TechPrecision (TPCS) 10-Q 18 Aug 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Aug. 12, 2014
Document and Entity Information	'	'
Entity Registrant Name	'TECHPRECISION CORP	'
Entity Central Index Key	'0001328792	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	24,669,958
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Mar. 31, 2014
Current assets:	'	'
Cash and cash equivalents	$886,888	$1,086,701
Accounts receivable, less allowance for doubtful accounts of $25,010 in 2014 and 2013	3,220,715	2,280,469
Costs incurred on uncompleted contracts, in excess of progress billings	4,696,038	5,258,002
Inventories- raw materials	242,179	293,326
Income taxes receivable	8,062	8,062
Current deferred taxes	991,096	991,096
Other current assets	457,248	461,245
Total current assets	10,502,226	10,378,901
Property, plant and equipment, net	6,327,789	6,489,212
Other noncurrent assets, net	400,493	105,395
Total assets	17,230,508	16,973,508
Current liabilities:	'	'
Accounts payable	3,810,319	2,888,385
Accrued expenses	3,815,754	3,893,028
Deferred revenues	651,923	1,461,689
Debt	5,584,459	4,169,771
Total current liabilities	13,862,455	12,412,873
Long-term debt, including capital leases	35,278	38,071
Noncurrent deferred taxes	991,096	991,096
Commitments and contingent liabilities (see Note 16)	'	'
Stockholders' Equity:	'	'
Preferred stock- par value $.0001 per share, 10,000,000 shares authorized, of which 9,890,980 are designated as Series A Preferred Stock, with 1,927,508 and 2,477,508 shares issued and outstanding at June 30, 2014 and March 31, 2014, (liquidation preference of $549,340 and $706,090 at June 30, 2014 and March 31, 2014)	524,210	644,110
Common stock -par value $.0001 per share, authorized, 90,000,000 shares issued and outstanding, 24,669,958 shares at June 30, 2014 and 23,951,004 at March 31, 2014	2,467	2,395
Additional paid in capital	6,293,864	6,105,211
Accumulated other comprehensive loss	-42,642	-55,097
Accumulated deficit	-4,436,220	-3,165,151
Total stockholders' equity	2,341,679	3,531,468
Total liabilities and stockholders' equity	$17,230,508	$16,973,508

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Mar. 31, 2014
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	24,669,958	23,951,004
Common stock, shares outstanding	24,669,958	23,951,004
Series A Convertible Preferred Stock	'	'
Preferred stock, designated as Series A Convertible Preferred Stock	9,890,980	9,890,980
Preferred stock, shares issued	1,927,508	2,477,508
Preferred stock, shares outstanding	1,927,508	2,477,508
Preferred stock, liquidation preference (in dollars)	$549,340	$706,090

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	'	'
Net sales	$6,230,341	$7,096,692
Cost of sales	6,012,101	6,676,449
Gross profit	218,240	420,243
Selling, general and administrative	1,328,773	1,770,082
Loss from operations	-1,110,533	-1,349,839
Other income (expense)	53	-7,552
Interest expense	-160,589	-70,127
Interest income	'	3,613
Total other expense, net	-160,536	-74,066
Loss before income taxes	-1,271,069	-1,423,905
Income tax expense	0	0
Net loss	-1,271,069	-1,423,905
Other comprehensive income (loss), before tax:	'	'
Change in unrealized loss on cash flow hedges	-16,680	-110,337
Reclassification adjustments for cash flow hedge losses included in net loss	29,105	'
Foreign currency translation adjustments	30	-2,212
Other comprehensive income (loss), before tax	12,455	-112,549
Comprehensive loss	($1,258,614)	($1,536,454)
Net loss per share (basic) (in dollars per share)	($0.05)	($0.07)
Net loss per share (diluted) (in dollars per share)	($0.05)	($0.07)
Weighted average number of shares outstanding (basic) (in shares)	24,010,264	19,956,871
Weighted average number of shares outstanding (diluted) (in shares)	24,010,264	19,956,871

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss	($1,271,069)	($1,423,905)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	255,645	253,833
Stock based compensation expense	68,824	126,092
Provision for contract losses	366,951	687,088
Changes in operating assets and liabilities:	'	'
Accounts receivable	-940,242	521,202
Costs incurred on uncompleted contracts, in excess of progress billings	561,964	1,047,590
Inventories - raw materials	51,153	-10,175
Other current assets	4,001	138,184
Other noncurrent assets	-335,226	'
Accounts payable	921,933	-1,580,512
Accrued expenses	-431,784	-13,103
Deferred revenues	-809,766	-151,355
Net cash used in operating activities	-1,557,616	-405,061
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Purchases of property, plant and equipment	-54,093	-56,424
Net cash used in investing activities	-54,093	-56,424
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Borrowings of long-term debt	4,150,000	'
Repayment of long-term debt	-2,738,105	-172,618
Net cash provided by (used in) financing activities	1,411,895	-172,618
Effect of exchange rate on cash and cash equivalents	1	3,496
Net decrease in cash and cash equivalents	-199,813	-630,607
Cash and cash equivalents, beginning of period	1,086,701	3,075,376
Cash and cash equivalents, end of period	886,888	2,444,769
Cash paid during the period for:	'	'
Interest	115,056	64,734
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:	'	'
Common stock issued in conversion of Series A Convertible Preferred Stock (in shares)	718,954	'
Series A Convertible Preferred Stock converted (in shares)	550,000	'
Liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	219,359	278,645
Tax on liability recorded for fair value of an interest rate swap contract in connection with a tax exempt bond	$0	$0

