TechPrecision (TPCS) 10-Q 13 Aug 18 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Aug. 06, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Entity Registrant Name	TECHPRECISION CORP
Entity Central Index Key	1,328,792
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	TPCS
Entity Common Stock, Shares Outstanding		28,824,593

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 2,111,253	$ 2,689,110
Accounts receivable, net	716,408	1,446,982
Contract assets	4,175,499	347,896
Inventories	1,025,211	2,088,485
Other current assets	415,672	450,540
Total current assets	8,444,043	7,023,013
Property, plant and equipment, net	5,078,912	5,202,448
Deferred income taxes	2,423,515	2,046,298
Other noncurrent assets, net	44,144	6,860
Total assets	15,990,614	14,278,619
Current liabilities:
Accounts payable	332,798	345,705
Accrued expenses	752,717	788,084
Contract liabilities	1,458,319	180,706
Current portion of long-term debt	778,991	766,354
Total current liabilities	3,322,825	2,080,849
Long-term debt, including capital leases	3,998,609	4,185,274
Commitments and contingent liabilities (see Note 16)
Stockholders' Equity:
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 28,824,593 shares issued and outstanding at June 30 and March 31, 2018	2,882	2,882
Additional paid in capital	8,586,925	8,561,995
Accumulated other comprehensive income	22,325	24,236
Retained earnings (accumulated deficit)	57,048	(576,617)
Total stockholders' equity	8,669,180	8,012,496
Total liabilities and stockholders' equity	$ 15,990,614	$ 14,278,619

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Mar. 31, 2018
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 4,098,823	$ 5,830,386
Cost of sales	3,046,299	4,089,799
Gross profit	1,052,524	1,740,587
Selling, general and administrative	730,465	919,759
Income from operations	322,059	820,828
Other income	2,740	91
Interest expense	(95,385)	(108,782)
Total other expense, net	(92,645)	(108,691)
Income before income taxes	229,414	712,137
Income tax expense	65,029	287,635
Net income	164,385	424,502
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1,911)	732
Other comprehensive (loss) income, before tax	(1,911)	732
Income tax expense on other comprehensive income	0	296
Other comprehensive (loss) income, net of tax	(1,911)	436
Comprehensive income	$ 162,474	$ 424,938
Net income per share (basic)	$ 0.01	$ 0.01
Net income per share (diluted)	$ 0.01	$ 0.01
Weighted average number of shares outstanding (basic)	28,824,593	28,824,593
Weighted average number of shares outstanding (diluted)	29,096,727	29,766,666

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
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 adjustments	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
Share based compensation	24,930		24,930
Net income (loss)	164,385				164,385
Foreign currency translation adjustments	(1,911)			(1,911)
Effect of adoption of ASC 606 (see Note 3) | Accounting Standards Update 2014-09 [Member]	19,647				19,647
Effect of Accounting Standards Update 2016-16 (see Note 3) | Accounting Standards Update 2016-06 [Member]	449,633				449,633
Balance at Jun. 30, 2018	$ 8,669,180	$ 2,882	$ 8,586,925	$ 22,325	$ 57,048
Balance (in shares) at Jun. 30, 2018		28,824,593

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 164,385	$ 424,502
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	185,585	171,613
Amortization of debt issue costs	15,231	19,544
Stock based compensation expense	24,930	99,388
Change in contract loss provision	(15,875)	130,662
Deferred income taxes	65,029	273,528
Changes in operating assets and liabilities:
Accounts receivable	730,574	641,353
Inventories	(48,518)	(1,294,314)
Contract assets	(2,119,085)	0
Other current assets	34,868	(38,214)
Other noncurrent assets and liabilities	0	(4,839)
Accounts payable	(12,907)	199,423
Accrued expenses	118,339	15,254
Accrued taxes payable	0	4,403
Contract liabilities	567,517	(68,522)
Net cash (used in) provided by operating activities	(289,927)	573,781
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(101,695)	(212,946)
Proceeds from sale of equipment	0	80,000
Net cash used in investing activities	(101,695)	(132,946)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(186,896)	(174,591)
Net cash used in financing activities	(186,896)	(174,591)
Effect of exchange rate on cash and cash equivalents	661	(186)
Net (decrease) increase in cash and cash equivalents	(577,857)	266,058
Cash and cash equivalents, beginning of period	2,689,110	3,066,156
Cash and cash equivalents, end of period	2,111,253	3,332,214
Cash paid during the year for:
Interest expense	80,066	93,905
Income taxes	$ 0	$ 10,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, aerospace, nuclear, medical, and precision industrial.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation - These notes to the Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2018, or the 2018 Form 10-K, filed with the SEC on June 28, 2018. Accounting Estimates Revenue Recognition Revenue from Contracts with Customers (Topic 606), . Revenue Recognition, . ASC 606 sets forth five steps for revenue recognition: identification of the contract, identification of any separate performance obligations in the contracts, determination of the transaction price, allocation of the transaction price to separate performance obligations, and revenue recognition when performance obligations are satisfied. The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer will occur over time when the Company’s performance does not create an asset that has an alternative use to the Company and we have an enforceable right to payment for performance completed to date. Otherwise, control to promised goods or services transfers to customers at a point in time. The majority of the Company’s contracts have a single performance obligation and provide title to, or grant a security interest in, work-in-process to the customer. In addition, these contracts contain enforceable rights to payment, allowing the Company to recover both its cost and a reasonable margin on performance completed to date. The combination of these factors indicates that the customer controls the asset (and revenue is recognized) as the asset is created or enhanced. The Company measures progress for performance obligations satisfied over time using input methods (e.g., costs incurred, resources consumed, labor hours expended, time elapsed). Under arrangements where the customer does not have title to, or a security interest in, the work-in-process, our evaluation of whether revenue should be recognized over time requires significant judgment about whether the asset has an alternative use and whether the entity has an enforceable right to payment for performance completed to date. When one or both of these factors is not present, the Company will recognize revenue at the point in time where control over the promised good or service transfers to the customer, which is typically once the customer has taken physical possession of the product the Company has built for the customer. The Company and its customers occasionally enter into contract modifications, including change orders. The Company will account for the modification as a separate contract, the termination of an old contract and creation of a new contract, or as part of the original contract, depending on the nature and pricing of the goods or services included in the modification. In general, contract modifications – as well as other changes in estimates of sales, costs, and profits on a performance obligation – are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes in current and prior periods. A significant change in an estimate on one or more contracts in a period could have a material effect on the consolidated balance sheet or results of operations for that period. For the three months ended June 30, 2018, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company's condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2018. If incentives and other contingencies are provided as part of the contract, the Company will include in the initial transaction price the consideration to which it expects to be entitled under the terms and conditions of the contract, generally estimated using a most likely amount approach. In the context of variable consideration, the Company limits, or constrains, the transaction price to amounts for which the Company believes a significant reversal of revenue is not probable. Adjustments to constrain the transaction price, may be due to a portion of the transaction price being in excess of approved funding, a lack of history with the customer, a lack of history with the goods or services being provided, or other items. Shipping and handling fees and costs incurred in connection with products sold under ASC 606 are recorded in cost of sales in the condensed consolidated statements of operations, and are not considered a performance obligation to our customers. Contract Estimates ncrease if the Company is able to mitigate and retire such risks. Conversely, if the Company is not able to these risks, cost estimates may increase, resulting in a lower profit margin . The cost estimation process requires significant judgment and is based upon the professional knowledge and experience of the Company’s engineers, program managers, and financial professionals. Factors considered in estimating the work to be completed and ultimate contract recovery include the availability, productivity, and cost of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance, the availability and timing of funding from the customer, and the recoverability of any claims included in the estimates to complete. Costs allocable to undelivered units are reported as work in process, a component of inventory, in the condensed consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material. Accounts Receivable Inventories – Contract Assets Contract Liabilities the underlying performance obligation has .

