TechPrecision (TPCS) 10-Q 13 Nov 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 07, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Entity Registrant Name	TECHPRECISION CORP
Entity Central Index Key	1,328,792
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	TPCS
Entity Common Stock, Shares Outstanding		28,824,593
Entity Emerging Growth Company	false
Entity Small Business	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,401,238	$ 2,689,110
Accounts receivable, net	817,744	1,446,982
Contract assets	5,557,489	347,896
Inventories	2,119,496	2,088,485
Other current assets	430,616	450,540
Total current assets	10,326,583	7,023,013
Property, plant and equipment, net	5,058,536	5,202,448
Deferred income taxes	2,346,141	2,046,298
Other noncurrent assets, net	2,116	6,860
Total assets	17,733,376	14,278,619
Current liabilities:
Accounts payable	1,031,438	345,705
Accrued expenses	787,676	788,084
Contract liabilities	2,393,881	180,706
Current portion of long-term debt	791,920	766,354
Total current liabilities	5,004,915	2,080,849
Long-term debt, including capital leases	3,807,487	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 September 30 and March 31, 2018	2,882	2,882
Additional paid in capital	8,658,513	8,561,995
Accumulated other comprehensive income	21,816	24,236
Retained earnings (accumulated deficit)	237,763	(576,617)
Total stockholders' equity	8,920,974	8,012,496
Total liabilities and stockholders' equity	$ 17,733,376	$ 14,278,619

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 3,621,185	$ 4,588,894	$ 7,720,008	$ 10,419,280
Cost of sales	2,526,085	3,155,893	5,572,384	7,245,692
Gross profit	1,095,100	1,433,001	2,147,624	3,173,588
Selling, general and administrative	751,037	720,341	1,481,502	1,640,100
Income from operations	344,063	712,660	666,122	1,533,488
Other income	4,275	1,456	7,015	1,547
Interest expense	(90,249)	(100,414)	(185,634)	(209,196)
Total other expense, net	(85,974)	(98,958)	(178,619)	(207,649)
Income before income taxes	258,089	613,702	487,503	1,325,839
Income tax expense	77,374	245,516	142,403	533,151
Net income	180,715	368,186	345,100	792,688
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(509)	1,854	(2,420)	2,586
Other comprehensive income (loss), before tax	(509)	1,854	(2,420)	2,586
Income tax expense on other comprehensive income	0	746	0	1,042
Other comprehensive income (loss), net of tax	(509)	1,108	(2,420)	1,544
Comprehensive income	$ 180,206	$ 369,294	$ 342,680	$ 794,232
Net income per share basic	$ 0.01	$ 0.01	$ 0.01	$ 0.03
Net income per share diluted	$ 0.01	$ 0.01	$ 0.01	$ 0.03
Weighted average number of shares outstanding: Basic	28,824,593	28,824,593	28,824,593	28,824,593
Weighted average number of shares outstanding: Diluted	30,150,485	29,730,456	30,054,055	29,751,219

CONDENSED CONSOLIDATED STATEM_2

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	99,388		99,388
Net income	424,502				424,502
Foreign currency translation adjustment	436			436
Balance at Jun. 30, 2017	8,494,647	$ 2,882	8,358,208	19,764	113,793
Balance (in shares) at Jun. 30, 2017		28,824,593
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
Net income	792,688
Foreign currency translation adjustment	2,586
Balance at Sep. 30, 2017	8,915,250	$ 2,882	8,409,517	20,872	481,979
Balance (in shares) at Sep. 30, 2017		28,824,593
Balance at Jun. 30, 2017	8,494,647	$ 2,882	8,358,208	19,764	113,793
Balance (in shares) at Jun. 30, 2017		28,824,593
Share based compensation	51,309		51,309
Net income	368,186				368,186
Foreign currency translation adjustment	1,854			1,108
Balance at Sep. 30, 2017	8,915,250	$ 2,882	8,409,517	20,872	481,979
Balance (in shares) at Sep. 30, 2017		28,824,593
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	164,385				164,385
Foreign currency translation adjustment	(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
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
Net income	345,100
Foreign currency translation adjustment	(2,420)
Balance at Sep. 30, 2018	8,920,974	$ 2,882	8,658,513	21,816	237,763
Balance (in shares) at Sep. 30, 2018		28,824,593
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
Share based compensation	71,588		71,588
Net income	180,715				180,715
Foreign currency translation adjustment	(509)			(509)
Balance at Sep. 30, 2018	$ 8,920,974	$ 2,882	$ 8,658,513	$ 21,816	$ 237,763
Balance (in shares) at Sep. 30, 2018		28,824,593

