TechPrecision (TPCS) 10-K 28 Jun 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2018	Jun. 01, 2018	Sep. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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			$ 16.3
Trading Symbol	TPCS
Entity Common Stock, Shares Outstanding		28,824,593

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 2,689,110	$ 3,066,156
Accounts receivable, net	1,794,878	1,870,672
Costs incurred on uncompleted contracts, in excess of progress billings	1,885,748	2,097,221
Inventories - raw materials	202,737	141,792
Other current assets	450,540	422,096
Total current assets	7,023,013	7,597,937
Property, plant and equipment, net	5,202,448	4,912,202
Deferred income taxes	2,046,298	2,871,680
Other noncurrent assets, net	6,860	100,000
Total assets	14,278,619	15,481,819
Current liabilities:
Accounts payable	345,705	365,308
Accrued expenses	788,084	893,415
Billings on uncompleted contracts, in excess of related costs	180,706	642,831
Current portion of long-term debt	766,354	717,481
Total current liabilities	2,080,849	2,619,035
Long-term debt, including capital leases	4,185,274	4,874,721
Noncurrent accrued expenses	0	17,742
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, 2018 and March 31, 2017	2,882	2,882
Additional paid in capital	8,561,995	8,258,820
Accumulated other comprehensive income	24,236	19,328
Accumulated deficit	(576,617)	(310,709)
Total stockholders’ equity	8,012,496	7,970,321
Total liabilities and stockholders’ equity	$ 14,278,619	$ 15,481,819

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
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	28,824,593
Common stock, shares outstanding	28,824,593	28,824,593

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 18,729,994	$ 18,550,674
Cost of sales	14,753,693	12,454,542
Gross profit	3,976,301	6,096,132
Selling, general and administrative	3,009,002	4,336,987
Gain from claims assignment settlement	0	(1,122,287)
Income from operations	967,299	2,881,432
Other income	4,267	8,439
Interest expense	(412,988)	(644,021)
Total other expense, net	(408,721)	(635,582)
Income before income taxes	558,578	2,245,850
Income tax expense (benefit)	824,486	(2,834,319)
Net (loss) income	(265,908)	5,080,169
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	4,908	(2,240)
Tax expense (benefit)	0	0
Other comprehensive income (loss), net of tax	4,908	(2,240)
Comprehensive (loss) income	$ (261,000)	$ 5,077,929
Net (loss) income per share (basic)	$ (0.01)	$ 0.18
Net (loss) income per share (diluted)	$ (0.01)	$ 0.18
Weighted average number of shares outstanding (basic)	28,824,593	27,908,155
Weighted average number of shares outstanding (diluted)	28,824,593	28,611,074

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Mar. 31, 2016	$ 1,728,171	$ 2,732	$ 7,094,749	$ 21,568	$ (5,390,878)
Balance (in shares) at Mar. 31, 2016		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 (loss)	5,080,169				5,080,169
Foreign currency translation adjustment, net of tax expense ($0)	(2,240)			(2,240)
Balance at Mar. 31, 2017	7,970,321	$ 2,882	8,258,820	19,328	(310,709)
Balance (in shares) at Mar. 31, 2017		28,824,593
Share based compensation	303,175		303,175
Net income (loss)	(265,908)				(265,908)
Foreign currency translation adjustment, net of tax expense ($0)	4,908			4,908
Balance at Mar. 31, 2018	$ 8,012,496	$ 2,882	$ 8,561,995	$ 24,236	$ (576,617)
Balance (in shares) at Mar. 31, 2018		28,824,593

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive income (loss), tax benefit	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (265,908)	$ 5,080,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	704,284	689,293
Amortization of debt issue costs	70,041	101,280
Loss on disposal of equipment	20,000	62,140
Stock based compensation expense	303,175	1,164,221
Change in contract losses	52,197	(304,465)
Deferred income taxes	825,382	(2,871,680)
Gain from claims assignment settlement - noncash portion	0	(507,835)
Changes in operating assets and liabilities:
Accounts receivable	75,794	151,808
Costs incurred on uncompleted contracts, in excess of related billings	211,473	298,421
Inventories - raw materials	(60,945)	(13,197)
Other current assets	(28,443)	108,692
Other noncurrent assets and liabilities	(17,742)	7,978
Accounts payable	(19,603)	(630,757)
Accrued expenses	(151,401)	(611,076)
Accrued taxes payable	0	(9,032)
Billings on uncompleted contracts, in excess of related costs	(462,125)	(986,187)
Net cash provided by operating activities	1,256,179	1,729,773
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(994,530)	(787,808)
Proceeds from sale of equipment	80,000	0
Net cash used in investing activities	(914,530)	(787,808)
CASH FLOWS FROM FINANCING ACTIVITIES
Deferred loan costs	0	(198,449)
Borrowings of long-term debt	0	6,227,500
Repayment of capital lease obligation	(19,940)	(13,684)
Repayment of long-term debt	(697,536)	(5,222,933)
Net cash (used in) provided by financing activities	(717,476)	792,434
Effect of exchange rate on cash and cash equivalents	(1,219)	(409)
Net (decrease) increase in cash and cash equivalents	(377,046)	1,733,990
Cash and cash equivalents, beginning of period	3,066,156	1,332,166
Cash and cash equivalents, end of period	2,689,110	3,066,156
Cash paid during the year for:
Interest	343,682	789,743
Income taxes	32,227	65,000
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Property, plant and equipment and debt obligations	13,500,457	12,505,927
Assets Held Under Capital Leases [Member]
SUPPLEMENTAL INFORMATION - NONCASH INVESTING AND FINANCING TRANSACTIONS:
Property, plant and equipment and debt obligations	$ 54,376	$ 54,376