ACCOUNTING STANDARDS UPDATES

ACCOUNTING STANDARDS UPDATES	3 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
ACCOUNTING STANDARDS UPDATES	NOTE 3 - ACCOUNTING STANDARDS UPDATES New Accounting Standards Recently Adopted Effective April 1, 2018, the Company adopted the requirements of ASU 2014-09 , which provides a single revenue recognition model for the transfer of promised goods or services in a manner reflective of the consideration we are entitled to in exchange for those goods or services. for initial application of the guidance (modified retrospective method). Results for reporting periods beginning after April 1, 2018, are presented under ASC 606, while prior period amounts are not adjusted and are reported in accordance with the Company's historic accounting practices under ASC 605. With the adoption of ASC 606 ASC 605. also modified and expanded its disclosures as they relate to revenues and contract balances under ASC 606. In conformity with the new , unbilled accounts receivable as contract assets and advance payments and billings in excess of revenue as contract liabilities as of June 30, 2018 and March 31, 2018. The adoption of ASC 606 resulted in a cumulative increase to retained earnings of $19,647, net of $7,385 of tax expense, as of April 1, 2018, driven by changes in contract assets and liabilities. For the three months ended June 30, 2018, product sales increased by approximately $2.5 million due to the change in revenue recognition June 30, 2018 April 1, 2018 As adjusted Inventories $ 1,025,211 $ 976,693 Contract assets $ 4,175,499 $ 2,056,414 Contract liabilities $ 1,458,319 $ 890,802 The following tables summarize the impact of the adoption of ASC 606 on the consolidated financial statements. are the result of timing differences between the recognition of revenue under ASC 606 and ASC 605. Under ASC 605 did not recognize revenue prior to delivery if payment, title, or risk of loss was tied to delivery. Under ASC 606, Condensed Consolidated Balance Sheet: June 30, 2018 As reported Adjustments ASC 605 ASSETS Contract assets $ 4,175,499 $ (4,175,499 ) $ — Inventories $ 1,025,211 $ 2,105,312 $ 3,130,523 Deferred tax assets $ 2,423,515 $ 251,635 $ 2,675,150 LIABILITIES Contract liabilities $ 1,458,319 $ (1,165,622 ) $ 292,697 Accrued expenses $ 752,717 $ 37,313 $ 790,030 SHAREHOLDERS’ EQUITY Retained earnings $ 57,048 $ (690,244 ) $ (633,196 ) Condensed Consolidated Statement of Operations: Three months ended June 30, 2018 As reported Adjustments ASC 605 Net sales $ 4,098,823 $ (2,466,981 ) $ 1,631,842 Cost of sales $ 3,046,299 $ (1,551,220 ) $ 1,495,079 Selling, general and administrative $ 730,465 $ (914 ) $ 729,551 Income (loss) before income taxes $ 229,414 $ (914,848 ) $ (685,434 ) Income tax provision $ 65,029 $ (244,250 ) $ (179,221 ) Net income (loss) $ 164,385 $ (670,598 ) $ (506,213 ) Net income (loss) per share – basic $ 0.01 $ (0.02 ) $ (0.01 ) Net income (loss) per share – diluted $ 0.01 $ (0.02 ) $ (0.01 ) Condensed Consolidated Statement of Cash Flows: Three months ended June 30, 2018 As reported Adjustments ASC 605 Net income $ 164,385 $ (670,598 ) $ (506,213 ) Adjustments to reconcile net income to net cash used in operating activities: Change in contract loss provision $ (15,875 ) $ 85,694 $ 69,819 Deferred income taxes $ 65,029 $ (251,635 ) $ (186,606 ) Changes in operating assets and liabilities: Inventories $ (48,518 ) $ (2,105,312 ) $ (2,153,830 ) Contract assets $ (2,119,085 ) $ 4,175,499 $ 2,056,414 Accrued expenses $ 118,339 $ (68,207 ) $ 50,132 Contract liabilities $ 567,517 $ (1,165,622 ) $ (598,105 ) Effective April 1, 2018, the Company adopted ASU 2016-16, Income Taxes (Topic 740): Intra Entity Transfers of Assets Other Than Inventory . The guidance in ASU 2016-16 requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. As such, the Company was required to remeasure an unrecognized deferred tax asset created from the repurchase of land and building from a certain variable interest entity in 2010. The modified retrospective approach was used to transition to the new guidance, with a cumulative-effect adjustment recorded in retained earnings as of the beginning of the period of adoption. The adoption of ASU 2016-16 resulted in a cumulative increase to retained earnings of $0.4 million as of April 1, 2018. Issued Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases

REVENUE

REVENUE	3 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 4 - REVENUE The Company generates its revenues primarily from performance obligations completed under contracts with customers in three main market sectors: defense, energy and precision industrial. The period over which the Company performs is generally less than one year. The Company generally invoices and receives related payments based upon performance progress not less frequently than monthly. Revenue generally is recognized over time given the terms and conditions of the related contracts. The Company utilizes an estimated labor hours based input methodology to measure performance progress, which best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts. All of our contracts are fixed price. Our contracts provide for product type sales only, and our products are delivered to customers in one of our three market sectors, defense, energy or precision industrial. The following table presents net sales on a disaggregated basis by market and contract type: Net Sales by market Defense Energy Industrial Totals Three months ended June 30, 2018 $ 3,809,087 $ 261,430 $ 28,306 $ 4,098,823 Net Sales by contract type Over-time Point-in-time Totals Three months ended June 30, 2018 $ 3,838,927 $ 259,896 $ 4,098,823 As of June 30, 2018, the Company had $12.5 million of remaining performance obligations, of which $11.6 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue before the end of fiscal year 2019. 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 three months ended: Net Sales Under ASC 606 Under ASC 605 June 30, 2018 June 30, 2017 Amount Percent Amount Percent Customer A $ 1,593,440 39 % $ 2,889,156 50 % Customer B $ 1,015,148 25 % — — Customer C — — $ 1,583,211 27 %