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 345,100	$ 792,688
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	372,060	351,422
Amortization of debt issue costs	29,846	37,038
Stock based compensation expense	96,518	150,697
Change in contract loss provision	15,255	29,139
Deferred income taxes	142,403	507,376
Changes in operating assets and liabilities:
Accounts receivable	629,238	(305,150)
Inventories	(1,142,803)	(1,175,103)
Contract assets	(3,501,075)	0
Other current assets	19,924	(124,537)
Other noncurrent assets and liabilities	0	(9,678)
Accounts payable	685,733	15,010
Accrued expenses	121,343	88,319
Contract liabilities	1,503,079	184,742
Net cash (used in) provided by operating activities	(683,379)	541,963
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(228,148)	(808,386)
Deposit for fixed assets	0	(36,987)
Proceeds from sale of equipment	0	80,000
Net cash used in investing activities	(228,148)	(765,373)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt	(377,323)	(352,509)
Net cash used in financing activities	(377,323)	(352,509)
Effect of exchange rate on cash and cash equivalents	978	(611)
Net decrease in cash and cash equivalents	(1,287,872)	(576,530)
Cash and cash equivalents, beginning of period	2,689,110	3,066,156
Cash and cash equivalents, end of period	1,401,238	2,489,626
Cash paid during the year for:
Interest expense	155,787	185,415
Income taxes	$ 0	$ 30,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Sep. 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	6 Months Ended
	Sep. 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 - The accompanying condensed consolidated financial statements include the accounts of TechPrecision, Ranor and WCMC. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheets as of September 30, 2018 and March 31, 2018, nded September 30, 2018 and 2017, and the condensed consolidated statements of cash flows for the six months ended September 30, 2018 and 2017 are unaudited, but, in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. 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 the 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 - The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information, and actual results could differ materially from those estimates. Revenue Recognition – Effective April 1, 2018, the Company adopted the requirements of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), or ASC 606, and related amendments . Prior to April 1, 2018, the Company recognized revenue in accordance with Accounting Standards Codification (ASC) Topic 605 - Revenue Recognition, or ASC 605, utilizing the units of delivery measure of the percentage-of-completion method of accounting . For additional information on the new standard and the impact on our results of operations, refer to Note 3: Accounting Standards Updates. 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 the Company has an enforceable right to payment for performance completed to date. Otherwise, control to the 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, i.e. when 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 may 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 six months ended September 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 six months ended September 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 – In estimating contract costs, the Company takes into consideration a number of assumptions and estimates regarding risks related to technical requirements and scheduling. Management performs periodic reviews of the contracts to evaluate the underlying risks. Profit margin on any given project could increase if the Company is able to mitigate and retire such risks. Conversely, if the Company is not able to properly manage these risks, cost estimates may increase, resulting in a lower profit margin, or potentially, contract losses. 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 - Accounts receivable are comprised of amounts billed and currently due from customers. Accounts receivable are amounts related to any unconditional right the Company has to receive consideration and are presented as receivables in the condensed consolidated balance sheets. The Company reports accounts receivable net of an allowance for doubtful accounts. There was no allowance for doubtful accounts recorded at . Inventories – Work-in-process and raw materials are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (FIFO) method. Contract Assets - Contract assets represent 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, including retention amounts. Contract assets are transferred to accounts receivable when the right becomes unconditional. Contract Liabilities - Contract liabilities are comprised of advance payments, billings in excess of revenues, and deferred revenue amounts. Such advances are not generally considered a significant financing component, because they are utilized to pay for contract costs within a one year period. Contract liability amounts are recognized as revenue once control over the underlying performance obligation has transferred to the customer.

ACCOUNTING STANDARDS UPDATES

ACCOUNTING STANDARDS UPDATES	6 Months Ended
	Sep. 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. The Company applied the new revenue guidance retrospectively with a cumulative effect adjustment to retained earnings at April 1, 2018 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 the Company changed its revenue recognition model to reflect recognition of revenue at a point in time, or over time using an inputs based methodology that recognizes revenue on cost incurred and labor hours expended, which is different than the units of delivery methodology previously utilized under ASC 605. The Company also modified and expanded its disclosures as they relate to revenues and contract balances under ASC 606. In conformity with the new revenue guidelines, unbilled accounts receivable are classified as contract assets and advance payments and billings in excess of revenue are classified as contract liabilities as of September 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 and six months ended September 30, 2018, net sales increased by approximately $1.4 million and $3.8 million, respectively, due to the change in revenue recognition when compared to ASC 605. Under ASC 605 the Company did not recognize revenue prior to delivery if payment, title, risk of loss was tied to delivery. The new guidance has been applied to all incomplete contracts at the date of initial application. The following table compares the opening and closing balances for inventories, contract assets and contract liabilities: September 30, 2018 April 1, 2018 As adjusted Inventories $ 2,119,496 $ 976,693 Contract assets $ 5,557,489 $ 2,056,414 Contract liabilities $ 2,393,881 $ 890,802 The following tables summarize the impact of the adoption of ASC 606 on the condensed consolidated financial statements. The adjustments are the result of timing differences between the recognition of revenue under ASC 606 and ASC 605. Under ASC 605 the Company did not recognize revenue prior to delivery if payment, title, or risk of loss was tied to delivery. Under ASC 606, the Company generally recognizes revenue over time prior to delivery, as control over the promised goods and services transfers to the customer. Condensed Consolidated Balance Sheet: September 30, 2018 ASSETS As reported Adjustments ASC 605 Contract assets $ 5,557,489 $ (5,557,489 ) $ — Inventories $ 2,119,496 $ 2,007,272 $ 4,126,768 Deferred tax assets $ 2,346,141 $ 462,137 $ 2,808,278 LIABILITIES Contract liabilities $ 2,393,881 $ (1,864,483 ) $ 529,398 Accrued expenses $ 787,676 $ 13,022 $ 800,698 SHAREHOLDERS’ EQUITY Retained earnings $ 237,763 $ (1,236,618 ) $ (998,855 ) Condensed Consolidated Statement of Operations: Three months ended September 30, 2018 As reported Adjustments ASC 605 Net sales $ 3,621,185 $ (1,381,990 ) $ 2,239,195 Cost of sales $ 2,526,085 $ (624,601 ) $ 1,901,484 Selling, general and administrative $ 751,037 $ (512 ) $ 750,525 Income (loss) before income taxes $ 258,089 $ (756,875 ) $ (498,786 ) Income tax provision (benefit) $ 77,374 $ (210,502 ) $ (133,128 ) Net income (loss) $ 180,715 $ (546,374 ) $ (365,659 ) 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 Operations: Six months ended September 30, 2018 As reported Adjustments ASC 605 Net sales $ 7,720,008 $ (3,848,971 ) $ 3,871,037 Cost of sales $ 5,572,384 $ (2,175,821 ) $ 3,396,563 Selling, general and administrative $ 1,481,502 $ (1,426 ) $ 1,480,076 Income (loss) before income taxes $ 487,503 $ (1,671,723 ) $ (1,184,220 ) Income tax provision (benefit) $ 142,403 $ (454,752 ) $ (312,349 ) Net income (loss) $ 345,100 $ (1,216,972 ) $ (871,872 ) Net income (loss) per share – basic $ 0.01 $ (0.04 ) $ (0.03 ) Net income (loss) per share – diluted $ 0.01 $ (0.04 ) $ (0.03 ) Condensed Consolidated Statement of Cash Flows: Six months ended September 30, 2018 As reported Adjustments ASC 605 Net income $ 345,100 $ (1,216,972 ) $ (871,872 ) Adjustments to reconcile net income to net cash used in operating activities: Change in contract loss provision $ 15,255 $ 34,509 $ 49,764 Deferred income taxes $ 142,403 $ (462,137 ) $ (319,734 ) Changes in operating assets and liabilities: Inventories $ (1,142,803 ) $ (2,007,272 ) $ (3,150,075 ) Contract assets $ (3,501,075 ) $ 5,557,489 $ 2,056,414 Accrued expenses $ 121,343 $ (41,134 ) $ 80,209 Contract liabilities $ 1,503,079 $ (1,864,483 ) $ (361,404 ) 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 July 2018, the FASB, issued ASU 2018-11, Leases (Topic 842): Targeted Improvements . This amendment provides entities with an additional and optional transition method to adopt the new leases standard. Under the new transition method, an entity can initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As a result, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new leases standard will continue to be in accordance with current GAAP (Topic 840, Leases ). ASU 2018-11 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We are currently evaluating the impact ASU 2018-11 will have on our financial statements and disclosures. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . Under this amendment, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: 1) a lease liability which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and 2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We are currently evaluating the impact ASU 2016-02 will have on our financial statements and disclosures.

