TechPrecision (TPCS) 10-Q 17 Feb 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2021	Feb. 08, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity Registrant Name	TechPrecision Corporation
Entity File Number	000-51378
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0539828
Entity Address, Address Line One	1 Bella Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01473
City Area Code	978
Local Phone Number	874-0591
Trading Symbol	TPCS
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31
Title of 12(b) Security	None
Security Exchange Name	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001328792
Amendment Flag	false
Entity Common Stock, Shares Outstanding		34,287,450

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 562,459	$ 2,130,711
Accounts receivable	2,430,255	608,059
Contract assets	10,234,353	5,532,408
Raw materials	944,094	503,636
Work-in-process	776,314	767,520
Other current assets	467,458	379,437
Total current assets	15,414,933	9,921,771
Property, plant and equipment, net	12,071,530	4,063,209
Right of use asset, net	6,526,862
Deferred income taxes	2,320,827	1,934,415
Goodwill	930,759
Other noncurrent assets, net	121,256	84,624
Total assets	37,386,167	16,004,019
Current liabilities:
Accounts payable	2,570,133	500,848
Accrued expenses	2,533,755	1,526,270
Contract liabilities	1,792,887	218,152
Current portion lease liability	539,670
Current portion of long-term debt	4,882,456	2,474,963
Total current liabilities	12,318,901	4,720,233
Long-term debt, net	3,210,468	1,341,938
Long-term lease liability	6,026,848
Total liabilities	21,556,217	6,062,171
Commitments and contingent liabilities (Note 14)
Stockholders' Equity:
Common stock - par value $.0001 per share, 90,000,000 shares authorized, 34,287,450 and 29,498,662 shares issued and outstanding at December 31, 2021 and March 31, 2021	3,428	2,949
Additional paid in capital	14,588,193	8,944,660
Accumulated other comprehensive income	19,929	21,838
Retained earnings	1,218,400	972,401
Total stockholders' equity	15,829,950	9,941,848
Total liabilities and stockholders' equity	$ 37,386,167	$ 16,004,019

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
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	34,287,450	29,498,662
Common stock, shares outstanding	34,287,450	29,498,662

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (unaudited)
Net sales	$ 6,511,325	$ 3,569,718	$ 14,720,964	$ 11,566,176
Cost of sales	6,033,267	2,864,274	12,479,531	9,034,858
Gross profit	478,058	705,444	2,241,433	2,531,318
Selling, general and administrative	1,623,883	716,361	3,530,179	2,205,739
(Loss) income from operations	(1,145,825)	(10,917)	(1,288,746)	325,579
Other income	1,999	(219)	13,390	1,237
Interest expense	(94,721)	(50,405)	(181,494)	(159,885)
PPP loan forgiveness			1,317,100
Total other (expense) income	(92,722)	(50,624)	1,148,996	(158,648)
(Loss) income before income taxes	(1,238,547)	(61,541)	(139,750)	166,931
Income tax (benefit) expense	(333,867)	(13,369)	(385,749)	60,573
Net (loss) income	(904,680)	(48,172)	245,999	106,358
Other comprehensive (loss) income :
Foreign currency translation adjustments	(810)	1,252	(1,909)	151
Other comprehensive (loss) income	(810)	1,252	(1,909)	151
Comprehensive (loss) income	$ (905,490)	$ (46,920)	$ 244,090	$ 106,509
Net (loss) income per share basic	$ (0.03)	$ 0	$ 0.01	$ 0
Net (loss) income per share diluted	$ (0.03)	$ 0	$ 0.01	$ 0
Weighted average number of shares outstanding:
Weighted average shares outstanding - basic	34,286,580	29,498,662	31,716,353	29,430,206
Weighted average shares outstanding - diluted	34,286,580	29,498,662	33,395,123	31,021,384

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)	Common Stock	Additional Paid in Capital.	Accumulated Other Comprehensive Income	Retained Earnings	Total