CONTRACT ASSETS and CONTRACT LI

CONTRACT ASSETS and CONTRACT LIABILITIES	3 Months Ended
	Jun. 30, 2018
CONTRACT ASSETS and CONTRACT LIABILITIES [Abstract]
CONTRACT ASSETS and CONTRACT LIABILITIES	NOTE 5 - CONTRACT ASSETS and CONTRACT LIABILITIES Contract assets primarily relate to the Company's rights to consideration for work completed but not billed as of the reporting date when the right to payment is not just subject to the passage of time. Fixed-price contracts are generally billed to the customer using either progress payments, whereby amounts are billed monthly as costs are incurred or work is completed, or performance-based payments, which are based upon the achievement of specific, measurable events or accomplishments defined and valued at contract inception. Contract liabilities relate to advance payments, billings in excess of revenues, and deferred revenue amounts. We also receive deposits representing down payments for acquisition of materials. Revenue recognized over time gives rise to contract assets, which represent revenue recognized but unbilled. Contract assets are included in the condensed consolidated balance sheets as a component of current assets.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2018
INVENTORIES [Abstract]
INVENTORIES	NOTE 6 - INVENTORIES June 30, 2018 March 31, 2018 Raw materials $ 204,872 $ 202,737 Work-in-process 820,339 1,885,748 Totals $ 1,025,211 $ 2,088,485

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	3 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
OTHER CURRENT ASSETS	NOTE 7 - OTHER CURRENT ASSETS June 30, 2018 March 31, 2018 Payments advanced to suppliers $ 82,645 $ 82,520 Prepaid insurance 166,696 211,823 Prepaid subscriptions 44,579 38,836 Prepaid taxes 59,792 59,792 Employee advances 28,967 26,869 Other 32,993 30,700 Total $ 415,672 $ 450,540

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 8 - PROPERTY, PLANT AND EQUIPMENT, NET June 30, 2018 March 31, 2018 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,123,689 10,058,797 Construction in progress 21,420 24,263 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,562,506 13,500,457 Less: accumulated depreciation (8,483,594 ) (8,298,009 ) Total property, plant and equipment, net $ 5,078,912 $ 5,202,448 Depreciation expense, which includes amortization of equipment under capital leases, for the three months ended June 30, 2018 and 2017 was $185,585 and $171,613, respectively. Capitalized leases included in property, plant and equipment were $54,376 at both June 30, 2018 and March 31, 2018. Accumulated depreciation on all property, plant and equipment accounted for as capitalized leases was $16,313 and $13,594 at June 30, 2018 and March 31, 2018, 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 periods ended June 30, 2018 and March 31, 2018 was $264 and $14,791, respectively.

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	3 Months Ended
	Jun. 30, 2018
Other Assets, Noncurrent Disclosure [Abstract]
OTHER NONCURRENT ASSETS	NOTE 9 - OTHER NONCURRENT ASSETS June 30, 2018 March 31, 2018 Deposits for fixed assets $ 39,647 $ — Deferred financing costs 4,497 6,860 Total $ 44,144 $ 6,860

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 10 - ACCRUED EXPENSES June 30, 2018 March 31, 2018 Accrued compensation $ 467,550 $ 383,060 Accrued professional fees 159,147 152,501 Provision for contract losses 19,029 200,897 Accrued project costs 66,479 — Other 40,512 51,626 Total $ 752,717 $ 788,084