REVENUE

REVENUE	6 Months Ended
	Sep. 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 is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type sales only. 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 September 30, 2018 $ 3,309,336 $ 166,861 $ 144,988 $ 3,621,185 Six months ended September 30, 2018 $ 7,118,423 $ 428,291 $ 173,294 $ 7,720,008 Net Sales by contract type Over-time Point-in-time Totals Three months ended September 30, 2018 $ 3,389,209 $ 231,976 $ 3,621,185 Six months ended September 30, 2018 $ 7,228,136 $ 491,872 $ 7,720,008 As of September 30, 2018, the Company had $12.1 million of remaining performance obligations, of which $10.1 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 2020. 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 periods ended: Three months ended September 30, 2018 Three months ended September 30, 2017 Six months ended September 30, 2018 Six months ended September 30, 2017 Customer Amount Percent Amount Percent Amount Percent Amount Percent A $ 1,516,399 42 % $ 2,061,276 45 % $ 3,109,839 40 % $ 4,950,432 48 % B $ 585,873 16 % $ * * % $ 1,601,021 21 % * * % C $ 619,094 17 % $ 746,877 16 % $ 993,048 13 % $ 2,330,088 22 % D $ * * % $ * * % $ * * % $ 1,079,832 10 %

CONTRACT ASSETS and CONTRACT LI

CONTRACT ASSETS and CONTRACT LIABILITIES	6 Months Ended
	Sep. 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. The $3.5 million increase in contract assets from April 1, 2018 to September 30, 2018 is due primarily to the Company’s change in accounting policy (see Note 2) and transition from a revenue recognition policy to a model that recognizes revenue over time as asset ownership is transferred to the customer. Our contract liabilities increased by $1.5 million primarily due to an increase in customer deposits and milestone payments in connection with new projects started since March 31, 2018.

INVENTORIES

INVENTORIES	6 Months Ended
	Sep. 30, 2018
INVENTORIES [Abstract]
INVENTORIES	NOTE 6 – INVENTORIES September 30, 2018 March 31, 2018 Raw materials $ 647,213 $ 202,737 Work-in-process 1,472,283 1,885,748 Totals $ 2,119,496 $ 2,088,485

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
	Sep. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
OTHER CURRENT ASSETS	NOTE 7 - OTHER CURRENT ASSETS September 30, 2018 March 31, 2018 Payments advanced to suppliers $ 84,839 $ 82,520 Prepaid insurance 190,769 211,823 Prepaid subscriptions 41,843 38,836 Prepaid taxes 62,792 59,792 Employee advances 30,787 26,869 Other 19,586 30,700 Total $ 430,616 $ 450,540

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 8 - PROPERTY, PLANT AND EQUIPMENT, NET September 30, 2018 March 31, 2018 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,159,400 10,058,797 Construction in progress 151,808 24,263 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,728,605 13,500,457 Less: accumulated depreciation (8,670,069 ) (8,298,009 ) Total property, plant and equipment, net $ 5,058,536 $ 5,202,448 Depreciation expense, which includes amortization of equipment under capital leases, for the three and six months ended September 30, 2018 and 2017 was $186,475 and $372,060, and $179,808 and $351,422, respectively. Capitalized leases included in property, plant and equipment were $54,376 at both September 30, 2018 and March 31, 2018. Accumulated depreciation on all property, plant and equipment accounted for as capitalized leases was $19,032 and $13,594 at September 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 September 30, 2018 and March 31, 2018 was $2,312 and $14,791, respectively.

OTHER NONCURRENT ASSETS

OTHER NONCURRENT ASSETS	6 Months Ended
	Sep. 30, 2018
Other Assets, Noncurrent Disclosure [Abstract]
OTHER NONCURRENT ASSETS	NOTE 9 - OTHER NONCURRENT ASSETS September 30, 2018 March 31, 2018 Deferred financing costs $ 2,116 $ 6,860

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 10 - ACCRUED EXPENSES September 30, 2018 March 31, 2018 Accrued compensation $ 512,184 $ 383,060 Accrued professional fees 171,725 152,501 Provision for contract losses 18,812 200,897 Accrued project costs 39,075 -- Other 45,880 51,626 Total $ 787,676 $ 788,084