Balance at Mar. 31, 2020	$ 2,935	$ 8,793,062	$ 21,688	$ 651,770	$ 9,469,455
Balance (in shares) at Mar. 31, 2020	29,354,594
Stock-based compensation		55,500			55,500
Shares issued under LTIP	$ 4	(4)
Shares issued under LTIP (in shares)	44,068
Net loss				(116,234)	(116,234)
Foreign currency translation adjustment			(97)		(97)
Balance at Jun. 30, 2020	$ 2,939	8,848,558	21,591	535,536	9,408,624
Balance (in shares) at Jun. 30, 2020	29,398,662
Stock-based compensation		57,417			57,417
Restricted stock award	$ 10	(10)
Restricted stock award (in shares)	100,000
Net loss				270,764	270,764
Foreign currency translation adjustment			(1,005)		(1,005)
Balance at Sep. 30, 2020	$ 2,949	8,905,965	20,586	806,300	9,735,800
Balance (in shares) at Sep. 30, 2020	29,498,662
Stock-based compensation		33,500			33,500
Taxes on exercised options		(28,305)			(28,305)
Net loss				(48,172)	(48,172)
Foreign currency translation adjustment			1,252		1,252
Balance at Dec. 31, 2020	$ 2,949	8,911,160	21,838	758,128	9,694,075
Balance (in shares) at Dec. 31, 2020	29,498,662
Balance at Mar. 31, 2021	$ 2,949	8,944,660	21,838	972,401	9,941,848
Balance (in shares) at Mar. 31, 2021	29,498,662
Stock-based compensation		33,500			33,500
Net loss				1,371,092	1,371,092
Foreign currency translation adjustment			42		42
Balance at Jun. 30, 2021	$ 2,949	8,978,160	21,880	2,343,493	11,346,482
Balance (in shares) at Jun. 30, 2021	29,498,662
Balance at Mar. 31, 2021	$ 2,949	8,944,660	21,838	972,401	9,941,848
Balance (in shares) at Mar. 31, 2021	29,498,662
Issuance of warrants					46,256
Balance at Dec. 31, 2021	$ 3,428	14,588,193	19,929	1,218,400	15,829,950
Balance (in shares) at Dec. 31, 2021	34,287,450
Balance at Jun. 30, 2021	$ 2,949	8,978,160	21,880	2,343,493	11,346,482
Balance (in shares) at Jun. 30, 2021	29,498,662
Stock-based compensation		28,566			28,566
Restricted stock award	$ 10	(10)
Restricted stock award (in shares)	100,000
Common stock issued for acquired business	$ 147	2,268,853			2,269,000
Common stock issued for acquired business (in shares)	1,466,061
Proceeds from sale of common stock, net	$ 320	3,187,261			3,187,581
Sale of common stock private placement, net (in shares)	3,202,727
Issuance of warrants		46,256			46,256
Net loss				(220,413)	(220,413)
Foreign currency translation adjustment			(1,141)		(1,141)
Balance at Sep. 30, 2021	$ 3,426	14,509,086	20,739	2,123,080	16,656,331
Balance (in shares) at Sep. 30, 2021	34,267,450
Stock-based compensation		44,109			44,109
Issuance of common stock	$ 2	34,998			35,000
Issuance of common stock (in shares)	20,000
Net loss				(904,680)	(904,680)
Foreign currency translation adjustment			(810)		(810)
Balance at Dec. 31, 2021	$ 3,428	$ 14,588,193	$ 19,929	$ 1,218,400	$ 15,829,950
Balance (in shares) at Dec. 31, 2021	34,287,450

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 245,999	$ 106,358
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	978,517	521,422
Amortization of debt issue costs	34,588	45,099
Stock based compensation expense	141,176	146,417
Change in contract loss provision	(66,232)	(175,365)
Deferred income taxes	(386,413)	60,573
PPP loan forgiveness	(1,317,100)
Changes in operating assets and liabilities:
Accounts receivable	(575,181)	(183,076)
Contract assets	(871,339)	(810,032)
Inventories	477,936	19,129
Other current assets	215,334	164,127
Other noncurrent assets	(50,633)	38,092
Accounts payable	(611,045)	325,369
Accrued expenses	(1,282,269)	(101,028)
Contract liabilities	1,418,010	(496,691)
Net cash used in operating activities	(1,648,652)	(339,606)
CASH FLOWS FROM INVESTING ACTIVITIES:
Business acquisition, net of cash acquired	(7,795,810)
Purchases of property, plant and equipment	(436,531)	(546,890)
