.5% annually on any outstanding balance. We pay an unused credit line fee of 0.25% on the average unused credit line amount in the previous month. The borrowing limit on the Revolving Note is limited to the sum of 70% of our eligible accounts receivable plus 40% of eligible inventory up to a maximum borrowing limit of $2.0 million. There was $500,000 borrowed and outstanding under this facility as of March 31, 2013. As of March 31, 2013, $1.5 million was available under this facility. In July 2013, we repaid the $500,000 borrowed under the Revolving Note. This facility expired by its terms on July 31, 2013 and was not renewed by the Bank.
	Capital Expenditure Note:
	The initial borrowing limit under the Capital Expenditure Note was $0.5 million and has been amended several times resulting in a borrowing limit of $3.0 million. On November 30, 2009, we elected not to renew this facility when it terminated. Borrowings outstanding under this facility were converted to a note when the facility terminated. The current rate of interest is LIBOR plus 3%. Principal and interest payments are due monthly based on a five year amortization schedule. The application of cash from the restricted cash collateral account was used to pay off this obligation on January 16, 2014.
	Staged Advance Note:
	The Bank made certain loans to us limited to a cap of $1.9 million for the purpose of acquiring a gantry mill machine. The machine serves as collateral for the loan. The total aggregate amount of advances under this agreement could not exceed 80% of the actual purchase price of the gantry mill machine. All advances provided for a payment of interest only monthly through February 28, 2011, and thereafter, no further borrowings were permitted under this facility. The current interest rate is LIBOR plus 4%. Beginning on April 1, 2011, we were obligated to pay principal and interest sufficient to amortize the outstanding balance on a five year schedule. The application of cash from our restricted cash collateral account was used to pay off this obligation on January 16, 2014.
	Capital Lease:
	We leased certain office equipment under a non-cancelable capital lease that expired in April 2012.  We entered into a new capital lease in April 2012 in the amount of $46,378 for certain office equipment. The lease term is for 63 months, bears interest at 6.0% and requires monthly payments of principal and interest of $860. This lease was amended in fiscal 2014 when we purchased another replacement copier at Ranor. The revised lease term was extended by nine months and will expire in March 2018. The amount of the lease recorded in property, plant and equipment, net was $46,420 and $37,544 as of March 31, 2014 and 2013.
	The maturities of all of our debt including the capital lease are as follows: 2015: $4,169,771; 2016: $11,426; 2017: $12,130; 2018: $10,596; and 2019: $3,919.
	Loan Agreement Amendments
	On February 14, 2013, we executed a Twelfth Amendment and obtained a waiver for failure to comply with the fixed charge coverage ratio and the interest coverage ratio covenants at December 31, 2012. The actual fixed charge ratio at December 31, 2012 was negative 41% and the actual interest coverage ratio was negative 256% as we reported an operating loss for the three months ended December 31, 2012. The leverage ratio covenant remained in effect (and must not be greater than 2:1).
	We were in compliance with the leverage ratio covenant at December 31, 2012, as the actual leverage ratio was 1:1. The Twelfth Amendment revised the covenant to provide that the ratio of earnings available to cover fixed charges and the interest ratio coverage covenant testing will resume at March 31, 2013 on a trailing three month basis, and continue at June 30, 2013 on a trailing six month basis, at September 30, 2013 on a trailing nine month basis, and quarterly thereafter on a trailing twelve month basis beginning at December 31, 2013. Also, in connection with the Twelfth Amendment, we paid the Bank a fee of $7,500 and were required to continue to maintain a collateral deposit of $840,000 to cover estimated principal and interest on its obligation. The $840,000 collateral was included in other current assets at March 31, 2013.
	At March 31, 2013, we were not in compliance with the fixed charges and interest coverage financial covenants, and the Bank did not agree to waive the non-compliance with the covenants. In addition, the Bank did not renew the revolving credit facility which expired on July 31, 2013. Since we were in default, the Bank had the right to accelerate payment of the debt in full upon 60 days written notice. As a consequence, we classified all amounts under the Loan Agreement ($5.8 million) as a current liability at March 31, 2013. The actual fixed charge ratio at March 31, 2013 was negative 81% and the actual interest coverage ratio was negative 351% as we reported an operating loss for the three months ended March 31, 2013. The leverage ratio covenant remained in effect (and must not be greater than 2:1). We were in compliance with the leverage ratio covenant at March 31, 2013, as the actual leverage ratio was 1:1.
	Forbearance Agreement
	On January 16, 2014, we entered into a forbearance and modification agreement with the Bank, in connection with the Loan and Security Agreement, dated as of February 24, 2006, between Ranor, Inc. and Sovereign Bank, as supplemented and amended. Under the Forbearance Agreement, the Bank has agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreements until March 31, 2014.
	The Loan Agreement consists of a secured term loan of $4.0 million, a revolving line of credit of $2.0 million and a capital expenditure line of credit facility of $3.0 million.  Additionally, in connection with the $6.2 million tax exempt bond financing with the Massachusetts Development Finance Authority, or the MDFA, in December 2010, the MDFA sold to the Bank MDFA Revenue Bonds, Ranor Issue, Series 2010A in the original aggregate principal amount of $4.25 million and MDFA Revenue Bonds, Ranor Issue, Series 2010B in the original aggregate principal amount of $1.95 million, the proceeds of which were loaned to the Company under the terms of a Mortgage Loan and Security Agreement, dated as of December 1, 2010, by and among the Company, MDFA and the Bank (as Bond owner and Disbursing Agent).  The $4.0 million secured term loan matured with final payment made on March 1, 2013 and the revolving credit line expired on July 31, 2013, and was not renewed by the Bank.   At January 16, 2014, the outstanding balances on the capital expenditure line of credit facility, Series A Bonds and Series B Bonds were $394,329, $3,612,500 and $1,114,285, respectively.
	In consideration for the granting of the Forbearance Agreement, we agreed to: (i) have paid in full all interest and fees accrued under the Loan Agreement and other related documents through December 31, 2013 (at such interest rate and in accordance with the terms therein); (ii) reimburse the Bank for appraisal costs in the amount of $11,240; (iii) an increase in the interest rate of 2% for the Series A Bonds and the Series B Bonds to 5.6% and 6%, respectively, during the Forbearance Period; (iv) the application of $394,329 and $445,671 of the Company’s restricted cash collateral deposit of $840,000 to pay off certain obligations under the Loan Agreement described above and the Series B Bonds respectively and (v) pay a forbearance fee of 3% of the net outstanding balance due from the Obligors to the Bank, which amounts to $128,433 due in installments during the Forbearance Period.
	During the Forbearance Period, we agreed to comply with the terms, covenants and provisions in the Loan Agreement and related documents, as amended by the Forbearance Agreement.  The Forbearance Agreement amends the Loan Agreement to, among other things, prohibit the Company’s Leverage Ratio  (as such term is defined in the Loan Agreement) to be greater than 1.75 to 1.0.  We were not in compliance with the leverage ratio covenant at March 31, 2014, as the actual leverage ratio was 3.8:1.0. In the event that we fail to complete a refinancing of the current outstanding obligations by the completion of the Forbearance Period, the interest rate on outstanding obligations will convert to the Default Interest Rate (as such term is defined in the Loan Agreement). We have entered into two subsequent forbearance agreement subsequent to March 31, 2014 which extended the period to first June 30, 2014, then to July 31, 2014. The Company is engaged in discussions with potential alternative financing sources to secure a new financing arrangement to, among other things, replace the financing provided by the Loan and Security Agreement between Ranor and Santander Bank, dated February 24, 2006 (See Note 1 and Note 19).

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
INCOME TAXES	'
	NOTE 9 - INCOME TAXES
	We account for income taxes under the provisions of FASB ASC 740, Income Taxes.  The following table reflects loss from continuing operations by location, and the provision and benefit for income taxes and the effective tax rate for fiscal:
		2014			2013
	U.S. operations	$	(6,722,696	)	$	(1,796,789	)
	Foreign operations	(558,168		)	(142,817		)
	Loss from operations before tax	(7,280,864		)	(1,939,606		)
	Income tax (benefit) expense provision	(185,473		)	472,331
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
	The provision (benefit) for income taxes consists of the following as of March 31:
		2014			2013
	Current
	Federal	$	28,450		$	(332,580	)
	State	702			12,987
	Foreign	(214,625		)	96,162
	Total Current	(185,473		)	(223,431		)
	Deferred
	Federal	—			606,757
	State	—			(47,458		)
	Foreign	—			136,463
	Total Deferred	—			695,762
	Income tax expense (benefit) provision	$	(185,473	)	$	472,331
	Reconciliation between income taxes computed at the federal statutory rate for fiscal years ended March 31, 2014 and 2013 to the effective income tax rates applied to the net loss reported in the Consolidated Statements of Operations and Other Comprehensive Loss:
		2014		2013
	Federal statutory income tax rate	34	%	34	%
	State income tax, net of federal benefit	—	%	1	%
	Change in valuation allowance	(32	)%	(53	)%
	Stock based compensation	(1	)%	(6	)%
	Other	2	%	—	%
	Effective income tax rate	3	%	(24	)%
	The following table summarizes the components of deferred income tax assets and liabilities:
		2014			2013
	Current Deferred Tax Assets:
	Compensation	$	32,965		$	177,703
	Allowance for doubtful accounts	9,866			9,824
	Loss on uncompleted contracts	1,272,070			106,123
	Net operating loss carryforward	30,145			30,145
	Interest rate swaps	95,479			152,792
	Other liabilities not currently deductible	310,089			341,726
	Valuation allowance	(759,518		)	(562,548		)
	Total Current Deferred Tax Asset	$	991,096		$	255,765
	Noncurrent Deferred Tax Asset (Liability):
	Share based compensation awards	369,880			323,734
	Net operating loss carryforward	3,315,221			1,662,848
	Valuation allowance	(3,647,070		)	(1,062,741		)
	Total Noncurrent Deferred Tax Assets	$	38,031		$	923,841
	Accelerated depreciation	(1,029,127		)	(1,179,606		)
	Net Noncurrent Deferred Tax Asset (Liability)	$	(991,096	)	$	(255,765	)
	Net Deferred Tax Asset	$	—		$	—
	In assessing the recoverability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.  We have determined that it is more likely than not that certain future tax benefits may not be realized.  Accordingly, a valuation allowance has been recorded against deferred tax assets that are unlikely to be realized.  Realization of the remaining deferred tax assets will depend on the generation of sufficient taxable income in the appropriate jurisdiction, the reversal of deferred tax liabilities, tax planning strategies and other factors prior to the expiration date of the carryforwards.  A change in the estimates used to make this determination could require an increase in deferred tax assets if they become realizable.
	The following table summarizes carryforwards of net operating losses and tax credits as of March 31, 2014:
		Amount			Begins to
					Expire:
	Federal net operating losses	$	5,865,609		2025
	Federal alternative minimum tax credits	$	76,185		Indefinite
	State net operating losses	$	20,016,690		2032
	The Internal Revenue Code provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis. We experienced an ownership change in connection with the acquisition of Ranor. Accordingly, our ability to utilize certain carryforwards is limited. Additionally, U.S. tax laws limit the time during which these carryforwards may be applied against future taxes. Therefore, we may not be able to take full advantage of these carryforwards for Federal or state income tax purposes.
	The following table provides a reconciliation of our unrecognized tax benefits as of March 31, 2014:
	Unrecognized tax benefits at March 31, 2013	$	17,206
	Increases based on tax positions related to 2014	—
	Increases based on tax positions prior to 2014	702
	Decreases from expiration of statute of limitations	—
	Unrecognized tax benefits at March 31, 2014	$	17,908
	We recognized $702 in interest expense related to uncertain tax positions in the tax provision (benefit) on the Consolidated Statements of Operations and Other Comprehensive Income (Loss). We have not accrued any penalties with respect to uncertain tax positions.
We file income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Our foreign subsidiary files separate income tax returns in the foreign jurisdiction in which it is located.  Tax years 2010 and forward remain open for examination.  We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in its Consolidated Statements of Operations.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	NOTE 10- RELATED PARTY TRANSACTIONS
	WCMC leased approximately 1,000 sq. ft. of office space from an affiliate of Cleantech Solutions International, or CSI, to serve as its primary corporate offices in Wuxi, China. The lease had an initial two-year term and rent under the lease with the CSI affiliate is approximately $17,000 on an annual basis. This lease expired on November 15, 2013 and was not renewed. In addition to having leased property from an affiliate of CSI, we subcontract fabrication and machining services from CSI through their manufacturing facility in Wuxi, China and such subcontracted services are overseen by our personnel co-located at CSI in Wuxi, China.
	We view CSI as a related party because a holder of an approximate 5% fully diluted equity interest in CSI, also holds an approximate 36% fully diluted equity interest in us. WCMC is also subcontracting manufacturing services from other Chinese manufacturing companies on comparable terms as those it has with CSI. We paid $1.9 million to CSI for materials and manufacturing services in fiscal 2013. There were no payments made to CSI in fiscal 2014.