DEBT

DEBT	6 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
DEBT	NOTE 11 - DEBT September 30, 2018 March 31, 2018 Berkshire Term Loan due December 2021 $ 2,702,243 $ 2,745,181 People’s Equipment Loan Facility due April 2021 1,945,566 2,271,109 Obligations under capital leases 38,571 47,413 Total debt $ 4,686,380 $ 5,063,703 Less: debt issue costs unamortized $ 86,973 $ 112,075 Total debt, net $ 4,599,407 $ 4,951,628 Less: Current portion of long-term debt $ 791,920 $ 766,354 Total long-term debt, net $ 3,807,487 $ 4,185,274 Berkshire Bank Loan Facility On December 21, 2016, pursuant to the Loan Agreement dated December 20, 2016, or 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. On January 20, 2017, payments on the Term Loan began and will be made in 60 monthly installments of $19,260 each, inclusive of interest at a fixed rate of 5.21% per annum, with all outstanding principal and accrued interest due and payable on December 20, 2021. 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 September 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 is 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). 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 Berkshire Loan 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. At September 30, 2018, Unamortized debt issue costs under the Berkshire Loans at September 30, 2018 and March 31, 2018 were $39,430 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 is 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 agreed to pay People’s a covenant waiver processing fee. Unamortized debt issue costs under the loans with People’s at September 30, 2018 and March 31, 2018 were $47,543 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. 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	6 Months Ended
	Sep. 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 tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items. The provision for income taxes was $142,403 and $533,151 for the six months ended September 30, 2018 and 2017, respectively. The Company's earnings are primarily domestic, and its effective tax rates on earnings from operations for the six months ended September 30, 2018 was 29.2%. The lower effective tax rate for the six months ended September 30, 2018, was primarily attributable to a reduction in our federal corporate income tax rate from 34% to 21%, enacted under the Tax Cuts and Jobs Act of 2017, or the Tax Act. 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 . In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act are incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the six months ended September 30, 2018, we did not recognize any changes to the provisional amounts recorded in our March 31, 2018 Annual Report on Form 10-K in connection with the 2017 Tax Act. We expect to finalize our analysis within the measurement period in accordance with SAB 118 after completing a review of additional guidance issued by the Internal Revenue Service and tax accounting estimates made at March 31, 2018. The valuation allowance on deferred tax assets at September 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	6 Months Ended
	Sep. 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 $40,825 and $40,850 for the six months ended September 30, 2018 and 2017, respectively.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Sep. 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. On July 11, 2018, we granted stock options to our CEO and CFO to collectively purchase 150,000 shares of common stock at an exercise price of $0.80 per share. The options vested immediately on the grant date. The aggregate fair value of the stock options expensed during the three months ended September 30, 2018 was $46,658. At September 30, 2018, there were 1,457,332 shares available for grant under the 2016 Plan. The following table summarizes information and option activity for the six months ended September 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 Granted 150,000 $ 0.800 -- -- Canceled (2,000 ) $ 1.960 -- -- Outstanding at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45 Vested or expected to vest at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45 Exercisable and vested at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45 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 second 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 September 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 $96,518. The following table summarizes the status of our stock options outstanding but not vested for the six months ended September 30, 2018: Number of Options Weighted Average Exercise Price Outstanding but not vested at 3/31/2018 100,000 $ 0.60 Granted 150,000 $ 0.80 Vested (250,000 ) $ 0.72 Outstanding but not vested at 9/30/2018 -- $ -- Other information relating to stock options outstanding at September, 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 3,371,668 6.98 $ 0.37 3,371,668 $ 0.37 $1.01-$1.96 171,000 2.10 $ 1.58 171,000 $ 1.58 Totals 3,542,668 3,542,668

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Sep. 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 September 30, 2018, there were accounts receivable balances outstanding from one customer comprising 34% 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: September 30, 2018 March 31, 2018 Customer Amount Percent Amount Percent A $ 279,650 34 % * * % B $ 147,737 18 % $ 432,084 30 % C $ 116,899 14 % $ 394,454 27 % D $ * * % 263,098 18 % E $ 99,252 12 % * * % F $ 86,568 11 % * * % *less than 10% of total

COMMITMENTS

COMMITMENTS	6 Months Ended
	Sep. 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 September 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 September 30, 2018 was approximately $0.3 million for accrued payroll, vacation and holiday pay.

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	6 Months Ended
	Sep. 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 Three months ended Six months ended Six months ended Basic EPS: Net Income $ 180,715 $ 368,186 $ 345,100 $ 792,688 Weighted average shares 28,824,593 28,824,593 28,824,593 28,824,593 Basic Income per share $ 0.01 $ 0.01 $ 0.01 $ 0.03 Diluted EPS: Net Income $ 180,715 $ 368,186 $ 345,100 $ 792,688 Dilutive effect of stock options 1,325,892 905,863 1,229,462 926,626 Diluted weighted average shares 30,150,485 29,730,456 30,054,055 29,751,219 Diluted Income per share $ 0.01 $ 0.01 $ 0.01 $ 0.03 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 and six months ended September 30, 2018 and 2017, there were 642,668 and 742,668, and 596,668 and 496,668, respectively, of potentially anti-dilutive stock options, none of which were included in the EPS calculations above.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation - The accompanying condensed consolidated financial statements include the accounts of TechPrecision, Ranor and WCMC. Intercompany transactions and balances have been eliminated in consolidation. The accompanying condensed consolidated balance sheets as of September 30, 2018 and March 31, 2018, nded September 30, 2018 and 2017, and the condensed consolidated statements of cash flows for the six months ended September 30, 2018 and 2017 are unaudited, but, in the opinion of management, include all adjustments that are necessary for a fair presentation of our financial statements for interim periods in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The results of operations for an interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. 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 the 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 - The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information, and actual results could differ materially from those estimates.
Revenue and Related Cost Recognition	Revenue Recognition – Effective April 1, 2018, the Company adopted the requirements of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), or ASC 606, and related amendments . Prior to April 1, 2018, the Company recognized revenue in accordance with Accounting Standards Codification (ASC) Topic 605 - Revenue Recognition, or ASC 605, utilizing the units of delivery measure of the percentage-of-completion method of accounting . For additional information on the new standard and the impact on our results of operations, refer to Note 3: Accounting Standards Updates. 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 the Company has an enforceable right to payment for performance completed to date. Otherwise, control to the 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, i.e. when 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 may 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 six months ended September 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 six months ended September 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 – In estimating contract costs, the Company takes into consideration a number of assumptions and estimates regarding risks related to technical requirements and scheduling. Management performs periodic reviews of the contracts to evaluate the underlying risks. Profit margin on any given project could increase if the Company is able to mitigate and retire such risks. Conversely, if the Company is not able to properly manage these risks, cost estimates may increase, resulting in a lower profit margin, or potentially, contract losses. 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 - Accounts receivable are comprised of amounts billed and currently due from customers. Accounts receivable are amounts related to any unconditional right the Company has to receive consideration and are presented as receivables in the condensed consolidated balance sheets. The Company reports accounts receivable net of an allowance for doubtful accounts. There was no allowance for doubtful accounts recorded at .
Inventories	Inventories – Work-in-process and raw materials are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (FIFO) method.
Contract Assets	Contract Assets - Contract assets represent 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, including retention amounts. Contract assets are transferred to accounts receivable when the right becomes unconditional.
Contract Liabilities	Contract Liabilities - Contract liabilities are comprised of advance payments, billings in excess of revenues, and deferred revenue amounts. Such advances are not generally considered a significant financing component, because they are utilized to pay for contract costs within a one year period. Contract liability amounts are recognized as revenue once control over the underlying performance obligation has transferred to the customer.