DEBT

DEBT	3 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
DEBT	NOTE 11 - DEBT June 30, 2018 March 31, 2018 Berkshire Term Loan due $ 2,723,856 $ 2,745,181 People’s Equipment Loan Facility due April 2021 2,109,939 2,271,109 Obligations under capital leases 43,012 47,413 Total debt $ 4,876,807 $ 5,063,703 Less: debt issue costs unamortized $ 99,207 $ 112,075 Total debt, net $ 4,777,600 $ 4,951,628 Less: Current portion of long-term debt $ 778,991 $ 766,354 Total long-term debt, net $ 3,998,609 $ 4,185,274 Berkshire Bank Loan Facility On December 21, 2016 , pursuant to the Berkshire Loan Agreement, Berkshire Bank made a term loan to Ranor in the amount of $ 2,850,000 , or the Term Loan, and made available to Ranor a revolving line of credit in the amount of $ 1,000,000 , or the Revolver Loan, and together with the Term Loan, collectively, the Berkshire Loans. The Berkshire Loans are secured by a first lien on all personal and real property of Ranor. Advances under the Revolver Loan will be subject to a borrowing base equal to the lesser of (A) $ 1,000,000 and (B) the sum of (i) 80 % of eligible accounts receivable, and (ii) the lesser of (a) 25 % of eligible raw material inventory and (b) $ 250,000 . Advances made under the Revolver Loan bear interest at a variable rate equal to the one-month LIBOR plus 275 basis points . Interest-only payments on advances made under the Revolver Loan will be payable monthly in arrears. The Revolver Loan will mature on December 21, 2018 . Ranor’s obligations under the Berkshire Loan Agreement are guaranteed by TechPrecision. There were no amounts outstanding under the Revolver Loan at June 30, 2018 or March 31, 2018 . The Company pays, as consideration for the bank’s commitment to make advances under the Revolver Loan, a nonrefundable commitment fee equal to 0.25 % per annum on the average daily difference between the amount of $ 1,000,000 and the aggregate amount of all advances made under the Revolver Loan as of each quarterly period. 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 to 1.0 during the term of the Berkshire Loans. The DSCR will be measured at the end of each fiscal quarter of the Company. Pursuant to the Berkshire Loan Agreement, Ranor covenants to cause its balance sheet leverage to be less than or equal to 3.00 to 1.00 for the fiscal year ending March 31, 2018, and less than or equal to 2.50 to 1.00 for the fiscal year ending March 31, 2019 and each fiscal year end thereafter. The leverage ratio was 0.78 to 1.00 at March 31, 2018. Also, Ranor’s annual capital expenditures cannot exceed $2,500,000 for the fiscal year ended March 31, 2019, and $1,500,000 for the fiscal year ending March 31, 2020 and each fiscal year end thereafter. The Berkshire Loan Agreement contains an additional covenant whereby Ranor is required to maintain a loan-to-value ratio of not greater than 0.75 to 1.00, to be measured by appraisal not more frequently than one time during each 365-day period. 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 (other than the Berkshire Loans) when due; (iv) any representation or warranty of Ranor or TechPrecision in the Berkshire Loan Agreement and related documents, or the Loan Documents, being proven to have been incorrect, in any material respect, when made; (v) the failure of Ranor to discharge any attachment, levy or distraint on its property; (vi) any default by Ranor or TechPrecision under any of the collateral security documents executed in connection with the Berkshire Loan Agreement past any applicable grace period; (vii) the failure of Ranor or TechPrecision to file or pay taxes when due, unless such taxes are being contested in a manner permitted under the Loan Documents; (viii) a change in ownership or control of Ranor or change in management of Ranor where either the chief executive officer or chief financial officer as of December 21, 2016 is replaced without Berkshire Bank’s prior consent; (ix) Ranor or TechPrecision ceasing to do business as a going concern, making an assignment for the benefit of creditors, or commencing a bankruptcy or other similar insolvency proceeding; and (x) the entry of a judgment against Ranor or TechPrecision in excess of $150,000. Some of the Events of Default are subject to certain cure periods. Subject to the lapse of any applicable cure period, a default under the Berkshire Loans could cause the acceleration of all outstanding obligations under the Berkshire Loans. At March 31, 2018, the Company failed to maintain the required DSCR as defined in the . 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. At June 30, 2018, the Company was in compliance with the Berkshire Loan Agreement. Unamortized debt issue costs at June 30, 2018 and March 31, 2018 were $42,682 and $45,936, respectively. 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 was dated and effective as of March 31, 2016. Pursuant to the MLSA, People’s loaned $3,011,648 to Ranor, or the People’s Loan. The People’s Loan is secured by a first lien on certain machinery and equipment of Ranor, or the Equipment Collateral. Payments on the People’s Loan will be made in 60 monthly installments of $60,921 each, inclusive of interest, at a fixed rate of 7.90% per annum. The Company covenants to maintain a DSCR of at least 1.5 to 1.0 during the term of the People’s Loan. The DSCR will be measured at the end of each fiscal year of the Company. The People’s Loan may be accelerated upon the occurrence of an “Event of Default” (as defined in the MLSA). Some of the Events of Default are subject to certain cure periods. 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, or the Additional People’s Loan, to Ranor upon the terms and conditions set forth in the MLSA and Schedule 2. The Additional People’s Loan is guaranteed by TechPrecision pursuant to the original Corporate Guaranty from TechPrecision in favor of People’s dated March 31, 2016. The Additional People’s Loan is secured by a security interest in certain machinery and equipment of Ranor as provided in Schedule 2. 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 to 1.0 during the term of the People’s Loan. 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. Subject to the lapse of any applicable cure period, a default under the People’s Loan could have caused the acceleration of all outstanding obligations under the People’s 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. This waiver does not apply to any future periods. Concurrent with the execution and delivery of the waiver, the Company agrees to pay People’s a covenant waiver processing fee. Unamortized debt issue costs at June 30, 2018 and March 31, 2018 were $56,525 and $66,139, respectively. Capital Lease We entered into a capital lease in January 2017 for certain office equipment. The lease term is for 60 months, bears interest at 7.9% per annum and requires monthly payments of principal and interest of approximately $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 until the expiration date. 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	3 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12 - INCOME TAXES We account for income taxes under the provisions of FASB ASC 740, Income Taxes The Company's earnings are primarily domestic, and its effective tax rates on earnings from operations for the three months ended June 30, 2018 was 28.4%. The lower effective tax rate for the three months ended June 30, 2018, was primarily attributable to a reduction in our federal corporate income tax rate from 34% to 21%, enacted under the Tax Act of 2017. 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 The valuation allowance on deferred tax assets at June 30, 2018 was approximately $1.7 million. We believe that it is more likely than not that the benefit from certain state and foreign NOL carryforwards and other deferred tax assets will not be realized. In recognition of this risk, we continue to provide a valuation allowance on these items. In the event future taxable income is below management’s estimates or is generated in tax jurisdictions different than projected, the Company could be required to increase the valuation allowance for deferred tax assets. This would result in an increase in the Company’s effective tax rate.

PROFIT SHARING PLAN

PROFIT SHARING PLAN	3 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
PROFIT SHARING PLAN	NOTE 13 - PROFIT SHARING PLAN Ranor has a 401(k) profit sharing plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company’s contributions were $20,520 and $22,319 for the three months ended June 30, 2018 and 2017, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	NOTE 14 - STOCK BASED COMPENSATION Our board of directors, upon the recommendation of the previously constituted 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 on December 8, 2016, and it applies to awards granted after that date. The 2016 Plan provides for a share reserve of 5,000,000 shares of common stock. At June 30, 2018, there were 1,607,332 shares available for grant under the 2016 Plan. The following table summarizes information and option activity for the three months ended June 30, 2018: Number Of Weighted Average Aggregate Intrinsic Weighted Average Remaining Contractual Life Options Exercise Price Value (in years) Outstanding at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Canceled (2,000 ) $ 1.960 — — Outstanding at 6/30/2018 3,392,668 $ 0.416 $ 1,102,600 6.72 Vested or expected to vest at 6/30/2018 3,392,668 $ 0.416 $ 1,102,600 6.72 Exercisable and vested at 6/30/2018 3,342,000 $ 0.413 $ 1,098,100 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 first quarter of fiscal 2019 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 June 30, 2018. This amount changes based on the fair market value of the Company’s common stock. The total fair value of shares vested during the period was $24,930. The following table summarizes the status of our stock options outstanding but not vested for the three months ended June 30, 2018: Number of Options Weighted Average Exercise Price Outstanding at 3/31/2018 100,000 $ 0.60 Vested (50,000 ) $ 0.60 Outstanding at 6/30/2018 50,000 $ 0.60 Other information relating to stock options outstanding at June, 30, 2018 is as follows: Range of Exercise Prices: Options Outstanding Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $ 0.01 1.00 3,221,668 7.38 $ 0.35 3,171,667 $ 0.35 $ 1.01 1.96 171,000 2.26 $ 1.58 171,000 $ 1.58 Totals 3,392,668 3,342,667

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 15 - CONCENTRATION OF CREDIT RISK We maintain bank account balances, which, at times, may exceed insured limits. We have not experienced any losses with these accounts and believe that we are not exposed to any significant credit risk on cash. At June 30, 2018, there were accounts receivable balances outstanding from one customer comprising 47% of the total receivables balance. The following table sets forth information as to accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of: June 30, 2018 March 31, 2018 Customer Amount Percent Amount Percent A $ 334,801 47 % * * % B $ 105,794 15 % $ 432,084 30 % C $ 99,990 14 % $ 394,454 27 % D $ * * % 263,098 18 % E $ 98,509 14 % * * % *less than 10% of total

COMMITMENTS

COMMITMENTS	3 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	NOTE 16 - COMMITMENTS 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 June 30, 2018 for future executive salaries during the next twelve months was approximately $0.5 million. The aggregate commitment for the remainder of our employees at June 30, 2018 was approximately $0.2 million for accrued payroll, vacation and holiday pay.