Net cash used in investing activities	(8,232,341)	(546,890)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from term loan	4,000,000
Closing costs related to common stock sale	(335,419)
Proceeds from sale of common stock	3,523,000
Debt issue costs	(116,511)	(24,610)
Proceeds from payroll protection program loan		1,317,100
Revolver loan borrowings	2,553,221	1,000,000
Revolver loan repayments	(575,000)	(1,000,000)
Principal payments for leases	(493,015)
Repayments long-term debt	(243,510)	(81,352)
Net cash provided by financing activities	8,312,766	1,211,138
Effect of exchange rate on cash and cash equivalents	(25)	(178)
Net (decrease) increase in cash and cash equivalents	(1,568,252)	324,464
Cash and cash equivalents, beginning of period	2,130,711	930,856
Cash and cash equivalents, end of period	562,459	1,255,320
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
Cash paid for interest, net of amounts capitalized	$ 152,498	$ 106,342

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Aug. 25, 2021USD ($)shares
SUPPLEMENTAL INFORMATION - NONCASH FINANCING TRANSACTIONS:
Fair value of the consideration transferred | $	$ 2,269,000
Noncash right of use asset and liability | $	$ 6,700,000
Stadco
SUPPLEMENTAL INFORMATION - NONCASH FINANCING TRANSACTIONS:
Warrants issued to purchase common stock | shares	100,000
Common Stock | Stadco
SUPPLEMENTAL INFORMATION - NONCASH FINANCING TRANSACTIONS:
Aggregate shares of common stock issued for acquired business (in shares) | shares	1,466,061

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Dec. 31, 2021
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1 - DESCRIPTION OF BUSINESS TechPrecision Corporation, or TechPrecision, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Inc., or Ranor, Westminster Credit Holdings, LLC, or WCH, Stadco New Acquisition, LLC, or Acquisition Sub, Stadco and Wuxi Critical Mechanical Components Co., Ltd., or WCMC, a wholly foreign owned enterprise. WCMC was dissolved and deregistered in November 2021, and has had no customers or operations for over five years. TechPrecision, Ranor, WCH, WCMC (until November 2021), Acquisition Sub and Stadco are collectively referred to as the “Company”, “we”, “us” or “our”. On August 25, 2021, pursuant to the stock purchase agreement among TechPrecision, Acquisition Sub, Stadco and certain affiliates of Stadco, TechPrecision completed its previously announced acquisition of Stadco. Stadco is a company in the business of manufacturing high-precision parts, assemblies and tooling for aerospace, defense, research and industrial customers. See Note 3 below for more information regarding the Stadco acquisition. The Company manufactures 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. We consider our business to consist of one segment - metal fabrication and precision machining. All of our operations and customers are located in the United States.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation - The accompanying 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, 2021, or the 2021 Form 10-K, filed with the SEC on June 10, 2021. Use of Estimates in the Preparation of Financial Statements - ​ Accounting for Goodwill – Goodwill of a reporting unit is not amortized, but tested for impairment at least annually, or on an interim basis whenever circumstances indicate that the carrying value of these assets may not be recoverable. A goodwill impairment charge would reflect the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill. The Company has not formed a conclusion on the issue of tax deductibility for goodwill. We are evaluating certain tax election options under the Stadco stock purchase agreement and will make a determination as soon as practicable.