PROFIT_SHARING_PLAN

PROFIT SHARING PLAN	12 Months Ended
	Mar. 31, 2014
PROFIT SHARING PLAN	'
PROFIT SHARING PLAN	'
	NOTE 11 - PROFIT SHARING PLAN
	Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. Our contributions were $12,413 and $21,219 for the years ended March 31, 2014 and 2013, respectively.

CAPITAL_STOCK

CAPITAL STOCK	12 Months Ended
	Mar. 31, 2014
CAPITAL STOCK	'
CAPITAL STOCK	'
	NOTE 12 - CAPITAL STOCK
	Preferred Stock
	We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges and limitation of the holders of such series. Our board of directors has created one series of preferred stock - the Series A Convertible Preferred Stock.
	Each share of Series A Convertible Preferred Stock was initially convertible into one share of common stock. As a result of the failure of us to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and, at December 31, 2009, each share of Series A Convertible Preferred Stock was convertible into 1.3072 shares of common stock, with an effective conversion price of $0.218.  Based on the current conversion ratio, there were 3,238,598 and 7,232,735 common shares underlying the Series A Convertible Preferred Stock as of March 31, 2014 and 2013, respectively.
	In addition to the conversion rights described above, the certificate of designation for the Series A Convertible Preferred Stock provides that the holder of the series A preferred stock or its affiliates will not be entitled to convert the Series A Convertible Preferred Stock into shares of common stock or exercise warrants to the extent that such conversion or exercise would result in beneficial ownership by the investor and its affiliates of more than 4.9% of the shares of common stock outstanding after such exercise or conversion. This provision cannot be amended. No dividends are payable with respect to the Series A Convertible Preferred Stock and no dividends are payable on common stock while Series A Convertible Preferred Stock is outstanding. The common stock will not be redeemed while preferred stock is outstanding.
	The holders of the Series A Convertible Preferred Stock have no voting rights. However, so long as any shares of Series A Convertible Preferred Stock are outstanding, we shall not, without the affirmative approval of the holders of 75% of the outstanding shares of Series A Convertible Preferred Stock then outstanding, (a) alter or change adversely the powers, preferences or rights given to the Series A Convertible Preferred Stock, (b) authorize or create any class of stock ranking as to dividends or distribution of assets upon liquidation senior to or otherwise pari passu with the Series A Convertible Preferred Stock, or any of preferred stock possessing greater voting rights or the right to convert at a more favorable price than the Series A Convertible Preferred Stock, (c) amend our certificate of incorporation or other charter documents in breach of any of the provisions hereof, (d) increase the authorized number of shares of Series A Convertible Preferred Stock, or (e) enter into any agreement with respect to the foregoing.
	Upon any liquidation we will be required to pay $0.285 for each share of Series A Convertible Preferred Stock. The payment will be made before any payment to holders of any junior securities and after payment to holders of securities that are senior to the Series A Convertible Preferred Stock.
	Under the terms of the purchase agreement, the investor has the right of first refusal in the event that we seek to raise additional funds through a private placement of securities, other than certain exempt issuances. The percentage of shares that an investor may acquire is based on the ratio of shares held by the investor plus the number of shares issuable upon conversion of Series A Convertible Preferred Stock owned by the investor to the total of such shares.
	On August 14, 2009, our board of directors adopted a resolution authorizing and directing that the designated shares of Series A Convertible Preferred Stock be increased from 9,000,000 to 9,890,980.
	On August 14, 2009, we entered into a warrant exchange agreement pursuant to which we agreed to issue 3,595,472 shares of Series A Convertible Preferred Stock to certain investors in exchange for warrants to purchase 9,320,000 shares of common stock. Effective September 11, 2009, the warrants were surrendered to us, we filed an amendment to its certificate of designation relating to its Series A Convertible Preferred Stock to increase the number of designated shares of Series A Convertible Preferred Stock, and the 3,595,472 shares of Series A Convertible Preferred Stock were issued pursuant to the terms of the warrant exchange agreement.  All warrants surrendered in connection with the warrant exchange were cancelled.
	During the fiscal year ended March 31, 2014 and 2013, 3,055,490 and 1,502,984 shares of Series A Convertible Preferred Stock were converted into 3,994,134 and 1,964,694 shares of common stock, respectively. We had 2,477,508 and 5,532,998 shares of Series A Convertible Preferred Stock outstanding at March 31, 2014 and 2013, respectively.
	Common Stock Purchase Warrants
	On February 15, 2011, we entered into a contract with a third party pursuant to which we issued two-year warrants to purchase 100,000 shares of common stock at an exercise price of $1.65 per share. Using the Black-Scholes options pricing formula assuming a risk free rate of 0.30%, volatility of 79%, an expected term of one year, and the price of the common stock on February 15, 2011 of $1.65 per share, the value of the warrant was calculated at $51,428, or $0.51 per share issuable upon exercise of the warrant. Since the warrant permitted delivery of unregistered shares, we have control in settling the contract by issuing equity.
	The cost of warrants was charged to selling, general and administrative. The warrants expired on February 14, 2013 and at March 31, 2013 there were no warrants outstanding.
	Common Stock
	We had 90,000,000 authorized common shares at March 31, 2014 and 2013.  We had 23,951,004 shares of common stock outstanding at March 31, 2014, and 19,956,871 shares of common stock outstanding at March 31, 2013. In fiscal 2014, we issued 3,994,134 shares of common stock in connection with a Series A Convertible Preferred Stock conversions. In fiscal 2013, we issued 1,964,694 shares of common stock in connection with a Series A Convertible Preferred Stock conversions.

STOCK_BASED_COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION	'
STOCK BASED COMPENSATION	'
	NOTE 13 - STOCK BASED COMPENSATION
	In 2006, our board of directors adopted, and our stockholders approved, the 2006 long-term incentive plan, or the Plan, covering 1,000,000 shares of common stock. On August 5, 2010, the Plan was amended to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,000,000 shares. On September 15, 2011, the directors adopted and the shareholders approved an amendment to increase the maximum number of shares of common stock that may be issued to an aggregate of 3,300,000 shares. The Plan provides for the grant of incentive and non-qualified options, stock grants, stock appreciation rights and other equity-based incentives to employees, including officers, and consultants. The Plan is to be administered by a committee of not less than two directors each of whom is to be an independent director. In the absence of a committee, the Plan is administered by our board of directors. Independent directors are not eligible for discretionary options.
	Pursuant to the Plan, each newly elected independent director receives at the time of election, a five-year option to purchase 50,000 shares of common stock at the market price on the date of his or her election.  In addition, the Plan provides for the annual grant of an option to purchase 10,000 shares of common stock on July 1st of each year following the third anniversary of the date of his or her first election.
	On April 26, 2012, we granted employee stock options for 50,000 shares of common stock at an exercise price of $0.70 per share, the fair market value on the date of grant. The options will vest in equal amounts over three years on the anniversary of the grant date.
	On July 2, 2012, we granted stock options to two directors to purchase 10,000 shares of common stock each at an exercise price of $0.61 per share, the fair market value on the date of grant, pursuant to the plan provision following the third anniversary date of each director’s first election to the board. Fifty percent of the shares will vest in six months and 50% in eighteen months from the grant date, respectively.
	On December 5, 2012, we granted stock options to a new member of our board of directors to purchase 50,000 shares of common stock each at an exercise price of $1.02 per share, the fair market value on the date of grant. Thirty thousand shares will vest immediately, with the remaining options vesting in equal amounts on the second and third year anniversary of the grant date.
	On June 13, 2013, we granted stock options to our Executive Chairman to purchase 100,000 shares of common stock each at an exercise price of $0.67 per share, the fair market value on the date of grant. One third of the share grant will vest immediately, with the remaining options vesting in equal amounts on the second and third year anniversary of the grant date.
	On June 13, 2013, we granted stock options to our senior management team to purchase 300,000 shares of common stock at an exercise price of $0.67 per share, the fair market value on the date of grant. The options will vest in equal amounts over three years on the anniversary of the grant date.
	On March 19, 2014, the Board approved 180,000 restricted common stock grants to the CFO and other members of the Company’s finance team in recognition of their service to the Company. Assuming the employees remain employed by the Company at the time of each vesting event, vesting shall occur upon the timely completion of a new financing that provides adequate liquidity to the Company for one year; upon timely filing of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014 with no material weaknesses; and upon one year from the date of grant.
	The fair value was estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We use the simplified method for all grants to estimate the expected term of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. Because of our limited stock exercise activity we did not rely on our historical exercise data. The assumptions utilized for option grants during the periods presented ranged from 100.7% to 116.2% for volatility, a risk free interest rate of 0.061% to 1.750%, and expected term of approximately six years. At March 31, 2014, 1,547,006 shares of common stock were available for grant under the Plan.
	The following table summarizes information about options for the most recent annual income statements presented:
		Number Of		Weighted		Aggregate		Weighted
		Options		Average		Intrinsic		Average
				Exercise Price		Value		Remaining
								Contractual Life
								(in years)
	Outstanding at 3/31/2012	2,415,666		$	1.04	$	107,375	7.71
	Granted	120,000		$	0.82
	Forfeited	(51,666	)	$	1.15
	Exercised	—		—
	Outstanding at 3/31/2013	2,484,000		$	1.027	$	776,475	9.07
	Granted	580,000		$	0.67
	Forfeited	(1,708,500	)	$	0.952
	Outstanding at 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Vested or expected to vest 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Exercisable at 3/31/2014	734,167		$	1.055	$	189,525	5.98
	At March 31, 2014 there was $340,731 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next three years. The total fair value of shares vested during the year was $244,655.
	The following table summarizes the status of our stock options outstanding but not vested for the year ended March 31, 2014:
		Number of		Weighted
		Options		Average
	Outstanding at 3/31/2012	1,489,000		$	1.205
	Granted	120,000		$	0.82
	Forfeited	(51,666	)	$	1.15
	Vested	(703,000	)	$	1.09
	Outstanding at 3/31/2013	854,334		$	1.249
	Granted	580,000		$	0.67
	Forfeited	(607,667	)	$	1.191
	Vested	(205,334	)	$	1.783
	Outstanding at 3/31/2014	621,333		$	0.967
	We made a discretionary grant outside of the Plan on June 13, 2013 of 200,000 options at an exercise price of $0.67 per share, the fair market value on the date of grant, to our non-employee directors in recognition of their additional services while we seek a permanent chief executive officer. The options have a term of ten years and will vest in three equal installment amounts on each of the grant date and first anniversaries of the grants and are subject to continuous service as members of the board through the second anniversary of the grant date. Although the grants were made outside of the Plan, the terms of the options are the same as those issued under the Plan.

