TechPrecision (TPCS) 10-K 29 Jun 17 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2017	Jun. 08, 2017	Sep. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	TECHPRECISION CORP
Entity Central Index Key	1,328,792
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			$ 12.7
Trading Symbol	TPCS
Entity Common Stock, Shares Outstanding		28,824,593

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 3,066,156	$ 1,332,166
Accounts receivable, net	1,870,672	2,022,480
Costs incurred on uncompleted contracts, in excess of progress billings	2,097,221	2,395,642
Inventories- raw materials	141,792	128,595
Other current assets	422,096	530,808
Total current assets	7,597,937	6,409,691
Property, plant and equipment, net	4,912,202	4,814,184
Deferred income taxes	3,393,110	684,270
Other noncurrent assets, net	100,000	176,344
Total assets	16,003,249	12,084,489
Current liabilities:
Accounts payable	365,308	996,065
Accrued expenses	893,415	1,804,485
Income taxes payable	0	9,032
Advanced claims payment	0	507,835
Billings on uncompleted contracts, in excess of related costs	642,831	1,629,018
Current portion of long-term debt	717,481	953,106
Total current liabilities	2,619,035	5,899,541
Long-term debt, including capital leases	4,874,721	3,735,410
Deferred income taxes	521,430	684,270
Noncurrent accrued expenses	17,742	37,097
Commitments and contingent liabilities (see Note 15)
Stockholders’ Equity:
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 28,824,593 shares issued and outstanding at March 31, 2017, and 27,324,593 shares issued and outstanding at March 31, 2016	2,882	2,732
Additional paid in capital	8,258,820	7,094,749
Accumulated other comprehensive income	19,328	21,568
Accumulated deficit	(310,709)	(5,390,878)
Total stockholders’ equity	7,970,321	1,728,171
Total liabilities and stockholders’ equity	$ 16,003,249	$ 12,084,489

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	28,824,593	27,324,593
Common stock, shares outstanding	28,824,593	27,324,593

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 18,550,674	$ 16,853,952
Cost of sales	12,454,542	11,360,206
Gross profit	6,096,132	5,493,746
Selling, general and administrative	4,336,987	3,385,009
Gain from claims assignment settlement	(1,122,287)	0
Income from operations	2,881,432	2,108,737
Other income	8,439	1,229
Interest expense	(644,021)	(752,280)
Total other expense, net	(635,582)	(751,051)
Income before income taxes	2,245,850	1,357,686
Income tax benefit	(2,834,319)	(768)
Net income	5,080,169	1,358,454
Other comprehensive loss, before tax:
Foreign currency translation adjustments	(2,240)	(1,993)
Other comprehensive loss, before tax	(2,240)	(1,993)
Other comprehensive loss, net of tax	(2,240)	(1,993)
Comprehensive income	$ 5,077,929	$ 1,356,461
Net income per share (basic) (in dollars per share)	$ 0.18	$ 0.05
Net income per share (diluted) (in dollars per share)	$ 0.18	$ 0.05
Weighted average number of shares outstanding (basic) (in shares)	27,908,155	26,392,514
Weighted average number of shares outstanding (diluted) (in shares)	28,611,074	26,572,737

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (accumulated deficit)
Balance at Mar. 31, 2015	$ 288,495	$ 524,210	$ 2,467	$ 6,487,589	$ 23,561	$ (6,749,332)
Balance (in shares) at Mar. 31, 2015		1,927,508	24,669,958
Share based compensation	88,041			88,041
Restricted shares issued, net of shares returned for withholding taxes	(4,826)		$ 13	(4,839)
Restricted shares issued, net of shares returned for withholding taxes (in shares)			135,000
Conversion of preferred stock	0	$ (524,210)	$ 252	523,958
Conversion of preferred stock (in shares)		(1,927,508)	2,519,635
Net Income	1,358,454					1,358,454
Other comprehensive loss, net of tax benefit ($0)	(1,993)				(1,993)
Balance at Mar. 31, 2016	1,728,171	$ 0	$ 2,732	7,094,749	21,568	(5,390,878)
Balance (in shares) at Mar. 31, 2016		0	27,324,593
Share based compensation	384,221			384,221
Common stock awards	780,000		$ 150	779,850
Common stock awards (in shares)			1,500,000
Net Income	5,080,169					5,080,169
Other comprehensive loss, net of tax benefit ($0)	(2,240)				(2,240)
Balance at Mar. 31, 2017	$ 7,970,321	$ 0	$ 2,882	$ 8,258,820	$ 19,328	$ (310,709)
Balance (in shares) at Mar. 31, 2017		0	28,824,593

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other comprehensive income (loss), tax benefit	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 5,080,169	$ 1,358,454
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	689,293	747,553
Amortization of debt issue costs	101,280	240,081
Loss on disposal of equipment	62,140	0
Stock based compensation expense	1,164,221	88,041
Change in contract losses	(304,465)	(69,014)
Deferred income taxes	(2,871,680)	0
Gain from claims assignment settlement - noncash portion	(507,835)	0
Changes in operating assets and liabilities:
Accounts receivable	151,808	(1,196,117)
Costs incurred on uncompleted contracts, in excess of progress billings	298,421	(387,398)
Inventories - raw materials	(13,197)	6,217
Other current assets	108,692	7,411
Other noncurrent assets and liabilities	7,978	(193,906)
Accounts payable	(630,757)	(668,295)
Accrued expenses	(611,076)	180,687
Accrued taxes payable	(9,032)	9,032
Billings on uncompleted contracts, in excess of related costs	(986,187)	417,512
Advanced claims payment	0	507,835
Net cash provided by operating activities	1,729,773	1,048,093
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(787,808)	(17,600)
Capital expenditures for lighting project	0	(204,064)
Net cash used in investing activities	(787,808)	(221,664)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred loan costs	(198,449)	(100,472)
Proceeds from lighting project grant	0	204,064
Borrowings of long-term debt	6,227,500	0
Repayment of long-term debt	(5,236,617)	(933,651)
Net cash provided by (used in) financing activities	792,434	(830,059)
Effect of exchange rate on cash and cash equivalents	(409)	(529)
Net increase (decrease) in cash and cash equivalents	1,733,990	(4,159)
Cash and cash equivalents, beginning of period	1,332,166	1,336,325
Cash and cash equivalents, end of period	3,066,156	1,332,166
Cash paid during the year for:
Interest expense	789,743	683,871
Income taxes	65,000	0
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Amount of increase from stock conversions		0
Assets held for sale	100,000	123,900
Property, plant and equipment and debt obligations	12,505,927	11,846,832
Assets Held Under Capital Leases [Member]
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Property, plant and equipment and debt obligations	$ 54,376	65,568
Common Stock
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Amount of increase from stock conversions		252
Additional Paid in Capital
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Amount of increase from stock conversions		$ 523,958
Series A Convertible Preferred Stock
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Number of shares of common stock issued for converted preferred stock		2,519,635
Shares converted into common stock		1,927,508

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2017
DESCRIPTION OF BUSINESS
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. 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 defense and aerospace, nuclear, medical, and precision industrial.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of TechPrecision, WCMC and Ranor. Intercompany transactions and balances have been eliminated in consolidation. In preparing the consolidated financial statements in conformity with U.S. 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, the 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. 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 $ 14,805 8,115 Foreign currency translation The majority of our business is transacted in U.S. dollars; however, the functional currency of our subsidiary in China is the local currency, the Chinese Yuan Renminbi. In accordance with ASC No. 830, Foreign Currency Matters 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 our 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. Historically, the level of uncollectible accounts has not been significant. There was no bad debt expense recorded for the years ended March 31, 2017 and 2016. 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 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 30 2 5 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 $ 7,158 In accordance with ASC No. 360, Property, Plant & Equipment Costs incurred in connection with obtaining financing for long-term debt are capitalized and presented as a reduction of the carrying amount of the related debt. Costs incurred in connection with obtaining financing for revolving credit facilities and lines of credit are capitalized and presented as deferred financing costs. Loan acquisition costs are being amortized using the effective interest method over the term of the loan. Operating leases are charged to operations on a straight-line basis over the term of the lease. We lease certain office space in China under a long-term, non-cancelable operating lease agreement. The lease expires in October 2017. We account for fair value of financial instruments which defines fair value and establishes a framework to measure fair value and the related disclosures about fair value measurements in accordance with ASC No. 820, Fair Value Measurement 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. The carrying value of short and long-term borrowings approximates their fair value. The Company’s short-term and long-term debt is all privately held with no public market for this debt and is considered to be Level 3 under the fair value hierarchy. 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 2017 or fiscal 2016. Selling, general and administrative (SG&A) expenses include items such as executive compensation and benefits, professional fees, business travel and office 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 for the fiscal years ended March 31: 2017 2016 Salaries and related expenses $ 2,795,376 $ 2,234,830 Professional fees 1,008,223 597,833 Other general and administrative 533,388 552,346 Total Selling, General and Administrative $ 4,336,987 $ 3,385,009 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 recognize 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. Stock based compensation is included in selling, general and administrative expense amounted to $ 1,164,221 88,041 Basic net income per common share is computed by dividing net income 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 and stock options calculated using the treasury stock method. See Note 17 – Earnings per Share for additional disclosures related to net income per share. We have written agreements or purchase orders with our customers that specify contract prices and delivery terms. Revenue recognition requires the existence of a contract to provide the persuasive evidence of an arrangement and a determinable selling price, delivery of the product and reasonable collection prospects. The Company manufactures components under production-type contracts in a production process which meets our customer’s specifications. We account for revenues and earnings using the percentage of completion units of delivery method of accounting. Under this method, we recognize contract revenue and gross profit when the products are produced and delivered, or when services are rendered. We determine progress toward completion on production contracts based on output measures, such as units delivered, or in some cases, input measures, such as labor hours incurred. In fiscal 2017 and 2016, all of our revenue was recognized under the units of delivery method. 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 when the products are produced and 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. Work in process is stated at the lower of cost or market. We record provisions for contract losses within costs of sales in our Consolidated Statement of Operations and Comprehensive Income. Costs allocable to undelivered units are reported in the consolidated balance sheet as costs incurred on uncompleted contracts. Amounts in excess of the 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 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 range that would result in the lowest profit margin is used (the lowest contract revenue estimate and the highest contract cost estimate). 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. Shipping and handling costs are included in cost of sales. Shipping and handling costs billed to customers in connection with the sale are included in net sales. In accordance with ASC No. 740, Income Taxes . Reclassifications Certain reclassifications of prior-year financial information presented herein for comparative purposes have been reclassified to conform with current-year presentation. The reclassifications had no impact on 2016 net income. New Accounting Standards Recently Adopted In April 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs 3,782,752 47,342 Issued Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. Current practice is primarily a risk and rewards based model, while the new standard introduces the concept of inventory control and satisfaction of performance obligations over time. We are currently assessing the impact that the new revenue recognition guidance may have on our Consolidated Financial Statements and disclosures by comparing our current revenue recognition policy with the requirements of the new standard. It is possible that our current practices may no longer be viable under the new revenue recognition guidance. The guidance also requires a number of disclosures regarding the nature, amount, timing and uncertainty of revenue and the related cash flows. The guidance can be applied retrospectively to each prior reporting period presented (full retrospective method) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The guidance is effective for annual reporting periods beginning on or after December 15, 2017. We do not plan to early adopt the standard. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers, Narrow Scope Improvements and Practical Expedients In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory, In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting, In February 2016, the FASB issued ASU 2016-02, Leases In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, .