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	3 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
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: Three months ended June 30, 2018 Three months ended June 30, 2017 Basic EPS Net income $ 164,385 $ 424,502 Weighted average shares 28,824,593 28,824,593 Basic income per share $ 0.01 $ 0.01 Diluted EPS Net income $ 164,385 $ 424,502 Dilutive effect of stock options 272,134 942,073 Diluted weighted average shares 29,096,727 29,766,666 Diluted income per share $ 0.01 $ 0.01 All potential common share equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three months ended June 30, 2018 and 2017, there were 862,668 and 502,668, respectively, of potentially anti-dilutive stock options, none of which were included in the EPS calculations above.

BASIS OF PRESENTATION AND SIG24

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation - These notes to the Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2018, or the 2018 Form 10-K, filed with the SEC on June 28, 2018.
Accounting Estimates	Accounting Estimates
Revenue and Related Cost Recognition	Revenue Recognition Revenue from Contracts with Customers (Topic 606), . Revenue Recognition, . ASC 606 sets forth five steps for revenue recognition: identification of the contract, identification of any separate performance obligations in the contracts, determination of the transaction price, allocation of the transaction price to separate performance obligations, and revenue recognition when performance obligations are satisfied. The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer will occur over time when the Company’s performance does not create an asset that has an alternative use to the Company and we have an enforceable right to payment for performance completed to date. Otherwise, control to promised goods or services transfers to customers at a point in time. The majority of the Company’s contracts have a single performance obligation and provide title to, or grant a security interest in, work-in-process to the customer. In addition, these contracts contain enforceable rights to payment, allowing the Company to recover both its cost and a reasonable margin on performance completed to date. The combination of these factors indicates that the customer controls the asset (and revenue is recognized) as the asset is created or enhanced. The Company measures progress for performance obligations satisfied over time using input methods (e.g., costs incurred, resources consumed, labor hours expended, time elapsed). Under arrangements where the customer does not have title to, or a security interest in, the work-in-process, our evaluation of whether revenue should be recognized over time requires significant judgment about whether the asset has an alternative use and whether the entity has an enforceable right to payment for performance completed to date. When one or both of these factors is not present, the Company will recognize revenue at the point in time where control over the promised good or service transfers to the customer, which is typically once the customer has taken physical possession of the product the Company has built for the customer. The Company and its customers occasionally enter into contract modifications, including change orders. The Company will account for the modification as a separate contract, the termination of an old contract and creation of a new contract, or as part of the original contract, depending on the nature and pricing of the goods or services included in the modification. In general, contract modifications – as well as other changes in estimates of sales, costs, and profits on a performance obligation – are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes in current and prior periods. A significant change in an estimate on one or more contracts in a period could have a material effect on the consolidated balance sheet or results of operations for that period. For the three months ended June 30, 2018, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company's condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2018. If incentives and other contingencies are provided as part of the contract, the Company will include in the initial transaction price the consideration to which it expects to be entitled under the terms and conditions of the contract, generally estimated using a most likely amount approach. In the context of variable consideration, the Company limits, or constrains, the transaction price to amounts for which the Company believes a significant reversal of revenue is not probable. Adjustments to constrain the transaction price, may be due to a portion of the transaction price being in excess of approved funding, a lack of history with the customer, a lack of history with the goods or services being provided, or other items. Shipping and handling fees and costs incurred in connection with products sold under ASC 606 are recorded in cost of sales in the condensed consolidated statements of operations, and are not considered a performance obligation to our customers.
Contract Estimates	Contract Estimates ncrease if the Company is able to mitigate and retire such risks. Conversely, if the Company is not able to these risks, cost estimates may increase, resulting in a lower profit margin . The cost estimation process requires significant judgment and is based upon the professional knowledge and experience of the Company’s engineers, program managers, and financial professionals. Factors considered in estimating the work to be completed and ultimate contract recovery include the availability, productivity, and cost of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance, the availability and timing of funding from the customer, and the recoverability of any claims included in the estimates to complete. Costs allocable to undelivered units are reported as work in process, a component of inventory, in the condensed consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material.
Accounts receivable and allowance for doubtful accounts	Accounts Receivable
Inventories	Inventories –
Contract Assets	Contract Assets
Contract Liabilities	Contract Liabilities the underlying performance obligation has .

ACCOUNTING STANDARDS UPDATES (T

ACCOUNTING STANDARDS UPDATES (Tables)	3 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]	The following table compares the opening and closing balances for inventories, contract assets and contract liabilities: June 30, 2018 April 1, 2018 As adjusted Inventories $ 1,025,211 $ 976,693 Contract assets $ 4,175,499 $ 2,056,414 Contract liabilities $ 1,458,319 $ 890,802
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Condensed Consolidated Balance Sheet: June 30, 2018 As reported Adjustments ASC 605 ASSETS Contract assets $ 4,175,499 $ (4,175,499 ) $ — Inventories $ 1,025,211 $ 2,105,312 $ 3,130,523 Deferred tax assets $ 2,423,515 $ 251,635 $ 2,675,150 LIABILITIES Contract liabilities $ 1,458,319 $ (1,165,622 ) $ 292,697 Accrued expenses $ 752,717 $ 37,313 $ 790,030 SHAREHOLDERS’ EQUITY Retained earnings $ 57,048 $ (690,244 ) $ (633,196 ) Condensed Consolidated Statement of Operations: Three months ended June 30, 2018 As reported Adjustments ASC 605 Net sales $ 4,098,823 $ (2,466,981 ) $ 1,631,842 Cost of sales $ 3,046,299 $ (1,551,220 ) $ 1,495,079 Selling, general and administrative $ 730,465 $ (914 ) $ 729,551 Income (loss) before income taxes $ 229,414 $ (914,848 ) $ (685,434 ) Income tax provision $ 65,029 $ (244,250 ) $ (179,221 ) Net income (loss) $ 164,385 $ (670,598 ) $ (506,213 ) Net income (loss) per share – basic $ 0.01 $ (0.02 ) $ (0.01 ) Net income (loss) per share – diluted $ 0.01 $ (0.02 ) $ (0.01 ) Condensed Consolidated Statement of Cash Flows: Three months ended June 30, 2018 As reported Adjustments ASC 605 Net income $ 164,385 $ (670,598 ) $ (506,213 ) Adjustments to reconcile net income to net cash used in operating activities: Change in contract loss provision $ (15,875 ) $ 85,694 $ 69,819 Deferred income taxes $ 65,029 $ (251,635 ) $ (186,606 ) Changes in operating assets and liabilities: Inventories $ (48,518 ) $ (2,105,312 ) $ (2,153,830 ) Contract assets $ (2,119,085 ) $ 4,175,499 $ 2,056,414 Accrued expenses $ 118,339 $ (68,207 ) $ 50,132 Contract liabilities $ 567,517 $ (1,165,622 ) $ (598,105 )