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2018
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1 - DESCRIPTION OF BUSINESS TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, a Delaware corporation and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise. 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.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 1,809 14,805 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 $ 14,791 7,158 In accordance with ASC No. 360, Property, Plant & Equipment Billings on Uncompleted Contracts, in Excess of Related costs - Fair Value Measurements - 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. 2018 2017 Salaries and related expenses $ 1,843,505 $ 2,795,376 Professional fees 721,585 1,008,223 Other general and administrative 443,912 533,388 Total Selling, General and Administrative $ 3,009,002 $ 4,336,987 303,175 1,164,221 Net (Loss) Income per Share of Common Stock - 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 net realizable value. We record provisions for contract losses within costs of sales in our Consolidated Statement of Operations and Comprehensive Income (Loss). 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 cases, 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. Foreign Currency Matters Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As a result of the reduction in the maximum corporate income tax rate from 35 21 0.7 Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Accounting Standards Updates In March 2018, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update 2018-05, Income Taxes (Topic 740); Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting, In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory Issued Standards Not Yet Adopted In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation Equity—Equity-Based Payments to Non-Employees Revenue from Contracts with Customers In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory 0.4 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU 2016-02, Leases 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. During fiscal 2018, we completed our evaluation of ASC 606, including the impact on our business processes, systems and controls, and differences in the timing and/or method of revenue recognition for our contracts. As a result of our evaluation, we made certain changes to our accounting policies and practices as the transfer of goods and services are transferred under the new revenue recognition model. Although there were no significant changes to our accounting systems or controls upon adoption of ASC 606, we modified certain of our existing controls to incorporate the revisions we made to our accounting policies and practices. Under ASC 606, revenue is recognized as control transfers to the customer. As such, under the new standard, revenue for contracts with our customers will be recognized over time using an inputs methodology and at a point-in-time when product components are delivered, as provided under the terms and conditions of the customer contracts. This is a change from the revenue recognition model used for our contracts prior to the adoption of ASC 606 where we previously recognized revenue as units were delivered. Going forward, we believe a majority of our product mix will now include contracts where we recognize revenue as hours are expended and costs are incurred. This change will generally result in an acceleration of revenue as compared with our previous revenue recognition method. The remaining portion of our contracts will be recognized at a point-in-time when the products are delivered to the customer. We will apply the guidance 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 also requires a number of disclosures regarding the nature, amount, timing and uncertainty of revenue and the related cash flows. We have evaluated these disclosure requirements and incorporated the collection of relevant data into our reporting process. Based on our evaluation of ASC 606, we do not expect it to have a material impact on our results of operations or cash flows in the periods after adoption.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2018
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: 2018 2017 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,058,797 8,601,199 Construction in progress 24,263 487,331 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,500,457 12,505,927 Less: accumulated depreciation (8,298,009) (7,593,725) Total property, plant and equipment, net $ 5,202,448 $ 4,912,202 Depreciation expense, which includes amortization of equipment under capital leases, for the years ended March 31, 2018 and 2017 was $ 704,284 689,293 Capitalized leases included in property, plant and equipment were $54,376 and 54,376 at March 31, 2018 and 2017, respectively. Accumulated depreciation on all property, plant and equipment accounted for as capitalized leases was $13,594 and $2,719 at March 31, 2018 and 2017, respectively. 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, 2018 and 2017 was $ 14,791 7,158

COSTS INCURRED ON UNCOMPLETED C

COSTS INCURRED ON UNCOMPLETED CONTRACTS	12 Months Ended
	Mar. 31, 2018
COSTS INCURRED ON UNCOMPLETED CONTRACTS
COSTS INCURRED ON UNCOMPLETED CONTRACTS	NOTE 4 - COSTS INCURRED ON UNCOMPLETED CONTRACTS Information as to costs incurred on uncompleted contracts as of March 31: 2018 2017 Cost incurred on uncompleted contracts, beginning balance $ 5,538,815 $ 5,491,605 Total cost incurred on contracts during the year 12,184,904 12,501,752 Less cost of sales, during the year (14,753,693) (12,454,542) Cost incurred on uncompleted contracts, ending balance $ 2,970,026 $ 5,538,815 Billings on uncompleted contracts, beginning balance $ 3,441,594 $ 3,095,963 Plus: Total billings incurred on contracts, during the year 16,372,678 18,896,305 Less: Contracts recognized as revenue, during the year (18,729,994) (18,550,674) Billings on uncompleted contracts, ending balance $ 1,084,278 $ 3,441,594 Cost incurred on uncompleted contracts, ending balance $ 2,970,026 $ 5,538,815 Billings on uncompleted contracts, ending balance 1,084,278 3,441,594 Costs incurred on uncompleted contracts, in excess of progress billings $ 1,885,748 $ 2,097,221 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, 2018 and 2017, we had billings in excess of costs totaling $ 180,706 642,831

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2018
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 5 - OTHER CURRENT ASSETS Other current assets included the following as of March 31: 2018 2017 Payments advanced to suppliers $ 82,520 $ 107,591 Prepaid insurance 211,823 229,132 Prepaid subscriptions 38,836 14,333 Prepaid taxes 59,792 26,668 Employee advances 26,869 27,439 Other 30,700 16,933 Total $ 450,540 $ 422,096

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	12 Months Ended
	Mar. 31, 2018
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS	NOTE 6 - OTHER NONCURRENT ASSETS Other noncurrent assets included the following as of March 31: 2018 2017 Assets held for sale $ — $ 100,000 Deferred financing costs 6,860 — Total $ 6,860 $ 100,000 At March 31, 2018 and 2017, we classified certain machinery and equipment to assets held for sale. This amount approximates fair value net of selling costs. In fiscal 2018, certain remaining machinery held for sale was written down by $ 20,000 43,900

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2018
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 7 - ACCRUED EXPENSES Accrued expenses included the following as of March 31: 2018 2017 Accrued compensation $ 383,060 $ 568,766 Provision for contract losses 200,897 148,699 Accrued professional fees 152,501 142,648 Other 51,626 33,302 Total $ 788,084 $ 893,415 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.