ACCOUNTING STANDARDS UPDATES (T

ACCOUNTING STANDARDS UPDATES (Tables)	6 Months Ended
	Sep. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Revenue from External Customers by Products and Services	The following table compares the opening and closing balances for inventories, contract assets and contract liabilities: September 30, 2018 April 1, 2018 As adjusted Inventories $ 2,119,496 $ 976,693 Contract assets $ 5,557,489 $ 2,056,414 Contract liabilities $ 2,393,881 $ 890,802
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Condensed Consolidated Balance Sheet: September 30, 2018 ASSETS As reported Adjustments ASC 605 Contract assets $ 5,557,489 $ (5,557,489 ) $ — Inventories $ 2,119,496 $ 2,007,272 $ 4,126,768 Deferred tax assets $ 2,346,141 $ 462,137 $ 2,808,278 LIABILITIES Contract liabilities $ 2,393,881 $ (1,864,483 ) $ 529,398 Accrued expenses $ 787,676 $ 13,022 $ 800,698 SHAREHOLDERS’ EQUITY Retained earnings $ 237,763 $ (1,236,618 ) $ (998,855 ) Condensed Consolidated Statement of Operations: Three months ended September 30, 2018 As reported Adjustments ASC 605 Net sales $ 3,621,185 $ (1,381,990 ) $ 2,239,195 Cost of sales $ 2,526,085 $ (624,601 ) $ 1,901,484 Selling, general and administrative $ 751,037 $ (512 ) $ 750,525 Income (loss) before income taxes $ 258,089 $ (756,875 ) $ (498,786 ) Income tax provision (benefit) $ 77,374 $ (210,502 ) $ (133,128 ) Net income (loss) $ 180,715 $ (546,374 ) $ (365,659 ) 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 Operations: Six months ended September 30, 2018 As reported Adjustments ASC 605 Net sales $ 7,720,008 $ (3,848,971 ) $ 3,871,037 Cost of sales $ 5,572,384 $ (2,175,821 ) $ 3,396,563 Selling, general and administrative $ 1,481,502 $ (1,426 ) $ 1,480,076 Income (loss) before income taxes $ 487,503 $ (1,671,723 ) $ (1,184,220 ) Income tax provision (benefit) $ 142,403 $ (454,752 ) $ (312,349 ) Net income (loss) $ 345,100 $ (1,216,972 ) $ (871,872 ) Net income (loss) per share – basic $ 0.01 $ (0.04 ) $ (0.03 ) Net income (loss) per share – diluted $ 0.01 $ (0.04 ) $ (0.03 ) Condensed Consolidated Statement of Cash Flows: Six months ended September 30, 2018 As reported Adjustments ASC 605 Net income $ 345,100 $ (1,216,972 ) $ (871,872 ) Adjustments to reconcile net income to net cash used in operating activities: Change in contract loss provision $ 15,255 $ 34,509 $ 49,764 Deferred income taxes $ 142,403 $ (462,137 ) $ (319,734 ) Changes in operating assets and liabilities: Inventories $ (1,142,803 ) $ (2,007,272 ) $ (3,150,075 ) Contract assets $ (3,501,075 ) $ 5,557,489 $ 2,056,414 Accrued expenses $ 121,343 $ (41,134 ) $ 80,209 Contract liabilities $ 1,503,079 $ (1,864,483 ) $ (361,404 )

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Sep. 30, 2018
Disaggregation of Revenue	Net Sales by market Defense Energy Industrial Totals Three months ended September 30, 2018 $ 3,309,336 $ 166,861 $ 144,988 $ 3,621,185 Six months ended September 30, 2018 $ 7,118,423 $ 428,291 $ 173,294 $ 7,720,008 Net Sales by contract type Over-time Point-in-time Totals Three months ended September 30, 2018 $ 3,389,209 $ 231,976 $ 3,621,185 Six months ended September 30, 2018 $ 7,228,136 $ 491,872 $ 7,720,008
Net Sales [Member]
Schedules of Concentration of Risk, by Risk Factor	Three months ended September 30, 2018 Three months ended September 30, 2017 Six months ended September 30, 2018 Six months ended September 30, 2017 Customer Amount Percent Amount Percent Amount Percent Amount Percent A $ 1,516,399 42 % $ 2,061,276 45 % $ 3,109,839 40 % $ 4,950,432 48 % B $ 585,873 16 % $ * * % $ 1,601,021 21 % * * % C $ 619,094 17 % $ 746,877 16 % $ 993,048 13 % $ 2,330,088 22 % D $ * * % $ * * % $ * * % $ 1,079,832 10 %

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Sep. 30, 2018
INVENTORIES [Abstract]
Schedule of Inventory, Current	September 30, 2018 March 31, 2018 Raw materials $ 647,213 $ 202,737 Work-in-process 1,472,283 1,885,748 Totals $ 2,119,496 $ 2,088,485

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Sep. 30, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of other current assets	September 30, 2018 March 31, 2018 Payments advanced to suppliers $ 84,839 $ 82,520 Prepaid insurance 190,769 211,823 Prepaid subscriptions 41,843 38,836 Prepaid taxes 62,792 59,792 Employee advances 30,787 26,869 Other 19,586 30,700 Total $ 430,616 $ 450,540

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of components of property, plant and equipment, net	September 30, 2018 March 31, 2018 Land $ 110,113 $ 110,113 Building and improvements 3,252,908 3,252,908 Machinery equipment, furniture and fixtures 10,159,400 10,058,797 Construction in progress 151,808 24,263 Equipment under capital leases 54,376 54,376 Total property, plant and equipment 13,728,605 13,500,457 Less: accumulated depreciation (8,670,069 ) (8,298,009 ) Total property, plant and equipment, net $ 5,058,536 $ 5,202,448