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jun. 30, 2018
Disaggregation of Revenue	Net Sales by market Defense Energy Industrial Totals Three months ended June 30, 2018 $ 3,809,087 $ 261,430 $ 28,306 $ 4,098,823 Net Sales by contract type Over-time Point-in-time Totals Three months ended June 30, 2018 $ 3,838,927 $ 259,896 $ 4,098,823
Net Sales [Member]
Schedules of Concentration of Risk, by Risk Factor	Net Sales Under ASC 606 Under ASC 605 June 30, 2018 June 30, 2017 Amount Percent Amount Percent Customer A $ 1,593,440 39 % $ 2,889,156 50 % Customer B $ 1,015,148 25 % — — Customer C — — $ 1,583,211 27 %

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2018
INVENTORIES [Abstract]
Schedule of Inventory, Current	June 30, 2018 March 31, 2018 Raw materials $ 204,872 $ 202,737 Work-in-process 820,339 1,885,748 Totals $ 1,025,211 $ 2,088,485

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Jun. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of other current assets	June 30, 2018 March 31, 2018 Payments advanced to suppliers $ 82,645 $ 82,520 Prepaid insurance 166,696 211,823 Prepaid subscriptions 44,579 38,836 Prepaid taxes 59,792 59,792 Employee advances 28,967 26,869 Other 32,993 30,700 Total $ 415,672 $ 450,540

PROPERTY, PLANT AND EQUIPMENT29

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of components of property, plant and equipment, net	June 30, 2018 March 31, 2018 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,123,689 10,058,797 Construction in progress 21,420 24,263 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,562,506 13,500,457 Less: accumulated depreciation (8,483,594 ) (8,298,009 ) Total property, plant and equipment, net $ 5,078,912 $ 5,202,448

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	3 Months Ended
	Jun. 30, 2018
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of other noncurrent assets	June 30, 2018 March 31, 2018 Deposits for fixed assets $ 39,647 $ — Deferred financing costs 4,497 6,860 Total $ 44,144 $ 6,860

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of accrued expenses	June 30, 2018 March 31, 2018 Accrued compensation $ 467,550 $ 383,060 Accrued professional fees 159,147 152,501 Provision for contract losses 19,029 200,897 Accrued project costs 66,479 — Other 40,512 51,626 Total $ 752,717 $ 788,084

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of outstanding debt obligations	June 30, 2018 March 31, 2018 Berkshire Term Loan due $ 2,723,856 $ 2,745,181 People’s Equipment Loan Facility due April 2021 2,109,939 2,271,109 Obligations under capital leases 43,012 47,413 Total debt $ 4,876,807 $ 5,063,703 Less: debt issue costs unamortized $ 99,207 $ 112,075 Total debt, net $ 4,777,600 $ 4,951,628 Less: Current portion of long-term debt $ 778,991 $ 766,354 Total long-term debt, net $ 3,998,609 $ 4,185,274

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of information about options for the periods presented	Number Of Weighted Average Aggregate Intrinsic Weighted Average Remaining Contractual Life Options Exercise Price Value (in years) Outstanding at 3/31/2018 3,394,668 $ 0.417 $ 698,200 6.72 Canceled (2,000 ) $ 1.960 — — Outstanding at 6/30/2018 3,392,668 $ 0.416 $ 1,102,600 6.72 Vested or expected to vest at 6/30/2018 3,392,668 $ 0.416 $ 1,102,600 6.72 Exercisable and vested at 6/30/2018 3,342,000 $ 0.413 $ 1,098,100 6.72
Summary of activity of stock options outstanding but not vested	Number of Options Weighted Average Exercise Price Outstanding at 3/31/2018 100,000 $ 0.60 Vested (50,000 ) $ 0.60 Outstanding at 6/30/2018 50,000 $ 0.60
Stock Based Compensation By Exercise Price Range	Range of Exercise Prices: Options Outstanding Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price Options Exercisable Weighted Average Exercise Price $ 0.01 1.00 3,221,668 7.38 $ 0.35 3,171,667 $ 0.35 $ 1.01 1.96 171,000 2.26 $ 1.58 171,000 $ 1.58 Totals 3,392,668 3,342,667

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	3 Months Ended
	Jun. 30, 2018
Accounts Receivable
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	June 30, 2018 March 31, 2018 Customer Amount Percent Amount Percent A $ 334,801 47 % * * % B $ 105,794 15 % $ 432,084 30 % C $ 99,990 14 % $ 394,454 27 % D $ * * % 263,098 18 % E $ 98,509 14 % * * % *less than 10% of total

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	3 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations	Three months ended June 30, 2018 Three months ended June 30, 2017 Basic EPS Net income $ 164,385 $ 424,502 Weighted average shares 28,824,593 28,824,593 Basic income per share $ 0.01 $ 0.01 Diluted EPS Net income $ 164,385 $ 424,502 Dilutive effect of stock options 272,134 942,073 Diluted weighted average shares 29,096,727 29,766,666 Diluted income per share $ 0.01 $ 0.01

ACCOUNTING STANDARDS UPDATES -o

ACCOUNTING STANDARDS UPDATES -opening and closing balances for inventories (Details) - USD ($)	Jun. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Inventories	$ 1,025,211	$ 976,693	$ 2,088,485
Contract assets	4,175,499	2,056,414	347,896
Contract liabilities	$ 1,458,319	$ 890,802	$ 180,706