CONCENTRATION_OF_CREDIT_RISK_A

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
	Mar. 31, 2014
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	'
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	'
	NOTE 14 - CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
	We maintain bank account balances, which, at times, may exceed insured limits. We have not experienced any losses with these accounts and believe that we are not exposed to any significant credit risk on cash. At March 31, 2014, there were accounts receivable balances outstanding from three customers comprising 58% of the total receivables balance.
	The following table sets forth information as to accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of:
		March 31, 2014				March 31, 2013
	Customer	Dollars		Percent		Dollars		Percent
	A	$	750,146	33	%	$	915,632	21	%
	B	$	312,576	14	%	$	—	—	%
	C	$	255,360	11	%	$	—	—	%
	D	$	—	—	%	$	2,379,078	55	%
	E	$	—	—	%	$	516,174	12	%
	We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our revenue for the fiscal year ended:
		March 31, 2014				March 31, 2013
	Customer	Dollars		Percent		Dollars		Percent
	A	$	3,983,838	19	%	$	—	—	%
	B	$	2,955,296	14	%	$	6,086,928	19	%
	C	$	2,069,468	10	%	$	7,665,775	24	%
	D	$	—	—	%	$	4,800,047	15	%

SEGMENT_INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2014
SEGMENT INFORMATION	'
SEGMENT INFORMATION	'
	NOTE 15 — SEGMENT INFORMATION
	We consider our business to consist of one segment - metal fabrication and precision machining. A significant amount of our operations, assets and customers are located in the United States. The following table presents our geographic information (net sales and net property, plant and equipment) by the country in which the legal subsidiary is domiciled and assets are located:
		Net Sales				Property, Plant and Equipment,
						Net
		2014		2013		2014		2013
	United States	$	20,848,081	$	29,146,085	$	6,485,491	$	7,252,027
	China	$	219,982	$	3,326,834	$	3,721	$	19,346

COMMITMENTS

COMMITMENTS	12 Months Ended
	Mar. 31, 2014
COMMITMENTS	'
COMMITMENTS	'
	NOTE 16 — COMMITMENTS
	Leases
	On November 17, 2010, we entered into a lease agreement to lease approximately 3,200 square feet of office space in Center Valley, Pennsylvania to be used as our corporate headquarters.  We took possession of the office space on April 1, 2011.  Under the Lease, our payment obligations were deferred until the fifth month after it takes possession, at which time we began to pay annual rent in equal monthly installments, subject to upward adjustments during each subsequent year of the term of the Lease.  In addition to Base Rent, we will pay to the Landlord certain operating expenses and other fees in accordance with the terms of the Lease.  Payment of Base Rent and other fees under the Lease may be accelerated if we fail to satisfy our payment obligations in a timely manner, or otherwise default on our obligations under the Lease. The Lease expires sixty-four months after the date of the Lease. We may elect to renew the lease for an additional five-year term. The Lease contains customary representations and covenants regarding occupancy, maintenance and care of the Property. At March 31, 2014 we recorded a liability for deferred rent of $12,778 reflecting the difference between the expense recorded in the consolidated statement of operations and the monthly rent cash payments paid to the lessor.
	On November 15, 2013 we entered into a new lease agreement for approximately 1,000 sq. ft. of office space in Wuxi, China. The annual rental cost is approximately $4,000 and the lease expires on November 26, 2014. The lease can be renewed thereafter on an annual basis.
	Rent expense for all operating leases for the fiscal years ended March 31, 2014 and 2013 was $104,047 and $138,765, respectively.
	Future minimum lease payments required under non-cancellable operating leases in the aggregate, at March 31, 2014, totaled $150,314. The totals for each annual period ended on March 31 were: 2015- $64,954, 2016- $63,624 and 2017- $21,736.
	As of March 31, 2014, we had $0.7 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase raw materials and supplies at fixed prices.
	Employment Agreements
	We have employment agreements with our executive officers. Such agreements provide for minimum salary levels, adjusted annually, as well as for incentive bonuses that are payable if specified company goals are attained. The aggregate annual commitment at March 31, 2014 for future salaries during the next fiscal year 2015, excluding bonuses, was approximately $0.9 million.

EARNINGS_PER_SHARE_EPS

EARNINGS PER SHARE (EPS)	12 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE (EPS)	'
EARNINGS PER SHARE (EPS)	'
	NOTE 17 - EARNINGS PER SHARE (EPS)
	Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of dilutive potential common shares. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260.
		March 31,			March 31,
		2014			2013
	Basic EPS
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
	Weighted average shares	20,766,914			19,004,897
	Basic Loss per share	$	(0.34	)	$	(0.13	)
	Diluted EPS
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
	Dilutive effect of convertible preferred stock, warrants and stock options	—			—
	Diluted weighted average shares	20,766,914			19,004,897
	Diluted Loss per share	$	(0.34	)	$	(0.13	)
	All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the period ended March 31, 2014 and 2013, there were 4,801,246 and 5,594,949, respectively, of potentially anti-dilutive stock options, warrants and convertible preferred stock, none of which were included in the EPS calculations above.

SELECTED_QUARTERLY_INFORMATION

SELECTED QUARTERLY INFORMATION (UNAUDITED)	12 Months Ended
	Mar. 31, 2014
SELECTED QUARTERLY INFORMATION (UNAUDITED)	'
SELECTED QUARTERLY INFORMATION (UNAUDITED)	'
	NOTE 18 - SELECTED QUARTERLY INFORMATION (UNAUDITED)
	The following table sets forth certain unaudited quarterly data for each of the four quarters in the years ended March 31, 2014 and 2013. The data has been derived from our unaudited consolidated financial statements that, in management’s opinion, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of such information when read in conjunction with the Consolidated Financial Statements and Notes thereto.  Net Losses for each period include contract losses and unabsorbed overhead that increased cost of goods sold and lowered gross profit. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period.
	(in thousands, except for per share data)	First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter (a)
	Year ended March 31, 2014
	Net sales	$	7,097		$	5,196		$	5,167		$	3,608
	Gross profit (loss)	$	420		$	727		$	773		$	(2,651	)
	Net Loss	$	(1,424	)	$	(819	)	$	(757	)	$	(4,095	)
	Basic Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
	Diluted Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
	Year ended March 31, 2013
	Net sales	$	7,145		$	8,079		$	7,294		$	9,955
	Gross profit	$	1,105		$	1,938		$	1,884		$	1,631
	Net Loss	$	(706	)	$	(45	)	$	(545	)	$	(1,115	)
	Basic Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)
	Diluted Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)
	(a)         Fourth quarter gross margin for the year ended March 31, 2014 includes $2.7 million for estimated contract losses (see Note 7).

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 19 — SUBSEQUENT EVENTS
	On May 30, 2014, we and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor.  Payments under the LSA and Credit Loan Note are due in monthly installments with an interest rate on the unpaid principal balance of the Credit Loan Note equal to 7.5% plus the greater of 3.3% and the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and Credit Loan Note are guaranteed by the Company.
	Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business or (5) enter into any transaction that would materially or adversely affect the collateral or Ranor’s ability to repay the obligations under the LSA and Credit Loan Note.  The restrictions of these covenants are subject to certain exceptions specified in the LSA and in some cases may be waived by written consent of Utica.  Any failure to comply with the  covenants outlined in the LSA without waiver by Utica or certain other provisions in the LSA would be an event of default, pursuant to which Utica may accelerate the repayment of the loan.
	In connection with the execution of the LSA, the Company paid approximately $0.24 million in fees and associated costs and utilized approximately $2.65 million to pay off debt obligations owed to the Bank under the Loan Agreement described below.  Additionally, the Company retained approximately $1.27 million for general corporate purposes.
	On May 30, 2014, the Company and the Bank entered into a new forbearance and modification agreement. Under the Forbearance Agreement, the Bank has agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement commencing retroactively on April 1, 2014 and extending until no later than June 30, 2014.
	On May 29, 2014, the Company filed a Demand for Arbitration against a customer, GTAT Corporation, for breach of contractual duties set forth pursuant to Rule R-4 of the Commercial Rules of the American Arbitration Association in accordance with the Terms and Conditions of the purchase agreement, dated November 8, 2013, between the parties. The claim was filed by the Company in response to GTAT Corporation’s request in April to reduce the number of units ordered under the purchase agreement. The basis for the Company’s claim is detrimental reliance on the purchase order and subsequent modifications by the respondent during the course of production as evidenced by its purchased materials, personnel hires, units shipped, and other incurred costs. The parties negotiated but were not able to resolve the dispute under the terms of the contract. As such, the Company submitted the dispute to binding arbitration. The Company seeks to recover damages, together with attorney’s fees, interest and costs.
	On June 23, 2014, Alexander Shen was appointed as President of our Ranor, Inc. subsidiary.  Pursuant to the Shen Employment Agreement, Mr. Shen will: (i) receive an annual base salary of $275,000; (ii) receive an award of stock options to purchase shares of the Company’s common stock, granted pursuant to the 2006 Plan, as amended, with a Black Scholes value of $250,000 at the time of grant; and (iii) be eligible for an annual cash performance bonus of up to 50% of base salary, subject to goals and objectives set by the Board of Directors of the Company.  Under the Shen Employment Agreement, Mr. Shen also will be eligible to participate in the Company’s benefits provided to other senior executives as well as benefits available to Company employees generally.
	On June 25, 2014, in connection with a shareholder transaction, Series A Convertible Preferred Stock of 550,000 shares were converted into 718,959 shares of common stock.
	On July 1, 2014, the Company and the Bank entered into a new forbearance and modification agreement. Under the Forbearance Agreement, the Bank has agreed to forbear from exercising certain of its rights and remedies arising as a result of the Company’s non-compliance with certain financial covenants under the Loan Agreement commencing on July 1, 2014 and extending until no later than July 31, 2014.