DEBT

DEBT	12 Months Ended
	Mar. 31, 2018
DEBT
DEBT	NOTE 8 - DEBT Long-term debt included the following as of March 31: 2018 2017 Berkshire Term Loan due January 2022 $ 2,745,181 $ 2,828,844 People’s Equipment Loan Facility due April 2021 2,271,109 2,884,982 Obligations under capital leases 47,413 67,353 Total debt $ 5,063,703 $ 5,781,179 Less: debt issue costs unamortized $ 112,075 $ 188,977 Total debt, net $ 4,951,628 $ 5,592,202 Less: Current portion of long-term debt $ 766,354 $ 717,481 Total long-term debt, net $ 4,185,274 $ 4,874,721 Berkshire Bank Loan Facility On December 21, 2016, TechPrecision, through Ranor, closed on a Loan Agreement, or the Berkshire Loan Agreement, with Berkshire Bank, successor by merger to Commerce Bank & Trust Company. Pursuant to the Berkshire Loan Agreement, Berkshire Bank made a term loan to Ranor in the amount of $ 2,850,000 1,000,000 60 19,260 5.21 45 1,000,000 80 25 250,000 one-month LIBOR plus 275 basis points 0.25 In connection with the Berkshire Loan Agreement, $ 2,394,875 426,467 The Berkshire 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 0.78 1,000,000 2,500,000 2,500,000 1,500,000 0.75 365 The Berkshire Loans may be accelerated upon the occurrence of an “Event of Default” (as defined in the Berkshire 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 Berkshire Loan Agreement or any other obligation to Berkshire; (iii) the failure of Ranor or TechPrecision to pay any indebtedness in excess of $ 100,000 150,000 At March 31, 2018, the Company was in violation of the Berkshire Loan Agreement as it failed to maintain the required DSCR as defined in the agreement. On June 6, 2018, the Company executed a waiver and modification agreement with Berkshire Bank under which Berkshire Bank waived the Company’s noncompliance with the DSCR, at March 31, 2018, and agreed to modify the definition of cash flows in the Berkshire Loan Agreement. Subject to the lapse of any applicable cure period, a default under the Berkshire Loan Agreement could have caused the acceleration of all outstanding obligations under the loan. If the lender had demanded repayment and caused the debt to be considered a short-term obligation, the Company would have been unable to pay the obligation because the Company does not have existing facilities or sufficient cash on hand to satisfy these obligations. The waiver does not apply to any future periods. Concurrent with the execution and delivery of this amendment, the Company agreed to pay Berkshire Bank all expenses incurred in connection with the amendment. Unamortized debt issue costs at March 31, 2018 and 2017 were $ 45,936 77,199 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 In connection with the MLSA, $ 2,653,353 182,763 1.82 175,532 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 Berkshire Bank pursuant to the terms of the Berkshire Loan Agreement and to delete the reference to the liens held by Revere. At March 31, 2018, the Company was in violation of the DSCR covenant. Under our loan with People’s, the Company is required to meet certain financial covenants applicable while the debt remains outstanding, including among other things, that the Company maintain a DSCR, of at least 1.5 Unamortized debt issue costs at March 31, 2018 and 2017, were $ 66,139 111,778 Capital Lease We entered into a new capital lease in January 2017 for certain office equipment. The lease term is for 60 7.9 1,100 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 September 2018 and the required monthly payments of principal and interest will be $ 740 The maturities of all of our debt including the capital lease are as follows: 2019: $ 766,354 822,105 887,244 2,588,000 Collateral securing the above obligations comprises all personal and real property of TechPrecision and Ranor, including cash, accounts receivable, inventories, equipment, financial and intangible assets.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2018
INCOME TAXES
INCOME TAXES	NOTE 9 - INCOME TAXES The Tax Act of 2017, enacted on December 22, 2017, reduces the maximum U.S. federal corporate tax rate from 35 21 On December 22, 2017, Staff Accounting Bulletin No. 118, or SAB 118, was issued to provide guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740, Income Taxes With the enactment of the Tax Act, our fiscal 2018 financial results included a re-measurement of our U.S. deferred tax assets at the new lower 21% U.S. federal statutory tax rate. Estimates are based on the Company's initial analysis of the Tax Act and may be adjusted in future periods as required. This reduced the Company's net deferred tax assets by approximately $ 0.7 We account for income taxes under the provisions of FASB ASC 740, Income Taxes 2018 2017 U.S. operations $ 316,520 $ 2,268,906 Foreign operations 242,058 (23,056) Income from operations before tax 558,578 2,245,850 Income tax expense (benefit) 824,486 (2,834,319) Net (loss) income $ (265,908) $ 5,080,169 The income tax expense (benefit) consists of the following as of March 31: 2018 2017 Current Federal $ (896) $ 37,361 State — — Total Current $ (896) $ 37,361 Deferred Federal 907,531 (2,320,258) State (82,149) (551,422) Total Deferred $ 825,382 $ (2,871,680) Income tax expense (benefit) $ 824,486 $ (2,834,319) The Tax Act of 2017 reduced the maximum U.S. statutory corporate income tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ended March 31, 2018, the Company’s U.S. federal statutory income tax rate was 30.79 A reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax expense (benefit) for income taxes reported in the Consolidated Statements of Operations and Comprehensive Income (Loss) follows for fiscal years ended March 31: 2018 2017 Federal statutory income tax $ 172,012 $ 763,589 State income tax, net of federal benefit (22,672) 41,603 Change in valuation allowance (24,159) (3,580,148) Tax Act rate change impact on deferred taxes 703,251 — Other (3,946) (59,363) Income tax expense (benefit) $ 824,486 $ (2,834,319) 2018 2017 Deferred Tax Assets: Compensation $ 358,439 $ 469,050 AMT tax credits 121,682 122,578 Other liabilities not currently deductible 96,769 122,007 Share based compensation awards 285,411 245,811 Net operating loss carryforward 3,397,921 3,971,390 Valuation allowance (1,733,918) (1,537,726) Total Deferred Tax Assets $ 2,526,304 $ 3,393,110 Deferred Tax Liabilities: Accelerated depreciation $ (480,006) $ (521,430) Total Deferred Tax Liabilities $ (480,006) $ (521,430) Net Deferred Tax Asset $ 2,046,298 $ 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, 2018 was $ 1.7 1.5 0.2 Amount Begins to Federal net operating losses $ 6,606,173 2026 State net operating losses $ 26,406,370 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 $ 0.6 6.0 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 2015 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, 2018
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 79,878 82,189

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Mar. 31, 2018
CAPITAL STOCK
CAPITAL STOCK	NOTE 11 – CAPITAL STOCK Common Stock We had 90,000,000 28,824,593 28,824,593 Preferred Stock We have 10,000,000

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2018
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. The purpose of the 2016 Plan is to: (a) enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. Subject to adjustment as provided in the 2016 Plan, the maximum number of shares of common stock that may be issued in respect of awards under the 2016 Plan is 5,000,000 On November 10, 2017, we granted stock options to members of our board of directors to collectively purchase 200,000 0.60 0.50 49,860 On April 4, 2017, we granted stock options to members of our board of directors to collectively purchase 200,000 0.74 0.60 120,198 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 0.50 666,667 333,333 418,995 104,645 314,350 107.2 123.8 1.88 2.07 1,605,332 The following table summarizes information about options for the two most recently completed fiscal years: Number Of Weighted Aggregate Weighted Options Exercise Price Value (in years) Outstanding at 3/31/2016 2,398,500 $ 0.711 $ 183,900 7.90 Granted 1,066,668 $ 0.516 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 Granted 400,000 $ 0.670 Forfeited (8,000) $ 1.960 Outstanding at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Vested or expected to vest at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Exercisable and vested at 3/31/2018 3,294,668 $ 0.411 $ 698,200 6.72 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 2018 and fiscal 2017 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, 2018. This amount changes based on the fair market value of the Company’s common stock. The following table summarizes the status of our stock options outstanding but not vested for the year ended March 31, 2018: Number of Weighted 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 Granted 400,000 $ 0.670 Forfeited — $ — Vested (1,133,334) $ 0.379 Outstanding at 3/31/2018 100,000 $ 0.600 At March 31, 2018, there was $ 49,860 342,464 Range of Exercise Prices: Options Weighted Weighted Options Weighted $0.01-$1.00 3,221,668 7.39 $ 0.35 3,121,668 $ 0.35 $1.01-$1.96 173,000 2.44 $ 1.58 173,000 $ 1.58 Totals 3,394,668 3,294,668 Restricted Stock Awards 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. Each non-employee director waived any compensation owed to them for their service to the Company in December 2014. 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, 2018
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, 2018, there were trade accounts receivable balances outstanding from three customers comprising 75 March 31, 2018 March 31, 2017 Customer Dollars Percent Dollars Percent A $ * * % $ 961,463 51 % B $ 432,084 30 % $ 406,428 22 % C $ 394,454 27 % $ * * % D $ 263,098 18 % $ 187,410 10 % *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, 2018 March 31, 2017 Customer Dollars Percent Dollars Percent A $ 5,462,618 29 % $ * * % B $ * * % $ 7,515,795 41 % C $ 4,978,432 27 % $ 2,423,504 13 % D $ * * % $ 2,166,171 12 % *less than 10% of total

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2018
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, 2018
COMMITMENTS
COMMITMENTS	NOTE 15 - COMMITMENTS Operating Leases We lease approximately 1,000 4,000 3,956 3,738 6,000 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, 2018 for future executive salaries was approximately $ 0.5 0.1 0.3 Purchase Commitments As of March 31, 2018, we had $ 1.2 Class Action Lawsuit On or about February 26, 2016, nine former employees, or plantiffs, of Ranor filed a complaint in the Massachusetts Superior Court, Worcester County, against Ranor and former and current executive officers of Ranor, alleging violations of the Massachusetts Wage Act, breach of contract and conversion based on a modification made to Ranor’s personal time off policy. 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. Discovery is on-going. The pre-trial discovery phase will end on October 23, 2018. No trial date has been set.