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2017
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following as of March 31: 2017 2016 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 8,601,199 8,418,243 Construction in progress 487,331 — Equipment under capital leases 54,376 65,568 Total property, plant and equipment 12,505,927 11,846,832 Less: accumulated depreciation (7,593,725) (7,032,648) Total property, plant and equipment, net $ 4,912,202 $ 4,814,184 Depreciation expense, which includes amortization of equipment under capital leases, for the years ended March 31, 2017 and 2016 was $ 689,293 747,553 Capitalized leases included in machinery and equipment were $ 54,376 65,568 2,719 42,443 We capitalize interest on borrowings during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the year ended March 31, 2017 was $ 7,158 In fiscal 2016, the Company purchased LED lighting which qualified for a capital incentive grant of $ 146,000 58,064 204,064 58,064

COSTS INCURRED ON UNCOMPLETED C

COSTS INCURRED ON UNCOMPLETED CONTRACTS	12 Months Ended
	Mar. 31, 2017
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: 2017 2016 Cost incurred on uncompleted contracts, beginning balance $ 5,491,605 $ 4,068,488 Total cost incurred on contracts during the year 12,501,752 12,783,323 Less cost of sales, during the year (12,454,542) (11,360,206) Cost incurred on uncompleted contracts, ending balance $ 5,538,815 $ 5,491,605 Billings on uncompleted contracts, beginning balance $ 3,095,963 $ 2,060,244 Plus: Total billings incurred on contracts, during the year 18,896,305 17,889,671 Less: Contracts recognized as revenue, during the year (18,550,674) (16,853,952) Billings on uncompleted contracts, ending balance $ 3,441,594 $ 3,095,963 Cost incurred on uncompleted contracts, ending balance $ 5,538,815 $ 5,491,605 Billings on uncompleted contracts, ending balance 3,441,594 3,095,963 Costs incurred on uncompleted contracts, in excess of progress billings $ 2,097,221 $ 2,395,642 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, 2017 and 2016, we had billings in excess of costs totaling $ 642,831 1,629,018

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2017
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 5 – OTHER CURRENT ASSETS Other current assets included the following as of March 31: 2017 2016 Payments advanced to suppliers $ 107,591 $ 182,305 Prepaid insurance 229,132 236,300 Collateral deposits — 85,252 Other 85,373 26,951 Total $ 422,096 $ 530,808

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	12 Months Ended
	Mar. 31, 2017
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS	NOTE 6 – OTHER NONCURRENT ASSETS Other noncurrent assets included the following as of March 31: 2017 2016 Assets held for sale $ 100,000 $ 123,900 Prepaid loan costs — 52,444 Total $ 100,000 $ 176,344 At March 31, 2017 and 2016, we classified certain machinery and equipment of $ 100,000 123,900 . In fiscal 2017, we wrote down certain machinery held for sale by $43,900, subsequently sold this machinery in May 2017. We also classified other equipment in fiscal 2017 for $20,000 to assets held for sale. We this remaining asset

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2017
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 7 - ACCRUED EXPENSES Accrued expenses included the following as of March 31: 2017 2016 Accrued compensation $ 568,766 $ 872,114 Provision for contract losses 148,699 464,785 Accrued interest expense 9,155 296,344 Accrued professional fees 142,648 117,981 Other 24,147 53,261 Total $ 893,415 $ 1,804,485 Accrued compensation includes amounts for executive bonuses, payroll and vacation and holiday pay. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in the provision are recorded in cost of sales. Our contract loss provision at March 31, 2016 included approximately $ 0.5

DEBT

DEBT	12 Months Ended
	Mar. 31, 2017
DEBT
DEBT	NOTE 8 – DEBT 2017 2016 Commerce Term Loan due January 2022 $ 2,828,844 $ — People’s Equipment Loan Facility due April 2021 2,884,982 — Utica Credit Loan Note due November 2018 — 2,459,259 Revere Term Loan and Notes due January 2018 — 2,250,000 Obligations under capital leases 67,353 26,599 Total debt $ 5,781,179 $ 4,735,858 Less: debt issue costs unamortized $ 188,977 $ 47,342 Total debt, net $ 5,592,202 $ 4,688,516 Less: Current portion of long-term debt $ 717,481 $ 953,106 Total long-term debt, net $ 4,874,721 $ 3,735,410 Commerce Bank & Trust Company Loan Facility On December 21, 2016, TechPrecision, through Ranor, closed on a Loan Agreement, or the Commerce Loan Agreement, with Commerce Bank & Trust Company, or Commerce. Pursuant to the Commerce Loan Agreement, Commerce made a term loan to Ranor in the amount of $ 2,850,000 1,000,000 60 5.21 45 1,000,000 80 25 250,000 one-month LIBOR plus 275 basis points The Commerce Loan Agreement contains a covenant whereby the Company is required to maintain a debt service coverage ratio or DSCR, of at least 1.2 3.50 3.00 2.50 1,000,000 2,500,000 2,500,000 1,500,000 2.86 1.0 0.75 365 The Commerce Loans may be accelerated upon the occurrence of an “Event of Default” (as defined in the Commerce Loan Agreement). Events of Default include (i) the failure to pay any monthly installment payment before the tenth day following the due date of such payment; (ii) the failure of Ranor or TechPrecision to observe, perform or pay any obligations under the Commerce Loan Agreement or any other obligation to Commerce; (iii) the failure of Ranor or TechPrecision to pay any indebtedness in excess of $ 100,000 150,000 In connection with the Commerce Loan Agreement, $ 2,394,875 426,467 77,198 People’s Capital and Leasing Corp. Equipment Loan Facility On April 26, 2016, TechPrecision, through Ranor, executed and closed a Master Loan and Security Agreement No. 4180, as supplemented with Schedule No. 001, or, together, the MLSA, with People’s Capital and Leasing Corp., or People’s. The MLSA is dated and effective as of March 31, 2016. Loan proceeds were disbursed to Ranor on April 26, 2016. Pursuant to the MLSA, People’s loaned $ 3,011,648 60 60,921 7.90 1.5 2.86 In connection with the MLSA, $ 2,653,353 182,763 1.82 175,532 111,778 On October 4, 2016, TechPrecision and Ranor became committed to Schedule No. 002 to the MLSA, or Schedule 2. Pursuant to Schedule 2, People’s made an additional loan in the amount of $ 365,852 7,399 60 On December 21, 2016, TechPrecision and Ranor closed on an Amendment to the MLSA, or the MLSA Amendment, with People’s. The MLSA Amendment, dated as of December 20, 2016, amends the definition of “Permitted Liens” under the MLSA to include the liens held by Commerce pursuant to the terms of the Commerce Loan Agreement and to delete the reference to the liens held by Revere. Term Loan and Security Agreement On December 22, 2014, TechPrecision, Ranor and Revere entered into the Term Loan and Security Agreement, or TLSA. Pursuant to the TLSA, Revere loaned an aggregate of $ 2.25 1.5 750,000 12 1.45 217,220 On December 31, 2015, TechPrecision, Ranor and Revere entered into a Note and Other Loan Documents Modification Agreement to the TLSA, or the First Modification Agreement. The First Modification Agreement extended the maturity date of the TLSA and the Notes from December 31, 2015 to January 22, 2016 and provided that Ranor agreed to waive its right to extend the maturity date of the TLSA and the Notes by six months as set forth in the TLSA. In connection with its entry into the First Modification Agreement, Ranor paid an exit fee of $ 67,500 On January 22, 2016, TechPrecision, Ranor and Revere entered into the Second Modification Agreement, which further amended the TLSA. In connection with the Second Modification Agreement, Ranor executed the Amended and Restated Notes in favor of Revere. The Second Modification Agreement (a) extended the maturity date of the term loans made pursuant to the TLSA to January 22, 2018, (b) amended the amortization schedule such that payments under the TLSA and Amended and Restated Notes are due as follows: (i) payments of interest only on advanced principal on a monthly basis on the first day of each month from March 1, 2016 until January 1, 2017 and (ii) payments of $ 9,375 10 Pursuant to the TLSA, as amended by the Second Modification Agreement, 640,000 1,000,000 786,212 The obligations under the TLSA were paid in full prior to the maturity date on December 21, 2016. Loan and Security Agreement On May 30, 2014, TechPrecision and Ranor entered into the Loan and Security Agreement, or LSA, with Utica. Pursuant to the LSA, Utica agreed to loan $ 4.15 7.5 3.3 . 10.8 Pursuant to the LSA, Ranor was subject to certain restrictive covenants which, among other things, restricted 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 0.24 2.65 1.27 The obligations under the LSA and the Credit Loan Note were paid in full prior to the maturity date on April 26, 2016. Capital Lease We entered into a new capital lease in January 2017 for certain office equipment. The lease term is for 60 7.9 1,169 Concurrently, in January 2017 we retired certain office equipment under an existing capital lease which was amended in 2014. The revised lease term will expire in March 2018 and the required monthly payments of principal and interest will be $ 1,187 720 The maturities of all of our debt including the capital lease are as follows: 2018: $ 717,481 799,744 811,896 935,893 2,516,165