DESCRIPTION_OF_BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Jun. 30, 2014
DESCRIPTION OF BUSINESS	'
DESCRIPTION OF BUSINESS	'
	NOTE 1 — DESCRIPTION OF BUSINESS
	TechPrecision Corporation, or TechPrecision, is a custom manufacturer of large scale metal fabricated and machined precision components and equipment. We offer a full range of services required to transform metallic raw materials into precise finished products. We sell these finished products to customers in three main industry groups: naval/maritime, energy and precision industrial. These products are used in a variety of markets including the alternative energy, medical, nuclear, defense, commercial, and aerospace industries. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation. On November 4, 2010, TechPrecision announced it completed the formation of a wholly foreign owned enterprise (WFOE), under the laws of the People’s Republic of China, Wuxi Critical Mechanical Components Co., Ltd., or WCMC, to meet demand for local manufacturing of components in China. TechPrecision, WCMC and Ranor are collectively referred to as “the Company,” “we,” “us” or “our.”
	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, as amended, or the Loan Agreement, and the Bank did not agree to waive the non-compliance with the covenants. Since we were in default, the Bank had the right to accelerate payment of the debt in full upon 60 days written notice.
	On May 30, 2014, TechPrecision and Ranor entered into a Loan and Security Agreement, or the LSA, with Utica Leasco, LLC, or Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor.  Payments under the LSA and Credit Loan Note are due in monthly installments with interest on the unpaid principal balance of the Credit Loan Note at an interest rate 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 the Credit Loan Note are guaranteed by TechPrecision.
	Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business 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 the 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, we 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.  Additionally, the Company retained approximately $1.27 million for general corporate purposes.
	On January 16, 2014, we entered into a forbearance and modification agreement with the Bank, or the First Forbearance Agreement, in connection with the Loan Agreement. Under the First Forbearance Agreement, the Bank 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 until March 31, 2014.
	On May 30, 2014, the Company and the Bank entered into a new forbearance and modification agreement, or the Second Forbearance Agreement. Under the Second Forbearance Agreement, the Bank 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, or the Second Forbearance Period.
	During the Second Forbearance Period, we agreed to comply with the terms, covenants and provisions in the Loan Agreement and related documents, as amended by the Second Forbearance Agreement.  The Second 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 June 30, 2014 or at March 31, 2014, as the actual leverage ratio was 4.3 to 1.0 and 3.8 to 1.0, respectively. The Second Forbearance Period was extended further subsequent to June 30, 2014 pursuant to an execution of a new forbearance and modification agreement (see Note 18).
	Since we are in default, the Bank has the right to accelerate payment of the debt in full upon 60 days written notice. As a consequence, we classified $4.4 million (includes $3.1 million for Utica) and $3.7 million under the Loan Agreement, the Series A Bonds, the Series B Bonds, and the LSA, as applicable, as a current liability at June 30, 2014 and March 31, 2014.
	In the event that we fail to pay off, or complete a refinancing of, the current outstanding obligations by the completion of the Second Forbearance Period (as extended by the forbearance and modification agreements entered into subsequent to June 30, 2014 — see Note 18), the interest rate on outstanding obligations will convert to the default interest rate of 65% of the sum of one month Libor plus 16%. 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.
	At June 30, 2014, we had cash and cash equivalents of $886,888, of which $11,356 is located in China and which we may not be able to repatriate for use in the U.S. without undue cost or expense, if at all. Our cash and cash equivalents total includes $505,000 of restricted cash with the Bank that may be used toward funding operating activities with the Bank’s approval. Approximately 36% of our accounts receivable were at risk of not being paid in a timely manner due to a contract dispute with one of our customers. We have incurred an operating loss of $1.3 million for the three months ended June 30, 2014. Our financial results for the past three years were impacted by significant 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 losses.
	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 anticipate that the year ending March 31, 2015, or fiscal 2015 operating results will reflect positive cash flows. We plan to closely monitor our expenses and, if required, will further reduce operating costs to enhance liquidity.
	The condensed consolidated financial statements for the three months ended June 30, 2014 and the year ended March 31, 2014, or fiscal 2014, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our total current liabilities of $13.9 million at June 30, 2014 and to continue as a going concern is dependent upon the availability of and our ability to timely secure long-term financing and the successful execution of an effective operating plan. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

BASIS_OF_PRESENTATION_AND_SIGN

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of June 30, 2014, the condensed consolidated statements of operations and comprehensive loss for the three month periods ended June 30, 2014 and 2013, and the condensed consolidated statements of cash flows for the three months ended June 30, 2014 and 2013 are unaudited, but in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year.
	The Notes to Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with our consolidated financial statements included with our Annual Report on Form 10-K, or 2014 Form 10-K, filed with the SEC for the year ended March 31, 2014.
	Significant Accounting Policies
	Our significant accounting policies are set forth in detail in Note 2 to the 2014 Form 10-K.

RECENTLY_ISSUED_AND_ADOPTED_AC

RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Jun. 30, 2014
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	'
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS	'
	NOTE 3 — RECENTLY ISSUED AND ADOPTED 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.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Jun. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
PROPERTY, PLANT AND EQUIPMENT	'
	NOTE 4 — PROPERTY, PLANT AND EQUIPMENT
		June 30, 2014			March 31, 2014
	Land	$	110,113		$	110,113
	Building and improvements	3,261,680			3,261,680
	Machinery equipment, furniture and fixtures	8,943,144			8,889,051
	Equipment under capital leases	65,568			65,568
	Total property, plant and equipment	12,380,505			12,326,412
	Less: accumulated depreciation	(6,052,716		)	(5,837,200		)
	Total property, plant and equipment, net	$	6,327,789		$	6,489,212
	Depreciation expense for the three months ended June 30, 2014 and 2013 was $215,516 and $248,440, respectively.

COSTS_INCURRED_ON_UNCOMPLETED_

COSTS INCURRED ON UNCOMPLETED CONTRACTS	3 Months Ended
	Jun. 30, 2014
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
	NOTE 5 — COSTS INCURRED ON UNCOMPLETED CONTRACTS
		June 30, 2014			March 31, 2014
	Cost incurred on uncompleted contracts, beginning balance	$	9,960,072		$	6,180,839
	Total cost incurred on contracts during the period	4,213,134			25,579,089
	Less cost of sales, during the period	(6,012,101		)	(21,799,856		)
	Cost incurred on uncompleted contracts, ending balance	$	8,161,105		$	9,960,072
	Billings on uncompleted contracts, beginning balance	$	4,702,070		$	1,882,546
	Plus: Total billings incurred on contracts, during the period	4,993,338			23,887,587
	Less: Contracts recognized as revenue, during the period	(6,230,341		)	(21,068,063		)
	Billings on uncompleted contracts, ending balance	$	3,465,067		$	4,702,070
	Cost incurred on uncompleted contracts, ending balance	$	8,161,105		$	9,960,072
	Billings on uncompleted contracts, ending balance	3,465,067			4,702,070
	Costs incurred on uncompleted contracts, in excess of progress billings	$	4,696,038		$	5,258,002
	Contract costs consist primarily of labor and materials and related overhead, to the extent that such costs are recoverable. Revenues associated with these contracts are recorded only when the amount of recovery can be estimated reliably and realization is probable. As of June 30, 2014 and March 31, 2014, we had deferred revenues totaling $651,923 and $1,461,689, respectively. Deferred revenues represent customer prepayments on their contracts and completed contracts on which all revenue recognition criteria were not met. We record provisions for losses within costs of sales in our condensed consolidated statement of operations and comprehensive loss. We also receive advance billings and deposits representing down payments for acquisition of materials and progress payments on contracts. The contracts with our customers allow us to offset the progress payments against the costs incurred.