CLAIM ASSIGNMENT SETTLEMENT

CLAIM ASSIGNMENT SETTLEMENT	12 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
CLAIM ASSIGNMENT SETTLEMENT	NOTE 16 - CLAIM ASSIGNMENT SETTLEMENT We entered into an Assignment of Claim Agreement, or the Assignment Agreement, on April 17, 2015 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, 2018
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS)	NOTE 17 - EARNINGS PER SHARE (EPS) Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of 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, Basic EPS Net (Loss) Income $ (265,908) $ 5,080,169 Weighted average shares 28,824,593 27,908,155 Basic (Loss) Income per share $ (0.01) $ 0.18 Diluted EPS Net (Loss) Income $ (265,908) $ 5,080,169 Dilutive effect of stock options — 702,919 Diluted weighted average shares 28,824,593 28,611,074 Diluted (Loss) Income per share $ (0.01) $ 0.18 All potential common stock 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 1,161,077 1,472,668

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18 – SUBSEQUENT EVENTS On June 6, 2018, the Company executed a waiver and modification agreement with Berkshire Bank under which Berkshire Bank waived the Company’s noncompliance with the DSCR, at March 31, 2018, and agreed to modify the definition of cash flows in the Berkshire Loan Agreement. At March 31, 2018, the Company was in violation of the Berkshire Loan Agreement as it failed to maintain the required DSCR as defined in the agreement. Subject to the lapse of any applicable cure period, a default under the Berkshire Loan Agreement could have caused the acceleration of all outstanding obligations under the loan. If the lender had demanded repayment and caused the debt to be considered a short-term obligation, the Company would have been unable to pay the obligation because the Company does not have existing facilities or sufficient cash on hand to satisfy these obligations. The waiver does not apply to any future periods. Concurrent with the execution and delivery of the amendment, the Company agreed to pay Berkshire Bank all expenses incurred in connection with the agreement. On May 22, 2018, the Company obtained a waiver of the breach of such covenant from People’s, which waiver covered the breach that otherwise would have occurred in connection with the DSCR testing at March 31, 2018. At March 31, 2018, the Company was in violation of the DSCR covenant. Under our loan with People’s, the Company is required to meet certain financial covenants applicable while the debt remains outstanding, including among other things, that the Company maintain a DSCR, of at least 1.5

SELECTED QUARTERLY INFORMATION

SELECTED QUARTERLY INFORMATION (UNAUDITED)	12 Months Ended
	Mar. 31, 2018
SELECTED QUARTERLY INFORMATION (UNAUDITED)
SELECTED QUARTERLY INFORMATION (UNAUDITED)	NOTE 19 - 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, 2018 and 2017. 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 (Loss) for each of the periods presented includes contract losses and unabsorbed overhead that increased cost of goods sold and lowered gross profit. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period. (in thousands, except for per share data) First Second Third Fourth Year ended March 31, 2018 Net Sales $ 5,830 $ 4,589 $ 3,642 $ 4,669 Gross Profit $ 1,741 $ 1,433 $ 423 $ 380 Net Income (Loss) $ 425 $ 368 $ (691) $ (368) Basic Income (Loss) per share $ 0.02 $ 0.01 $ (0.02) $ (0.01) Diluted Income (Loss) per share $ 0.02 $ 0.01 $ (0.02) $ (0.01) 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

BASIS OF PRESENTATION AND SIG27

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements
Cash and cash equivalents	Cash and cash equivalents 1,809 14,805
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts
Inventories	Inventories –
Property, plant and equipment, net	Property, plant and equipment, net 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 $ 14,791 7,158 In accordance with ASC No. 360, Property, Plant & Equipment
Debt Issuance Costs, Policy
Billings on Uncompleted Contracts, in Excess of Related costs	Billings on Uncompleted Contracts, in Excess of Related costs -
Fair Value Measurements	Fair Value Measurements - 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 -
Selling, General, and Administrative	Selling, General, and Administrative 2018 2017 Salaries and related expenses $ 1,843,505 $ 2,795,376 Professional fees 721,585 1,008,223 Other general and administrative 443,912 533,388 Total Selling, General and Administrative $ 3,009,002 $ 4,336,987
Stock Based Compensation	Stock Based Compensation 303,175 1,164,221
Net (Loss) Income per Share of Common Stock	Net (Loss) Income per Share of Common Stock -
Revenue and Related Cost Recognition	Revenue and Related Cost Recognition - 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 net realizable value. We record provisions for contract losses within costs of sales in our Consolidated Statement of Operations and Comprehensive Income (Loss). 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 cases, 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 -
Operating Leases	Operating Leases -
Foreign currency translation	Foreign currency translation - Foreign Currency Matters
Income Taxes	Income Taxes - Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As a result of the reduction in the maximum corporate income tax rate from 35 21 0.7 Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation -
New Accounting Standards	New Accounting Standards Recently Adopted In March 2018, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update 2018-05, Income Taxes (Topic 740); Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting, In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory Issued Standards Not Yet Adopted In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Compensation—Stock Compensation Equity—Equity-Based Payments to Non-Employees Revenue from Contracts with Customers In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory 0.4 In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU 2016-02, Leases 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. During fiscal 2018, we completed our evaluation of ASC 606, including the impact on our business processes, systems and controls, and differences in the timing and/or method of revenue recognition for our contracts. As a result of our evaluation, we made certain changes to our accounting policies and practices as the transfer of goods and services are transferred under the new revenue recognition model. Although there were no significant changes to our accounting systems or controls upon adoption of ASC 606, we modified certain of our existing controls to incorporate the revisions we made to our accounting policies and practices. Under ASC 606, revenue is recognized as control transfers to the customer. As such, under the new standard, revenue for contracts with our customers will be recognized over time using an inputs methodology and at a point-in-time when product components are delivered, as provided under the terms and conditions of the customer contracts. This is a change from the revenue recognition model used for our contracts prior to the adoption of ASC 606 where we previously recognized revenue as units were delivered. Going forward, we believe a majority of our product mix will now include contracts where we recognize revenue as hours are expended and costs are incurred. This change will generally result in an acceleration of revenue as compared with our previous revenue recognition method. The remaining portion of our contracts will be recognized at a point-in-time when the products are delivered to the customer. We will apply the guidance 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 also requires a number of disclosures regarding the nature, amount, timing and uncertainty of revenue and the related cash flows. We have evaluated these disclosure requirements and incorporated the collection of relevant data into our reporting process. Based on our evaluation of ASC 606, we do not expect it to have a material impact on our results of operations or cash flows in the periods after adoption.