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2017
INCOME TAXES
INCOME TAXES	NOTE 9 - INCOME TAXES We account for income taxes under the provisions of FASB ASC 740, Income Taxes 2017 2016 U.S. operations $ 2,268,906 $ 1,409,487 Foreign operations (23,056) (51,801) Income from operations before tax 2,245,850 1,357,686 Income tax benefit (2,834,319) (768) Net income $ 5,080,169 $ 1,358,454 The income tax benefit consists of the following as of March 31: 2017 2016 Current Federal $ 37,361 $ 9,032 State — (9,800) Total Current $ 37,361 $ (768) Deferred Federal (2,320,258) — State (551,422) — Total Deferred $ (2,871,680) $ (768) Income tax benefit $ (2,834,319) $ (768) Reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax benefit for income taxes reported in the Consolidated Statements of Operations and Comprehensive Income for fiscal years ended March 31: 2017 2016 Federal statutory income tax $ 763,589 $ 461,613 State income tax, net of federal benefit 41,603 (6,468) Change in valuation allowance (3,580,148) (485,846) Stock based compensation — 23,096 Other (59,363) 6,887 Income tax benefit $ (2,834,319) $ (768) We adopted the new presentation of deferred taxes requiring deferred income tax assets and liabilities to be classified as noncurrent in our Consolidated Balance Sheets in the fourth quarter of fiscal 2016, on a prospective basis. The following table summarizes the components of deferred income tax assets and liabilities: 2017 2016 Deferred Tax Assets: Compensation $ 162,571 $ 307,427 Loss on uncompleted contracts 58,409 180,521 Foreign currency translation adjustment 5,508 5,455 Other liabilities not currently deductible 364,569 265,455 Share based compensation awards 245,811 92,744 Net operating loss carryforward 4,093,968 4,950,542 Valuation allowance (1,537,726) (5,117,874) Total Deferred Tax Assets $ 3,393,110 $ 684,270 Deferred Tax Liabilities: Accelerated depreciation $ (521,430) $ (684,270) Total Deferred Tax Liabilities $ (521,430) $ (684,270) Net Deferred Tax Asset $ 2,871,680 $ — 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 jurisdictions, 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 valuation allowance on deferred tax assets at March 31, 2017 was $ 1.5 5.1 3.6 and foreign and other deferred tax assets 1.5 The following table summarizes carryforwards of net operating losses and tax credits as of March 31, 2017: Begins to Amount Expire: Federal net operating losses $ 6,589,720 2026 Federal alternative minimum tax credits $ 122,578 Indefinite State net operating losses $ 26,022,238 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 in 2006. Accordingly, our ability to utilize certain carryforwards relating to 2006 and prior is limited. Our remaining pre-2006 net operating losses total approximately $ 1.2 5.4 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 U.S. state jurisdictions. Our foreign subsidiary files separate income tax returns in China, the foreign jurisdiction in which it is located. Tax years 2013 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 Consolidated Statements of Operations and Comprehensive Income.

PROFIT SHARING PLAN

PROFIT SHARING PLAN	12 Months Ended
	Mar. 31, 2017
PROFIT SHARING PLAN
PROFIT SHARING PLAN	NOTE 10 - PROFIT SHARING PLAN Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 82,189 61,302

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Mar. 31, 2017
CAPITAL STOCK
CAPITAL STOCK	NOTE 11 - CAPITAL STOCK Common Stock We had 90,000,000 28,824,593 27,324,593 Preferred Stock We have 10,000,000 Each share of Series A Convertible Preferred Stock was initially convertible into one share of common stock. As a result of our failure to meet certain levels of earnings before interest, taxes, depreciation and amortization for the years ended March 31, 2006 and 2007, the conversion rate changed, and each share of Series A Convertible Preferred Stock became convertible into 1.3072 0.218 On September 24, 2015, 1,927,508 2,519,635

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Mar. 31, 2017
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	NOTE 12 - STOCK BASED COMPENSATION Our board of directors, upon the recommendation of the compensation committee of our board of directors, approved the 2016 TechPrecision Equity Incentive Plan, or the 2016 Plan, on November 10, 2016. Our stockholders approved the 2016 Plan at the Company’s Annual Meeting of Stockholders, or the Annual Meeting, on December 8, 2016. The 2016 Plan succeeds the 2006 Plan and applies to awards granted after the Annual Meeting. We have designed the 2016 Plan to reflect our commitment to having best practices in both compensation and corporate governance. The 2016 Plan provides for a share reserve of 5,000,000 The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted stock awards, restricted stock units, and performance awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. 5,000,000 1,958,500 On March 31, 2017, in connection with a consulting agreement with our retiring directors, we granted stock options to the retiring members of our board of directors to collectively purchase 66,668 0.75 24,350 On December 27, 2016, in recognition of performance and to increase the alignment of his interests with those of our stockholders, TechPrecision granted to Alexander Shen, TechPrecision’s Chief Executive Officer, a non-qualified stock option to purchase 1,000,000 0.50 666,667 333,333 418,995 314,350 133,117 On July 1, 2015, we granted stock options to members of our board of directors to collectively purchase 30,000 0.10 On August 12, 2015, we granted stock options to our chief executive officer to purchase in total 1,000,000 0.08 On January 21, 2016, we granted stock options to our chief financial officer to purchase in total 500,000 0.17 The fair value of the options we grant is 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 average dividend yield over the historical period for which volatility was computed is zero. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We used the simplified method for all grants to estimate the expected life 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. The assumptions utilized for options granted during the period presented range from 110.2 123.8 1.93 2.07 1,997,332 The following table summarizes information about options for the most recent annual income statements presented: Weighted Average Weighted Aggregate Remaining Number Of Average Intrinsic Contractual Life Options Exercise Price Value (in years) Outstanding at 3/31/2015 1,190,500 $ 1.049 $ 21,600 5.18 Granted 1,530,000 $ 0.110 Exercised (135,000) $ 0.080 Forfeited (187,000) $ 0.841 Outstanding at 3/31/2016 2,398,500 $ 0.711 $ 183,900 7.90 Granted 1,066,668 $ 0.516 250,000 Expired (440,000) $ 0.770 Forfeited (22,500) $ 0.912 Outstanding at 3/31/2017 3,002,668 $ 0.387 $ 1,246,600 5.72 Vested or expected to vest at 3/31/2017 3,002,668 $ 0.387 $ 1,246,600 5.72 Exercisable and vested at 3/31/2017 2,169,334 $ 0.434 $ 843,266 5.72 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the fourth quarter of fiscal 2017 and fiscal 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2017. This amount changes based on the fair market value of the Company’s common stock. The total intrinsic value of options exercised for the year ended March 31, 2016 was $ 10,800 The following table summarizes the status of our stock options outstanding but not vested for the year ended March 31, 2017: Weighted Number of Average Options Exercise Price Outstanding at 3/31/2015 112,500 $ 0.664 Granted 1,530,000 $ 0.110 Forfeited (40,000) $ 0.670 Vested (574,166) $ 0.216 Outstanding at 3/31/2016 1,028,334 $ 0.117 Granted 1,066,668 $ 0.516 Forfeited (13,333) $ 0.670 Vested (1,248,335) $ 0.352 Outstanding at 3/31/2017 833,334 $ 0.266 The total fair value of shares vested during the year was $ 439,835 Weighted Average Remaining Weighted Weighted Options Contractual Average Options Average Range of Exercise Prices: Outstanding Term Exercise Price Exercisable Exercise Price $0.01-$1.00 2,821,668 6.40 $ 0.31 1,988,334 $ 0.33 $1.01-$1.96 181,000 3.28 $ 1.60 181,000 $ 1.60 Totals 3,002,668 2,169,334 Restricted Stock Awards In December 2014, each non-employee director waived any compensation owed to them for their service to the Company. On November 10, 2016, our board of directors determined that it would grant shares of common stock to each of our directors as compensation for their service to the Company during the period from January 1, 2014 to November 10, 2016. Accordingly, our board of directors granted 600,000 250,000 200,000 780,000