ACCOUNTING STANDARDS UPDATES-su

ACCOUNTING STANDARDS UPDATES-summarize the impact of the adoption of ASC 606 (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018	Apr. 01, 2018
ASSETS
Contract assets	$ 4,175,499		$ 347,896	$ 2,056,414
Inventories	1,025,211		2,088,485	976,693
Deferred tax assets	2,423,515		2,046,298
LIABILITIES
Contract liabilities	1,458,319		180,706	$ 890,802
Accrued expenses	752,717		788,084
SHAREHOLDERS' EQUITY
Retained earnings	57,048		(576,617)
Net sales	4,098,823	$ 5,830,386
Cost of sales	3,046,299
Selling, general and administrative	730,465	919,759
Income (loss) before income taxes	229,414
Income tax provision (benefit)	65,029	$ 287,635
Net income (loss)	$ 164,385
Net income (loss) per share – basic	$ 0.01	$ 0.01
Net income (loss) per share – diluted	$ 0.01	$ 0.01
Statement of Cash Flows [Abstract]
Net income	$ 164,385	$ 424,502	$ (265,908)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision	15,875	(130,662)
Deferred income taxes	65,029	273,528
Changes in operating assets and liabilities:
Inventories	48,518	1,294,314
Contract assets	2,119,085	0
Accrued expenses	118,339	15,254
Contract liabilities	(567,517)	$ 68,522
Restatement Adjustment [Member]
ASSETS
Contract assets	(4,175,499)
Inventories	2,105,312
Deferred tax assets	251,635
LIABILITIES
Contract liabilities	(1,165,622)
Accrued expenses	37,313
SHAREHOLDERS' EQUITY
Retained earnings	(690,244)
Net sales	(2,466,981)
Cost of sales	(1,551,220)
Selling, general and administrative	(914)
Income (loss) before income taxes	(914,848)
Income tax provision (benefit)	(244,250)
Net income (loss)	$ (670,598)
Net income (loss) per share – basic	$ (0.02)
Net income (loss) per share – diluted	$ (0.02)
Statement of Cash Flows [Abstract]
Net income	$ (670,598)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision	85,694
Deferred income taxes	(251,635)
Changes in operating assets and liabilities:
Inventories	(2,105,312)
Contract assets	4,175,499
Accrued expenses	(68,207)
Contract liabilities	(1,165,622)
Previously Reported [Member]
ASSETS
Contract assets	0
Inventories	3,130,523
Deferred tax assets	2,675,150
LIABILITIES
Contract liabilities	292,697
Accrued expenses	790,030
SHAREHOLDERS' EQUITY
Retained earnings	(633,196)
Net sales	1,631,842
Cost of sales	1,495,079
Selling, general and administrative	729,551
Income (loss) before income taxes	(685,434)
Income tax provision (benefit)	(179,221)
Net income (loss)	$ (506,213)
Net income (loss) per share – basic	$ (0.01)
Net income (loss) per share – diluted	$ (0.01)
Statement of Cash Flows [Abstract]
Net income	$ (506,213)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision	69,819
Deferred income taxes	(186,606)
Changes in operating assets and liabilities:
Inventories	(2,153,830)
Contract assets	2,056,414
Accrued expenses	50,132
Contract liabilities	$ (598,105)

ACCOUNTING STANDARDS UPDATES -

ACCOUNTING STANDARDS UPDATES - Summary (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Apr. 01, 2018
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 19,647
New Accounting Pronouncement or Change in Accounting Principle Tax Effect		7,385
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results	$ 2,500,000
Accounting Standards Update 2016-16 [Member]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 400,000

REVENUE - disaggregated basis (

REVENUE - disaggregated basis (Details)	3 Months Ended
	Jun. 30, 2018USD ($)
Revenue from Contract with Customer, Including Assessed Tax	$ 4,098,823
Defense [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,809,087
Defense [Member] | Over-time [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,838,927
Energy [Member]
Revenue from Contract with Customer, Including Assessed Tax	261,430
Energy [Member] | Point-in-time [Member]
Revenue from Contract with Customer, Including Assessed Tax	259,896
Industrial [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 28,306

REVENUE - net sales from custo

REVENUE - net sales from customers (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Revenues	$ 4,098,823	$ 5,830,386
Customer A [Member] | Sales Revenue, Net [Member]
Revenues	$ 1,593,440	$ 2,889,156
Concentration Risk, Percentage	39.00%	50.00%
Customer B [Member] | Sales Revenue, Net [Member]
Revenues	$ 1,015,148	$ 0
Concentration Risk, Percentage	25.00%	0.00%
Customer C [Member] | Sales Revenue, Net [Member]
Revenues	$ 0	$ 1,583,211
Concentration Risk, Percentage	0.00%	27.00%

REVENUE - additional informatio

REVENUE - additional information (Details) $ in Millions	Jun. 30, 2018USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 12.5
Revenue Remaining Performance Obligation Completed Less Than 50	$ 11.6
Revenue, Remaining Performance Obligation, Percentage	50.00%

CONTRACT ASSETS and CONTRACT 42

CONTRACT ASSETS and CONTRACT LIABILITIES (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018USD ($)
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress	$ 2.1
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 0.6

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Jun. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Raw materials	$ 204,872		$ 202,737
Work-in-process	820,339		1,885,748
Totals	$ 1,025,211	$ 976,693	$ 2,088,485

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Payments advanced to suppliers	$ 82,645	$ 82,520
Prepaid insurance	166,696	211,823
Prepaid subscriptions	44,579	38,836
Prepaid taxes	59,792	59,792
Employee advances	28,967	26,869
Other	32,993	30,700
Total	$ 415,672	$ 450,540

PROPERTY, PLANT AND EQUIPMENT45

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018
Property, Plant and Equipment, Net
Total property, plant and equipment	$ 13,562,506		$ 13,500,457
Less: accumulated depreciation	(8,483,594)		(8,298,009)
Total property, plant and equipment, net	5,078,912		5,202,448
Depreciation expense	185,585	$ 171,613
Interest Costs Capitalized	264	$ 14,791
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	10,123,689		10,058,797
Construction in Progress
Property, Plant and Equipment, Net
Construction in progress	21,420		24,263
Equipment under capital leases
Property, Plant and Equipment, Net
Total property, plant and equipment	54,376		54,376
Less: accumulated depreciation	$ (16,313)		$ (13,594)

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Other Noncurrent Assets [Line Items]
Deposits for fixed assets	$ 39,647	$ 0
Deferred financing costs	4,497	6,860
Total	$ 44,144	$ 6,860

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Accrued Expenses
Accrued compensation	$ 467,550	$ 383,060
Accrued professional fees	159,147	152,501
Provision for contract losses	19,029	200,897
Accrued project costs	66,479	0
Other	40,512	51,626
Total	$ 752,717	$ 788,084

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Long-term Debt
Total debt	$ 4,876,807	$ 5,063,703
Less: debt issue costs unamortized	99,207	112,075
Total debt, net	4,777,600	4,951,628
Less: Current portion of long-term debt	778,991	766,354
Total long-term debt, net	3,998,609	4,185,274
Berkshire Term Loan Due December 2021
Long-term Debt
Total debt	2,723,856	2,745,181
People's Equipment Loan Facility due April 2021
Long-term Debt
Total debt	2,109,939	2,271,109
Obligations under capital leases
Long-term Debt
Total debt	$ 43,012	$ 47,413