OTHER_CURRENT_ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Jun. 30, 2014
OTHER CURRENT ASSETS	'
OTHER CURRENT ASSETS	'
	NOTE 6 — OTHER CURRENT ASSETS
		June 30, 2014		March 31, 2014
	Payments advanced to suppliers	$	140,032	$	196,534
	Prepaid insurance	165,420		229,727
	Collateral deposit	76,852		—
	Other	74,944		34,984
	Total	$	457,248	$	461,245

OTHER_NONCURRENT_ASSETS

OTHER NONCURRENT ASSETS	3 Months Ended
	Jun. 30, 2014
OTHER NONCURRENT ASSETS	'
OTHER NONCURRENT ASSETS	'
	NOTE 7 — OTHER NONCURRENT ASSETS
		June 30, 2014			March 31, 2014
	Deferred loan costs	$	440,622		$	105,395
	Deferred loan costs, amortization of	(40,129		)	—
	Total	$	400,493		$	105,395

ACCRUED_EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Jun. 30, 2014
ACCRUED EXPENSES	'
ACCRUED EXPENSES	'
	NOTE 8 — ACCRUED EXPENSES
		June 30, 2014		March 31, 2014
	Accrued compensation	$	401,953	$	320,419
	Interest rate swaps market value	219,359		231,783
	Provision for contract losses	3,114,447		3,259,103
	Other	79,995		81,723
	Total	$	3,815,754	$	3,893,028
	Our loss provision includes approximately $2.4 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. We continued to incur losses on customer projects at June 30, 2014. We have incurred approximately $0.3 million in new contract losses in our statement of operations for the three months ended June 30, 2014.

DEBT

DEBT	3 Months Ended
	Jun. 30, 2014
DEBT	'
DEBT	'
	NOTE 9 — DEBT
	Debt obligations outstanding were classified as of:	June 30, 2014		March 31, 2014
	Credit Loan Note due November 2018	$	4,073,148	$	—
	MDFA Series A Bonds due January 2021	1,500,386		3,559,375
	MDFA Series B Bonds due January 2018	—		599,634
	Obligations under capital leases	10,925		10,762
	Total Short-term debt	$	5,584,459	$	4,169,771
	Long-term debt, obligations under capital leases	35,278		38,071
	Total Debt	$	5,619,737	$	4,207,842
	Loan and Security Agreement
	On May 30, 2014, TechPrecision and Ranor entered into the LSA, with Utica. Pursuant to the LSA, Utica agreed to loan $4.15 million to Ranor under a Credit Loan Note, which is collateralized by a first secured interest in certain machinery and equipment at Ranor.  Payments under the LSA and Credit Loan Note are due in monthly installments with interest on the unpaid principal balance of the Credit Loan Note at an interest rate equal to 7.5% plus the greater of 3.3% or the six-month LIBOR interest rate, as described in the Credit Loan Note. Ranor’s obligations under the LSA and the Credit Loan Note are guaranteed by TechPrecision.
	Pursuant to the LSA, Ranor is subject to certain restrictive covenants which, among other things, restrict Ranor’s ability to (1) declare or pay any dividend or other distribution on its equity, purchase or retire any of its equity, or alter its capital structure; (2) make any loan or guaranty or assume any obligation or liability; (3) default in payment of any debt in excess of $5,000 to any person; (4) sell any of the collateral outside the normal course of business 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 the 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, or complete a refinancing of, debt obligations owed to the Bank under the Loan Agreement. Additionally, the Company retained approximately $1.27 million for general corporate purposes.
	On January 16, 2014, we entered into a forbearance and modification agreement with the Bank, or the First Forbearance Agreement, in connection with the Loan Agreement. Under the First Forbearance Agreement, the Bank 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 until March 31, 2014, or the First Forbearance Period.
	In consideration for the granting of the First 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 6.1% and 5.6%, respectively, during the First 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 First Forbearance Period.
	On May 30, 2014, we and the Bank entered into a new forbearance and modification agreement, or the Second Forbearance Agreement. Under the Second 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, or the Second Forbearance Period.
	During the Second Forbearance Period, we agreed to comply with the terms, covenants and provisions in the Loan Agreement and related documents, as amended by the Second Forbearance Agreement.  The Second 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 June 30, 2014 or March 31, 2014, as the actual leverage ratio was 4.3 to 1.0 and 3.8 to 1.0, respectively.
	We have entered into new forbearance and modification agreements subsequent to June 30, 2014, under 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 extending until no later than September 30, 2014 (see Note 18). The Company is engaged in discussions with potential alternative financing sources to secure additional financing to, among other things, payoff the remaining obligation under the Series A Bonds.
	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.
	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.
	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. Under the ISDA Master Agreement, we and the Bank entered into the swap transaction on January 3, 2011. The notional amount of the outstanding fair value interest rate swaps totaled $3.5 and $4.6 million on June 30, 2014 and March 31, 2014, respectively.
	In connection with the execution of the LSA described above, the Company paid down approximately $2.0 million of our obligation under the Series A Bonds owed to the Bank, and paid off the remaining balance ($576,419) of the Series B bonds in full. We also terminated the interest rate swap which hedged the cash flows of the Series B bonds. We paid a breakage fee of $29,448 for early termination of the interest rate swap for the Series B Bonds and recorded the amount as interest expense in our statement of operations. 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 Series A swaps will terminate on January 4, 2021. 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.
	At June 30, 2014, we were in default and continue to be in default under the Loan Agreement with the Bank. Under the terms of the Third Forbearance Agreement, the Bank agreed to forbear from accelerating the principal payment in full until the forbearance termination date on July 31, 2014. The First Forbearance Agreement, the Second Forbearance Agreement and the Third Forbearance Agreement amend 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. At June 30, 2014 and March 31, 2014, we were not in compliance with the leverage ratio coverage covenants under the Loan Agreement, and the Bank did not agree to waive our non-compliance with the covenants at June 30, 2014 or March 31, 2014, as the actual leverage ratio was 4.3 to 1 and 3.8 to 1.0, respectively. The Bank had the right to accelerate payment of the debt in full upon 60 days’ written notice. As a consequence, all amounts under the Loan Agreement, the Series A Bonds, the Series B Bonds, and the LSA, as applicable, are classified as a current liability at June 30, 2014 ($5.6 million) and March 31, 2014 ($4.2 million).
	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 Series A Bonds. At June 30, 2014, the rate of interest on the Series A Bonds is 65% of the sum of one month LIBOR plus 5.75% for a period beginning on April 1, 2014, under the terms of the Second Forbearance Agreement. We continue to make monthly principal and interest payments with respect to the Series A Bonds. The Series A 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.
	Capital Lease:
	We entered into a new capital lease in April 2012 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 as of June 30, 2014 and March 31, 2014 was $43,473 and $46,420, respectively.
	Obligations under the Credit Loan Note, Series A Bonds and Capital Lease are guaranteed by TechPrecision and Ranor. Collateral securing the Credit Loan Note, Series A Bonds, and Capital Lease comprises all personal property of TechPrecision and Ranor, including cash, accounts receivable, inventories, equipment, financial and intangible assets.
	The maturity schedule for all debt, including the capital lease: 2015: $5,584,459; 2016: $11,598; 2017: $12,313; 2018: $9,392; and 2019: $1,975.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2014
INCOME TAXES	'
INCOME TAXES	'
	NOTE 10 — INCOME TAXES
	At the end of each interim period, we make an estimate of our annual U.S. and China expected effective tax rates. For the three months ended June 30, 2014 and 2013, we recorded zero income tax expense. The lack of a tax benefit for the three months ended June 30, 2014 was primarily the result of recording a full valuation allowance on our net deferred tax assets. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. We have determined that it is more likely than not that certain future tax benefits may not be realized.  A change in the estimates used to make this determination could require an increase in deferred tax assets if they become realizable.
	At June 30, 2014, our federal net operating loss carry-forward was approximately $6.0 million. If not utilized, the federal net operating loss carry-forward will begin to expire in 2025. Section 382 of the Internal Revenue Code, as amended, provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis due to an ownership change in connection with the acquisition of Ranor in 2006.
	We file income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Our foreign subsidiary files separate income tax returns in the foreign jurisdiction in which it is located.  Tax years 2011 and forward remain open for examination.  We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Condensed Consolidated Statements of Operations.