OTHER NONCURRENT ASSETS (Tables

OTHER NONCURRENT ASSETS (Tables)	6 Months Ended
	Sep. 30, 2018
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of other noncurrent assets	September 30, 2018 March 31, 2018 Deferred financing costs $ 2,116 $ 6,860

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Sep. 30, 2018
Payables and Accruals [Abstract]
Schedule of accrued expenses	September 30, 2018 March 31, 2018 Accrued compensation $ 512,184 $ 383,060 Accrued professional fees 171,725 152,501 Provision for contract losses 18,812 200,897 Accrued project costs 39,075 -- Other 45,880 51,626 Total $ 787,676 $ 788,084

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Schedule of outstanding debt obligations	September 30, 2018 March 31, 2018 Berkshire Term Loan due December 2021 $ 2,702,243 $ 2,745,181 People’s Equipment Loan Facility due April 2021 1,945,566 2,271,109 Obligations under capital leases 38,571 47,413 Total debt $ 4,686,380 $ 5,063,703 Less: debt issue costs unamortized $ 86,973 $ 112,075 Total debt, net $ 4,599,407 $ 4,951,628 Less: Current portion of long-term debt $ 791,920 $ 766,354 Total long-term debt, net $ 3,807,487 $ 4,185,274

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 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 Granted 150,000 $ 0.800 -- -- Canceled (2,000 ) $ 1.960 -- -- Outstanding at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45 Vested or expected to vest at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45 Exercisable and vested at 9/30/2018 3,542,668 $ 0.432 $ 1,405,417 6.45
Summary of activity of stock options outstanding but not vested	Number of Options Weighted Average Exercise Price Outstanding but not vested at 3/31/2018 100,000 $ 0.60 Granted 150,000 $ 0.80 Vested (250,000 ) $ 0.72 Outstanding but not vested at 9/30/2018 -- $ --
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 3,371,668 6.98 $ 0.37 3,371,668 $ 0.37 $1.01-$1.96 171,000 2.10 $ 1.58 171,000 $ 1.58 Totals 3,542,668 3,542,668

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Sep. 30, 2018
Accounts Receivable
Concentration of credit risk and major customers
Schedule of concentration of risk by factors	September 30, 2018 March 31, 2018 Customer Amount Percent Amount Percent A $ 279,650 34 % * * % B $ 147,737 18 % $ 432,084 30 % C $ 116,899 14 % $ 394,454 27 % D $ * * % 263,098 18 % E $ 99,252 12 % * * % F $ 86,568 11 % * * % *less than 10% of total

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	6 Months Ended
	Sep. 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 Three months ended Six months ended Six months ended Basic EPS: Net Income $ 180,715 $ 368,186 $ 345,100 $ 792,688 Weighted average shares 28,824,593 28,824,593 28,824,593 28,824,593 Basic Income per share $ 0.01 $ 0.01 $ 0.01 $ 0.03 Diluted EPS: Net Income $ 180,715 $ 368,186 $ 345,100 $ 792,688 Dilutive effect of stock options 1,325,892 905,863 1,229,462 926,626 Diluted weighted average shares 30,150,485 29,730,456 30,054,055 29,751,219 Diluted Income per share $ 0.01 $ 0.01 $ 0.01 $ 0.03

ACCOUNTING STANDARDS UPDATES -o

ACCOUNTING STANDARDS UPDATES -opening and closing balances for inventories (Details) - USD ($)	Sep. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Inventories	$ 2,119,496	$ 976,693	$ 2,088,485
Contract assets	5,557,489	2,056,414	347,896
Contract liabilities	$ 2,393,881	$ 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				6 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Apr. 01, 2018	Mar. 31, 2018
ASSETS
Contract assets	$ 5,557,489				$ 5,557,489		$ 2,056,414	$ 347,896
Inventories	2,119,496				2,119,496		976,693	2,088,485
Deferred tax assets	2,346,141				2,346,141			2,046,298
LIABILITIES
Contract liabilities	2,393,881				2,393,881		$ 890,802	180,706
Accrued expenses	787,676				787,676			788,084
SHAREHOLDERS' EQUITY
Retained earnings	237,763				237,763			$ (576,617)
Net sales	3,621,185		$ 4,588,894		7,720,008	$ 10,419,280
Cost of sales	2,526,085				5,572,384
Selling, general and administrative	751,037		720,341		1,481,502	1,640,100
Income (loss) before income taxes	258,089				487,503
Income tax provision (benefit)	77,374		$ 245,516		142,403	$ 533,151
Net income (loss)	$ 180,715				$ 345,100
Net income (loss) per share – basic	$ 0.01		$ 0.01		$ 0.01	$ 0.03
Net income (loss) per share – diluted	$ 0.01		$ 0.01		$ 0.01	$ 0.03
Statement of Cash Flows [Abstract]
Net income	$ 180,715	$ 164,385	$ 368,186	$ 424,502	$ 345,100	$ 792,688
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision					15,255	29,139
Deferred income taxes					142,403	507,376
Changes in operating assets and liabilities:
Inventories					(1,142,803)	(1,175,103)
Contract assets					(3,501,075)	0
Accrued expenses					121,343	88,319
Contract liabilities					1,503,079	$ 184,742
Restatement Adjustment [Member]
ASSETS
Contract assets	(5,557,489)				(5,557,489)
Inventories	2,007,272				2,007,272
Deferred tax assets	462,137				462,137
LIABILITIES
Contract liabilities	(1,864,483)				(1,864,483)
Accrued expenses	13,022				13,022
SHAREHOLDERS' EQUITY
Retained earnings	(1,236,618)				(1,236,618)
Net sales	(1,381,990)				(3,848,971)
Cost of sales	(624,601)				(2,175,821)
Selling, general and administrative	(512)				(1,426)
Income (loss) before income taxes	(756,875)				(1,671,723)
Income tax provision (benefit)	(210,502)				(454,752)
Net income (loss)	$ (546,374)				$ (1,216,972)
Net income (loss) per share – basic	$ (0.02)				$ (0.04)
Net income (loss) per share – diluted	$ (0.02)				$ (0.04)
Statement of Cash Flows [Abstract]
Net income					$ (1,216,972)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision					34,509
Deferred income taxes					(462,137)
Changes in operating assets and liabilities:
Inventories					(2,007,272)
Contract assets					5,557,489
Accrued expenses					(41,134)
Contract liabilities					(1,864,483)
Previously Reported [Member]
ASSETS
Contract assets	$ 0				0
Inventories	4,126,768				4,126,768
Deferred tax assets	2,808,278				2,808,278
LIABILITIES
Contract liabilities	529,398				529,398
Accrued expenses	800,698				800,698
SHAREHOLDERS' EQUITY
Retained earnings	(998,855)				(998,855)
Net sales	2,239,195				3,871,037
Cost of sales	1,901,484				3,396,563
Selling, general and administrative	750,525				1,480,076
Income (loss) before income taxes	(498,786)				(1,184,220)
Income tax provision (benefit)	(133,128)				(312,349)
Net income (loss)	$ (365,659)				$ (871,872)
Net income (loss) per share – basic	$ (0.01)				$ (0.03)
Net income (loss) per share – diluted	$ (0.01)				$ (0.03)
Statement of Cash Flows [Abstract]
Net income					$ (871,872)
Adjustments to reconcile net income to net cash used in operating activities:
Change in contract loss provision					49,764
Deferred income taxes					(319,734)
Changes in operating assets and liabilities:
Inventories					(3,150,075)
Contract assets					2,056,414
Accrued expenses					80,209
Contract liabilities					$ (361,404)