SIGNIFICANT_ACCOUNTING_POLICIE1

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Presentation and Consolidation	'
	Basis of Presentation and Consolidation
	The accompanying consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	'
	Use of Estimates in the Preparation of Financial Statements
	In preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the reported period. We continually evaluate our estimates, including those related to contract accounting, accounts receivable, inventories, recovery of long-lived assets, income taxes and the valuation of equity transactions. We base our estimates on historical and current experiences and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of the financial statements.
Fair Value Measurements	'
	Fair Value Measurements
	We account for fair value of financial instruments under the Financial Accounting Standard Board’s (FASB) Accounting Standards Codification (ASC) authoritative guidance which defines fair value and establishes a framework to measure fair value and the related disclosures about fair value measurements. The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The FASB establishes a fair value hierarchy used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: Level 1: Inputs based upon quoted market prices for identical assets or liabilities in active markets at the measurement date; Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3: Inputs that are management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instruments’ valuation.
	In addition, we will measure fair value in an inactive or dislocated market based on facts and circumstances and significant management judgment.  We will use inputs based on management estimates or assumptions, or make adjustments to observable inputs to determine fair value when markets are not active and relevant observable inputs are not available.  The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses as presented in the balance sheet, approximates fair value due to the short-term nature of these instruments.
Cash and cash equivalents	'
	Cash and cash equivalents
	Holdings of highly liquid investments with maturities of three months or less, when purchased, are considered to be cash equivalents.  U.S. based deposits are maintained in a large regional bank. Our China subsidiary also maintains a bank account in a large national Bank in China subject to People’s Republic of China (PRC) banking regulations. Cash on deposit with a large national China-based bank was $29,191 and $482,630 at March 31, 2014 and 2013, respectively.
Foreign currency translation	'
	Foreign currency translation
	The majority of our business is transacted in U.S. dollars; however, the functional currency of our China subsidiary is the local currency, the Chinese Yuan Renminbi. In accordance with ASC No. 830, Foreign Currency Matters (ASC 830), foreign currency translation adjustments of subsidiaries operating outside the U.S. are accumulated in other comprehensive income, a separate component of equity. Foreign currency transaction gains and losses are recognized in the determination of net income.
Accounts receivable and allowance for doubtful accounts	'
	Accounts receivable and allowance for doubtful accounts
	Accounts receivable are stated at the amount we expect to collect. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management considers the following factors when determining the collectability of specific customer accounts: customer credit-worthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. Based on management’s assessment, we provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances which remain outstanding after  reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Current earnings are also charged with an allowance for sales returns based on historical experience. Historically, the level of uncollectible accounts has not been significant. There was no bad debt expense for the years ended March 31, 2014 and 2013.
Inventories	'
	Inventories
	Inventories - raw materials is stated at the lower of cost or market determined by the first-in, first-out (FIFO) method.
Property, plant and equipment	'
	Property, plant and equipment
	Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are accounted for on the straight-line method based on estimated useful lives. The amortization of leasehold improvements is based on the shorter of the lease term or the useful life of the improvement. Amortization of assets recorded under capital leases is included under depreciation expense. Betterments and large renewals, which extend the life of the asset, are capitalized whereas maintenance and repairs and small renewals are expensed as incurred. The estimated useful lives are: machinery and equipment, 5-15 years; buildings, 30 years; and leasehold improvements, 2-5 years.
	Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. There was no interest cost capitalized in fiscal 2014 and 2013.
	In accordance with ASC No. 360, Property, Plant & Equipment (ASC 360), our property, plant and equipment is tested for impairment when triggering events occur, and if impaired, written-down to fair value based on either discounted cash flows or appraised values. The carrying amount of an asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. There were no impairments for the years ended March 31, 2014 and 2013.
Operating Leases	'
	Operating Leases
	Operating leases are charged to operations on a straight-line basis over the term of the lease. We lease our office facilities for various terms under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2017 and provide for renewal options ranging from three months to five years. In the normal course of business, it is expected that these leases will be renewed or replaced by leases on other properties.
Derivative Financial Instruments	'
	Derivative Financial Instruments
	We are exposed to various risks such as fluctuating interest rates, foreign exchange rates and increasing commodity prices. To manage these market risks, we may periodically enter into derivative financial instruments such as interest rate swaps, options and foreign exchange contracts for periods consistent with and for notional amounts equal to or less than the related underlying exposures. We do not purchase or hold any derivative financial instruments for speculation or trading purposes.
	All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. At March 31, 2014, we had two interest rate swap transactions designated as cash flow hedges, each with an effective date of January 3, 2011. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in Shareholders’ equity (as a component of accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately.
	We formally document the hedging relationship and its risk management objective and strategy for undertaking the hedge, the hedging instrument, the hedged transaction, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method used to measure ineffectiveness. We also formally assess, both at the inception of the hedging relationship and on an ongoing basis, whether the derivatives that are used in hedging relationships are highly effective in offsetting changes in cash flows of hedged transactions.
	We will discontinue hedge accounting prospectively when we determine that the derivative is no longer effective in offsetting cash flows attributable to the hedged risk, the derivative expires, is sold, terminated, or exercised, or our management determines to remove the designation of a cash flow hedge. See Note 8 for additional disclosure related to interest rate swaps.
Convertible Preferred Stock and Warrants	'
	Convertible Preferred Stock and Warrants
	We measured the fair value of the Series A Convertible Preferred Stock by the amount of cash that was received for their issuance. We have determined that the convertible preferred shares and warrants issued are equity instruments. The holders of the Series A Convertible Preferred Stock have no right higher than the common stockholders other than the liquidation preference in the event of liquidation of the Company.
	Our warrants were excluded from derivative accounting because they were indexed to our unregistered common stock and are classified in stockholders’ equity. The majority of the warrants were exchanged for preferred stock on August 14, 2009. The remaining 112,500 warrants expired on September 1, 2010.
	On February 15, 2011, we issued an additional 100,000 warrants to acquire common stock at an exercise price of $1.65/share. The warrants had a fair value of $51,428. The warrants outstanding terminated at the end of the exercise period on February 14, 2013.
Research and Development	'
	Research and Development
	We charge research and development costs associated with the design and development of new products to expense when incurred. We incurred no research and development expense in fiscal 2014 or 2013.
Selling, General, and Administrative	'
	Selling, General, and Administrative
	Selling, general and administrative (SG&A) expenses include items such as executive compensation, business travel and advertising costs. Advertising costs are nominal and expensed as incurred. Other general and administrative expenses include items for our administrative functions and include costs for items such as office rent, supplies, insurance, legal, accounting, tax, telephone and other outside services. SG&A consisted of the following as of March 31:
		2014		2013
	Salaries and related expenses	$	3,634,538	$	4,460,708
	Professional fees	1,165,523		1,793,282
	Other general and administrative	1,312,848		1,906,994
	Total Selling, General and Administrative	$	6,112,909	$	8,160,984
Stock Based Compensation	'
	Stock Based Compensation
	Stock based compensation represents the cost related to stock based awards granted to our board of directors and employees. We measure stock based compensation cost at the grant date based on the estimated fair value of the award and recognizes the cost as expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. We estimate the fair value of stock options using a Black-Scholes valuation model.
	Excess tax benefits of awards that are recognized in equity related to stock options exercises are reflected as financing cash inflows. Stock based compensation cost that has been included in (loss) income from operations amounted to $362,962 and $337,023 for the fiscal years ended 2014 and 2013, respectively. See Note 13 for additional disclosures related to stock based compensation.
Net Income (Loss) per Share of Common Stock	'
	Net Income (Loss) per Share of Common Stock
	Basic net income (loss) per common share is computed by dividing net income or loss by the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated using net income divided by diluted weighted-average shares. Diluted weighted-average shares include weighted-average shares outstanding plus the dilutive effect of convertible preferred stock, stock options and warrants calculated using the treasury stock method. See Note 13 for additional disclosures related to stock based compensation.
Revenue Recognition	'
	Revenue Recognition
	We account for revenues and earnings using the percentage-of-completion method of accounting. Under this method, we recognize contract revenue and gross profit as the work progresses, either as the products are produced and delivered, or as services are rendered. We determine progress toward completion on production contracts based on either input measures, such as labor hours incurred, or output measures, such as units delivered.
	Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability are recognized in the period in which the revisions are determined. Costs incurred on uncompleted contracts consist of labor, overhead, and materials.
	We may combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned during the performance of the combined contracts.
	Costs allocable to undelivered units are reported in the consolidated balance sheet as costs incurred on uncompleted contracts. Amounts in excess of agreed upon contract price for customer directed changes, construction changes, customer delays or other causes of additional contract costs are recognized in contract value if it is probable that a claim for such amounts will result in additional revenue and the amounts can be reliably estimated. Revenues from such claims are recorded only to the extent that contract costs relating to the claim have been incurred. Revisions in cost and profit estimates are reflected in the period in which the facts requiring the revision become known and are estimable.
	When we can only estimate a range of revenues and costs, we use the most likely estimate within the range. If we cannot determine which estimate in the range is most likely, the amounts within the ranges that would result in the lowest profit margin (the lowest contract revenue estimate and the highest contract cost estimate) are used.
	In some situations, it may be impractical for us to estimate either specific amounts or ranges of contract revenues and costs. However, if we can at least determine that we will not incur a loss, a zero profit model is adopted. The zero profit model results in the recognition of an equal amount of revenues and costs. This method is only used if more precise estimates cannot be made and its use is discontinued when such estimates are obtainable. When we obtain more precise estimates, the change is treated as a change in an accounting estimate.
Income Taxes	'
	Income Taxes
	In accordance with ASC No. 740, Income Taxes (ASC 740), income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.     Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In June, 2014, the FASB issued ASU No. 2014-12, Compensation — Stock Compensation (Topic 718)- Accounting for Share-based Payments when Terms of an award Provide That a Performance Target Could be Achieved after the Requisite Service Period. The Amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently evaluating ASU 2014-12 to determine the impact on the Company’s consolidated results of operations, financial position or cash flows.
	In May 2014, the FASB and the International Accounting Standards Board (IASB) issued, ASU 2014-09 (Topic 606) Revenue from Contracts with Customers. The guidance substantially converges final standards on revenue recognition between the FASB and IASB providing a framework on addressing revenue recognition issues and, upon its effective date, replaces almost all existing revenue recognition guidance, including industry-specific guidance, in current U.S. generally accepted accounting principles. The ASU is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating ASU 2014-09 to determine the impact it may have on our current practices.
	In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 provides guidance for the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted. The Company does not expect the adoption of ASU 2013-11 to have a significant impact on the Company’s financial statement presentation.
	In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU 2013-05”). ASU 2013-05 provides guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective for interim and annual reporting periods beginning after December 15, 2013. The Company does not expect the adoption of ASU 2013-05 to have a significant impact on the Company’s consolidated results of operations, financial position or cash flows.