CONCENTRATION OF CREDIT RISK AN

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	12 Months Ended
	Mar. 31, 2017
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS
CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS	NOTE 13 - 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, 2017, there were accounts receivable balances outstanding from three customers comprising 83 March 31, 2017 March 31, 2016 Customer Dollars Percent Dollars Percent A $ 961,463 51 % $ 834,501 41 % B $ 406,428 22 % $ 315,699 16 % C $ 187,410 10 % $ * * % D $ * * % $ 225,415 11 % *less than 10% of total We have been dependent in each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth information as to net sales from customers who accounted for more than 10% of our net sales for the fiscal year ended: March 31, 2017 March 31, 2016 Customer Dollars Percent Dollars Percent A $ 7,515,795 41 % $ 3,519,258 21 % B $ 2,324,504 13 % $ 2,958,232 18 % C $ 2,166,171 12 % $ * * % D $ * * % $ 1,802,148 11 % *less than 10% of total

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2017
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 14 – SEGMENT INFORMATION We consider our business to consist of one segment - metal fabrication and precision machining. All of our operations, assets and customers are located in the United States.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Mar. 31, 2017
COMMITMENTS
COMMITMENTS	NOTE 15 – COMMITMENTS Operating Leases We lease approximately 1,000 4,000 Rent expense for all operating leases for the fiscal years ended March 31, 2017 and 2016 was $ 3,738 21,206 Future minimum lease payments required under non-cancellable operating leases at March 31, 2017 totaled $ 1,983 Expiration of a Lease The Company leased approximately 1,100 Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2017 for future executive salaries during the fiscal year ending March 31, 2018, including severance for our former chief financial officer and fiscal 2017 bonuses payable after March 31, 2017, was approximately $ 0.8 0.4 Purchase Commitments As of March 31, 2017, we had $ 0.9 Class Action Lawsuit On or about February 26, 2016, nine former employees of Ranor filed a complaint in the Massachusetts Superior Court, Worcester County, against former and current executive officers of Ranor, alleging violations of the Massachusetts Wage Act, breach of contract and conversion. Plaintiffs claim that Ranor’s modification to its personal time off, or PTO, policy in April 2014 caused these employees to forfeit earned PTO. Plaintiffs purport to assert their claims on behalf of a class of all current and former employees of Ranor who were affected by the modification to Ranor’s PTO policy. The pre-trial discovery phase ended on June 21, 2017. No trial date has been set.

CLAIM ASSIGNMENT SETTLEMENT

CLAIM ASSIGNMENT SETTLEMENT	12 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
CLAIM ASSIGNMENT SETTLEMENT	NOTE 16 – CLAIM ASSIGNMENT SETTLEMENT On April 17, 2015, we entered into an Assignment of Claim Agreement, or the Assignment Agreement, with Citigroup Financial Products, Inc., or Citigroup, whereby we sold, transferred, conveyed and assigned to Citigroup all of Ranor’s right, title and interest in Ranor’s $ 3,740,956 507,835 614,452 614,452 1,122,287

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	12 Months Ended
	Mar. 31, 2017
EARNINGS PER SHARE (EPS)
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 stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260. March 31, March 31, 2017 2016 Basic EPS Net Income $ 5,080,169 $ 1,358,454 Weighted average shares 27,908,155 26,392,514 Basic Income per share $ 0.18 $ 0.05 Diluted EPS Net Income $ 5,080,169 $ 1,358,454 Dilutive effect of stock options 702,919 180,223 Diluted weighted average shares 28,611,074 26,572,737 Diluted Income per share $ 0.18 $ 0.05 All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. There were 1,472,668 1,368,500

SELECTED QUARTERLY INFORMATION

SELECTED QUARTERLY INFORMATION (UNAUDITED)	12 Months Ended
	Mar. 31, 2017
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, 2017 and 2016. 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 Income for each of the periods presented includes contract losses and unabsorbed overhead that increased cost of goods sold and lowered gross profit. First Second Third Fourth (in thousands, except for per share data) Quarter Quarter Quarter Quarter Year ended March 31, 2017 Net Sales $ 4,644 $ 3,656 $ 5,319 $ 4,931 Gross Profit $ 1,535 $ 1,474 $ 2,052 $ 1,035 Net Income $ 445 $ 546 $ 992 $ 3,097 Basic Income per share $ 0.02 $ 0.02 $ 0.03 $ 0.11 Diluted Income per share $ 0.02 $ 0.02 $ 0.03 $ 0.11 Year ended March 31, 2016 Net Sales $ 4,374 $ 4,103 $ 3,507 $ 4,869 Gross Profit $ 1,283 $ 1,408 $ 1,072 $ 1,731 Net Income $ 206 $ 255 $ 12 $ 885 Basic Income per share $ 0.01 $ 0.01 $ 0.00 $ 0.03 Diluted Income per share $ 0.01 $ 0.01 $ 0.00 $ 0.03

SIGNIFICANT ACCOUNTING POLICI26

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2017
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. 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, the 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.
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 $ 14,805 8,115
Foreign currency translation	Foreign currency translation The majority of our business is transacted in U.S. dollars; however, the functional currency of our subsidiary in China is the local currency, the Chinese Yuan Renminbi. In accordance with ASC No. 830, Foreign Currency Matters
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 our 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. Historically, the level of uncollectible accounts has not been significant. There was no bad debt expense recorded for the years ended March 31, 2017 and 2016.
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, net	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 30 2 5 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 $ 7,158 In accordance with ASC No. 360, Property, Plant & Equipment
Debt Issuance Costs, Policy	Debt Issuance Costs Costs incurred in connection with obtaining financing for long-term debt are capitalized and presented as a reduction of the carrying amount of the related debt. Costs incurred in connection with obtaining financing for revolving credit facilities and lines of credit are capitalized and presented as deferred financing costs. Loan acquisition costs are being amortized using the effective interest method over the term of the loan.
Operating Leases	Operating Leases Operating leases are charged to operations on a straight-line basis over the term of the lease. We lease certain office space in China under a long-term, non-cancelable operating lease agreement. The lease expires in October 2017.
Fair Value Measurements	Fair Value Measurements We account for fair value of financial instruments which defines fair value and establishes a framework to measure fair value and the related disclosures about fair value measurements in accordance with ASC No. 820, Fair Value Measurement 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. The carrying value of short and long-term borrowings approximates their fair value. The Company’s short-term and long-term debt is all privately held with no public market for this debt and is considered to be Level 3 under the fair value hierarchy.
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 2017 or fiscal 2016.
Selling, General, and Administrative	Selling, general and administrative (SG&A) expenses include items such as executive compensation and benefits, professional fees, business travel and office 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 for the fiscal years ended March 31: 2017 2016 Salaries and related expenses $ 2,795,376 $ 2,234,830 Professional fees 1,008,223 597,833 Other general and administrative 533,388 552,346 Total Selling, General and Administrative $ 4,336,987 $ 3,385,009
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 recognize 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. Stock based compensation is included in selling, general and administrative expense amounted to $ 1,164,221 88,041
Net Income (Loss) per Share of Common Stock	Basic net income per common share is computed by dividing net income 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 and stock options calculated using the treasury stock method. See Note 17 – Earnings per Share for additional disclosures related to net income per share.
Revenue and Related Cost Recognition	Revenue and Related Cost Recognition We have written agreements or purchase orders with our customers that specify contract prices and delivery terms. Revenue recognition requires the existence of a contract to provide the persuasive evidence of an arrangement and a determinable selling price, delivery of the product and reasonable collection prospects. The Company manufactures components under production-type contracts in a production process which meets our customer’s specifications. We account for revenues and earnings using the percentage of completion units of delivery method of accounting. Under this method, we recognize contract revenue and gross profit when the products are produced and delivered, or when services are rendered. We determine progress toward completion on production contracts based on output measures, such as units delivered, or in some cases, input measures, such as labor hours incurred. In fiscal 2017 and 2016, all of our revenue was recognized under the units of delivery method. 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 when the products are produced and 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. Work in process is stated at the lower of cost or market. We record provisions for contract losses within costs of sales in our Consolidated Statement of Operations and Comprehensive Income. Costs allocable to undelivered units are reported in the consolidated balance sheet as costs incurred on uncompleted contracts. Amounts in excess of the 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 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 range that would result in the lowest profit margin is used (the lowest contract revenue estimate and the highest contract cost estimate). 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.
Shipping and Handling Cost, Policy	Shipping and Handling Costs Shipping and handling costs are included in cost of sales. Shipping and handling costs billed to customers in connection with the sale are included in net sales.
Income Taxes	In accordance with ASC No. 740, Income Taxes .
Reclassifications	Reclassifications Certain reclassifications of prior-year financial information presented herein for comparative purposes have been reclassified to conform with current-year presentation. The reclassifications had no impact on 2016 net income.
New Accounting Standards	New Accounting Standards Recently Adopted In April 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issue Costs 3,782,752 47,342 Issued Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. Current practice is primarily a risk and rewards based model, while the new standard introduces the concept of inventory control and satisfaction of performance obligations over time. We are currently assessing the impact that the new revenue recognition guidance may have on our Consolidated Financial Statements and disclosures by comparing our current revenue recognition policy with the requirements of the new standard. It is possible that our current practices may no longer be viable under the new revenue recognition guidance. The guidance also requires a number of disclosures regarding the nature, amount, timing and uncertainty of revenue and the related cash flows. The guidance can be applied retrospectively to each prior reporting period presented (full retrospective method) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The guidance is effective for annual reporting periods beginning on or after December 15, 2017. We do not plan to early adopt the standard. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606 Revenue from Contracts with Customers, Narrow Scope Improvements and Practical Expedients In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory, In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting, In February 2016, the FASB issued ASU 2016-02, Leases In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, .