BASIS OF PRESENTATION AND SIG28

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Schedule of selling, general, and administrative expenses	2018 2017 Salaries and related expenses $ 1,843,505 $ 2,795,376 Professional fees 721,585 1,008,223 Other general and administrative 443,912 533,388 Total Selling, General and Administrative $ 3,009,002 $ 4,336,987

PROPERTY, PLANT AND EQUIPMENT29

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2018
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of components of property, plant and equipment, net	Property, plant and equipment, net consisted of the following as of March 31: 2018 2017 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,058,797 8,601,199 Construction in progress 24,263 487,331 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,500,457 12,505,927 Less: accumulated depreciation (8,298,009) (7,593,725) Total property, plant and equipment, net $ 5,202,448 $ 4,912,202

COSTS INCURRED ON UNCOMPLETED30

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Tables)	12 Months Ended
	Mar. 31, 2018
COSTS INCURRED ON UNCOMPLETED CONTRACTS
Schedule of costs incurred on uncompleted contracts	Information as to costs incurred on uncompleted contracts as of March 31: 2018 2017 Cost incurred on uncompleted contracts, beginning balance $ 5,538,815 $ 5,491,605 Total cost incurred on contracts during the year 12,184,904 12,501,752 Less cost of sales, during the year (14,753,693) (12,454,542) Cost incurred on uncompleted contracts, ending balance $ 2,970,026 $ 5,538,815 Billings on uncompleted contracts, beginning balance $ 3,441,594 $ 3,095,963 Plus: Total billings incurred on contracts, during the year 16,372,678 18,896,305 Less: Contracts recognized as revenue, during the year (18,729,994) (18,550,674) Billings on uncompleted contracts, ending balance $ 1,084,278 $ 3,441,594 Cost incurred on uncompleted contracts, ending balance $ 2,970,026 $ 5,538,815 Billings on uncompleted contracts, ending balance 1,084,278 3,441,594 Costs incurred on uncompleted contracts, in excess of progress billings $ 1,885,748 $ 2,097,221

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2018
OTHER CURRENT ASSETS
Schedule of other current assets	Other current assets included the following as of March 31: 2018 2017 Payments advanced to suppliers $ 82,520 $ 107,591 Prepaid insurance 211,823 229,132 Prepaid subscriptions 38,836 14,333 Prepaid taxes 59,792 26,668 Employee advances 26,869 27,439 Other 30,700 16,933 Total $ 450,540 $ 422,096

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2018
OTHER NONCURRENT ASSETS
Schedule of other noncurrent assets	Other noncurrent assets included the following as of March 31: 2018 2017 Assets held for sale $ — $ 100,000 Deferred financing costs 6,860 — Total $ 6,860 $ 100,000

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2018
ACCRUED EXPENSES
Schedule of accrued expenses	Accrued expenses included the following as of March 31: 2018 2017 Accrued compensation $ 383,060 $ 568,766 Provision for contract losses 200,897 148,699 Accrued professional fees 152,501 142,648 Other 51,626 33,302 Total $ 788,084 $ 893,415

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Mar. 31, 2018
DEBT
Schedule of outstanding debt obligations	Long-term debt included the following as of March 31: 2018 2017 Berkshire Term Loan due January 2022 $ 2,745,181 $ 2,828,844 People’s Equipment Loan Facility due April 2021 2,271,109 2,884,982 Obligations under capital leases 47,413 67,353 Total debt $ 5,063,703 $ 5,781,179 Less: debt issue costs unamortized $ 112,075 $ 188,977 Total debt, net $ 4,951,628 $ 5,592,202 Less: Current portion of long-term debt $ 766,354 $ 717,481 Total long-term debt, net $ 4,185,274 $ 4,874,721

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2018
INCOME TAXES
Schedule of income (loss) from continuing operations by location	2018 2017 U.S. operations $ 316,520 $ 2,268,906 Foreign operations 242,058 (23,056) Income from operations before tax 558,578 2,245,850 Income tax expense (benefit) 824,486 (2,834,319) Net (loss) income $ (265,908) $ 5,080,169
Schedule of components of income tax benefit	2018 2017 Current Federal $ (896) $ 37,361 State — — Total Current $ (896) $ 37,361 Deferred Federal 907,531 (2,320,258) State (82,149) (551,422) Total Deferred $ 825,382 $ (2,871,680) Income tax expense (benefit) $ 824,486 $ (2,834,319)
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate	2018 2017 Federal statutory income tax $ 172,012 $ 763,589 State income tax, net of federal benefit (22,672) 41,603 Change in valuation allowance (24,159) (3,580,148) Tax Act rate change impact on deferred taxes 703,251 — Other (3,946) (59,363) Income tax expense (benefit) $ 824,486 $ (2,834,319)
Summary of the components of deferred income tax assets and liabilities	The following table summarizes the components of deferred income tax assets and liabilities: 2018 2017 Deferred Tax Assets: Compensation $ 358,439 $ 469,050 AMT tax credits 121,682 122,578 Other liabilities not currently deductible 96,769 122,007 Share based compensation awards 285,411 245,811 Net operating loss carryforward 3,397,921 3,971,390 Valuation allowance (1,733,918) (1,537,726) Total Deferred Tax Assets $ 2,526,304 $ 3,393,110 Deferred Tax Liabilities: Accelerated depreciation $ (480,006) $ (521,430) Total Deferred Tax Liabilities $ (480,006) $ (521,430) Net Deferred Tax Asset $ 2,046,298 $ 2,871,680
Summary of carryforwards of net operating losses	Amount Begins to Federal net operating losses $ 6,606,173 2026 State net operating losses $ 26,406,370 2032

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2018
STOCK BASED COMPENSATION
Summary of information about options for the periods presented	Number Of Weighted Aggregate Weighted Options Exercise Price Value (in years) Outstanding at 3/31/2016 2,398,500 $ 0.711 $ 183,900 7.90 Granted 1,066,668 $ 0.516 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 Granted 400,000 $ 0.670 Forfeited (8,000) $ 1.960 Outstanding at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Vested or expected to vest at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Exercisable and vested at 3/31/2018 3,294,668 $ 0.411 $ 698,200 6.72
Summary of activity of stock options outstanding but not vested	Number of Weighted 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 Granted 400,000 $ 0.670 Forfeited — $ — Vested (1,133,334) $ 0.379 Outstanding at 3/31/2018 100,000 $ 0.600
Stock Based Compensation By Exercise Price Range	Range of Exercise Prices: Options Weighted Weighted Options Weighted $0.01-$1.00 3,221,668 7.39 $ 0.35 3,121,668 $ 0.35 $1.01-$1.96 173,000 2.44 $ 1.58 173,000 $ 1.58 Totals 3,394,668 3,294,668

CONCENTRATION OF CREDIT RISK 37

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Tables)	12 Months Ended
	Mar. 31, 2018
Accounts Receivable
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	March 31, 2018 March 31, 2017 Customer Dollars Percent Dollars Percent A $ * * % $ 961,463 51 % B $ 432,084 30 % $ 406,428 22 % C $ 394,454 27 % $ * * % D $ 263,098 18 % $ 187,410 10 % *less than 10% of total
Net sales
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	March 31, 2018 March 31, 2017 Customer Dollars Percent Dollars Percent A $ 5,462,618 29 % $ * * % B $ * * % $ 7,515,795 41 % C $ 4,978,432 27 % $ 2,423,504 13 % D $ * * % $ 2,166,171 12 % *less than 10% of total