SIGNIFICANT_ACCOUNTING_POLICIE2

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2014
SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of selling, general, and administrative expenses	'
		2014		2013
	Salaries and related expenses	$	3,634,538	$	4,460,708
	Professional fees	1,165,523		1,793,282
	Other general and administrative	1,312,848		1,906,994
	Total Selling, General and Administrative	$	6,112,909	$	8,160,984

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2014
PROPERTY, PLANT AND EQUIPMENT	'
Schedule of components of property, plant and equipment, net	'
		2014			2013
	Land	$	110,113		$	110,113
	Building and improvements	3,261,680			3,261,680
	Machinery equipment, furniture and fixtures	8,889,051			8,826,050
	Equipment under capital leases	65,568			46,378
	Total property, plant and equipment	12,326,412			12,244,221
	Less: accumulated depreciation	(5,837,200		)	(4,943,973		)
	Total property, plant and equipment, net	$	6,489,212		$	7,300,248

COSTS_INCURRED_ON_UNCOMPLETED_1

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Tables)	12 Months Ended
	Mar. 31, 2014
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
Schedule of costs incurred on uncompleted contracts	'
		2014			2013
	Cost incurred on uncompleted contracts, beginning balance	$	6,180,839		$	10,879,743
	Total cost incurred on contracts during the year	25,579,089			21,215,441
	Less cost of sales, during the year	(21,799,856		)	(25,914,345		)
	Cost incurred on uncompleted contracts, ending balance	$	9,960,072		$	6,180,839
	Billings on uncompleted contracts, beginning balance	$	1,882,546		$	6,969,717
	Plus: Total billings incurred on contracts, during the year	23,887,587			27,385,748
	Less: Contracts recognized as revenue, during the year	(21,068,063		)	(32,472,919		)
	Billings on uncompleted contracts, ending balance	$	4,702,070		$	1,882,546
	Cost incurred on uncompleted contracts, ending balance	$	9,960,072		$	6,180,839
	Billings on uncompleted contracts, ending balance	4,702,070			1,882,546
	Costs incurred on uncompleted contracts, in excess of progress billings	$	5,258,002		$	4,298,293

OTHER_CURRENT_ASSETS_Tables

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2014
OTHER CURRENT ASSETS	'
Schedule of other current assets	'
		2014		2013
	Payments advanced to suppliers	$	196,534	$	267,513
	Prepaid insurance	229,727		187,086
	Collateral deposits (see Note 8)	—		1,032,348
	Deferred loan costs, net of amortization	—		57,930
	Other	34,984		33,607
	Total	$	461,245	$	1,578,484

OTHER_NONCURRENT_ASSETS_Tables

OTHER NONCURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2014
OTHER NONCURRENT ASSETS	'
Schedule of other noncurrent assets	'
		2014		2013
	Deferred loan costs, net of amortization	$	105,395	$	—
	Total	$	105,395	$	—

ACCRUED_EXPENSES_Tables

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2014
ACCRUED EXPENSES	'
Schedule of accrued expenses	'
		2014		2013
	Accrued compensation	$	320,419	$	668,038
	Interest rate swaps market value	231,783		388,982
	Provision for contract losses	3,259,103		270,172
	Other	81,723		547,732
	Total	$	3,893,028	$	1,874,924

DEBT_Tables

DEBT (Tables)	12 Months Ended
	Mar. 31, 2014
DEBT	'
Schedule of outstanding debt obligations	'
		2014		2013
	Sovereign Bank Capital expenditure note due November 2014	$	—	$	306,432
	Sovereign Bank Staged advance note due March 2016	—		333,850
	MDFA Series A Bonds due January 2021	3,559,375		3,789,583
	MDFA Series B Bonds due January 2018	599,634		1,346,429
	Obligations under capital leases	10,762		8,185
	Total Short-term debt	$	4,169,771	5,784,479
	Long-term debt, obligations under capital leases	38,071		31,108
	Total Debt	$	4,207,842	$	5,815,587

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2014
INCOME TAXES	'
Schedule of loss from continuing operations by location, and the provision and benefit for income taxes and the effective tax rate	'
		2014			2013
	U.S. operations	$	(6,722,696	)	$	(1,796,789	)
	Foreign operations	(558,168		)	(142,817		)
	Loss from operations before tax	(7,280,864		)	(1,939,606		)
	Income tax (benefit) expense provision	(185,473		)	472,331
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
Schedule of components of the provision (benefit) for income taxes	'
		2014			2013
	Current
	Federal	$	28,450		$	(332,580	)
	State	702			12,987
	Foreign	(214,625		)	96,162
	Total Current	(185,473		)	(223,431		)
	Deferred
	Federal	—			606,757
	State	—			(47,458		)
	Foreign	—			136,463
	Total Deferred	—			695,762
	Income tax expense (benefit) provision	$	(185,473	)	$	472,331
Schedule of reconciliation between income taxes computed at the federal statutory rate to the effective income tax rates applied to the net loss reported in the Consolidated Statements of Operations and Other Comprehensive Loss	'
		2014		2013
	Federal statutory income tax rate	34	%	34	%
	State income tax, net of federal benefit	—	%	1	%
	Change in valuation allowance	(32	)%	(53	)%
	Stock based compensation	(1	)%	(6	)%
	Other	2	%	—	%
	Effective income tax rate	3	%	(24	)%
Summary of the components of deferred income tax assets and liabilities	'
		2014			2013
	Current Deferred Tax Assets:
	Compensation	$	32,965		$	177,703
	Allowance for doubtful accounts	9,866			9,824
	Loss on uncompleted contracts	1,272,070			106,123
	Net operating loss carryforward	30,145			30,145
	Interest rate swaps	95,479			152,792
	Other liabilities not currently deductible	310,089			341,726
	Valuation allowance	(759,518		)	(562,548		)
	Total Current Deferred Tax Asset	$	991,096		$	255,765
	Noncurrent Deferred Tax Asset (Liability):
	Share based compensation awards	369,880			323,734
	Net operating loss carryforward	3,315,221			1,662,848
	Valuation allowance	(3,647,070		)	(1,062,741		)
	Total Noncurrent Deferred Tax Assets	$	38,031		$	923,841
	Accelerated depreciation	(1,029,127		)	(1,179,606		)
	Net Noncurrent Deferred Tax Asset (Liability)	$	(991,096	)	$	(255,765	)
	Net Deferred Tax Asset	$	—		$	—
Summary of carryforwards of net operating losses and tax credits	'
	The following table summarizes carryforwards of net operating losses and tax credits as of March 31, 2014:
		Amount			Begins to
					Expire:
	Federal net operating losses	$	5,865,609		2025
	Federal alternative minimum tax credits	$	76,185		Indefinite
	State net operating losses	$	20,016,690		2032
Schedule of reconciliation of unrecognized tax benefits	'
	Unrecognized tax benefits at March 31, 2013	$	17,206
	Increases based on tax positions related to 2014	—
	Increases based on tax positions prior to 2014	702
	Decreases from expiration of statute of limitations	—
	Unrecognized tax benefits at March 31, 2014	$	17,908

STOCK_BASED_COMPENSATION_Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2014
STOCK BASED COMPENSATION	'
Summary of information about options for the most recent annual income statements presented	'
		Number Of		Weighted		Aggregate		Weighted
		Options		Average		Intrinsic		Average
				Exercise Price		Value		Remaining
								Contractual Life
								(in years)
	Outstanding at 3/31/2012	2,415,666		$	1.04	$	107,375	7.71
	Granted	120,000		$	0.82
	Forfeited	(51,666	)	$	1.15
	Exercised	—		—
	Outstanding at 3/31/2013	2,484,000		$	1.027	$	776,475	9.07
	Granted	580,000		$	0.67
	Forfeited	(1,708,500	)	$	0.952
	Outstanding at 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Vested or expected to vest 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Exercisable at 3/31/2014	734,167		$	1.055	$	189,525	5.98
Summary of status of stock options outstanding but not vested	'
		Number of		Weighted
		Options		Average
	Outstanding at 3/31/2012	1,489,000		$	1.205
	Granted	120,000		$	0.82
	Forfeited	(51,666	)	$	1.15
	Vested	(703,000	)	$	1.09
	Outstanding at 3/31/2013	854,334		$	1.249
	Granted	580,000		$	0.67
	Forfeited	(607,667	)	$	1.191
	Vested	(205,334	)	$	1.783
	Outstanding at 3/31/2014	621,333		$	0.967

CONCENTRATION_OF_CREDIT_RISK_A1

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables) (Customer concentration)	12 Months Ended
	Mar. 31, 2014
Receivable balance	'
Concentration of credit risk and major customers	'
Schedule of concentration of risk by factors	'
		March 31, 2014				March 31, 2013
	Customer	Dollars		Percent		Dollars		Percent
	A	$	750,146	33	%	$	915,632	21	%
	B	$	312,576	14	%	$	—	—	%
	C	$	255,360	11	%	$	—	—	%
	D	$	—	—	%	$	2,379,078	55	%
	E	$	—	—	%	$	516,174	12	%
Net sales	'
Concentration of credit risk and major customers	'
Schedule of concentration of risk by factors	'
		March 31, 2014				March 31, 2013
	Customer	Dollars		Percent		Dollars		Percent
	A	$	3,983,838	19	%	$	—	—	%
	B	$	2,955,296	14	%	$	6,086,928	19	%
	C	$	2,069,468	10	%	$	7,665,775	24	%
	D	$	—	—	%	$	4,800,047	15	%

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2014
SEGMENT INFORMATION	'
Schedule of geographic information (net sales and net property, plant and equipment) by the country in which the legal subsidiary is domiciled and assets are located	'
		Net Sales				Property, Plant and Equipment,
						Net
		2014		2013		2014		2013
	United States	$	20,848,081	$	29,146,085	$	6,485,491	$	7,252,027
	China	$	219,982	$	3,326,834	$	3,721	$	19,346

EARNINGS_PER_SHARE_EPS_Tables

EARNINGS PER SHARE (EPS) (Tables)	12 Months Ended
	Mar. 31, 2014
EARNINGS PER SHARE (EPS)	'
Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations	'
		March 31,			March 31,
		2014			2013
	Basic EPS
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
	Weighted average shares	20,766,914			19,004,897
	Basic Loss per share	$	(0.34	)	$	(0.13	)
	Diluted EPS
	Net Loss	$	(7,095,391	)	$	(2,411,937	)
	Dilutive effect of convertible preferred stock, warrants and stock options	—			—
	Diluted weighted average shares	20,766,914			19,004,897
	Diluted Loss per share	$	(0.34	)	$	(0.13	)

SELECTED_QUARTERLY_INFORMATION1

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2014
SELECTED QUARTERLY INFORMATION (UNAUDITED)	'
Schedule of certain unaudited quarterly data for each of the four quarters in the year	'
	(in thousands, except for per share data)	First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter (a)
	Year ended March 31, 2014
	Net sales	$	7,097		$	5,196		$	5,167		$	3,608
	Gross profit (loss)	$	420		$	727		$	773		$	(2,651	)
	Net Loss	$	(1,424	)	$	(819	)	$	(757	)	$	(4,095	)
	Basic Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
	Diluted Loss per share	$	(0.07	)	$	(0.04	)	$	(0.04	)	$	(0.19	)
	Year ended March 31, 2013
	Net sales	$	7,145		$	8,079		$	7,294		$	9,955
	Gross profit	$	1,105		$	1,938		$	1,884		$	1,631
	Net Loss	$	(706	)	$	(45	)	$	(545	)	$	(1,115	)
	Basic Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)
	Diluted Loss per share	$	(0.04	)	$	(0.00	)	$	(0.03	)	$	(0.06	)
	(a)         Fourth quarter gross margin for the year ended March 31, 2014 includes $2.7 million for estimated contract losses (see Note 7).