SIGNIFICANT ACCOUNTING POLICI27

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
Schedule of selling, general, and administrative expenses	2017 2016 Salaries and related expenses $ 2,795,376 $ 2,234,830 Professional fees 1,008,223 597,833 Other general and administrative 533,388 552,346 Total Selling, General and Administrative $ 4,336,987 $ 3,385,009

PROPERTY, PLANT AND EQUIPMENT28

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2017
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of components of property, plant and equipment, net	2017 2016 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 8,601,199 8,418,243 Construction in progress 487,331 — Equipment under capital leases 54,376 65,568 Total property, plant and equipment 12,505,927 11,846,832 Less: accumulated depreciation (7,593,725) (7,032,648) Total property, plant and equipment, net $ 4,912,202 $ 4,814,184

COSTS INCURRED ON UNCOMPLETED29

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Tables)	12 Months Ended
	Mar. 31, 2017
COSTS INCURRED ON UNCOMPLETED CONTRACTS
Schedule of costs incurred on uncompleted contracts	2017 2016 Cost incurred on uncompleted contracts, beginning balance $ 5,491,605 $ 4,068,488 Total cost incurred on contracts during the year 12,501,752 12,783,323 Less cost of sales, during the year (12,454,542) (11,360,206) Cost incurred on uncompleted contracts, ending balance $ 5,538,815 $ 5,491,605 Billings on uncompleted contracts, beginning balance $ 3,095,963 $ 2,060,244 Plus: Total billings incurred on contracts, during the year 18,896,305 17,889,671 Less: Contracts recognized as revenue, during the year (18,550,674) (16,853,952) Billings on uncompleted contracts, ending balance $ 3,441,594 $ 3,095,963 Cost incurred on uncompleted contracts, ending balance $ 5,538,815 $ 5,491,605 Billings on uncompleted contracts, ending balance 3,441,594 3,095,963 Costs incurred on uncompleted contracts, in excess of progress billings $ 2,097,221 $ 2,395,642

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2017
OTHER CURRENT ASSETS
Schedule of other current assets	2017 2016 Payments advanced to suppliers $ 107,591 $ 182,305 Prepaid insurance 229,132 236,300 Collateral deposits — 85,252 Other 85,373 26,951 Total $ 422,096 $ 530,808

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2017
OTHER NONCURRENT ASSETS
Schedule of other noncurrent assets	2017 2016 Assets held for sale $ 100,000 $ 123,900 Prepaid loan costs — 52,444 Total $ 100,000 $ 176,344

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2017
ACCRUED EXPENSES
Schedule of accrued expenses	2017 2016 Accrued compensation $ 568,766 $ 872,114 Provision for contract losses 148,699 464,785 Accrued interest expense 9,155 296,344 Accrued professional fees 142,648 117,981 Other 24,147 53,261 Total $ 893,415 $ 1,804,485

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Mar. 31, 2017
DEBT
Schedule of outstanding debt obligations	2017 2016 Commerce Term Loan due January 2022 $ 2,828,844 $ — People’s Equipment Loan Facility due April 2021 2,884,982 — Utica Credit Loan Note due November 2018 — 2,459,259 Revere Term Loan and Notes due January 2018 — 2,250,000 Obligations under capital leases 67,353 26,599 Total debt $ 5,781,179 $ 4,735,858 Less: debt issue costs unamortized $ 188,977 $ 47,342 Total debt, net $ 5,592,202 $ 4,688,516 Less: Current portion of long-term debt $ 717,481 $ 953,106 Total long-term debt, net $ 4,874,721 $ 3,735,410

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2017
INCOME TAXES
Schedule of income (loss) from continuing operations by location	2017 2016 U.S. operations $ 2,268,906 $ 1,409,487 Foreign operations (23,056) (51,801) Income from operations before tax 2,245,850 1,357,686 Income tax benefit (2,834,319) (768) Net income $ 5,080,169 $ 1,358,454
Schedule of components of income tax benefit	2017 2016 Current Federal $ 37,361 $ 9,032 State — (9,800) Total Current $ 37,361 $ (768) Deferred Federal (2,320,258) — State (551,422) — Total Deferred $ (2,871,680) $ (768) Income tax benefit $ (2,834,319) $ (768)
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate	2017 2016 Federal statutory income tax $ 763,589 $ 461,613 State income tax, net of federal benefit 41,603 (6,468) Change in valuation allowance (3,580,148) (485,846) Stock based compensation — 23,096 Other (59,363) 6,887 Income tax benefit $ (2,834,319) $ (768)
Summary of the components of deferred income tax assets and liabilities	2017 2016 Deferred Tax Assets: Compensation $ 162,571 $ 307,427 Loss on uncompleted contracts 58,409 180,521 Foreign currency translation adjustment 5,508 5,455 Other liabilities not currently deductible 364,569 265,455 Share based compensation awards 245,811 92,744 Net operating loss carryforward 4,093,968 4,950,542 Valuation allowance (1,537,726) (5,117,874) Total Deferred Tax Assets $ 3,393,110 $ 684,270 Deferred Tax Liabilities: Accelerated depreciation $ (521,430) $ (684,270) Total Deferred Tax Liabilities $ (521,430) $ (684,270) Net Deferred Tax Asset $ 2,871,680 $ —
Summary of carryforwards of net operating losses and tax credits	Begins to Amount Expire: Federal net operating losses $ 6,589,720 2026 Federal alternative minimum tax credits $ 122,578 Indefinite State net operating losses $ 26,022,238 2032

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2017
STOCK BASED COMPENSATION
Summary of information about options for the periods presented	Weighted Average Weighted Aggregate Remaining Number Of Average Intrinsic Contractual Life Options Exercise Price Value (in years) Outstanding at 3/31/2015 1,190,500 $ 1.049 $ 21,600 5.18 Granted 1,530,000 $ 0.110 Exercised (135,000) $ 0.080 Forfeited (187,000) $ 0.841 Outstanding at 3/31/2016 2,398,500 $ 0.711 $ 183,900 7.90 Granted 1,066,668 $ 0.516 250,000 Expired (440,000) $ 0.770 Forfeited (22,500) $ 0.912 Outstanding at 3/31/2017 3,002,668 $ 0.387 $ 1,246,600 5.72 Vested or expected to vest at 3/31/2017 3,002,668 $ 0.387 $ 1,246,600 5.72 Exercisable and vested at 3/31/2017 2,169,334 $ 0.434 $ 843,266 5.72
Summary of activity of stock options outstanding but not vested	Weighted Number of Average Options Exercise Price Outstanding at 3/31/2015 112,500 $ 0.664 Granted 1,530,000 $ 0.110 Forfeited (40,000) $ 0.670 Vested (574,166) $ 0.216 Outstanding at 3/31/2016 1,028,334 $ 0.117 Granted 1,066,668 $ 0.516 Forfeited (13,333) $ 0.670 Vested (1,248,335) $ 0.352 Outstanding at 3/31/2017 833,334 $ 0.266
Stock Based Compensation By Exercise Price Range	Weighted Average Remaining Weighted Weighted Options Contractual Average Options Average Range of Exercise Prices: Outstanding Term Exercise Price Exercisable Exercise Price $0.01-$1.00 2,821,668 6.40 $ 0.31 1,988,334 $ 0.33 $1.01-$1.96 181,000 3.28 $ 1.60 181,000 $ 1.60 Totals 3,002,668 2,169,334

CONCENTRATION OF CREDIT RISK 36

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables) - Customer Concentration Risk	12 Months Ended
	Mar. 31, 2017
Accounts Receivable
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	March 31, 2017 March 31, 2016 Customer Dollars Percent Dollars Percent A $ 961,463 51 % $ 834,501 41 % B $ 406,428 22 % $ 315,699 16 % C $ 187,410 10 % $ * * % D $ * * % $ 225,415 11 % *less than 10% of total
Net sales
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	March 31, 2017 March 31, 2016 Customer Dollars Percent Dollars Percent A $ 7,515,795 41 % $ 3,519,258 21 % B $ 2,324,504 13 % $ 2,958,232 18 % C $ 2,166,171 12 % $ * * % D $ * * % $ 1,802,148 11 % *less than 10% of total

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	12 Months Ended
	Mar. 31, 2017
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, 2017 2016 Basic EPS Net Income $ 5,080,169 $ 1,358,454 Weighted average shares 27,908,155 26,392,514 Basic Income per share $ 0.18 $ 0.05 Diluted EPS Net Income $ 5,080,169 $ 1,358,454 Dilutive effect of stock options 702,919 180,223 Diluted weighted average shares 28,611,074 26,572,737 Diluted Income per share $ 0.18 $ 0.05