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	12 Months Ended
	Mar. 31, 2018
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, Basic EPS Net (Loss) Income $ (265,908) $ 5,080,169 Weighted average shares 28,824,593 27,908,155 Basic (Loss) Income per share $ (0.01) $ 0.18 Diluted EPS Net (Loss) Income $ (265,908) $ 5,080,169 Dilutive effect of stock options — 702,919 Diluted weighted average shares 28,824,593 28,611,074 Diluted (Loss) Income per share $ (0.01) $ 0.18

SELECTED QUARTERLY INFORMATIO39

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2018
SELECTED QUARTERLY INFORMATION (UNAUDITED)
Schedule of unaudited quarterly data	(in thousands, except for per share data) First Second Third Fourth Year ended March 31, 2018 Net Sales $ 5,830 $ 4,589 $ 3,642 $ 4,669 Gross Profit $ 1,741 $ 1,433 $ 423 $ 380 Net Income (Loss) $ 425 $ 368 $ (691) $ (368) Basic Income (Loss) per share $ 0.02 $ 0.01 $ (0.02) $ (0.01) Diluted Income (Loss) per share $ 0.02 $ 0.01 $ (0.02) $ (0.01) 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

BASIS OF PRESENTATION AND SIG40

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Accounts Receivables, and PP&E (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 22, 2017	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Apr. 02, 2018
Cash and cash equivalents
Cash deposit with a large national China-based bank		$ 1,809	$ 1,809	$ 14,805
Property, plant and equipment, net
Interest cost capitalized			$ 14,791	$ 7,158
Derivative Financial Instruments
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	21.00%	30.79%
Additional Income Tax Expense			$ 700,000
Subsequent Event [Member] | Accounting Standards Update 2016-16 [Member]
Derivative Financial Instruments
Cumulative Effect of New Accounting Principle in Period of Adoption					$ 400,000
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

BASIS OF PRESENTATION AND SIG41

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Derivatives, R&D, SG&A, Stock Based Compensation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Selling, General, and Administrative
Salaries and related expenses	$ 1,843,505	$ 2,795,376
Professional fees	721,585	1,008,223
Other general and administrative	443,912	533,388
Total Selling, General and Administrative	3,009,002	4,336,987
Stock Based Compensation
Stock based compensation cost	$ 303,175	$ 1,164,221

PROPERTY, PLANT AND EQUIPMENT42

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment, Net
Construction in progress	$ 24,263	$ 487,331
Total property, plant and equipment	13,500,457	12,505,927
Less: accumulated depreciation	(8,298,009)	(7,593,725)
Total property, plant and equipment, net	5,202,448	4,912,202
Depreciation expense	704,284	689,293
Interest Costs Capitalized	14,791	7,158
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	10,058,797	8,601,199
Equipment under capital leases
Property, Plant and Equipment, Net
Total property, plant and equipment	54,376	54,376
Less: accumulated depreciation	$ (13,594)	$ (2,719)

COSTS INCURRED ON UNCOMPLETED43

COSTS INCURRED ON UNCOMPLETED CONTRACTS (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Cost incurred on uncompleted contracts
Cost incurred on uncompleted contracts, beginning balance				$ 5,538,815				$ 5,491,605	$ 5,538,815	$ 5,491,605
Total cost incurred on contracts during the year									12,184,904	12,501,752
Less cost of sales, during the year									(14,753,693)	(12,454,542)
Cost incurred on uncompleted contracts, ending balance	$ 2,970,026				$ 5,538,815				2,970,026	5,538,815
Billings on uncompleted contracts
Billings on uncompleted contracts, beginning balance				3,441,594				3,095,963	3,441,594	3,095,963
Plus: Total billings incurred on contracts, during the year									16,372,678	18,896,305
Less: Contracts recognized as revenue, during the year	(4,669,000)	$ (3,642,000)	$ (4,589,000)	(5,830,000)	(4,931,000)	$ (5,319,000)	$ (3,656,000)	(4,644,000)	(18,729,994)	(18,550,674)
Billings on uncompleted contracts, ending balance	1,084,278				3,441,594				1,084,278	3,441,594
Cost incurred on uncompleted contracts
Cost incurred on uncompleted contracts, ending balance	2,970,026			5,538,815	5,538,815			5,491,605	5,538,815	5,538,815	$ 2,970,026	$ 5,538,815
Billings on uncompleted contracts, ending balance	$ 1,084,278			$ 3,441,594	$ 3,441,594			$ 3,095,963	$ 3,441,594	$ 3,441,594	1,084,278	3,441,594
Costs incurred on uncompleted contracts, in excess of progress billings											1,885,748	2,097,221
Billings in excess of costs											$ 180,706	$ 642,831

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Payments advanced to suppliers	$ 82,520	$ 107,591
Prepaid insurance	211,823	229,132
Prepaid subscriptions	38,836	14,333
Prepaid taxes	59,792	26,668
Employee advances	26,869	27,439
Other	30,700	16,933
Total	$ 450,540	$ 422,096

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Noncurrent Assets [Line Items]
Assets held for sale	$ 0	$ 100,000
Deferred financing costs	6,860	0
Total	6,860	100,000
Impairment of Long-Lived Assets to be Disposed of		43,900
Proceeds from Sale of Property, Plant, and Equipment	80,000	$ 0
Maximum [Member]
Other Noncurrent Assets [Line Items]
Impairment of Long-Lived Assets to be Disposed of	20,000
Minimum [Member]
Other Noncurrent Assets [Line Items]
Impairment of Long-Lived Assets to be Disposed of	$ 0

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Accrued Expenses
Accrued compensation	$ 383,060	$ 568,766
Provision for contract losses	200,897	148,699
Accrued professional fees	152,501	142,648
Other	51,626	33,302
Total	$ 788,084	$ 893,415

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Long-term Debt
Total debt	$ 5,063,703	$ 5,781,179
Less: debt issue costs unamortized	112,075	188,977
Total debt, net	4,951,628	5,592,202
Less: Current portion of long-term debt	766,354	717,481
Total long-term debt, net	4,185,274	4,874,721
Berkshire Term Loan due January 2022
Long-term Debt
Total debt	2,745,181	2,828,844
People’s Equipment Loan Facility due April 2021
Long-term Debt
Total debt	2,271,109	2,884,982
Obligations under capital leases
Long-term Debt
Total debt	$ 47,413	$ 67,353

DEBT - Berkshire Bank & Trust C

DEBT - Berkshire Bank & Trust Company Loan Facility (Details)	Dec. 21, 2016USD ($)	Dec. 21, 2016USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt Instrument Covenant Leverage Ratio Year Three And Thereafter				0.78
Debt Issuance Costs, Net			$ 112,075	$ 112,075	$ 188,977
Nonrefundable Commitment Fee,Percentage			0.25%
Ranor, Inc.
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 2,394,875
Portion Of Proceeds From Issuance Of Long Term Debt Allocated To Corporate Expenses		426,467
Berkshire Loan
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	0.75
Debt Instrument Covenant Trailing Period For Measurement Of Loan To Value Ratio				365 days
Debt Issuance Costs, Net			$ 45,936	$ 45,936	$ 77,199
Berkshire Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Amount Of Borrowing Base Required To Grant Loan Advance	$ 1,000,000	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	250,000
Debt Instrument, Description of Variable Rate Basis				one-month LIBOR plus 275 basis points
Berkshire Loan | 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%	5.21%
Berkshire Loan | 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
Berkshire Loan | Ranor, Inc. | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount	2,850,000	$ 2,850,000
Berkshire Loan | Ranor, Inc. | Secured Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000	$ 1,000,000