PROFIT_SHARING_PLAN

PROFIT SHARING PLAN	3 Months Ended
	Jun. 30, 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 $2,678 and $3,632, for the three months ended June 30, 2014 for the three months ended June 30, 2013, respectively.

CAPITAL_STOCK

CAPITAL STOCK	3 Months Ended
	Jun. 30, 2014
CAPITAL STOCK	'
CAPITAL STOCK	'
	NOTE 12 — CAPITAL STOCK
	Preferred Stock
	We have 10,000,000 authorized shares of preferred stock and the 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. The 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 our failure to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and, 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, as of June 30, 2014 and March 31, 2014, there were 2,519,638 and 3,238,598 common shares, respectively, underlying the Series A Convertible Preferred Stock.
	Upon any liquidation we would 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.
	During the three months ended June 30, 2014 there were 550,000 shares of Series A Convertible Preferred Stock converted into 718,954 shares of common stock. At June 30, 2014 and March 31, 2014, we had 1,927,508 and 2,477,508 shares, respectively, of Series A Convertible Preferred Stock outstanding.
	Common Stock
	We had 90,000,000 authorized common shares at June 30, 2014 and March 31, 2014, and there were 24,669,958 and 23,951,004 shares of common stock outstanding at June 30, 2014 and March 31, 2014, respectively.

STOCK_BASED_COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Jun. 30, 2014
STOCK BASED COMPENSATION	'
STOCK BASED COMPENSATION	'
	NOTE 13 — STOCK BASED COMPENSATION
	In 2006, the Company’s directors adopted, and the Company’s stockholders approved, the 2006 TechPrecision Corporation Long-term Incentive Plan, or, as amended, the Plan. 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 the Board of Directors. Independent directors are not eligible for discretionary options. The maximum number of shares of common stock that may be issued under the Plan is 3,300,000 shares.
	Pursuant to the Plan, each newly elected independent director receives at the time of his or her election, an 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.
	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. There were no options granted during the three months ended June 30, 2014. At June 30, 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
				Average		Intrinsic		Average
								Remaining
								Contractual Life
		Options		Exercise Price		Value		(in years)
	Outstanding at 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Granted	—		$	—	—		—
	Forfeited	—		$	—	—		—
	Outstanding at 6/30/2014	1,355,500		$	1.074	$	22,075	7.33
	Vested or expected to vest 6/30/2014	1,355,500		$	1.074	$	22,075	7.33
	Exercisable at 6/30/2014	943,832		$	1.074	$	22,075	6.71
	At June 30, 2014, there was $271,907 of total unrecognized compensation cost related to stock options. These costs are expected to be recognized over the next 33 months. The total fair value of shares vested during the three months ended June 30, 2014 was $178,685. The following table summarizes the activity of our stock options outstanding but not vested for the three months ended June 30, 2014:
		Number of		Weighted
		Options		Average
	Outstanding at 3/31/2014	621,333		$	0.967
	Granted	—		$	—
	Vested	(178,665	)	$	1
	Forfeited	(31,000	)	$	1.96
	Outstanding at 6/30/2014	411,668		$	0.877
	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	3 Months Ended
	Jun. 30, 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 June 30, 2014, there were accounts receivable balances outstanding from three customers comprising 56% of the total receivables balance.
	The following table sets forth information as to accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of:
		June 30, 2014						March 31, 2014
	Customer	Dollars				Percent		Dollars			Percent
	A	$		1,149,948		36	%	$	255,360		11	%
	B	$		655,825		20	%	$	750,146		33	%
	C	$		*		*		$	312,576		14	%
	*customer total is less than 10%
	We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our revenue for the three months ended:
		June 30, 2014					March 31, 2014
	Customer	Dollars			Percent		Dollars		Percent
	A	$	1,862,707		30	%	$	3,983,838	19	%
	B	$	1,762,985		28	%	$	*	*
	C	$	*		*	%	$	2,069,468	10	%
	D	$	*		*	%	$	2,955,296	14	%
	*customer total is less than 10%

SEGMENT_INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Jun. 30, 2014
SEGMENT INFORMATION	'
SEGMENT INFORMATION	'
	NOTE 15 — SEGMENT INFORMATION
	We operate our business under one segment, large scale fabricated and machined metal components and systems equipment. 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
		Three		Three		June 30, 2014		March 31, 2014
		months		months
		ended		ended
		June 30, 2014		June 30, 2013
	United States	$	5,744,984	$	7,037,498	$	6,327,109	$	6,485,491
	China	$	485,357	$	59,194	$	680	$	3,721

COMMITMENTS

COMMITMENTS	3 Months Ended
	Jun. 30, 2014
COMMITMENTS	'
COMMITMENTS	'
	NOTE 16 — COMMITMENTS
	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 June 30, 2014 for future compensation during the next twelve months, excluding bonuses, was approximately $1,000,000, including $60,000 in connection with a Service, Separation and Release Agreement (see Note 18) for consulting services with our former President and General Manager of Ranor.