BUSINESS COMBINATION

BUSINESS COMBINATION	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATION
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION On August 25, 2021, the closing date, the Company completed its previously announced acquisition of Stadco, pursuant to that certain stock purchase agreement, dated as of October 16, 2020, or the SPA, among TechPrecision, Acquisition Sub, Stadco Acquisition, LLC, or Holdco, and each stockholder of Holdco. Stadco is a company in the business of manufacturing high-precision parts, assemblies and tooling for aerospace, defense, and industrial customers. Also on the closing date, the Company completed its previously announced acquisition of certain indebtedness obligations of Stadco, pursuant to that certain Amended and Restated Loan Purchase and Sale Agreement, dated as of April 23, 2021, with Sunflower Bank, N.A., as amended by Amendment to Amended and Restated Loan Purchase and Sale Agreement, dated as of June 28, 2021, together, the Loan Purchase Agreement. On August 25, 2021, WCH, as assignee of Acquisition Sub, paid $7.9 million in the aggregate to Sunflower Bank, N.A., under the terms of the Loan Purchase Agreement, to purchase the indebtedness. Pursuant to the SPA, and upon the terms and subject to the conditions therein, the Company acquired all of the issued and outstanding capital stock of Stadco in exchange for the issuance of 666,666 shares of the Company’s common stock to Holdco. In connection with the acquisition of Stadco, the Company reached an agreement with the holders of certain other non-bank indebtedness of Stadco, under which each such lender agreed to forgive such indebtedness in exchange for an aggregate of 199,395 shares of the Company’s common stock. In addition, the Company reached an agreement with a certain other security holder who agreed to sell its Stadco securities to the Company in exchange for the issuance by the Company of 600,000 shares of the Company’s common stock and a warrant to purchase 100,000 shares of the Company’s common stock. On August 25, 2021, the Company entered into a Securities Purchase Agreement with a limited number of institutional and other accredited investors, pursuant to which investors committed to subscribe for and purchase 3,202,727 shares of the Company’s common stock at a purchase price of $1.10 per share. Costs directly attributable to this offering of securities totaled $0.3 million. The accounting for a business combination is dependent upon obtaining valuations and other information for certain assets and liabilities which have not yet been completed or obtained to a point where definitive estimates can be made. The process for estimating the fair values of identified intangible assets, certain tangible assets and assumed liabilities require the use of judgment to determine the appropriate assumptions. Until the Company finalizes estimates of the fair value of assets acquired and liabilities assumed substantially all of the purchase price allocation for Stadco is provisional. Additional purchase price adjustments will be recorded during the measurement period not to exceed one year beyond the acquisition date. These adjustments may have a material impact on the Company’s results of operations and financial position. Included in the total consideration transferred is $113,890 related to a contingent provision in the agreements that could require payment based on the difference between the TechPrecision stock price and contract target stock price. The contingent provision allows the issuer, TechPrecision, to settle the contingency with stock or cash, or a combination of each. If after one year following the closing of the acquisition, the fair value of the consideration stock is less than the target stock price stated in each agreement, TechPrecision will issue to the holder additional shares of consideration stock or cash, or some combination of stock and cash. The target stock price stated in the agreements are guaranteed and, only the number of shares issued can vary, with the final measurement date and amount to be determined on the one-year anniversary date. Since the contract does not specify a fixed maximum number of shares to be issued on the anniversary date, should the company determine to satisfy the contingent consideration with shares, then a number of shares higher than the amount currently authorized by the company’s certificate of incorporation may be required to be issued. In any case, the maximum value of the contingent consideration will be $2,269,000, whether paid in shares of common stock or in cash, or both. The estimated liability associated with the contingent consideration had a zero balance at December 31, 2021. The table below presents the provisional estimated fair value of assets acquired and liabilities assumed on the acquisition date based on the best information it has received to date in accordance with Accounting Standards Codification, or ASC, 805. Acquisition related costs totaled approximately $320,000 and are included under general and administrative expenses in our statement of operations. The preliminary fair values are substantially complete with the exception of certain current assets and liabilities, property, plant and equipment, income taxes and goodwill. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the acquisition. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. In the third quarter of fiscal 2022, the Company made measurement period adjustments to reflect the facts and circumstances in existence at the acquisition date. These adjustments included a decrease to goodwill and accrued expenses of $243,670. ​ ​ ​ ​ ​ Total consideration transferred $ 10,163,164 Recognized amounts of identifiable assets acquired and liabilities assumed: ​ Accounts receivable ​ $ 1,247,015 Inventory and other current assets ​ 5,250,781 Property, plant and equipment including right of use assets ​ 15,074,273 Accounts payable, accrued expenses, and other current liabilities ​ (5,638,378) Lease obligations ​ (6,701,286) Net assets ​ $ 9,232,405 Goodwill ​ 930,759 Total ​ $ 10,163,164 ​ Supplemental Pro Forma Information The pro forma results presented below were prepared as if the acquisition had been consummated on April 1, 2020. The pro forma results have been prepared for comparative purposes only and do not necessarily represent what the revenue or results of operations would have been had the acquisition been completed on April 1, 2020. In addition, these results are not intended to be a projection of future operating results and do not reflect synergies that might be achieved from the acquisition. The pro forma results include adjustments for the estimated purchase accounting impact, including, but not limited to, depreciation and amortization associated with the acquired tangible and intangible assets, and an adjustment for interest expense related to the new long-term debt, the alignment of accounting policies, and the elimination of transactions between TechPrecision and Stadco. Other adjustments reflected in the pro forma results are as follows: ● For the three and nine months ended December 31, 2020, we excluded $0.2 million and $1.2 million, respectively, from cost of goods sold, the net change in depreciation and amortization resulting from a reversal of amortization for an asset deemed to have zero fair value based on revaluation of the Stadco intangible assets upon TechPrecision Corporation’s acquisition of Stadco. This amount was partially offset by depreciation and amortization resulting from a valuation adjustment to Stadco’s property, plant and equipment of $7.1 million plus the recognition of the right-of-use asset for Stadco’s property lease in the amount of $6.6 million against the reversal of historical rent expense ● For the nine months ended December 31, 2021, we excluded $0.7 million of management fees due to then-preferred stockholders of Stadco. For the three and nine months ended December 31, 2020, we excluded $0.3 million and $1.0 million, respectively, of management fees due to then-preferred stockholders of Stadco ● For the nine months ended December 31, 2021, we excluded interest expense of $0.5 million, reflecting a reduction of Stadco’s bank debt and interest rates. For the three and nine months ended December 31, 2020, we excluded interest expense of $0.4 million and $0.9 million, respectively, reflecting a reduction of Stadco’s bank debt and interest rates. ● For the nine months ended December 31, 2021, we excluded non-recurring expense of $0.3 million related to consulting, legal, diligence and bank fees, and nominal costs incurred TechPrecision Corporation and related to the acquisition of Stadco. The following table discloses the actual results of Stadco since the August 25, 2021 acquisition which are included in the Company’s condensed consolidated financial statements. Also presented in the table below are pro forma results for the combined entities, assuming the acquisition date had occurred on April 1, 2020, for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual Stadco ​ Pro Forma ​ Pro Forma ​ ​ August 25, 2021 – ​ Nine months ended ​ Nine months ended ​ ​ December 31, ​ December 31, ​ December 31, ​ 2021 2021 2020 Net sales ​ $ 5,033,454 ​ $ 19,441,005 ​ $ 21,680,503 Operating loss ​ $ (150,362) ​ $ (2,793,821) ​ $ (1,408,893) Loss before income taxes ​ $ (217,208) ​ $ (1,880,903) ​ $ (1,893,203) Net loss ​ ​ ​ ​ $ (1,496,049) ​ $ (1,955,536) EPS basic ​ ​ ​ ​ $ (0.04) ​ $ (0.06) EPS dilutive ​ ​ ​ ​ $ (0.04) ​ $ (0.06) Weighted average shares outstanding: – basic and diluted ​ ​ ​ ​ ​ 34,212,032 ​ ​ 34,098,994 ​

REVENUE

REVENUE	9 Months Ended
	Dec. 31, 2021
REVENUE