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (USD $)

3 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

30-May-14

Mar. 31, 2014

Twelfth Amendment

Twelfth Amendment

Subsequent event

Debt Forbearance and Modification Agreement

LSA

Twelfth Amendment

Utica

DESCRIPTION OF BUSINESS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of written notice to accelerate payment of the debt in full in case of default

'

'

'

'

'

'

'

'

'

'

'

'60 days

'60 days

'

'

Amounts reclassified as a current liability due to default, under the loan and security agreement

'

'

'

'

$5,800,000

'

'

'

'

$5,800,000

'

'

$5,800,000

'

$4,200,000

Amount borrowed

'

'

'

'

'

'

'

'

'

'

'

'

'

4,150,000

'

Stated interest rate to be used as variable interest basis

'

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

'

Interest margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

3.30%

'

Variable interest basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'six-month LIBOR interest rate

'

Operating losses

4,095,000

757,000

819,000

1,424,000

1,115,000

545,000

45,000

706,000

7,095,391

2,411,937

'

'

'

'

'

Cash and cash equivalents

1,086,701

'

'

'

3,075,376

'

'

'

1,086,701

3,075,376

2,823,485

'

'

'

'

New contract losses

'

'

'

'

'

'

'

'

4,900,000

'

'

'

'

'

'

Total liabilities

$13,400,000

'

'

'

'

'

'

'

$13,400,000

'

'

'

'

'

'

SIGNIFICANT_ACCOUNTING_POLICIE3

SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash and cash equivalents	'	'
Cash deposit with a large national China-based bank	$29,191	$482,630
Accounts receivable and allowance for doubtful accounts	'	'
Bad debt expense	0	0
Property, plant and equipment	'	'
Interest cost capitalized	0	0
Impairment of property, plant and equipment	$0	$0
Machinery and equipment | Minimum	'	'
Property, plant and equipment	'	'
Estimated useful lives	'5 years	'
Machinery and equipment | Maximum	'	'
Property, plant and equipment	'	'
Estimated useful lives	'15 years	'
Buildings	'	'
Property, plant and equipment	'	'
Estimated useful lives	'30 years	'
Leasehold improvements | Minimum	'	'
Property, plant and equipment	'	'
Estimated useful lives	'2 years	'
Leasehold improvements | Maximum	'	'
Property, plant and equipment	'	'
Estimated useful lives	'5 years	'

SIGNIFICANT_ACCOUNTING_POLICIE4

SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	0 Months Ended	12 Months Ended
	Feb. 15, 2011	Mar. 31, 2014	Mar. 31, 2013	Sep. 01, 2010
		item
Derivative Financial Instruments	'	'	'	'
Number of interest rate swap transactions	'	2	'	'
Convertible Preferred Stock and Warrants	'	'	'	'
Warrants expired (in shares)	'	'	'	112,500
Warrants issued to acquire common stock (in shares)	100,000	'	'	'
Exercise price of warrants (in dollars per share)	$1.65	'	'	'
Fair value of warrants	$51,428	'	'	'
Research and Development	'	'	'	'
Expense in connection with the design and development of new products	'	0	0	'
Selling, General, and Administrative	'	'	'	'
Salaries and related expenses	'	3,634,538	4,460,708	'
Professional fees	'	1,165,523	1,793,282	'
Other general and administrative	'	1,312,848	1,906,994	'
Total Selling, General and Administrative	'	6,112,909	8,160,984	'
Stock Based Compensation	'	'	'	'
Stock based compensation cost	'	$362,962	$337,023	'
Minimum	'	'	'	'
Operating leases	'	'	'	'
Renewal period of long-term, non-cancelable lease agreements	'	'3 months	'	'
Maximum	'	'	'	'
Operating leases	'	'	'	'
Renewal period of long-term, non-cancelable lease agreements	'	'5 years	'	'

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
PROPERTY, PLANT AND EQUIPMENT	'	'
Total property, plant and equipment	$12,326,412	$12,244,221
Less: accumulated depreciation	-5,837,200	-4,943,973
Total property, plant and equipment, net	6,489,212	7,300,248
Depreciation expense	895,528	804,564
Land	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Total property, plant and equipment	110,113	110,113
Building and improvements	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Total property, plant and equipment	3,261,680	3,261,680
Machinery equipment, furniture and fixtures	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Total property, plant and equipment	8,889,051	8,826,050
Equipment under capital leases	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'
Total property, plant and equipment	$65,568	$46,378

COSTS_INCURRED_ON_UNCOMPLETED_2

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
Cost incurred on uncompleted contracts	'	'	'	'	'	'	'	'	'	'
Cost incurred on uncompleted contracts, beginning balance	'	'	'	$6,180,839	'	'	'	$10,879,743	$6,180,839	$10,879,743
Total cost incurred on contracts during the year	'	'	'	'	'	'	'	'	25,579,089	21,215,441
Less cost of sales, during the year	'	'	'	'	'	'	'	'	-21,799,856	-25,914,345
Cost incurred on uncompleted contracts, ending balance	9,960,072	'	'	'	6,180,839	'	'	'	9,960,072	6,180,839
Billings on uncompleted contracts	'	'	'	'	'	'	'	'	'	'
Billings on uncompleted contracts, beginning balance	'	'	'	1,882,546	'	'	'	6,969,717	1,882,546	6,969,717
Plus: Total billings incurred on contracts, during the year	'	'	'	'	'	'	'	'	23,887,587	27,385,748
Less: Contracts recognized as revenue, during the year	-3,608,000	-5,167,000	-5,196,000	-7,097,000	-9,955,000	-7,294,000	-8,079,000	-7,145,000	-21,068,063	-32,472,919
Billings on uncompleted contracts, ending balance	4,702,070	'	'	'	1,882,546	'	'	'	4,702,070	1,882,546
Cost incurred on uncompleted contracts	'	'	'	'	'	'	'	'	'	'
Cost incurred on uncompleted contracts, ending balance	9,960,072	'	'	'	6,180,839	'	'	'	9,960,072	6,180,839
Billings on uncompleted contracts, ending balance	4,702,070	'	'	'	1,882,546	'	'	'	4,702,070	1,882,546
Costs incurred on uncompleted contracts, in excess of progress billings	5,258,002	'	'	'	4,298,293	'	'	'	5,258,002	4,298,293
Deferred revenues	$1,461,689	'	'	'	$253,813	'	'	'	$1,461,689	$253,813

OTHER_CURRENT_ASSETS_Details

OTHER CURRENT ASSETS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
OTHER CURRENT ASSETS	'	'
Payments advanced to suppliers	$196,534	$267,513
Prepaid insurance	229,727	187,086
Collateral deposits	'	1,032,348
Deferred loan costs, net of amortization	'	57,930
Other	34,984	33,607
Total	$461,245	$1,578,484

OTHER_NONCURRENT_ASSETS_Detail

OTHER NONCURRENT ASSETS (Details) (USD $)	Mar. 31, 2014
OTHER NONCURRENT ASSETS	'
Deferred loan costs, net of amortization	$105,395
Total	$105,395

ACCRUED_EXPENSES_Details

ACCRUED EXPENSES (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
ACCRUED EXPENSES	'	'
Accrued compensation	$320,419	$668,038
Interest rate swaps market value	231,783	388,982
Provision for contract losses	3,259,103	270,172
Other	81,723	547,732
Total	3,893,028	1,874,924
Losses in connection with customer purchase agreement included in provision for contract losses	$2,700,000	'

DEBT_Details

DEBT (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Mar. 31, 2013

Mar. 31, 2014

Jan. 16, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 16, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Jan. 03, 2011

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Feb. 14, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Feb. 24, 2006

Jan. 16, 2014

Jan. 29, 2007

Mar. 31, 2014

Mar. 31, 2013

Jan. 16, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 29, 2010

Mar. 31, 2014

Mar. 31, 2014

Jan. 31, 2011

Dec. 30, 2010

Mar. 31, 2014

Mar. 31, 2013

Dec. 30, 2010

Jan. 16, 2014

Mar. 31, 2014

Dec. 31, 2010

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 30, 2010

Jan. 16, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 30, 2012

Mar. 31, 2014

Mar. 31, 2013

Jul. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Feb. 24, 2006

Jan. 16, 2014

item

Debt Forbearance and Modification Agreement

Debt Forbearance and Modification Agreement

Subsequent event

Minimum

MLSA and Eighth Amendment

MLSA and Eighth Amendment

ISDA Master Agreement

ISDA Master Agreement

ISDA Master Agreement

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Twelfth Amendment

Sovereign Bank Secured Term Note due March, 2013

Sovereign Bank Secured Term Note due March, 2013

Sovereign Bank Capital expenditure note due November 2014

Sovereign Bank Capital expenditure note due November 2014

Sovereign Bank Capital expenditure note due November 2014

Sovereign Bank Capital expenditure note due November 2014

Sovereign Bank staged advance note due March 2016

Sovereign Bank staged advance note due March 2016

Sovereign Bank staged advance note due March 2016

Sovereign Bank staged advance note due March 2016

Bonds financing

Bonds financing

Bonds financing

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series A Bonds due January 2021

MDFA Series B Bonds due January 2018

MDFA Series B Bonds due January 2018

MDFA Series B Bonds due January 2018

MDFA Series B Bonds due January 2018

MDFA Series B Bonds due January 2018

MDFA Series B Bonds due January 2018

Long-term obligations under capital leases

Long-term obligations under capital leases

Long-term obligations under capital leases

Revolving Note

Revolving Note

Revolving Note

Revolving Note

Revolving Note

Debt Forbearance and Modification Agreement

Debt Forbearance and Modification Agreement

Minimum

Maximum

item

Debt Forbearance and Modification Agreement

Other current assets

Maximum

Debt Forbearance and Modification Agreement

Debt Forbearance and Modification Agreement

Maximum

Debt Forbearance and Modification Agreement

Debt Forbearance and Modification Agreement

Ranor Inc.

ISDA Master Agreement

Debt Forbearance and Modification Agreement

Debt Forbearance and Modification Agreement

ISDA Master Agreement

Debt Forbearance and Modification Agreement

item

sqft

Debt and capital lease obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Short-term debt

$5,784,479

$4,169,771

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$306,432

'

'

$333,850

'

'

'

'

'

$3,559,375

$3,789,583

'

'

'

'

'

$599,634

$1,346,429

'

'

'

'

'

$10,762

$8,185

'

'

'

'

'

Long-term debt, obligations under capital leases

31,108

38,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Debt

5,815,587

4,207,842

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000

4,000,000

'

'

'

'

'

'

'

'

'

'

6,200,000

'

'

4,250,000

4,250,000

'

'

'

'

'

1,950,000

1,950,000

'

'

'

'

'

'

'

'

'

'

Maximum borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

3,000,000

'

3,000,000

1,900,000

'

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

2,000,000

2,000,000

Ratio of earnings to cover fixed charges (as a percent)

'

'

'

'

'

'

120.00%

'

'

'

'

'

'

'

'

-81.00%

-41.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Actual ratio of earnings to cover interest charges (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-351.00%

-256.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest coverage ratio that must be exceeded

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Leverage ratio covenant

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Actual leverage ratio

'

'

'

3.8

'

1.75

'

'

'

'

'

'

'

'

1

1

1

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.96%

'

'

'

'

'

5.60%

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

Variable interest basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'LIBOR

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'Prime Rate

'

'

'

Interest margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

'

2.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

Effective interest rate at end of period (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount borrowed and outstanding under the facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

394,329

'

'

'

'

'

'

'

'

'

'

3,612,500

'

'

'

'

'

'

1,114,285

'

'

'

'

'

'

'

500,000

'

'

Current monthly debt principal amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,708

'

'

'

'

'

'

23,214

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional cash collateral in restricted cash account

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

840,000

'

840,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of written notice to accelerate payment of the debt in full in case of default

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amounts reclassified as a current liability due to default, under the loan and security agreement

5,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

5,800,000

5,800,000

'

'

5,800,000

'

4,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Trailing period used for quarterly determination of the ratio of earnings available to cover fixed charges and the interest ratio coverage under the terms of the loan covenants

'

'

'

'

'

'

'

'

'

'

'

'12 months

'9 months

'6 months

'3 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bank fee paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of land financed for expansion (in square feet)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate percentage multiplier

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.14%

'

'

'

'

'

3.63%

'

'

'

'

'

'

'

'

Number of interest rate swap transactions

'

2

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount of interest rate swap cash flow hedges

'

'

'

'

'

'

'

'

4,600,000

5,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing limit as a percentage of accounts receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70.00%

'

'

'

Borrowing limit as a percentage of inventory

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40.00%

'

'

'

Funds available for borrowing

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

Amount of Revolving Note repaid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

Unused borrowing capacity fee as a percentage of average unused credit line amount of previous month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

Initial maximum loan amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of amortization of debt instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of purchase price of gantry mill machine used for determination of aggregate amount of advances