ACCOUNTING STANDARDS UPDATES -

ACCOUNTING STANDARDS UPDATES - Summary (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 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	$ 1,400,000	$ 3,800,000
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) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Revenue from Contract with Customer, Including Assessed Tax	$ 3,621,185	$ 7,720,008
Over-time [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,389,209	7,228,136
Point-in-time [Member]
Revenue from Contract with Customer, Including Assessed Tax	231,976	491,872
Defense [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,309,336	7,118,423
Energy [Member]
Revenue from Contract with Customer, Including Assessed Tax	166,861	428,291
Industrial [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 144,988	$ 173,294

REVENUE - net sales from custo

REVENUE - net sales from customers (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues	$ 3,621,185	$ 4,588,894	$ 7,720,008	$ 10,419,280
Customer A [Member] | Sales Revenue, Net [Member]
Revenues	$ 1,516,399	$ 2,061,276	$ 3,109,839	$ 4,950,432
Concentration Risk, Percentage	42.00%	45.00%	40.00%	48.00%
Customer B [Member] | Sales Revenue, Net [Member]
Revenues	$ 585,873		$ 1,601,021
Concentration Risk, Percentage	16.00%		21.00%
Customer C [Member] | Sales Revenue, Net [Member]
Revenues	$ 619,094	$ 746,877	$ 993,048	$ 2,330,088
Concentration Risk, Percentage	17.00%	16.00%	13.00%	22.00%
Customer D [Member] | Sales Revenue, Net [Member]
Revenues				$ 1,079,832
Concentration Risk, Percentage				10.00%

REVENUE - additional informatio

REVENUE - additional information (Details) $ in Millions	Sep. 30, 2018USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 12.1
Revenue Remaining Performance Obligation Completed Less Than 50	$ 10.1
Revenue, Remaining Performance Obligation, Percentage	50.00%

CONTRACT ASSETS and CONTRACT _2

CONTRACT ASSETS and CONTRACT LIABILITIES (Details) $ in Millions	6 Months Ended
	Sep. 30, 2018USD ($)
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress	$ 3.5
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	$ 1.5

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Sep. 30, 2018	Apr. 01, 2018	Mar. 31, 2018
Raw materials	$ 647,213		$ 202,737
Work-in-process	1,472,283		1,885,748
Totals	$ 2,119,496	$ 976,693	$ 2,088,485

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Payments advanced to suppliers	$ 84,839	$ 82,520
Prepaid insurance	190,769	211,823
Prepaid subscriptions	41,843	38,836
Prepaid taxes	62,792	59,792
Employee advances	30,787	26,869
Other	19,586	30,700
Total	$ 430,616	$ 450,540

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Property, Plant and Equipment, Net
Total property, plant and equipment	$ 13,728,605		$ 13,728,605		$ 13,500,457
Less: accumulated depreciation	(8,670,069)		(8,670,069)		(8,298,009)
Total property, plant and equipment, net	5,058,536		5,058,536		5,202,448
Depreciation expense	186,475	$ 179,808	372,060	$ 351,422
Interest Costs Capitalized			2,312		14,791
Land
Property, Plant and Equipment, Net
Total property, plant and equipment	110,113		110,113		110,113
Building and improvements
Property, Plant and Equipment, Net
Total property, plant and equipment	3,252,908		3,252,908		3,252,908
Machinery equipment, furniture and fixtures
Property, Plant and Equipment, Net
Total property, plant and equipment	10,159,400		10,159,400		10,058,797
Construction in Progress
Property, Plant and Equipment, Net
Construction in progress	151,808		151,808		24,263
Equipment under capital leases
Property, Plant and Equipment, Net
Total property, plant and equipment	54,376		54,376		54,376
Less: accumulated depreciation	$ (19,032)		$ (19,032)		$ (13,594)

OTHER NONCURRENT ASSETS (Detail

OTHER NONCURRENT ASSETS (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Other Noncurrent Assets [Line Items]
Deferred financing costs	$ 2,116	$ 6,860

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Accrued Expenses
Accrued compensation	$ 512,184	$ 383,060
Accrued professional fees	171,725	152,501
Provision for contract losses	18,812	200,897
Accrued project costs	39,075	0
Other	45,880	51,626
Total	$ 787,676	$ 788,084

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Long-term Debt
Total debt	$ 4,686,380	$ 5,063,703
Less: debt issue costs unamortized	86,973	112,075
Total debt, net	4,599,407	4,951,628
Less: Current portion of long-term debt	791,920	766,354
Long-term debt, including capital leases	3,807,487	4,185,274
Berkshire Term Loan Due December 2021
Long-term Debt
Total debt	2,702,243	2,745,181
People's Equipment Loan Facility due April 2021
Long-term Debt
Total debt	1,945,566	2,271,109
Obligations under capital leases
Long-term Debt
Total debt	$ 38,571	$ 47,413