EARNINGS_PER_SHARE_EPS

EARNINGS PER SHARE (EPS)	3 Months Ended
	Jun. 30, 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 loss per share computations, as required under FASB ASC 260.
		Three Months			Three Months
		ended			ended
		June 30, 2014			June 30, 2013
	Basic EPS
	Net Loss	$	(1,271,069	)	$	(1,423,905	)
	Weighted average number of shares outstanding	24,010,264			19,956,871
	Basic loss per share	$	(0.05	)	$	(0.07	)
	Diluted EPS
	Net Loss	$	(1,271,069	)	$	(1,423,905	)
	Dilutive effect of stock options and preferred stock	—			—
	Diluted weighted average shares	24,010,264			19,956,871
	Diluted loss per share	$	(0.05	)	$	(0.07	)
	All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three month periods ended June 30, 2014 and 2013, there were  2,192,220 and 506,500 shares, respectively, of potentially anti-dilutive stock options, and convertible preferred stock, none of which were included in the EPS calculations above.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	NOTE 18 — SUBSEQUENT EVENTS
	On July 1, 2014, the Company and the Bank entered into the Third Forbearance Agreement. Under the Third Forbearance  Agreement, the Bank 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. The Third Forbearance Agreement expired on its own terms on July 31, 2014.
	On July 14, 2014, we entered into a separation, severance and release agreement, or the Separation Agreement, with Robert Francis, who served as President and General Manager of Ranor until June 23, 2014.  The Separation Agreement amends Mr. Francis’ existing employment agreement, dated January 27, 2012.  Pursuant to the Separation Agreement, Mr. Francis will provide transition services as a consultant to the Company and will be paid an amount equal to $19,166.66 on a monthly basis for three months.  Mr. Francis’ other benefits, including health and medical benefits, under the Employment Agreement will not be continued past June 23, 2014.
	On August 12, 2014, the Company and the Bank entered into a new forbearance and modification agreement, or the Fourth Forbearance Agreement. Under the Fourth Forbearance  Agreement, the Bank 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 August 1, 2014 and extending until no later than September 30, 2014, or the Fourth Forbearance Period. Under the Fourth Forbearance Agreement we are required to retain a management consultant acceptable to the Bank who will have access to our operations in the U.S. We will continue to make principal and interest payments pursuant to the terms of the Loan Agreement, as amended by the First Forbearance Agreement, the Second Forbearance Agreement, the Third Forbearance Agreement, and the Fourth Forbearance Agreement. If the Bank were to demand full repayment before the expiration of the Fourth Forbearance Period, 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.

BASIS_OF_PRESENTATION_AND_SIGN1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of June 30, 2014, the condensed consolidated statements of operations and comprehensive loss for the three month periods ended June 30, 2014 and 2013, and the condensed consolidated statements of cash flows for the three months ended June 30, 2014 and 2013 are unaudited, but in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year.
	The Notes to Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with our consolidated financial statements included with our Annual Report on Form 10-K, or 2014 Form 10-K, filed with the SEC for the year ended March 31, 2014.

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Jun. 30, 2014
PROPERTY, PLANT AND EQUIPMENT	'
Schedule of components of property, plant and equipment, net	'
		June 30, 2014			March 31, 2014
	Land	$	110,113		$	110,113
	Building and improvements	3,261,680			3,261,680
	Machinery equipment, furniture and fixtures	8,943,144			8,889,051
	Equipment under capital leases	65,568			65,568
	Total property, plant and equipment	12,380,505			12,326,412
	Less: accumulated depreciation	(6,052,716		)	(5,837,200		)
	Total property, plant and equipment, net	$	6,327,789		$	6,489,212

COSTS_INCURRED_ON_UNCOMPLETED_1

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Tables)	3 Months Ended
	Jun. 30, 2014
COSTS INCURRED ON UNCOMPLETED CONTRACTS	'
Schedule of costs incurred on uncompleted contracts	'
		June 30, 2014			March 31, 2014
	Cost incurred on uncompleted contracts, beginning balance	$	9,960,072		$	6,180,839
	Total cost incurred on contracts during the period	4,213,134			25,579,089
	Less cost of sales, during the period	(6,012,101		)	(21,799,856		)
	Cost incurred on uncompleted contracts, ending balance	$	8,161,105		$	9,960,072
	Billings on uncompleted contracts, beginning balance	$	4,702,070		$	1,882,546
	Plus: Total billings incurred on contracts, during the period	4,993,338			23,887,587
	Less: Contracts recognized as revenue, during the period	(6,230,341		)	(21,068,063		)
	Billings on uncompleted contracts, ending balance	$	3,465,067		$	4,702,070
	Cost incurred on uncompleted contracts, ending balance	$	8,161,105		$	9,960,072
	Billings on uncompleted contracts, ending balance	3,465,067			4,702,070
	Costs incurred on uncompleted contracts, in excess of progress billings	$	4,696,038		$	5,258,002

OTHER_CURRENT_ASSETS_Tables

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Jun. 30, 2014
OTHER CURRENT ASSETS	'
Schedule of other current assets	'
		June 30, 2014		March 31, 2014
	Payments advanced to suppliers	$	140,032	$	196,534
	Prepaid insurance	165,420		229,727
	Collateral deposit	76,852		—
	Other	74,944		34,984
	Total	$	457,248	$	461,245

OTHER_NONCURRENT_ASSETS_Tables

OTHER NONCURRENT ASSETS (Tables)	3 Months Ended
	Jun. 30, 2014
OTHER NONCURRENT ASSETS	'
Schedule of other noncurrent assets	'
		June 30, 2014			March 31, 2014
	Deferred loan costs	$	440,622		$	105,395
	Deferred loan costs, amortization of	(40,129		)	—
	Total	$	400,493		$	105,395

ACCRUED_EXPENSES_Tables

ACCRUED EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2014
ACCRUED EXPENSES	'
Schedule of accrued expenses	'
		June 30, 2014		March 31, 2014
	Accrued compensation	$	401,953	$	320,419
	Interest rate swaps market value	219,359		231,783
	Provision for contract losses	3,114,447		3,259,103
	Other	79,995		81,723
	Total	$	3,815,754	$	3,893,028

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Jun. 30, 2014
DEBT	'
Schedule of outstanding debt obligations	'
	Debt obligations outstanding were classified as of:	June 30, 2014		March 31, 2014
	Credit Loan Note due November 2018	$	4,073,148	$	—
	MDFA Series A Bonds due January 2021	1,500,386		3,559,375
	MDFA Series B Bonds due January 2018	—		599,634
	Obligations under capital leases	10,925		10,762
	Total Short-term debt	$	5,584,459	$	4,169,771
	Long-term debt, obligations under capital leases	35,278		38,071
	Total Debt	$	5,619,737	$	4,207,842