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capital lease arrangement for new office equipment

46,378

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

46,378

'

'

'

'

'

'

'

Amount of the lease recorded in property, plant and equipment, net

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

46,420

37,544

'

'

'

'

'

Capital lease term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'63 months

'

'

'

'

'

'

'

Capital lease term extension

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'9 months

'

'

'

'

'

'

Capital lease interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

Capital lease monthly payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

860

'

'

'

'

'

'

Maturities of the long-term debt, including the capital lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

'

4,169,771

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

'

11,426

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

'

12,130

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

'

10,596

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2019

'

3,919

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reimbursement of appraisal costs due to the bank

'

'

11,240

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

394,329

'

'

'

'

'

'

445,671

'

'

'

'

'

'

'

'

'

'

Restricted cash collateral deposit applied to pay off obligation under the forbearance agreement

'

'

-840,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forbearance fees (as a percent)

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of forbearance fee payable in installments

'

'

$128,433

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of forbearance agreement entered

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
INCOME TAXES	'	'	'	'	'	'	'	'	'	'
Loss from operations before tax	'	'	'	'	'	'	'	'	($7,280,864)	($1,939,606)
Income tax (benefit) expense provision	'	'	'	'	'	'	'	'	-185,473	472,331
Net loss	-4,095,000	-757,000	-819,000	-1,424,000	-1,115,000	-545,000	-45,000	-706,000	-7,095,391	-2,411,937
Current	'	'	'	'	'	'	'	'	'	'
Federal	'	'	'	'	'	'	'	'	28,450	-332,580
State	'	'	'	'	'	'	'	'	702	12,987
Foreign	'	'	'	'	'	'	'	'	-214,625	96,162
Total Current	'	'	'	'	'	'	'	'	-185,473	-223,431
Deferred	'	'	'	'	'	'	'	'	'	'
Federal	'	'	'	'	'	'	'	'	'	606,757
State	'	'	'	'	'	'	'	'	'	-47,458
Foreign	'	'	'	'	'	'	'	'	'	136,463
Total Deferred	'	'	'	'	'	'	'	'	'	695,762
Income tax expense (benefit) provision	'	'	'	'	'	'	'	'	-185,473	472,331
Reconciliation between income taxes computed at the federal statutory rate to the effective income tax rates applied to the net (loss) income	'	'	'	'	'	'	'	'	'	'
Federal statutory income tax rate (as a percent)	'	'	'	'	'	'	'	'	34.00%	34.00%
State income tax, net of federal benefit (as a percent)	'	'	'	'	'	'	'	'	'	1.00%
Change in valuation allowance (as a percent)	'	'	'	'	'	'	'	'	-32.00%	-53.00%
Stock based compensation (as a percent)	'	'	'	'	'	'	'	'	-1.00%	-6.00%
Other (as a percent)	'	'	'	'	'	'	'	'	2.00%	'
Effective income tax rate (as a percent)	'	'	'	'	'	'	'	'	3.00%	-24.00%
Current Deferred Tax Assets:	'	'	'	'	'	'	'	'	'	'
Compensation	32,965	'	'	'	177,703	'	'	'	32,965	177,703
Allowance for doubtful accounts	9,866	'	'	'	9,824	'	'	'	9,866	9,824
Loss on uncompleted contracts	1,272,070	'	'	'	106,123	'	'	'	1,272,070	106,123
Net operating loss carryforward	30,145	'	'	'	30,145	'	'	'	30,145	30,145
Interest rate swaps	95,479	'	'	'	152,792	'	'	'	95,479	152,792
Other liabilities not currently deductible	310,089	'	'	'	341,726	'	'	'	310,089	341,726
Valuation allowance	-759,518	'	'	'	-562,548	'	'	'	-759,518	-562,548
Total Current Deferred Tax Asset	991,096	'	'	'	255,765	'	'	'	991,096	255,765
Noncurrent Deferred Tax Asset (Liability):	'	'	'	'	'	'	'	'	'	'
Share based compensation awards	369,880	'	'	'	323,734	'	'	'	369,880	323,734
Net operating loss carryforward	3,315,221	'	'	'	1,662,848	'	'	'	3,315,221	1,662,848
Valuation allowance	-3,647,070	'	'	'	-1,062,741	'	'	'	-3,647,070	-1,062,741
Total Noncurrent Deferred Tax Assets	38,031	'	'	'	923,841	'	'	'	38,031	923,841
Accelerated depreciation	-1,029,127	'	'	'	-1,179,606	'	'	'	-1,029,127	-1,179,606
Net Noncurrent Deferred Tax Asset (Liability)	-991,096	'	'	'	-255,765	'	'	'	-991,096	-255,765
U.S. operations	'	'	'	'	'	'	'	'	'	'
INCOME TAXES	'	'	'	'	'	'	'	'	'	'
Loss from operations before tax	'	'	'	'	'	'	'	'	-6,722,696	-1,796,789
Foreign operations	'	'	'	'	'	'	'	'	'	'
INCOME TAXES	'	'	'	'	'	'	'	'	'	'
Loss from operations before tax	'	'	'	'	'	'	'	'	($558,168)	($142,817)

INCOME_TAXES_Details_2

INCOME TAXES (Details 2) (USD $)	12 Months Ended
	Mar. 31, 2014
Changes in unrecognized tax benefits	'
Unrecognized tax benefits as of the beginning of the period	$17,206
Increases based on tax positions prior to 2014	702
Unrecognized tax benefits as of the end of the period	17,908
Other disclosure related to uncertain tax positions	'
Interest expense related to uncertain tax positions	702
Federal	'
Carryforwards of net operating losses and tax credits	'
Net operating losses	5,865,609
Alternative minimum tax credits	76,185
State	'
Carryforwards of net operating losses and tax credits	'
Net operating losses	$20,016,690

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Related party transactions	'	'
Percentage of dilutive equity interest held by the common share holder	36.00%	'
WCMC | Affiliate of CSI	'	'
Related party transactions	'	'
Area of office space leased (in square feet)	1,000	'
Initial lease term	'2 years	'
Annual rent	$17,000	'
CSI	'	'
Related party transactions	'	'
Percentage of dilutive equity interest held by the common share holder	5.00%	'
Payments for materials and manufacturing services	$0	$1,900,000

PROFIT_SHARING_PLAN_Details

PROFIT SHARING PLAN (Details) (Ranor, Inc., USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Ranor, Inc.	'	'
PROFIT SHARING PLAN	'	'
Eligibility for employer matching contributions, period of service	'90 days	'
Matching contributions made by the company	$12,413	$21,219

CAPITAL_STOCK_Details

CAPITAL STOCK (Details) (USD $)

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Feb. 15, 2011

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Aug. 14, 2009

Dec. 31, 2009

Mar. 31, 2014

Mar. 31, 2013

Aug. 14, 2009

Mar. 31, 2014

Mar. 31, 2014

Sep. 11, 2009

Aug. 14, 2009

Mar. 31, 2014

Minimum

Warrant exchange agreement

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Common stock

item

item

Minimum

Maximum

Warrant exchange agreement

Warrant exchange agreement

Capital stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of authorized shares

'

10,000,000

10,000,000

'

'

'

'

'

9,890,980

'

'

'

'

'

Number of series of preferred stock

'

'

'

1

'

'

1

'

'

'

'

'

'

'

Conversion ratio prior to adjustment

'

'

'

'

'

1

'

'

'

'

'

'

'

'

Conversion ratio

'

'

'

'

'

1.3072

'

'

'

'

'

'

'

'

Effective conversion price (in dollars per share)

'

'

'

'

'

$0.22

'

'

'

'

'

'

'

'

Number of shares of common stock issuable upon conversion of convertible preferred stock

'

'

'

'

'

'

3,238,598

7,232,735

'

'

'

'

'

'

Beneficial ownership percentage upon conversion

'

'

'

'

'

'

'

'

'

'

4.90%

'

'

'

Dividends payable

'

'

'

'

'

'

$0

'

'

'

'

'

'

$0

Ownership percentage of shares outstanding needed for modification of stock agreement

'

'

'

'

'

'

'

'

'

75.00%

'

'

'

'

Required price per share upon liquidation

'

'

'

'

'

'

$0.28

'

'

'

'

'

'

'

Number of authorized shares before adoption of resolution

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

'

Number of shares issued

'

'

'

'

'

'

2,477,508

5,532,998

'

'

'

3,595,472

'

'

Shares of preferred stock agreed to be issued under warrant exchange agreement

'

'

'

'

'

'

'

'

'

'

'

'

3,595,472

'

Shares of common stock that can be purchased through warrants

100,000

'

'

'

9,320,000

'

'

'

'

'

'

'

'

'

Shares converted into common stock

'

3,994,133

1,502,984

'

'

'

3,055,490

1,502,984

'

'

'

'

'

'

Number of shares of common stock issued for converted preferred stock

'

3,055,490

1,964,694

'

'

'

3,994,134

1,964,694

'

'

'

'

'

'

Shares outstanding

'

'

'

'

'

'

2,477,508

5,532,998

'

'

'

'

'

'

Term of warrants

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants issued (in shares)

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise price of warrants (in dollars per share)

$1.65

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumptions based on Black-Scholes options pricing formula

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk free rate (as a percent)

0.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

Volatility (as a percent)

79.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected term

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of warrants upon exercise (in dollars per share)

$0.51

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of warrants issuable (in dollars)

$51,428

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants outstanding (in shares)

'

'

0

'

'

'

'

'

'

'

'

'

'

'

Number of authorized common shares

'

90,000,000

90,000,000

'

'

'

'

'

'

'

'

'

'

'

Number of outstanding common shares

'

23,951,004

19,956,871

'

'

'

'

'

'

'

'

'

'

'

STOCK_BASED_COMPENSATION_Detai

STOCK BASED COMPENSATION (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2012

Sep. 15, 2011

Aug. 05, 2010

Mar. 31, 2006

Dec. 05, 2012

Jul. 02, 2012

Mar. 31, 2014

Jul. 02, 2012

Jul. 02, 2012

Mar. 31, 2014

Jun. 13, 2013

Jun. 13, 2013

Jun. 13, 2013

Mar. 19, 2014

Apr. 26, 2012

Director

Director

Director

Director

Director

Director

Executive Chairman

Executives

Non-employee directors

Chief financial officer

Employee

item

Awards vesting in six months

Awards vesting in eighteen months

Minimum

item

item

item

Share based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum number of shares authorized to be issued

'

'

'

3,300,000

3,000,000

1,000,000

'

'

'

'

'

'

'

'

'

'

'

Number of directors on a committee to administer the plan

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

Terms of options

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

Options granted (in shares)

580,000

120,000

'

'

'

'

50,000

10,000

50,000

'

'

'

100,000

300,000

200,000

'

50,000

Annual grants (in shares)

'

'

'

'

'

'

'

'

10,000

'

'

'

'

'

'

'

'

Exercise price of shares granted (in dollars per share)

$0.67

$0.82

'

'

'

'

$1.02

$0.61

'

'

'

'

$0.67

$0.67

$0.67

'

$0.70

Percentage of awards granted vesting immediately

'

'

'

'

'

'

'

'

'

'

'

'

33.00%

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'10 years

'1 year

'3 years

Awards granted (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

180,000

'

Number of equal annual installments in which options will vest

'

'

'

'

'

'

'

'

'

'

'

'

'

3

3

'

'

Assumption used in valuation of stock options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Expected term

'6 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Volatility rate, minimum (as a percent)