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, 2018USD ($)	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs			$ 112,075	$ 188,977
Ranor, Inc.
Debt Instrument [Line Items]
Repayments of Long-term Debt		$ 2,653,353
People's Capital and Leasing Corp
Debt Instrument [Line Items]
Debt Instrument, Debt Service Coverage Ratio			1.5
Debt Issuance Costs			$ 66,139	$ 111,778
MLSA | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 365,852
Debt Instrument, Term	60 months
Repayments of Long-term Debt	$ 7,399
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
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, Term		60 months
Debt Instrument, Interest Rate, Stated Percentage		7.90%
Debt Instrument, Periodic Payment		$ 60,921
MLSA | People's Capital and Leasing Corp | Secured Term Loan | Ranor, Inc.
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 3,011,648

DEBT - Capital Lease (Details)

DEBT - Capital Lease (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Mar. 31, 2018
Debt
Lease Payment Until Expire	$ 740	$ 740
Maturities of the long-term debt, including the capital lease
2,019		766,354
2,020		822,105
2,021		887,244
2,022		$ 2,588,000
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	$ 1,100

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, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
INCOME TAXES
Income (loss) from operations before tax									$ 558,578	$ 2,245,850
Income tax benefit									824,486	(2,834,319)
Net income	$ (368,000)	$ (691,000)	$ 368,000	$ 425,000	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	(265,908)	5,080,169
Current
Federal									(896)	37,361
State									0	0
Total Current									(896)	37,361
Deferred
Federal									907,531	(2,320,258)
State									(82,149)	(551,422)
Total Deferred									825,382	(2,871,680)
U.S. operations
INCOME TAXES
Income (loss) from operations before tax									316,520	2,268,906
Foreign operations
INCOME TAXES
Income (loss) from operations before tax									$ 242,058	$ (23,056)

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, 2018	Mar. 31, 2017
Income Tax [Line Items]
Federal statutory income tax	$ 172,012	$ 763,589
State income tax, net of federal benefit	(22,672)	41,603
Change in valuation allowance	(24,159)	(3,580,148)
Tax Act rate change impact on deferred taxes	703,251	0
Other	(3,946)	(59,363)
Income tax benefit	$ 824,486	$ (2,834,319)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Deferred Tax Assets:
Compensation	$ 358,439	$ 469,050
AMT tax credits	121,682	122,578
Other liabilities not currently deductible	96,769	122,007
Share based compensation awards	285,411	245,811
Net operating loss carryforward	3,397,921	3,971,390
Valuation allowance	(1,733,918)	(1,537,726)
Total Deferred Tax Assets	2,526,304	3,393,110
Deferred Tax Liabilities:
Accelerated depreciation	(480,006)	(521,430)
Total Deferred Tax Liabilities	(480,006)	(521,430)
Net Deferred Tax Asset	$ 2,046,298	$ 2,871,680

INCOME TAXES - Carryforwards an

INCOME TAXES - Carryforwards and Unrecognized Tax Benefits (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 22, 2017	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Changes in unrecognized tax benefits
Deferred Tax Assets, Valuation Allowance		$ 1,733,918	$ 1,733,918	$ 1,537,726
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ 200,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	21.00%	30.79%
Additional Income Tax Expense			$ 700,000
Tax Years 2007 to Current
Carryforwards of net operating losses and tax credits
Net operating losses		$ 6,000,000	6,000,000
State
Carryforwards of net operating losses and tax credits
Net operating losses		26,406,370	26,406,370
Federal
Carryforwards of net operating losses and tax credits
Net operating losses		6,606,173	6,606,173
Ranor, Inc. | Tax Years 2006 And Prior
Carryforwards of net operating losses and tax credits
Net operating losses		$ 600,000	$ 600,000

PROFIT SHARING PLAN (Details)

PROFIT SHARING PLAN (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
PROFIT SHARING PLAN
Matching contributions made by the company		$ 82,189
Ranor, Inc.
PROFIT SHARING PLAN
Eligibility for employer matching contributions, period of service	90 days
Matching contributions made by the company	$ 79,878

CAPITAL STOCK (Details)

CAPITAL STOCK (Details)	Mar. 31, 2018shares	Mar. 31, 2017shares
Capital stock
Preferred stock, shares authorized	10,000,000
Number of authorized common shares	90,000,000	90,000,000
Number of outstanding common shares	28,824,593	28,824,593
Series A Convertible Preferred Stock
Capital stock
Number of series of preferred stock	1
Shares outstanding	0	0

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary (Details) - USD ($)	Nov. 10, 2017	Apr. 04, 2017	Dec. 27, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 08, 2016
Share based compensation
Options granted (in shares)				400,000	1,066,668
Exercise price of shares granted (in dollars per share)				$ 0.67	$ 0.516
Assumption used in valuation of stock options
Volatility rate, minimum (as a percent)					107.20%
Volatility rate, maximum (as a percent)					123.80%
Risk free interest rate, minimum (as a percent)					1.88%
Risk free interest rate, maximum (as a percent)					2.07%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.50	$ 0.60
Share-based Compensation				$ 303,175	$ 1,164,221
Fair value of shares vested				342,464
Stock based compensation cost				303,175	$ 1,164,221
Unrecognized compensation cost related to stock options				$ 49,860
2016 Plan
Assumption used in valuation of stock options
Shares reserved					5,000,000
Shares available for grant				1,605,332
Maximum | 2016 Plan
Assumption used in valuation of stock options
Shares available for grant						5,000,000
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				$ 104,645	$ 314,350
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
Members of board
Share based compensation
Options granted (in shares)	200,000	200,000			66,668
Exercise price of shares granted (in dollars per share)	$ 0.60	$ 0.74			$ 0.75
Assumption used in valuation of stock options
Fair value of shares vested					$ 24,350
Board Of Directors [Member]
Assumption used in valuation of stock options
Share-based Compensation	$ 49,860	$ 120,198

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Number Of Options
Outstanding at the beginning of the period (in shares)	3,002,668	2,398,500
Granted (in shares)	400,000	1,066,668
Expired (in shares)		(440,000)
Forfeited (in shares)	(8,000)	(22,500)
Outstanding at the end of the period (in shares)	3,394,668	3,002,668	2,398,500
Vested or expected to vest at the end of the period (in shares)	3,394,668
Exercisable and vested at the end of the period (in shares)	3,294,668
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.387	$ 0.711
Granted (in dollars per share)	0.67	0.516
Expired (in dollars per share)		0.770
Forfeited (in dollars per share)	1.96	0.912
Outstanding at the end of the period (in dollars per share)	0.417	$ 0.387	$ 0.711
Vested or expected to vest at the end of the period (in dollars per share)	0.417
Exercisable and vested at the end of the period (in dollars per share)	$ 0.411
Aggregate Intrinsic Value
Outstanding Value	$ 698,200	$ 1,246,600	$ 183,900
Vested or expected to vest at the end of the period	698,200
Exercisable and vested at the end of the period	$ 698,200
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	6 years 8 months 19 days	5 years 8 months 19 days	7 years 10 months 24 days
Vested or expected to vest at the end of the period	6 years 8 months 19 days
Exercisable and vested at the end of the period	6 years 8 months 19 days