STOCK_BASED_COMPENSATION_Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2014
STOCK BASED COMPENSATION	'
Summary of information about options for the most recent annual income statements presented	'
		Number Of		Weighted		Aggregate		Weighted
				Average		Intrinsic		Average
								Remaining
								Contractual Life
		Options		Exercise Price		Value		(in years)
	Outstanding at 3/31/2014	1,355,500		$	1.014	$	329,025	7.32
	Granted	—		$	—	—		—
	Forfeited	—		$	—	—		—
	Outstanding at 6/30/2014	1,355,500		$	1.074	$	22,075	7.33
	Vested or expected to vest 6/30/2014	1,355,500		$	1.074	$	22,075	7.33
	Exercisable at 6/30/2014	943,832		$	1.074	$	22,075	6.71
Summary of status of stock options outstanding but not vested	'
		Number of		Weighted
		Options		Average
	Outstanding at 3/31/2014	621,333		$	0.967
	Granted	—		$	—
	Vested	(178,665	)	$	1
	Forfeited	(31,000	)	$	1.96
	Outstanding at 6/30/2014	411,668		$	0.877

CONCENTRATION_OF_CREDIT_RISK_A1

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables) (Customer concentration)	3 Months Ended
	Jun. 30, 2014
Receivable balance	'
Concentration of credit risk and major customers	'
Schedule of concentration of risk by factors	'
		June 30, 2014						March 31, 2014
	Customer	Dollars				Percent		Dollars			Percent
	A	$		1,149,948		36	%	$	255,360		11	%
	B	$		655,825		20	%	$	750,146		33	%
	C	$		*		*		$	312,576		14	%
	*customer total is less than 10%
Net sales	'
Concentration of credit risk and major customers	'
Schedule of concentration of risk by factors	'
		June 30, 2014					March 31, 2014
	Customer	Dollars			Percent		Dollars		Percent
	A	$	1,862,707		30	%	$	3,983,838	19	%
	B	$	1,762,985		28	%	$	*	*
	C	$	*		*	%	$	2,069,468	10	%
	D	$	*		*	%	$	2,955,296	14	%
	*customer total is less than 10%

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	3 Months Ended
	Jun. 30, 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
		Three		Three		June 30, 2014		March 31, 2014
		months		months
		ended		ended
		June 30, 2014		June 30, 2013
	United States	$	5,744,984	$	7,037,498	$	6,327,109	$	6,485,491
	China	$	485,357	$	59,194	$	680	$	3,721

EARNINGS_PER_SHARE_EPS_Tables

EARNINGS PER SHARE (EPS) (Tables)	3 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE (EPS)	'
Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted loss per share computations	'
		Three Months			Three Months
		ended			ended
		June 30, 2014			June 30, 2013
	Basic EPS
	Net Loss	$	(1,271,069	)	$	(1,423,905	)
	Weighted average number of shares outstanding	24,010,264			19,956,871
	Basic loss per share	$	(0.05	)	$	(0.07	)
	Diluted EPS
	Net Loss	$	(1,271,069	)	$	(1,423,905	)
	Dilutive effect of stock options and preferred stock	—			—
	Diluted weighted average shares	24,010,264			19,956,871
	Diluted loss per share	$	(0.05	)	$	(0.07	)

DESCRIPTION_OF_BUSINESS_Detail

DESCRIPTION OF BUSINESS (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

30-May-14

30-May-14

Jun. 30, 2014

30-May-14

Jun. 30, 2014

Mar. 31, 2014

30-May-14

item

Loan agreement with bank

LSA

LSA

LSA

LSA

Second Debt Forbearance and Modification Agreement

Second Debt Forbearance and Modification Agreement

Second Debt Forbearance and Modification Agreement

sqft

Credit Loan Note

Credit Loan Note

Loan agreement with bank

Maximum

DESCRIPTION OF BUSINESS

'

'

'

'

'

'

'

'

'

'

'

'

Number of industry groups in which products are sold

3

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'60 days

'

'

'

'

'60 days

'

'

Amount borrowed

'

'

'

'

'

'

$4,150,000

'

'

'

'

'

Stated interest rate to be used as variable interest basis

'

'

'

'

'

'

7.50%

'

'

'

'

'

Percentage of sum of variable rate and basis spread used to calculate interest rate

'

'

'

'

'

'

'

'

'

65.00%

'

'

Interest margin (as a percent)

'

'

'

'

'

'

3.30%

'

'

16.00%

'

'

Variable interest basis

'

'

'

'

'

'

'six-month LIBOR

'

'

'one month LIBOR

'

'

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

'

'

'

'

'

'

Actual leverage ratio

'

'

'

'

'

'

'

'

'

4.3

3.8

1.75

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

'

'

'

'

'

'

'

3,100,000

'

4,400,000

3,700,000

'

Cash and cash equivalents

886,888

2,444,769

1,086,701

3,075,376

'

'

'

'

'

'

'

'

Cash deposits located in China, which may not be able to repatriated for use in the U.S. without undue cost or expense

11,356

'

'

'

'

'

'

'

'

'

'

'

Restricted cash with the Bank that could be used toward satisfying obligation under the loan agreement

505,000

'

'

'

'

'

'

'

'

'

'

'

Percentage of accounts receivable at risk of timely payment due to contract dispute

36.00%

'

'

'

'

'

'

'

'

'

'

'

Number of customer in contact dispute

1

'

'

'

'

'

'

'

'

'

'

'

Operating losses

1,271,069

1,423,905

'

'

'

'

'

'

'

'

'

'

Total current liabilities

$13,862,455

'

$12,412,873

'

'

'

'

'

'

'

'

'

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
PROPERTY, PLANT AND EQUIPMENT	'	'	'
Total property, plant and equipment	$12,380,505	'	$12,326,412
Less: accumulated depreciation	-6,052,716	'	-5,837,200
Total property, plant and equipment, net	6,327,789	'	6,489,212
Depreciation expense	215,516	248,440	'
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	8,943,144	'	8,889,051
Equipment under capital leases	'	'	'
PROPERTY, PLANT AND EQUIPMENT	'	'	'
Total property, plant and equipment	$65,568	'	$65,568

COSTS_INCURRED_ON_UNCOMPLETED_2

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Cost incurred on uncompleted contracts	'	'	'
Cost incurred on uncompleted contracts, beginning balance	$9,960,072	$6,180,839	$6,180,839
Total cost incurred on contracts during the period	4,213,134	'	25,579,089
Less cost of sales, during the period	-6,012,101	-6,676,449	-21,799,856
Cost incurred on uncompleted contracts, ending balance	8,161,105	'	9,960,072
Billings on uncompleted contracts	'	'	'
Billings on uncompleted contracts, beginning balance	4,702,070	1,882,546	1,882,546
Plus: Total billings incurred on contracts, during the year	4,993,338	'	23,887,587
Less: Contracts recognized as revenue, during the period	-6,230,341	-7,096,692	-21,068,063
Billings on uncompleted contracts, ending balance	3,465,067	'	4,702,070
Cost incurred on uncompleted contracts	'	'	'
Cost incurred on uncompleted contracts, ending balance	8,161,105	'	9,960,072
Billings on uncompleted contracts, ending balance	3,465,067	'	4,702,070
Costs incurred on uncompleted contracts, in excess of progress billings	4,696,038	'	5,258,002
Deferred revenues	$651,923	'	$1,461,689