DEBT - Berkshire Bank & Trust C

DEBT - Berkshire Bank & Trust Company Loan Facility (Details)	Dec. 21, 2016USD ($)	Jan. 20, 2017	Sep. 30, 2018USD ($)	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
Debt Instrument, Frequency of Periodic Payment		<tr><td></td></tr></table>" id="sjs-C5">payments on the Term Loan began and will be made in 60 monthly installments of $19,260 each&lt;table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0">&lt;tr>&lt;td>&lt;/td>&lt;/tr>&lt;/table>
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			$ 39,430	$ 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
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 - 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 ($)	Mar. 31, 2018USD ($)	Sep. 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	$ 47,543
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) - Long-term obligations under capital leases	1 Months Ended
	Jan. 31, 2017USD ($)
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		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Tax Expense (Benefit)	$ 77,374	$ 245,516	$ 142,403	$ 533,151
Effective Income Tax Rate Reconciliation, Percent			29.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	34.00%
Deferred Tax Assets, Valuation Allowance	$ 1,700,000		$ 1,700,000

PROFIT SHARING PLAN (Details)

PROFIT SHARING PLAN (Details) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
PROFIT SHARING PLAN
Matching contributions made by the company		$ 40,850
Ranor, Inc.
PROFIT SHARING PLAN
Eligibility for employer matching contributions, period of service	90 days
Matching contributions made by the company	$ 40,825

STOCK BASED COMPENSATION - Summ

STOCK BASED COMPENSATION - Summary (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017
Share based compensation
Options granted (in shares)		150,000
Exercise price of shares granted (in dollars per share)		$ 0.80
Assumption used in valuation of stock options
Share-based Compensation	$ 46,658	$ 96,518	$ 150,697
Fair value of shares vested		$ 96,518
2016 Plan
Assumption used in valuation of stock options
Shares reserved	5,000,000	5,000,000
Shares available for grant	1,457,332	1,457,332

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Number Of Options
Outstanding at the beginning of the period (in shares)	3,394,668
Granted (in shares)	150,000
Canceled (in shares)	(2,000)
Outstanding at the end of the period (in shares)	3,542,668	3,394,668
Vested or expected to vest at the end of the period (in shares)	3,542,668
Exercisable and vested at the end of the period (in shares)	3,542,668
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.417
Granted (in dollars per share)	0.80
Canceled (in dollars per share)	1.960
Outstanding at the end of the period (in dollars per share)	0.432	$ 0.417
Vested or expected to vest at the end of the period (in dollars per share)	0.432
Exercisable and vested at the end of the period (in dollars per share)	$ 0.432
Aggregate Intrinsic Value
Outstanding Value	$ 1,405,417	$ 698,200
Granted	0
Canceled	0
Vested or expected to vest at the end of the period	1,405,417
Exercisable and vested at the end of the period	$ 1,405,417
Weighted Average Remaining Contractual Life
Outstanding at the end of the period	6 years 5 months 12 days	6 years 8 months 19 days
Vested or expected to vest at the end of the period	6 years 5 months 12 days
Exercisable and vested at the end of the period	6 years 5 months 12 days

STOCK BASED COMPENSATION - St_2

STOCK BASED COMPENSATION - Stock Options Outstanding (Details)	6 Months Ended
	Sep. 30, 2018$ / sharesshares
Stock options outstanding but not vested, Number of Options
Outstanding at the beginning of the period (in shares) | shares	100,000
Granted (in shares) | shares	150,000
Vested (in shares) | shares	(250,000)
Outstanding at the end of the period (in shares) | shares	0
Stock options outstanding but not vested, Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 0.60
Granted (in dollars per share) | $ / shares	0.80
Vested (in dollars per share) | $ / shares	0.72
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 0

STOCK BASED COMPENSATION - St_3

STOCK BASED COMPENSATION - Stock Options Outstanding By Exercise Price (Details)	6 Months Ended
	Sep. 30, 2018$ / sharesshares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	3,542,668
Options Exercisable | shares	3,542,668
Range One
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 1
Options Outstanding | shares	3,371,668
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 11 months 23 days
Options Outstanding, Weighted Average Exercise Price	$ 0.37
Options Exercisable | shares	3,371,668
Options Exercisable, Weighted Average Exercise Price	$ 0.37
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 1 month 6 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 ($)	6 Months Ended		12 Months Ended
	Sep. 30, 2018		Mar. 31, 2018
Concentration of credit risk and major customers
Accounts receivable	$ 817,744		$ 1,446,982
Accounts Receivable | Customer Concentration Risk
Concentration of credit risk and major customers
Concentration risk percentage	34.00%
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Accounts receivable	$ 279,650			[1]
Concentration risk percentage	34.00%			[1]
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Accounts receivable	$ 147,737		$ 432,084
Concentration risk percentage	18.00%		30.00%
Accounts Receivable | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Accounts receivable	$ 116,899		$ 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	$ 99,252			[1]
Concentration risk percentage	12.00%			[1]
Accounts Receivable | Customer Concentration Risk | Customer F
Concentration of credit risk and major customers
Accounts receivable	$ 86,568			[1]
Concentration risk percentage	11.00%			[1]
[1]	less than 10% of total

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Millions	Sep. 30, 2018USD ($)
Commitments
Employee Agreement Annual Commitment For Vacation And Holiday	$ 0.3
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				6 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Basic EPS:
Net Income	$ 180,715	$ 164,385	$ 368,186	$ 424,502	$ 345,100	$ 792,688
Weighted average shares	28,824,593		28,824,593		28,824,593	28,824,593
Basic Income per share	$ 0.01		$ 0.01		$ 0.01	$ 0.03
Diluted EPS:
Net Income	$ 180,715	$ 164,385	$ 368,186	$ 424,502	$ 345,100	$ 792,688
Dilutive effect of stock options	1,325,892		905,863		1,229,462	926,626
Diluted weighted average shares	30,150,485		29,730,456		30,054,055	29,751,219
Diluted Income per share	$ 0.01		$ 0.01		$ 0.01	$ 0.03
Antidilutive securities excluded from computation of earnings per share amount (in shares)	642,668		596,668		742,668	496,668