100.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Volatility rate, maximum (as a percent)

116.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk free interest rate, minimum (as a percent)

0.06%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk free interest rate, maximum (as a percent)

1.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional general disclosure

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock available for grant under plan (in shares)

1,547,006

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number Of Options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

2,484,000

2,415,666

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares)

580,000

120,000

'

'

'

'

50,000

10,000

50,000

'

'

'

100,000

300,000

200,000

'

50,000

Forfeited (in shares)

-1,708,500

-51,666

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in shares)

1,355,500

2,484,000

2,415,666

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested or expected to vest at the end of the period (in shares)

1,355,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period (in shares)

734,167

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Exercise Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in dollars per share)

$1.03

$1.04

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$0.67

$0.82

'

'

'

'

$1.02

$0.61

'

'

'

'

$0.67

$0.67

$0.67

'

$0.70

Forfeited (in dollars per share)

$0.95

$1.15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in dollars per share)

$1.01

$1.03

$1.04

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested or expected to vest at the end of the period (in dollars per share)

$1.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period (in dollars per share)

$1.05

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate Intrinsic Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period

$329,025

$776,475

$107,375

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested or expected to vest at the end of the period

329,025

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period

189,525

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Remaining Contractual Life

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period

'7 years 3 months 25 days

'9 years 25 days

'7 years 8 months 16 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested or expected to vest at the end of the period

'7 years 3 months 25 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable at the end of the period

'5 years 11 months 23 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional information on stock options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost related to stock options

340,731

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of recognition of unrecognized compensation expense

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of shares vested

$244,655

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options outstanding but not vested, Number of Options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

854,334

1,489,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in shares)

580,000

120,000

'

'

'

'

50,000

10,000

50,000

'

'

'

100,000

300,000

200,000

'

50,000

Vested (in shares)

-205,334

-703,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in shares)

-607,667

-51,666

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in shares)

621,333

854,334

1,489,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options outstanding but not vested, Weighted Average Exercise Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in dollars per share)

$1.25

$1.21

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$0.67

$0.82

'

'

'

'

$1.02

$0.61

'

'

'

'

$0.67

$0.67

$0.67

'

$0.70

Vested (in dollars per share)

$1.78

$1.09

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

$1.19

$1.15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in dollars per share)

$0.97

$1.25

$1.21

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of granted awards vesting over the specified period

'

'

'

'

'

'

'

'

'

50.00%

50.00%

'

'

'

'

'

'

Number of directors to whom stock options granted

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

Number of awards which will vest immediately

'

'

'

'

'

'

30,000

'

'

'

'

'

'

'

'

'

'

CONCENTRATION_OF_CREDIT_RISK_A2

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	$2,280,469	'	'	'	$4,330,637	'	'	'	$2,280,469	$4,330,637
Net sales	3,608,000	5,167,000	5,196,000	7,097,000	9,955,000	7,294,000	8,079,000	7,145,000	21,068,063	32,472,919
Receivable balance | Customer concentration	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Number of major customers	'	'	'	'	'	'	'	'	3	'
Concentration risk percentage	'	'	'	'	'	'	'	'	58.00%	'
Receivable balance | Customer concentration | Customer A	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	750,146	'	'	'	915,632	'	'	'	750,146	915,632
Concentration risk percentage	'	'	'	'	'	'	'	'	33.00%	21.00%
Receivable balance | Customer concentration | Customer B	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	312,576	'	'	'	'	'	'	'	312,576	'
Concentration risk percentage	'	'	'	'	'	'	'	'	14.00%	'
Receivable balance | Customer concentration | Customer C	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	255,360	'	'	'	'	'	'	'	255,360	'
Concentration risk percentage	'	'	'	'	'	'	'	'	11.00%	'
Receivable balance | Customer concentration | Customer D	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	'	'	'	'	2,379,078	'	'	'	'	2,379,078
Concentration risk percentage	'	'	'	'	'	'	'	'	'	55.00%
Receivable balance | Customer concentration | Customer E	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Accounts receivable balance	'	'	'	'	516,174	'	'	'	'	516,174
Concentration risk percentage	'	'	'	'	'	'	'	'	'	12.00%
Net sales | Customer concentration | Customer A	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Net sales	'	'	'	'	'	'	'	'	3,983,838	'
Concentration risk percentage	'	'	'	'	'	'	'	'	19.00%	'
Net sales | Customer concentration | Customer B	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Net sales	'	'	'	'	'	'	'	'	2,955,296	6,086,928
Concentration risk percentage	'	'	'	'	'	'	'	'	14.00%	19.00%
Net sales | Customer concentration | Customer C	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Net sales	'	'	'	'	'	'	'	'	2,069,468	7,665,775
Concentration risk percentage	'	'	'	'	'	'	'	'	10.00%	24.00%
Net sales | Customer concentration | Customer D	'	'	'	'	'	'	'	'	'	'
Concentration of credit risk and major customers	'	'	'	'	'	'	'	'	'	'
Net sales	'	'	'	'	'	'	'	'	'	$4,800,047
Concentration risk percentage	'	'	'	'	'	'	'	'	'	15.00%

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
									item
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'
Number of operating segments	'	'	'	'	'	'	'	'	1	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'
Net Sales	$3,608,000	$5,167,000	$5,196,000	$7,097,000	$9,955,000	$7,294,000	$8,079,000	$7,145,000	$21,068,063	$32,472,919
Property, Plant and Equipment, Net	6,489,212	'	'	'	7,300,248	'	'	'	6,489,212	7,300,248
United States	'	'	'	'	'	'	'	'	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'
Net Sales	'	'	'	'	'	'	'	'	20,848,081	29,146,085
Property, Plant and Equipment, Net	6,485,491	'	'	'	7,252,027	'	'	'	6,485,491	7,252,027
China	'	'	'	'	'	'	'	'	'	'
SEGMENT INFORMATION	'	'	'	'	'	'	'	'	'	'
Net Sales	'	'	'	'	'	'	'	'	219,982	3,326,834
Property, Plant and Equipment, Net	$3,721	'	'	'	$19,346	'	'	'	$3,721	$19,346

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	12 Months Ended		0 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Nov. 15, 2013	Mar. 31, 2014	Nov. 30, 2010	Mar. 31, 2014
			Wuxi, China	Wuxi, China	Lease agreement	Lease agreement
			sqft		Center Valley, Pennsylvania	Center Valley, Pennsylvania
					sqft
Commitments	'	'	'	'	'	'
Area of land leased (in square feet)	'	'	1,000	'	3,200	'
Term of lease	'	'	'	'	'64 months	'
Additional period of renewal of lease	'	'	'	'	'5 years	'
Deferred rent	'	'	'	'	'	$12,778
Annual rental cost	'	'	'	4,000	'	'
Rent expense for operating lease	104,047	138,765	'	'	'	'
Future minimum lease payments required under non-cancelable operating leases	'	'	'	'	'	'
Total	150,314	'	'	'	'	'
2015	64,954	'	'	'	'	'
2016	63,624	'	'	'	'	'
2017	21,736	'	'	'	'	'
Contractual commitments	'	'	'	'	'	'
Purchase obligations outstanding to purchase raw materials and supplies at fixed prices	700,000	'	'	'	'	'
Employment agreements	'	'	'	'	'	'
Aggregate annual commitment for future salaries during the next fiscal year 2014	$900,000	'	'	'	'	'

EARNINGS_PER_SHARE_EPS_Details

EARNINGS PER SHARE (EPS) (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
Basic EPS	'	'	'	'	'	'	'	'	'	'
Net Loss (in dollars)	($4,095,000)	($757,000)	($819,000)	($1,424,000)	($1,115,000)	($545,000)	($45,000)	($706,000)	($7,095,391)	($2,411,937)
Weighted average number of shares outstanding (basic) (in shares)	'	'	'	'	'	'	'	'	20,766,914	19,004,897
Basic Loss per share (in dollars per share)	($0.19)	($0.04)	($0.04)	($0.07)	($0.06)	($0.03)	$0	($0.04)	($0.34)	($0.13)
Diluted EPS	'	'	'	'	'	'	'	'	'	'
Net Loss (in dollars)	($4,095,000)	($757,000)	($819,000)	($1,424,000)	($1,115,000)	($545,000)	($45,000)	($706,000)	($7,095,391)	($2,411,937)
Diluted weighted average shares	'	'	'	'	'	'	'	'	20,766,914	19,004,897
Diluted Loss per share (in dollars per share)	($0.19)	($0.04)	($0.04)	($0.07)	($0.06)	($0.03)	$0	($0.04)	($0.34)	($0.13)
Antidilutive securities excluded from computation of earnings per share amount (in shares)	'	'	'	'	'	'	'	'	4,801,246	5,594,949

SELECTED_QUARTERLY_INFORMATION2

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
SELECTED QUARTERLY INFORMATION	'	'	'	'	'	'	'	'	'	'
Net sales	$3,608,000	$5,167,000	$5,196,000	$7,097,000	$9,955,000	$7,294,000	$8,079,000	$7,145,000	$21,068,063	$32,472,919
Gross profit (loss)	-2,651,000	773,000	727,000	420,000	1,631,000	1,884,000	1,938,000	1,105,000	-731,793	6,558,574
Net loss	($4,095,000)	($757,000)	($819,000)	($1,424,000)	($1,115,000)	($545,000)	($45,000)	($706,000)	($7,095,391)	($2,411,937)
Basic Loss per share (in dollars per share)	($0.19)	($0.04)	($0.04)	($0.07)	($0.06)	($0.03)	$0	($0.04)	($0.34)	($0.13)
Diluted Loss per share (in dollars per share)	($0.19)	($0.04)	($0.04)	($0.07)	($0.06)	($0.03)	$0	($0.04)	($0.34)	($0.13)

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	12 Months Ended				0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Jun. 25, 2014	30-May-14	30-May-14	30-May-14	Jun. 23, 2014
			Series A Convertible Preferred Stock	Series A Convertible Preferred Stock	Subsequent event	Subsequent event	Subsequent event	Subsequent event	Subsequent event
					Series A Convertible Preferred Stock	LSA	Loan agreement with bank	Utica	Ranor, Inc.
								LSA	Alexander Shen
Subsequent events	'	'	'	'	'	'	'	'	'
Aggregate principal amount	'	'	'	'	'	'	'	$4,150,000	'
Stated interest rate to be used as variable interest basis	'	'	'	'	'	'	'	7.50%	'
Interest margin (as a percent)	'	'	'	'	'	'	'	3.30%	'
Variable interest basis	'	'	'	'	'	'	'	'six-month LIBOR interest rate	'
Maximum amount of debt that can be defaulted	'	'	'	'	'	'	'	5,000	'
Fees and associated costs paid	'	'	'	'	'	240,000	'	'	'
Repayment of debt	'	'	'	'	'	'	2,650,000	'	'
Loan proceeds retained for general corporate purposes	'	'	'	'	'	1,270,000	'	'	'
Annual base salary to be received to pursuant to the employment agreement	'	'	'	'	'	'	'	'	275,000
Black Scholes value at the time of grant of stock options awards granted	'	'	'	'	'	'	'	'	$250,000
Annual cash performance bonus as a percentage of base salary	'	'	'	'	'	'	'	'	50.00%
Shares converted into common stock	3,994,133	1,502,984	3,055,490	1,502,984	550,000	'	'	'	'
Number of shares of common stock issued for converted preferred stock	3,055,490	1,964,694	3,994,134	1,964,694	718,959	'	'	'	'