OTHER_CURRENT_ASSETS_Details

OTHER CURRENT ASSETS (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
OTHER CURRENT ASSETS	'	'
Payments advanced to suppliers	$140,032	$196,534
Prepaid insurance	165,420	229,727
Collateral deposits	76,852	'
Other	74,944	34,984
Total	$457,248	$461,245

OTHER_NONCURRENT_ASSETS_Detail

OTHER NONCURRENT ASSETS (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
OTHER NONCURRENT ASSETS	'	'
Deferred loan costs	$440,622	$105,395
Deferred loan costs, amortization of	-40,129	'
Total	$400,493	$105,395

ACCRUED_EXPENSES_Details

ACCRUED EXPENSES (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
ACCRUED EXPENSES	'	'
Accrued compensation	$401,953	$320,419
Interest rate swaps market value	219,359	231,783
Provision for contract losses	3,114,447	3,259,103
Other	79,995	81,723
Total	3,815,754	3,893,028
Losses in connection with customer purchase agreement included in provision for contract losses	2,400,000	'
New contract losses	$300,000	'

DEBT_Details

DEBT (Details) (USD $)

Jun. 30, 2014

Mar. 31, 2014

Jan. 16, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Mar. 31, 2014

30-May-14

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

30-May-14

Jun. 30, 2014

Mar. 31, 2014

Dec. 30, 2010

Jun. 30, 2014

Mar. 31, 2014

Dec. 30, 2010

Dec. 30, 2010

Jan. 16, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 30, 2010

Jan. 16, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

30-May-14

Jun. 30, 2014

Mar. 31, 2013

Jan. 16, 2014

30-May-14

Apr. 30, 2012

Jun. 30, 2014

Mar. 31, 2014

First Debt Forbearance and Modification Agreement

Second Debt Forbearance and Modification Agreement

Second Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

Maximum

Maximum

ISDA Master Agreement

ISDA Master Agreement

LSA

Loan agreement, Series A bonds, Series B bonds, and LSA

Loan agreement, Series A bonds, Series B bonds, and LSA

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 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

Credit Loan Note due November 2018

Credit Loan Note due November 2018

Credit Loan Note due November 2018

Loan agreement with bank

Loan agreement with bank

Loan agreement with bank

Long-term obligations under capital leases

Long-term obligations under capital leases

Long-term obligations under capital leases

Second Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

Ranor Inc.

First Debt Forbearance and Modification Agreement

First Debt Forbearance and Modification Agreement

Third Debt Forbearance and Modification Agreement

ISDA Master Agreement

LSA

First Debt Forbearance and Modification Agreement

First Debt Forbearance and Modification Agreement

LSA

LSA

LSA

First Debt Forbearance and Modification Agreement

LSA

sqft

Debt and capital lease obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Short-term debt

$5,584,459

$4,169,771

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,500,386

$3,559,375

'

'

'

'

'

'

'

$599,634

'

'

'

'

$4,073,148

'

'

'

'

'

'

$10,925

$10,762

Long-term debt, obligations under capital leases

35,278

38,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Debt

5,619,737

4,207,842

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,200,000

'

'

4,250,000

'

'

'

'

'

'

'

1,950,000

'

'

'

'

4,150,000

'

'

'

'

'

'

'

Stated interest rate to be used as variable interest basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

'

'

'

'

'

'

'

Percentage of sum of variable rate and basis spread used to calculate interest rate

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest margin (as a percent)

'

'

'

16.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.75%

'

'

'

'

'

'

'

'

3.30%

'

'

'

'

'

'

'

Variable interest basis

'

'

'

'one month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one month LIBOR

'

'

'

'

'

'

'

'

'six-month LIBOR

'

'

'

'

'

'

'

Maximum amount of debt that can be defaulted

'

'

'

'

'

'

'

'

'

'

'

5,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fees and associated costs paid

'

'

'

'

'

'

'

'

'

'

'

240,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

'

445,671

'

576,419

'

'

'

'

394,329

2,650,000

'

'

'

Loan proceeds retained for general corporate purposes

'

'

'

'

'

'

'

'

'

'

'

1,270,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reimbursement of appraisal costs due to the bank

'

'

11,240

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase in interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Actual leverage ratio

'

'

'

4.3

3.8

4.3

3.8

1.75

1.75

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.10%

'

'

'

'

'

'

5.60%

'

'

'

'

'

'

'

'

'

'

Breakage fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,448

'

'

'

'

'

'

'

'

'

Area of land financed for expansion (in square feet)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.14%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount of interest rate swap cash flow hedges

'

'

'

'

'

'

'

'

'

3,500,000

4,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'60 days

'

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'

'

'

'

'

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

'

'

'

4,400,000

3,700,000

'

'

'

'

'

'

'

5,600,000

4,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,100,000

'

'

'

'

'

'

Capital lease term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'63 months

'

'

Capital lease interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

Capital lease monthly payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

860

'

Capital lease term extension

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'9 months

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,473

46,420

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

5,584,459

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

11,598

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

12,313

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

9,392

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2019

$1,975

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
INCOME TAXES	'	'
Income tax (benefit) expense	$0	$0
Federal net operating loss carry-forward	$6	'

PROFIT_SHARING_PLAN_Details

PROFIT SHARING PLAN (Details) (Ranor, Inc., USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Ranor, Inc.	'	'
PROFIT SHARING PLAN	'	'
Eligibility for employer matching contributions, period of service	'90 days	'
Matching contributions made by the company	$2,678	$3,632

CAPITAL_STOCK_Details

CAPITAL STOCK (Details) (USD $)	1 Months Ended	3 Months Ended
	Dec. 31, 2009	Jun. 30, 2014	Mar. 31, 2014
		item
Capital stock	'	'	'
Number of authorized shares	'	10,000,000	10,000,000
Shares converted into common stock	'	550,000	'
Number of shares of common stock issued for converted preferred stock	'	718,954	'
Number of authorized common shares	'	90,000,000	90,000,000
Number of outstanding common shares	'	24,669,958	23,951,004
Minimum	'	'	'
Capital stock	'	'	'
Number of series of preferred stock	'	1	'
Series A convertible preferred stock	'	'	'
Capital stock	'	'	'
Number of series of preferred stock	'	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	'	2,519,638	3,238,598
Required price per share upon liquidation	'	$0.28	'
Shares converted into common stock	'	550,000	'
Number of shares of common stock issued for converted preferred stock	'	718,954	'
Shares outstanding	'	1,927,508	2,477,508