DEBT - Berkshire Bank & Trust C

DEBT - Berkshire Bank & Trust Company Loan Facility (Details)	Dec. 21, 2016USD ($)	Jan. 20, 2017	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,000,000
Debt Instrument Covenant Leverage Ratio Year Three And Thereafter				0.78
Berkshire Loan
Debt Instrument [Line Items]
Debt Instrument Debt Service Coverage Ratio Threshold				1.2
Debt Instrument Covenant Leverage Ratio Year One				3
Debt Instrument Covenant Leverage Ratio Year Two				2.50
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Three				$ 2,500,000
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Four And Thereafter				$ 1,500,000
Debt Instrument Covenant Loan To Value Ratio			0.75
Debt Instrument Covenant Trailing Period For Measurement Of Loan To Value Ratio				365 days
Line of Credit Facility, Commitment Fee Percentage			0.25%
Unamortized Debt Issuance Expense			$ 42,682	$ 45,936
Berkshire Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Amount Of Borrowing Base Required To Grant Loan Advance	$ 1,000,000
Debt Instrument Percentage Of Accounts Receivable Used For Determination Of Aggregate Amount Of Advances	80.00%
Debt Instrument Percentage Of Eligible Raw Material Used For Determination Of Aggregate Amount Of Advances	25.00%
Amount Included In Sum To Calculate Maximum Borrowing Base	$ 250,000
Debt Instrument, Description of Variable Rate Basis			one-month LIBOR plus 275 basis points
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
Berkshire Loan | Ranor, Inc. | Secured Term Loan
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage		5.21%
Debt Instrument, Maturity Date		Dec. 20, 2021
Debt Instrument, Frequency of Periodic Payment		payments on the Term Loan began and will be made in 60 monthly installments of $19,260 each

DEBT - People's Capital and Lea

DEBT - People's Capital and Leasing Corp. Equipment Loan Facility (Details)	1 Months Ended	12 Months Ended
	Apr. 26, 2016USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Oct. 04, 2016USD ($)
People's Capital and Leasing Corp
Debt Instrument [Line Items]
Debt Instrument, Debt Service Coverage Ratio		1.5
Unamortized Debt Issuance Expense		$ 66,139	$ 56,525
MLSA | Secured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 365,852
MLSA | People's Capital and Leasing Corp
Debt Instrument [Line Items]
Debt Instrument Debt Service Coverage Ratio Threshold	1.5
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)	1 Months Ended
	Jan. 31, 2017USD ($)
Debt
Lease Payment Until Expire	$ 740
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 (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Tax Expense (Benefit)	$ 65,029	$ 287,635
Effective Income Tax Rate Reconciliation, Percent	28.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	34.00%
Deferred Tax Assets, Valuation Allowance	$ 1,700,000

PROFIT SHARING PLAN (Details)

PROFIT SHARING PLAN (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
PROFIT SHARING PLAN
Matching contributions made by the company		$ 22,319
Ranor, Inc.
PROFIT SHARING PLAN
Eligibility for employer matching contributions, period of service	90 days
Matching contributions made by the company	$ 20,520

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary (Details)	3 Months Ended
	Jun. 30, 2018USD ($)shares
Share based compensation
Fair value of shares vested | $	$ 24,930
2016 Plan
Share based compensation
Shares reserved	5,000,000
Shares available for grant	1,607,332

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Number Of Options
Outstanding at the beginning of the period (in shares)	3,394,668
Canceled (in shares)	(2,000)
Outstanding at the end of the period (in shares)	3,392,668
Vested or expected to vest at the end of the period (in shares)	3,392,668
Exercisable and vested at the end of the period (in shares)	3,342,000
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.417
Canceled (in dollars per share)	1.960
Outstanding at the end of the period (in dollars per share)	0.416
Vested or expected to vest at the end of the period (in dollars per share)	0.416
Exercisable and vested at the end of the period (in dollars per share)	$ 0.413
Aggregate Intrinsic Value
Outstanding Value	$ 1,102,600	$ 698,200
Canceled	0
Vested or expected to vest at the end of the period	1,102,600
Exercisable and vested at the end of the period	$ 1,098,100
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	6 years 8 months 19 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 - St56

STOCK BASED COMPENSATION - Stock Options Outstanding (Details)	3 Months Ended
	Jun. 30, 2018$ / sharesshares
Stock options outstanding but not vested, Number of Options
Outstanding at the beginning of the period (in shares) | shares	100,000
Vested (in shares) | shares	(50,000)
Outstanding at the end of the period (in shares) | shares	50,000
Stock options outstanding but not vested, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 0.60
Vested (in dollars per share) | $ / shares	0.60
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 0.60

STOCK BASED COMPENSATION - St57

STOCK BASED COMPENSATION - Stock Options Outstanding By Exercise Price (Details)	3 Months Ended
	Jun. 30, 2018$ / sharesshares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	3,392,668
Options Exercisable | shares	3,342,667
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 17 days
Options Outstanding, Weighted Average Exercise Price	$ 0.35
Options Exercisable | shares	3,171,667
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	171,000
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 3 months 4 days
Options Outstanding, Weighted Average Exercise Price	$ 1.58
Options Exercisable | shares	171,000
Options Exercisable, Weighted Average Exercise Price	$ 1.58

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018		Mar. 31, 2018
Concentration of credit risk and major customers
Accounts receivable	$ 716,408		$ 1,446,982
Accounts Receivable | Customer Concentration Risk
Concentration of credit risk and major customers
Concentration risk percentage	47.00%
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Accounts receivable	$ 334,801			[1]
Concentration risk percentage	47.00%			[1]
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Accounts receivable	$ 105,794		$ 432,084
Concentration risk percentage	15.00%		30.00%
Accounts Receivable | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Accounts receivable	$ 99,990		$ 394,454
Concentration risk percentage	14.00%		27.00%
Accounts Receivable | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Accounts receivable		[1]	$ 263,098
Concentration risk percentage		[1]	18.00%
Accounts Receivable | Customer Concentration Risk | Customer E
Concentration of credit risk and major customers
Accounts receivable	$ 98,509			[1]
Concentration risk percentage	14.00%			[1]
[1]	less than 10% of total

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Millions	Jun. 30, 2018USD ($)
Commitments
Employee Agreement Annual Commitment For Vacation And Holiday	$ 0.2
Employee Agreement Annual Commitment For Future Salaries During Next Fiscal Year	$ 0.5

EARNINGS PER SHARE (EPS) (Detai

EARNINGS PER SHARE (EPS) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Mar. 31, 2018
Basic EPS
Net income	$ 164,385	$ 424,502	$ (265,908)
Weighted average shares	28,824,593	28,824,593
Basic income per share	$ 0.01	$ 0.01
Diluted EPS
Net income	$ 164,385	$ 424,502	$ (265,908)
Dilutive effect of stock options	272,134	942,073
Diluted weighted average shares	29,096,727	29,766,666
Diluted income per share	$ 0.01	$ 0.01
Antidilutive securities excluded from computation of earnings per share amount (in shares)	862,668	502,668