SELECTED QUARTERLY INFORMATIO38

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2017
SELECTED QUARTERLY INFORMATION (UNAUDITED)
Schedule of unaudited quarterly data	First Second Third Fourth (in thousands, except for per share data) Quarter Quarter Quarter Quarter Year ended March 31, 2017 Net Sales $ 4,644 $ 3,656 $ 5,319 $ 4,931 Gross Profit $ 1,535 $ 1,474 $ 2,052 $ 1,035 Net Income $ 445 $ 546 $ 992 $ 3,097 Basic Income per share $ 0.02 $ 0.02 $ 0.03 $ 0.11 Diluted Income per share $ 0.02 $ 0.02 $ 0.03 $ 0.11 Year ended March 31, 2016 Net Sales $ 4,374 $ 4,103 $ 3,507 $ 4,869 Gross Profit $ 1,283 $ 1,408 $ 1,072 $ 1,731 Net Income $ 206 $ 255 $ 12 $ 885 Basic Income per share $ 0.01 $ 0.01 $ 0.00 $ 0.03 Diluted Income per share $ 0.01 $ 0.01 $ 0.00 $ 0.03

SIGNIFICANT ACCOUNTING POLICI39

SIGNIFICANT ACCOUNTING POLICIES - Cash, Accounts Receivables, and PP&E (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash and cash equivalents
Cash deposit with a large national China-based bank	$ 14,805	$ 8,115
Property, plant and equipment, net
Interest cost capitalized	7,158
Derivative Financial Instruments
Long-term Debt and Capital Lease Obligations	$ 4,874,721	3,735,410
Debt Issuance Costs, Noncurrent, Net		$ 47,342
Machinery and equipment | Minimum
Property, plant and equipment, net
Estimated useful lives	5 years
Machinery and equipment | Maximum
Property, plant and equipment, net
Estimated useful lives	15 years
Buildings
Property, plant and equipment, net
Estimated useful lives	30 years
Leasehold improvements | Minimum
Property, plant and equipment, net
Estimated useful lives	2 years
Leasehold improvements | Maximum
Property, plant and equipment, net
Estimated useful lives	5 years

SIGNIFICANT ACCOUNTING POLICI40

SIGNIFICANT ACCOUNTING POLICIES - Derivatives, R&D, SG&A, Stock Based Compensation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Research and Development
Expense in connection with the design and development of certain pre-production prototypes and models	$ 0	$ 0
Selling, General, and Administrative
Salaries and related expenses	2,795,376	2,234,830
Professional fees	1,008,223	597,833
Other general and administrative	533,388	552,346
Total Selling, General and Administrative	4,336,987	3,385,009
Stock Based Compensation
Stock based compensation cost	$ 1,164,221	$ 88,041

PROPERTY, PLANT AND EQUIPMENT41

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment, Net
Total property, plant and equipment	$ 12,505,927	$ 11,846,832
Less: accumulated depreciation	(7,593,725)	(7,032,648)
Total property, plant and equipment, net	4,912,202	4,814,184
Depreciation expense	689,293	747,553
Interest Costs Capitalized	7,158
LED Lighting Project
Capital incentive grant		146,000
Financing component of LED lighting grant		58,064
Proceeds from lighting project grant	0	204,064
LED Lighting		58,064
Land
Property, Plant and Equipment, Net
Total property, plant and equipment	110,113	110,113
Building and improvements
Property, Plant and Equipment, Net
Total property, plant and equipment	3,252,908	3,252,908
Machinery equipment, furniture and fixtures
Property, Plant and Equipment, Net
Total property, plant and equipment	8,601,199	8,418,243
Equipment under capital leases
Property, Plant and Equipment, Net
Total property, plant and equipment	54,376	65,568
Less: accumulated depreciation	(2,719)	(42,443)
Construction in Progress [Member]
Property, Plant and Equipment, Net
Total property, plant and equipment	$ 487,331	$ 0

COSTS INCURRED ON UNCOMPLETED42

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Cost incurred on uncompleted contracts
Cost incurred on uncompleted contracts, beginning balance				$ 5,491,605				$ 4,068,488	$ 5,491,605	$ 4,068,488
Total cost incurred on contracts during the year									12,501,752	12,783,323
Less cost of sales, during the year									(12,454,542)	(11,360,206)
Cost incurred on uncompleted contracts, ending balance	$ 5,538,815				$ 5,491,605				5,538,815	5,491,605
Billings on uncompleted contracts
Billings on uncompleted contracts, beginning balance				3,095,963				2,060,244	3,095,963	2,060,244
Plus: Total billings incurred on contracts, during the year									18,896,305	17,889,671
Less: Contracts recognized as revenue, during the year	(4,931,000)	$ (5,319,000)	$ (3,656,000)	(4,644,000)	(4,869,000)	$ (3,507,000)	$ (4,103,000)	(4,374,000)	(18,550,674)	(16,853,952)
Billings on uncompleted contracts, ending balance	3,441,594				3,095,963				3,441,594	3,095,963
Cost incurred on uncompleted contracts
Cost incurred on uncompleted contracts, ending balance	5,538,815			5,491,605	5,491,605			4,068,488	5,491,605	5,491,605	$ 5,538,815	$ 5,491,605
Billings on uncompleted contracts, ending balance	$ 3,441,594			$ 3,095,963	$ 3,095,963			$ 2,060,244	$ 3,095,963	$ 3,095,963	3,441,594	3,095,963
Costs incurred on uncompleted contracts, in excess of progress billings											2,097,221	2,395,642
Billings in excess of costs											$ 642,831	$ 1,629,018

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Payments advanced to suppliers	$ 107,591	$ 182,305
Prepaid insurance	229,132	236,300
Collateral deposits	0	85,252
Other	85,373	26,951
Total	$ 422,096	$ 530,808

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Noncurrent Assets [Line Items]
Assets held for sale	$ 100,000	$ 123,900
Prepaid loan costs	0	52,444
Total	100,000	176,344
Inventory Write-down	43,900
Assets Held-for-sale, Not Part of Disposal Group	100,000	123,900
Machinery And Equipment [Member]
Other Noncurrent Assets [Line Items]
Assets held for sale	100,000	123,900
Assets Held-for-sale, Not Part of Disposal Group	100,000	$ 123,900
Other Machinery and Equipment [Member]
Other Noncurrent Assets [Line Items]
Assets held for sale	20,000
Assets Held-for-sale, Not Part of Disposal Group	$ 20,000

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Accrued Expenses
Accrued compensation	$ 568,766	$ 872,114
Provision for contract losses	148,699	464,785
Accrued interest expense	9,155	296,344
Accrued professional fees	142,648	117,981
Other	24,147	53,261
Total	$ 893,415	1,804,485
Provision for estimated customer purchase agreement losses		$ 500,000

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Long-term Debt
Total debt	$ 5,781,179	$ 4,735,858
Less: debt issue costs unamortized	188,977	47,342
Total debt, net	5,592,202	4,688,516
Less: Current portion of long-term debt	717,481	953,106
Total long-term debt, net	4,874,721	3,735,410
Commerce Term Loan Due January 2022
Long-term Debt
Total debt	2,828,844	0
Peoples Equipment Loan Facility Due April 2021
Long-term Debt
Total debt	2,884,982	0
Utica Credit Loan Note due November 2018
Long-term Debt
Total debt	0	2,459,259
Revere Term Loan and Notes due January 2018
Long-term Debt
Total debt	0	2,250,000
Obligations under capital leases
Long-term Debt
Total debt	$ 67,353	$ 26,599

DEBT - Commerce Bank & Trust Co

DEBT - Commerce Bank & Trust Company Loan Facility (Details)	Dec. 21, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		$ 5,781,179	$ 4,735,858
Debt Issuance Costs, Net		$ 188,977	$ 47,342
Commerce Loan Agreement
Debt Instrument [Line Items]
Debt Instrument Debt Service Coverage Ratio Threshold		1.2
Debt Instrument Covenant Leverage Ratio Year One		3.50
Debt Instrument Covenant Leverage Ratio Year Two		3
Debt Instrument Covenant Leverage Ratio Year Three And Thereafter		2.50
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year One		$ 1,000,000
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Two		2,500,000
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Three		2,500,000
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Four And Thereafter		$ 1,500,000
Debt Instrument Covenant Loan To Value Ratio		0.75
Debt Instrument Covenant Trailing Period For Measurement Of Loan To Value Ratio		365 days
Portion Of Proceeds From Issuance Of Long Term Debt Allocated To Corporate Expenses	$ 426,467
Debt Issuance Costs, Net		$ 77,198
Debt Instrument Covenant Leverage Ratio		1
Debt Instrument, Debt Service Coverage Ratio		2.86
Commerce Loan Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Amount Of Borrowing Base Required To Grant Loan Advance	$ 1,000,000
Debt Instrument Percentage Of Accounts Receivable Used For Determination Of Aggregate Amount Of Advances	80.00%
Debt Instrument Percentage Of Eligible Raw Material Used For Determination Of Aggregate Amount Of Advances	25.00%
Amount Included In Sum To Calculate Maximum Borrowing Base	$ 250,000
Debt Instrument, Description of Variable Rate Basis	one-month LIBOR plus 275 basis points
Debt and Capital Lease Obligations	$ 0
Commerce Loan Agreement | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Term	60 months
Debt Instrument, Periodic Payment	$ 19,260
Debt Instrument Prepayment Period	45 days
Debt Instrument, Interest Rate, Stated Percentage	5.21%
Commerce Loan Agreement | Ranor, Inc.
Debt Instrument [Line Items]
Debt Instrument Event Of Default Excess Of Indebtedness	$ 100,000
Debt Instrument Event Of Default In Excess Of Entry Of Judgment	150,000
Commerce Loan Agreement | Ranor, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount	2,850,000
Commerce Loan Agreement | Ranor, Inc. | Secured Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000
Revere Term Loan and Notes due January 2018
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 2,394,875