STOCK_BASED_COMPENSATION_Detai

STOCK BASED COMPENSATION (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended		0 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 13, 2013
			Director	Director	Non-employee directors
				Minimum	item
				item
Share based compensation	'	'	'	'	'
Number of directors on a committee to administer the plan	'	'	'	2	'
Maximum number of shares authorized to be issued	3,300,000	'	'	'	'
Options granted (in shares)	0	'	50,000	'	200,000
Annual grants (in shares)	'	'	10,000	'	'
Number of years after election that annual grants of share options commence	'	'	'3 years	'	'
Exercise price of shares granted (in dollars per share)	'	'	'	'	$0.67
Vesting period	'	'	'	'	'10 years
Number of equal annual installments in which options will vest	'	'	'	'	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	'	'	'	'
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)	1,355,500	'	'	'	'
Outstanding at the end of the period (in shares)	1,355,500	1,355,500	'	'	'
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)	943,832	'	'	'	'
Weighted Average Exercise Price	'	'	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$1.01	'	'	'	'
Outstanding at the end of the period (in dollars per share)	$1.07	$1.01	'	'	'
Vested or expected to vest at the end of the period (in dollars per share)	$1.07	'	'	'	'
Exercisable at the end of the period (in dollars per share)	$1.07	'	'	'	'
Aggregate Intrinsic Value	'	'	'	'	'
Outstanding at the end of the period	$22,075	$329,025	'	'	'
Vested or expected to vest at the end of the period	22,075	'	'	'	'
Exercisable at the end of the period	22,075	'	'	'	'
Weighted Average Remaining Contractual Life	'	'	'	'	'
Outstanding at the end of the period	'7 years 3 months 29 days	'7 years 3 months 25 days	'	'	'
Vested or expected to vest at the end of the period	'7 years 3 months 29 days	'	'	'	'
Exercisable at the end of the period	'6 years 8 months 16 days	'	'	'	'
Additional information on stock options	'	'	'	'	'
Unrecognized compensation cost related to stock options	271,907	'	'	'	'
Period of recognition of unrecognized compensation expense	'33 months	'	'	'	'
Fair value of shares vested	$178,685	'	'	'	'
Stock options outstanding but not vested, Number of Options	'	'	'	'	'
Outstanding at the beginning of the period (in shares)	621,333	'	'	'	'
Vested (in shares)	-178,665	'	'	'	'
Forfeited (in shares)	-31,000	'	'	'	'
Outstanding at the end of the period (in shares)	411,668	621,333	'	'	'
Stock options outstanding but not vested, Weighted Average Exercise Price	'	'	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$0.97	'	'	'	'
Vested (in dollars per share)	$1	'	'	'	'
Forfeited (in dollars per share)	$1.96	'	'	'	'
Outstanding at the end of the period (in dollars per share)	$0.88	$0.97	'	'	'

CONCENTRATION_OF_CREDIT_RISK_A2

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Concentration of credit risk and major customers	'	'	'
Accounts receivable balance	$3,220,715	'	$2,280,469
Net sales	6,230,341	7,096,692	21,068,063
Receivable balance | Customer concentration	'	'	'
Concentration of credit risk and major customers	'	'	'
Number of major customers	3	'	'
Concentration risk percentage	56.00%	'	'
Receivable balance | Customer concentration | Customer A	'	'	'
Concentration of credit risk and major customers	'	'	'
Accounts receivable balance	1,149,948	'	255,360
Concentration risk percentage	36.00%	'	11.00%
Receivable balance | Customer concentration | Customer B	'	'	'
Concentration of credit risk and major customers	'	'	'
Accounts receivable balance	655,825	'	750,146
Concentration risk percentage	20.00%	'	33.00%
Receivable balance | Customer concentration | Customer C	'	'	'
Concentration of credit risk and major customers	'	'	'
Accounts receivable balance	'	'	312,576
Concentration risk percentage	'	'	14.00%
Net sales | Customer concentration | Customer A	'	'	'
Concentration of credit risk and major customers	'	'	'
Net sales	1,862,707	'	3,983,838
Concentration risk percentage	30.00%	'	19.00%
Net sales | Customer concentration | Customer B	'	'	'
Concentration of credit risk and major customers	'	'	'
Net sales	1,762,985	'	'
Concentration risk percentage	28.00%	'	'
Net sales | Customer concentration | Customer C	'	'	'
Concentration of credit risk and major customers	'	'	'
Net sales	'	'	2,069,468
Concentration risk percentage	'	'	10.00%
Net sales | Customer concentration | Customer D	'	'	'
Concentration of credit risk and major customers	'	'	'
Net sales	'	'	$2,955,296
Concentration risk percentage	'	'	14.00%

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
	item
SEGMENT INFORMATION	'	'	'
Number of operating segments	1	'	'
SEGMENT INFORMATION	'	'	'
Net Sales	$6,230,341	$7,096,692	$21,068,063
Property, Plant and Equipment, Net	6,327,789	'	6,489,212
United States	'	'	'
SEGMENT INFORMATION	'	'	'
Net Sales	5,744,984	7,037,498	'
Property, Plant and Equipment, Net	6,327,109	'	6,485,491
China	'	'	'
SEGMENT INFORMATION	'	'	'
Net Sales	485,357	59,194	'
Property, Plant and Equipment, Net	$680	'	$3,721

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	Jun. 30, 2014
COMMITMENTS	'
Aggregate annual commitment for future salaries during the next twelve months, excluding bonuses	$1,000,000
Separation, Severance and Release Agreement | Ranor, Inc. | President and General Manager	'
Employment agreements	'
Severance and certain post-employment benefit charges	$60,000

EARNINGS_PER_SHARE_EPS_Details

EARNINGS PER SHARE (EPS) (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Basic EPS	'	'
Net Loss (in dollars)	($1,271,069)	($1,423,905)
Weighted average number of shares outstanding (in shares)	24,010,264	19,956,871
Basic Loss per share (in dollars per share)	($0.05)	($0.07)
Diluted EPS	'	'
Net Loss (in dollars)	($1,271,069)	($1,423,905)
Diluted weighted average shares	24,010,264	19,956,871
Diluted Loss per share (in dollars per share)	($0.05)	($0.07)
Antidilutive securities excluded from computation of earnings per share amount (in shares)	2,192,220	506,500

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (President and General Manager, Ranor Inc., Separation Agreement, USD $)	Jun. 30, 2014	Jul. 14, 2014
		Subsequent event
Subsequent events	'	'
Severance and certain post-employment benefit charges	$60,000	$19,166.66
Consecutive period of monthly installments	'	'3 months