STOCK-BASED COMPENSATION - St59

STOCK-BASED COMPENSATION - Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock options outstanding but not vested, Number of Options
Outstanding at the beginning of the period (in shares)	833,334	1,028,334
Granted (in shares)	400,000	1,066,668
Forfeited (in shares)	0	(13,333)
Vested (in shares)	(1,133,334)	(1,248,335)
Outstanding at the end of the period (in shares)	100,000	833,334
Stock options outstanding but not vested, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.266	$ 0.117
Granted (in dollars per share)	0.67	0.516
Forfeited (in dollars per share)	0	0.670
Vested (in dollars per share)	0.379	0.352
Outstanding at the end of the period (in dollars per share)	$ 0.600	$ 0.266

STOCK-BASED COMPENSATION - St60

STOCK-BASED COMPENSATION - Stock Options Outstanding By Exercise Price (Details)	12 Months Ended
	Mar. 31, 2018$ / sharesshares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	3,394,668
Options Exercisable | shares	3,294,668
Range One
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 1
Options Outstanding | shares	3,221,668
Options Outstanding, Weighted Average Remaining Contractual Term	7 years 4 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 0.35
Options Exercisable | shares	3,121,668
Options Exercisable, Weighted Average Exercise Price	$ 0.35
Range Two
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	1.01
Exercise Price, Upper Range	$ 1.96
Options Outstanding | shares	173,000
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 5 months 8 days
Options Outstanding, Weighted Average Exercise Price	$ 1.58
Options Exercisable | shares	173,000
Options Exercisable, Weighted Average Exercise Price	$ 1.58

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - USD ($)	Nov. 10, 2016	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, New Issues		$ 780,000
Restricted Stock Units (RSUs) [Member] | Leonard Anthony [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services	600,000
Restricted Stock Units (RSUs) [Member] | 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
Restricted Stock Units (RSUs) [Member] | 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
Restricted Stock Units (RSUs) [Member] | 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

CONCENTRATION OF CREDIT RISK 62

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS (Details) - USD ($)	3 Months Ended										12 Months Ended
	Mar. 31, 2018		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018		Mar. 31, 2017
Concentration of credit risk and major customers
Accounts receivable	$ 1,794,878					$ 1,870,672					$ 1,794,878		$ 1,870,672
Net sales	4,669,000		$ 3,642,000	$ 4,589,000	$ 5,830,000	4,931,000		$ 5,319,000	$ 3,656,000	$ 4,644,000	$ 18,729,994		18,550,674
Accounts Receivable | Customer Concentration Risk
Concentration of credit risk and major customers
Number of major customers											3
Concentration risk percentage											75.00%
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Accounts receivable		[1]				961,463						[1]	$ 961,463
Concentration risk percentage												[1]	51.00%
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Accounts receivable	432,084					406,428					$ 432,084		$ 406,428
Concentration risk percentage											30.00%		22.00%
Accounts Receivable | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Accounts receivable	394,454						[1]				$ 394,454			[1]
Concentration risk percentage											27.00%			[1]
Accounts Receivable | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Accounts receivable	$ 263,098					$ 187,410					$ 263,098		$ 187,410
Concentration risk percentage											18.00%		10.00%
Net sales | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Net sales											$ 5,462,618			[1]
Concentration risk percentage											29.00%			[1]
Net sales | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Net sales												[1]	$ 7,515,795
Concentration risk percentage												[1]	41.00%
Net sales | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Net sales											$ 4,978,432		$ 2,423,504
Concentration risk percentage											27.00%		13.00%
Net sales | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Net sales												[1]	$ 2,166,171
Concentration risk percentage												[1]	12.00%
[1]	less than 10% of total

COMMITMENTS (Details)

COMMITMENTS (Details)	12 Months Ended
	Mar. 31, 2018USD ($)ft²	Mar. 31, 2017USD ($)
Commitments
Rent expense for operating lease	$ 3,956	$ 3,738
Future minimum lease payments for property and equipment under non-cancellable operating leases
Future minimum lease payments required under non-cancellable operating leases	6,000
Contractual commitments
Purchase obligations outstanding to purchase raw materials and supplies at fixed prices	1,200,000
Employment agreements
Employee Agreement Annual Commitment For Future Salaries During Current Year	500,000
Employee Agreement Annual Commitment For Non Executive Bonuses Payable	100,000
Employee Agreement Annual Commitment For Accrued Payroll Vacation And Holiday	$ 300,000
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	Mar. 31, 2018	Mar. 31, 2017	Apr. 21, 2015	Apr. 17, 2015
Claim Assignment Settlement
Gain (Loss) on Sale of Accounts Receivable		$ 0	$ 1,122,287
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, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Basic EPS
Net (Loss) Income	$ (368,000)	$ (691,000)	$ 368,000	$ 425,000	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ (265,908)	$ 5,080,169
Weighted average shares									28,824,593	27,908,155
Basic (Loss) Income per share	$ (0.01)	$ (0.02)	$ 0.01	$ 0.02	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ (0.01)	$ 0.18
Diluted EPS
Net (Loss) Income	$ (368,000)	$ (691,000)	$ 368,000	$ 425,000	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ (265,908)	$ 5,080,169
Dilutive effect of stock options									0	702,919
Diluted weighted average shares									28,824,593	28,611,074
Diluted (Loss) Income per share (in dollars per share)	$ (0.01)	$ (0.02)	$ 0.01	$ 0.02	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ (0.01)	$ 0.18
Antidilutive securities excluded from computation of earnings per share amount (in shares)									1,161,077	1,472,668

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	12 Months Ended
	Mar. 31, 2018
People's Capital and Leasing Corp
SUBSEQUENT EVENTS
Debt service coverage ratio (DSCR)	1.5

SELECTED QUARTERLY INFORMATIO67

SELECTED QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2018	Mar. 31, 2017
Unaudited quarterly data
Net Sales	$ 4,669,000	$ 3,642,000	$ 4,589,000	$ 5,830,000	$ 4,931,000	$ 5,319,000	$ 3,656,000	$ 4,644,000	$ 18,729,994	$ 18,550,674
Gross Profit	380,000	423,000	1,433,000	1,741,000	1,035,000	2,052,000	1,474,000	1,535,000	3,976,301	6,096,132
Net Income (Loss)	$ (368,000)	$ (691,000)	$ 368,000	$ 425,000	$ 3,097,000	$ 992,000	$ 546,000	$ 445,000	$ (265,908)	$ 5,080,169
Basic Income (Loss) per share (in dollars per share)	$ (0.01)	$ (0.02)	$ 0.01	$ 0.02	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ (0.01)	$ 0.18
Diluted Income (Loss) per share (in dollars per share)	$ (0.01)	$ (0.02)	$ 0.01	$ 0.02	$ 0.11	$ 0.03	$ 0.02	$ 0.02	$ (0.01)	$ 0.18