DEBT - People's Capital and Lea

DEBT - People's Capital and Leasing Corp. Equipment Loan Facility (Details)	Oct. 04, 2016USD ($)	Apr. 26, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net			$ 188,977	$ 47,342
Repayments of long-term capital lease obligations			1,187
Lease payment until expire			$ 720
People's Capital and Leasing Corp
Debt Instrument [Line Items]
Debt Instrument, Debt Service Coverage Ratio			2.86
LSA
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 2,653,353
MLSA | People's Capital and Leasing Corp
Debt Instrument [Line Items]
Debt Instrument Debt Service Coverage Ratio Threshold		1.5
Debt Instrument, Debt Service Coverage Ratio				1.82
Debt Instrument, Holdback of Debt Amount		$ 182,763
Debt Issuance Costs, Net			$ 111,778
MLSA | People's Capital and Leasing Corp | Ranor, Inc.
Debt Instrument [Line Items]
Portion Of Proceeds From Issuance Of Long Term Debt Allocated To Corporate Expenses		$ 175,532
MLSA | People's Capital and Leasing Corp | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 365,852
Debt Instrument, Term	60 months	60 months
Debt Instrument, Interest Rate, Stated Percentage		7.90%
Debt Instrument, Periodic Payment		$ 60,921
Debt Instrument, Prepayment Penalty, Term		4 years
Repayments of Long-term Debt	$ 7,399
MLSA | People's Capital and Leasing Corp | Secured Term Loan | Ranor, Inc.
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 3,011,648

DEBT - Term Loan and Security A

DEBT - Term Loan and Security Agreement (Details) - TLSA - USD ($)	1 Months Ended
	Jan. 22, 2016	Dec. 22, 2014	Mar. 31, 2016	Dec. 31, 2015
Debt
Minimum cash balance requirement			$ 786,212
Minimum
Debt
Minimum cash balance requirement			640,000
Maximum
Debt
Minimum cash balance requirement			$ 1,000,000
Ranor, Inc. | Revere Term Loan and Notes due January 2018
Debt
Aggregate principal amount		$ 2,250,000
Ranor, Inc. | First Term Loan Note
Debt
Aggregate principal amount		$ 1,500,000
Interest rate (as a percent)		12.00%
Ranor, Inc. | Second Loan Note
Debt
Aggregate principal amount		$ 750,000
Interest rate (as a percent)		12.00%
Ranor, Inc. | Modification Agreement
Debt
Exit fee				$ 67,500
Ranor, Inc. | Second Modification Agreement
Debt
Interest rate (as a percent)	10.00%
Periodic payment of principal and accrued interest	$ 9,375
Ranor, Inc. | Loan agreement with bank | Interest Rate Swap
Debt
Breakage fee		$ 217,220
Ranor, Inc. | Bonds financing
Debt
Repayment of debt		$ 1,450,000

DEBT - Loan and Security Agreem

DEBT - Loan and Security Agreement (Details) - LSA - USD ($)	1 Months Ended
	May 30, 2014	Mar. 31, 2016
Debt
Fees and associated costs	$ 240,000
Loan proceeds retained for general corporate purposes	1,270,000
Loan agreement with bank
Debt
Repayment of debt	2,650,000
Ranor, Inc.
Debt
Maximum amount of debt that can be defaulted	5,000
Ranor, Inc. | Utica Credit Loan Note due November 2018
Debt
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
Effective interest rate at end of period (as a percent)		10.80%

DEBT - Capital Lease (Details)

DEBT - Capital Lease (Details) - USD ($)	1 Months Ended
	Jan. 31, 2017	Mar. 31, 2017
Maturities of the long-term debt, including the capital lease
2,018		$ 717,481
2,019		799,744
2,020		811,896
2,021		935,893
2,022		$ 2,516,165
Long-term obligations under capital leases
Debt
Capital lease term	60 months
Capital lease interest rate (as a percent)	7.90%
Capital lease monthly payment	$ 1,169

INCOME TAXES - Income Tax Benef

INCOME TAXES - Income Tax Benefit and Reconciliation to Federal Statutory Tax Rate (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
INCOME TAXES
Income (loss) from operations before tax									$ 2,245,850	$ 1,357,686
Income tax benefit									(2,834,319)	(768)
Net income	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ 885,000	$ 12,000	$ 255,000	$ 206,000	5,080,169	1,358,454
Current
Federal									37,361	9,032
State									0	(9,800)
Total Current									37,361	(768)
Deferred
Federal									(2,320,258)	0
State									(551,422)	0
Total Deferred									(2,871,680)	0
Income tax benefit									(2,834,319)	(768)
U.S. operations
INCOME TAXES
Income (loss) from operations before tax									2,268,906	1,409,487
Foreign operations
INCOME TAXES
Income (loss) from operations before tax									$ (23,056)	$ (51,801)

INCOME TAXES - U.S. Federal Sta

INCOME TAXES - U.S. Federal Statutory Rate To Actual Tax Benefit For Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax [Line Items]
Federal statutory income tax	$ 763,589	$ 461,613
State income tax, net of federal benefit	41,603	(6,468)
Change in valuation allowance	(3,580,148)	(485,846)
Stock based compensation	0	23,096
Other	(59,363)	6,887
Income tax benefit	$ (2,834,319)	$ (768)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2016
Deferred Tax Assets:
Compensation	$ 162,571	$ 307,427
Loss on uncompleted contracts	58,409	180,521
Foreign currency translation adjustment	5,508	5,455
Other liabilities not currently deductible	364,569	265,455
Share based compensation awards	245,811	92,744
Net operating loss carryforward	4,093,968	4,950,542
Valuation allowance	(1,537,726)	(5,117,874)
Total Deferred Tax Assets	3,393,110	684,270
Deferred Tax Liabilities:
Accelerated depreciation	(521,430)	(684,270)
Total Deferred Tax Liabilities	(521,430)	(684,270)
Net Deferred Tax Asset	$ 2,871,680	$ 0

INCOME TAXES - Carryforwards an

INCOME TAXES - Carryforwards and Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in unrecognized tax benefits
Deferred Tax Assets, Valuation Allowance	$ 1,537,726	$ 5,117,874
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	3,600,000
Valuation Allowance, Operating Loss Carryforwards [Member]
Changes in unrecognized tax benefits
Deferred Tax Assets, Valuation Allowance	1,500,000
Tax Years 2007 to Current
Carryforwards of net operating losses and tax credits
Net operating losses	5,400,000
State
Carryforwards of net operating losses and tax credits
Net operating losses	26,022,238
Federal
Carryforwards of net operating losses and tax credits
Net operating losses	6,589,720
Alternative minimum tax credits	122,578
Ranor, Inc. | Tax Years 2006 And Prior
Carryforwards of net operating losses and tax credits
Net operating losses	$ 1,200,000

PROFIT SHARING PLAN (Details)

PROFIT SHARING PLAN (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
PROFIT SHARING PLAN
Matching contributions made by the company		$ 61,302
Ranor, Inc.
PROFIT SHARING PLAN
Eligibility for employer matching contributions, period of service	90 days
Matching contributions made by the company	$ 82,189

CAPITAL STOCK (Details)

CAPITAL STOCK (Details)	1 Months Ended	12 Months Ended
	Sep. 24, 2015shares	Mar. 31, 2017$ / sharesshares	Mar. 31, 2016shares
Capital stock
Preferred stock, shares authorized		10,000,000	10,000,000
Number of authorized common shares		90,000,000	90,000,000
Number of outstanding common shares		28,824,593	27,324,593
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) | $ / shares		$ 0.218
Shares converted into common stock	1,927,508		1,927,508
Number of shares of common stock issued for converted preferred stock	2,519,635		2,519,635
Shares outstanding		0	0

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary (Details) - USD ($)	Aug. 12, 2015	Dec. 27, 2016	Jan. 21, 2016	Jul. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 08, 2016
Share based compensation
Options granted (in shares)					1,066,668	1,530,000
Exercise price of shares granted (in dollars per share)					$ 0.516	$ 0.110
Assumption used in valuation of stock options
Yield term of U.S. Treasury issues on which risk free interest rate is based					5 years
Volatility rate, minimum (as a percent)					110.20%
Volatility rate, maximum (as a percent)					123.80%
Risk free interest rate, minimum (as a percent)					1.93%
Risk free interest rate, maximum (as a percent)					2.07%
Fair value of shares vested					$ 439,835
Stock based compensation cost					$ 1,164,221	$ 88,041
2016 Plan
Assumption used in valuation of stock options
Shares reserved							5,000,000
Shares available for grant					1,997,332
2006 Plan
Assumption used in valuation of stock options
Shares underlying awards outstanding							1,958,500
Minimum
Assumption used in valuation of stock options
Expected term					2 years
Maximum
Assumption used in valuation of stock options
Expected term					6 years
Maximum | 2016 Plan
Assumption used in valuation of stock options
Shares available for grant							5,000,000
Chief Executive Officer
Share based compensation
Options granted (in shares)	1,000,000
Exercise price of shares granted (in dollars per share)	$ 0.08
Chief Executive Officer | 2016 Plan
Assumption used in valuation of stock options
Options exercisable, number of shares		1,000,000
Exercise price (in dollars per share)		$ 0.50
Fair value of options					$ 418,995
Stock based compensation cost					314,350
Unrecognized compensation cost related to stock options					$ 133,117
Chief Executive Officer | 2016 Plan | Awards vesting immediately
Assumption used in valuation of stock options
Options exercisable, number of shares		666,667
Chief Executive Officer | 2016 Plan | Awards expected to vest on December 27,2017
Assumption used in valuation of stock options
Options exercisable, number of shares		333,333
Chief Executive Officer | 2006 Plan
Assumption used in valuation of stock options
Remaining weighted average contract life		9 years
Chief Financial Officer
Share based compensation
Options granted (in shares)			500,000
Exercise price of shares granted (in dollars per share)			$ 0.17
Members of board
Share based compensation
Options granted (in shares)				30,000	66,668
Exercise price of shares granted (in dollars per share)				$ 0.10	$ 0.75
Assumption used in valuation of stock options
Fair value of shares vested					$ 24,350