REVENUE	NOTE 4 - REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. 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 Industrial Totals Three months ended December 31, 2021 ​ $ 6,362,681 ​ $ 148,644 ​ $ 6,511,325 Three months ended December 31, 2020 ​ $ 2,885,753 ​ $ 683,965 ​ $ 3,569,718 Nine months ended December 31, 2021 ​ $ 13,868,968 ​ $ 851,996 ​ $ 14,720,964 Nine months ended December 31, 2020 ​ $ 9,314,846 ​ $ 2,251,330 ​ $ 11,566,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Three months ended December 31, 2021 ​ $ 6,378,592 ​ $ 132,733 ​ $ 6,511,325 Three months ended December 31, 2020 ​ $ 3,141,416 ​ $ 428,302 ​ $ 3,569,718 Nine months ended December 31, 2021 ​ $ 13,259,229 ​ $ 1,461,735 ​ $ 14,720,964 Nine months ended December 31, 2020 ​ $ 9,251,284 ​ $ 2,314,892 $ 11,566,176 ​ As of December 31, 2021, the Company had $35.2 million of remaining performance obligations, of which $22.3 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue within the next thirty-six months. We are dependent 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 revenues from customers who accounted for more than 10% of our net sales. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ Nine months ended ​ Nine months ended Customer December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 A ​ $ 967,846 15 % $ 609,114 17 % $ 3,447,511 23 % $ 1,679,814 15 % B ​ $ 793,910 12 % $ 530,583 15 % $ 2,454,171 ​ 17 % $ 1,871,256 16 % C ​ $ 937,620 14 % $ * * % $ * * % $ * * % D ​ $ 926,965 14 % $ * * % $ * * % $ * * % E ​ $ 913,501 ​ 14 % $ * ​ * % $ * ​ * % $ * ​ * % F ​ $ * ​ * % $ 398,011 ​ 11 % $ * ​ * % $ 2,106,998 ​ 18 % G ​ $ * ​ * % $ 550,096 ​ 15 % $ * ​ * % $ * ​ * % H ​ $ * ​ * % $ 682,337 ​ 19 % $ * ​ * % $ 1,631,010 ​ 14 % *Less than 10% of total In our condensed consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. For the nine months ended December 31, 2021, we recognized revenue of $0.2 million related to our contract liabilities at April 1, 2021. At the following dates, contract assets were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ Contract Assets Unbilled payments Total December 31, 2021 ​ $ 14,853,999 ​ $ (4,619,646) ​ $ 10,234,353 March 31, 2021 ​ $ 11,392,948 ​ $ (5,860,540) ​ $ 5,532,408 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 5 - INCOME TAXES The Company accounts for income taxes under 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 income tax benefit for the three and nine months ended December 31, 2021 was $333,867 and $385,749. The Company’s effective tax rate for the three months ended December 31, 2021 was approximately 27%. The Company’s effective tax rate for the nine months ended December 31, 2021 was higher due to the nontaxable loan forgiveness item of $1.3 million disclosed in the condensed consolidated statement of operations. The valuation allowance on deferred tax assets was approximately $1.8 million at December 31, 2021. We believe that it is more likely than not that the benefit from certain state and foreign net operating losses, or NOL, carryforwards and other deferred tax assets will not be realized. 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 6 - EARNINGS PER SHARE Basic earnings per share, or EPS, is computed by dividing reported earnings available to stockholders by the weighted average number of 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended ​ Three Months ended ​ Nine Months ended ​ Nine Months ended Basic EPS December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net (loss) income ​ $ (904,680) ​ $ (48,172) ​ $ 245,999 ​ $ 106,358 Weighted average shares ​ 34,286,580 ​ 29,498,662 ​ 31,716,353 ​ 29,430,206 Net (loss) income per share ​ $ (0.03) ​ $ (0.00) ​ $ 0.01 ​ $ 0.00 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (904,680) ​ $ (48,172) ​ $ 245,999 ​ $ 106,358 Dilutive effect of stock options ​ — ​ — ​ 1,678,770 ​ 1,591,178 Weighted average shares ​ 34,286,580 ​ 29,498,662 ​ 33,395,123 ​ 31,021,384 Net (loss) income per share ​ $ (0.03) ​ $ (0.00) ​ $ 0.01 ​ $ 0.00 ​ All of the restricted and common stock issued in September and October 2021 is included in the weighted average basic and diluted shares calculation. All potential common stock equivalents that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the three months ended December 31, 2021 and 2020, there were 2,820,000 and 2,814,000 of potential common stock equivalents, none of which were included in the EPS calculations above. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 7 – STOCK-BASED COMPENSATION Our board of directors, upon the recommendation of the compensation committee of our board of directors, approved the 2016 TechPrecision Equity Incentive Plan, or the 2016 Plan, on November 10, 2016. Our stockholders approved the 2016 Plan at the Company’s Annual Meeting of Stockholders on December 8, 2016. The 2016 Plan succeeds the 2006 Long-Term Incentive Plan, or the 2006 Plan, and applies to awards granted after the 2016 Plan’s adoption by the Company’s stockholders. The 2016 Plan was amended on February 14, 2022 to add an additional type of award that the Company is permitted to grant to eligible participants. The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted stock awards, restricted stock units, and performance awards and fully vested stock awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. The purpose of the 2016 Plan is to: (a) enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. Subject to adjustment as provided in the 2016 Plan, the maximum number of shares of common stock that may be issued with respect to awards under the 2016 Plan is 5,000,000 shares (inclusive of awards issued under the 2006 Plan, that remained outstanding as of the effective date of the 2016 Plan). Shares of our common stock subject to awards that expire unexercised or are otherwise forfeited shall again be available for awards under the 2016 Plan. On June 16, 2020, our executive officers exercised options to purchase 150,000 shares of the Company’s