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Intrinsic value of options exercised		$ 10,800
Fair value of shares vested	$ 439,835
Number Of Options
Outstanding at the beginning of the period (in shares)	2,398,500	1,190,500
Granted (in shares)	1,066,668	1,530,000
Exercised (in shares)		(135,000)
Expired (in shares)	(440,000)
Forfeited (in shares)	(22,500)	(187,000)
Outstanding at the end of the period (in shares)	3,002,668	2,398,500	1,190,500
Vested or expected to vest at the end of the period (in shares)	3,002,668
Exercisable and vested at the end of the period (in shares)	2,169,334
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.711	$ 1.049
Granted (in dollars per share)	0.516	0.110
Exercised (in dollars per share)		0.080
Expired (in dollars per share)	0.770
Forfeited (in dollars per share)	0.912	0.841
Outstanding at the end of the period (in dollars per share)	0.387	$ 0.711	$ 1.049
Vested or expected to vest at the end of the period (in dollars per share)	0.387
Exercisable and vested at the end of the period (in dollars per share)	$ 0.434
Aggregate Intrinsic Value
Outstanding at the beginning of the period	$ 183,900	$ 21,600
Granted (in values)	250,000
Outstanding at the end of the period	1,246,600	$ 183,900	$ 21,600
Vested or expected to vest at the end of the period	1,246,600
Exercisable and vested at the end of the period	$ 843,266
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	5 years 8 months 19 days	7 years 10 months 24 days	5 years 2 months 5 days
Vested or expected to vest at the end of the period	5 years 8 months 19 days
Exercisable and vested at the end of the period	5 years 8 months 19 days

STOCK BASED COMPENSATION - St60

STOCK BASED COMPENSATION - Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock options outstanding but not vested, Number of Options
Outstanding at the beginning of the period (in shares)	1,028,334	112,500
Granted (in shares)	1,066,668	1,530,000
Forfeited (in shares)	(13,333)	(40,000)
Vested (in shares)	(1,248,335)	(574,166)
Outstanding at the end of the period (in shares)	833,334	1,028,334
Stock options outstanding but not vested, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.117	$ 0.664
Granted (in dollars per share)	0.516	0.110
Forfeited (in dollars per share)	0.670	0.670
Vested (in dollars per share)	0.352	0.216
Outstanding at the end of the period (in dollars per share)	$ 0.266	$ 0.117

STOCK BASED COMPENSATION - St61

STOCK BASED COMPENSATION - Stock Options Outstanding By Exercise Price (Details)	12 Months Ended
	Mar. 31, 2017$ / sharesshares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	3,002,668
Options Exercisable | shares	2,169,334
Range One
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 1
Options Outstanding | shares	2,821,668
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 0.31
Options Exercisable | shares	1,988,334
Options Exercisable, Weighted Average Exercise Price	$ 0.33
Range Two
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	1.01
Exercise Price, Upper Range	$ 1.96
Options Outstanding | shares	181,000
Options Outstanding, Weighted Average Remaining Contractual Term	3 years 3 months 11 days
Options Outstanding, Weighted Average Exercise Price	$ 1.6
Options Exercisable | shares	181,000
Options Exercisable, Weighted Average Exercise Price	$ 1.6

STOCK BASED COMPENSATION - Rest

STOCK BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted Stock Units (RSUs) [Member]	Nov. 10, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	780,000
Leonard Anthony [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	600,000
Philip A. Dur [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	250,000
Michael R. Holly [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	250,000
Robert G. Isaman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	200,000
Andrew A. Levy [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	200,000

CONCENTRATION OF CREDIT RISK 63

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) - USD ($)	3 Months Ended										12 Months Ended
	Mar. 31, 2017		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017		Mar. 31, 2016
Concentration of credit risk and major customers
Accounts receivable	$ 1,870,672					$ 2,022,480					$ 1,870,672		$ 2,022,480
Net sales	4,931,000		$ 5,319,000	$ 3,656,000	$ 4,644,000	4,869,000		$ 3,507,000	$ 4,103,000	$ 4,374,000	$ 18,550,674		16,853,952
Accounts Receivable | Customer Concentration Risk
Concentration of credit risk and major customers
Number of major customers											3
Concentration risk percentage											83.00%
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Accounts receivable	961,463					834,501					$ 961,463		$ 834,501
Concentration risk percentage											51.00%		41.00%
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Accounts receivable	406,428					315,699					$ 406,428		$ 315,699
Concentration risk percentage											22.00%		16.00%
Accounts Receivable | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Accounts receivable	187,410						[1]				$ 187,410			[1]
Concentration risk percentage											10.00%			[1]
Accounts Receivable | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Accounts receivable		[1]				$ 225,415						[1]	$ 225,415
Concentration risk percentage												[1]	11.00%
Net sales | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Net sales											$ 7,515,795		$ 3,519,258
Concentration risk percentage											41.00%		21.00%
Net sales | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Net sales											$ 2,324,504		$ 2,958,232
Concentration risk percentage											13.00%		18.00%
Net sales | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Net sales											$ 2,166,171			[1]
Concentration risk percentage											12.00%			[1]
Net sales | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Net sales												[1]	$ 1,802,148
Concentration risk percentage												[1]	11.00%
[1]	less than 10% of total

COMMITMENTS (Details)

COMMITMENTS (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2016ft²	Mar. 31, 2017USD ($)ft²	Mar. 31, 2016USD ($)
Commitments
Rent expense for operating lease		$ 3,738	$ 21,206
Future minimum lease payments for property and equipment under non-cancellable operating leases
Future minimum lease payments required under non-cancellable operating leases		1,983
Contractual commitments
Purchase obligations outstanding to purchase raw materials and supplies at fixed prices		900,000
Employment agreements
Aggregate annual commitment for future executive salaries during the next fiscal year		800,000
Aggregate commitment for vacation and holiday pay for non-executive employees		$ 400,000
GPX Wayne
Commitments
Area of land leased (in square feet) | ft²	1,100
Wuxi, China
Commitments
Area of land leased (in square feet) | ft²		1,000
Annual rental cost		$ 4,000

CLAIM ASSIGNMENT SETTLEMENT (De

CLAIM ASSIGNMENT SETTLEMENT (Details) - USD ($)	Nov. 08, 2016	Dec. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Apr. 21, 2015	Apr. 17, 2015
Claim Assignment Settlement
Gain (Loss) on Sale of Accounts Receivable		$ 1,122,287	$ 1,122,287	$ 0
Ranor, Inc. | Assignment of Claim Agreement
Claim Assignment Settlement
Unsecured claim sold and assigned						$ 3,740,956
Ranor, Inc. | Assignment of Claim Agreement | Maximum
Claim Assignment Settlement
Additional amount to be received from the sale and assignment of unsecured claim						$ 614,452
Ranor, Inc. | Assignment of Claim Agreement | Current Liabilities
Claim Assignment Settlement
Initial amount received from the sale and assignment of unsecured claim					$ 507,835
Ranor, Inc. | Citigroup Financial Products Inc | Assignment of Claim Agreement
Claim Assignment Settlement
Proceeds received from the sale and assignment of unsecured claim	$ 614,452

EARNINGS PER SHARE (EPS) (Detai

EARNINGS PER SHARE (EPS) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Basic EPS
Net Income	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ 885,000	$ 12,000	$ 255,000	$ 206,000	$ 5,080,169	$ 1,358,454
Weighted average shares									27,908,155	26,392,514
Basic Income per share (in dollars per share)	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0	$ 0.01	$ 0.01	$ 0.18	$ 0.05
Diluted EPS
Net Income	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ 885,000	$ 12,000	$ 255,000	$ 206,000	$ 5,080,169	$ 1,358,454
Dilutive effect of stock options									702,919	180,223
Diluted weighted average shares									28,611,074	26,572,737
Diluted Income per share (in dollars per share)	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0	$ 0.01	$ 0.01	$ 0.18	$ 0.05
Antidilutive securities excluded from computation of earnings per share amount (in shares)									1,472,668	1,368,500

SELECTED QUARTERLY INFORMATIO67

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2017	Mar. 31, 2016
Unaudited quarterly data
Net Sales	$ 4,931,000	$ 5,319,000	$ 3,656,000	$ 4,644,000	$ 4,869,000	$ 3,507,000	$ 4,103,000	$ 4,374,000	$ 18,550,674	$ 16,853,952
Gross Profit	1,035,000	2,052,000	1,474,000	1,535,000	1,731,000	1,072,000	1,408,000	1,283,000	6,096,132	5,493,746
Net Income	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ 885,000	$ 12,000	$ 255,000	$ 206,000	$ 5,080,169	$ 1,358,454
Basic Income per share (in dollars per share)	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0	$ 0.01	$ 0.01	$ 0.18	$ 0.05
Diluted Income per share (in dollars per share)	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ 0.03	$ 0	$ 0.01	$ 0.01	$ 0.18	$ 0.05