common stock, par value $0.0001 per share, in a cashless transaction, pursuant to option awards granted under the Company’s 2016 Long-Term Incentive Plan. At December 31, 2021, there were 1,370,000 shares available for grant under the 2016 Plan. The following table summarizes information about options granted during the most recently completed periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at 3/31/2020 ​ 2,916,000 ​ $ 0.415 ​ $ 2,546,800 ​ 6.21 Exercised ​ (150,000) ​ ​ 0.800 ​ ​ ​ ​ ​ Canceled (47,000) ​ ​ ​ ​ ​ ​ ​ Outstanding at 3/31/2021 ​ 2,719,000 ​ $ 0.372 ​ $ 2,476,300 ​ 5.62 Canceled ​ (49,000) ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at 12/31/2021 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90 Vested or expected to vest at 12/31/2021 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90 Exercisable and vested at 12/31/2021 ​ 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90 ​ 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 third quarter of fiscal 2022 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 December 31,2021. This amount changes based on the fair market value of the Company’s common stock. ​ At December 31,2021, there was no remaining unrecognized compensation cost related to stock options. The maximum contractual term is ten years for option grants. Other information relating to stock options outstanding at December 31,2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Weighted ​ ​ ​ Weighted ​ ​ Options ​ Contractual ​ Average ​ Options ​ Average Range of Exercise Prices: Outstanding Term Exercise Price Exercisable Exercise Price $0.01‑$0.49 ​ 1,270,000 ​ 3.85 ​ $ 0.12 ​ 1,270,000 ​ $ 0.12 $0.50‑$0.99 1,400,000 5.39 ​ $ 0.55 1,400,000 ​ $ 0.55 Totals 2,670,000 ​ ​ ​ 2,670,000 ​ ​ ​ Restricted Stock Awards On September 1, 2020 we granted a total of 100,000 shares of restricted stock under the 2016 Plan to the board of directors. The stock-based compensation expense of $134,000 for service-based restricted stock was measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. The shares of restricted stock fully vested and ceased to be subject to forfeiture on September 1, 2021. Each grantee was required to have been serving as a director on the vesting date and must have been continuously serving in such capacity from the grant date through the vesting date for the shares of restricted stock to vest. Prior to the vesting date, the grantee was not permitted to sell, transfer, pledge, assign or otherwise encumber the shares of restricted stock and if the grantee’s service with the Company had terminated prior to the vesting date, subject to certain exceptions, the grantee’s restricted stock was to have been forfeited automatically. On September 17, 2021, we granted a total of 100,000 shares of restricted stock under the 2016 Plan to the board of directors. The stock-based compensation expense of $175,000 for service-based restricted stock was measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. Total recognized compensation cost related to the restricted stock awards for the three and nine months ended December 31, 2021 was $44,109 and $106,176 , respectively. At December 31, 2021 there was $124,658 of unrecognized compensation cost related only to the September 17, 2021 stock award. Warrants On August 25, 2021, we issued warrants to purchase 100,000 shares of our common stock in connection with the Stadco acquisition. The warrants vested in full on the issue date, have a three year term and exercise price of $1.43 per share. The fair value of the warrants was $46,256 and estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the grant. Expected volatility of 46.7% was based on the historical volatility of our common stock. The risk-free interest rate of 0.4% was selected based upon yields of three-year U.S. Treasury bond. Nonemployee Stock Based Payment On October 5, 2021, the Company issued 20,000 shares of common stock to a third-party consultant as payment of a finder’s fee in connection with the acquisition of Stadco. The estimated fair value of the award is $35,000 and was measured on the date of grant based on the number of shares issued and the quoted market price of the Company’s common stock.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Dec. 31, 2021
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	NOTE 8 - 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 December 31, 2021, there were trade accounts receivable balances outstanding from four customers comprising 76% of the total trade receivables balance. The following table sets forth information as to trade accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ March 31, 2021 Customer Amount Percent Amount Percent A ​ $ 809,448 ​ 33 % $ * ​ * % B ​ $ 559,214 23 % $ * * % C ​ $ * * % $ 399,692 66 % D ​ $ * ​ * % $ 193,368 ​ 32 % * less than 10% of total

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	9 Months Ended
	Dec. 31, 2021
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 9 - OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Supplier advances ​ $ 18,283 ​ $ 17,010 Prepaid insurance ​ 322,896 ​ 312,669 Prepaid subscriptions ​ 50,260 ​ 25,967 Employee advances ​ 5,798 ​ 16,526 Deposits ​ ​ 21,100 ​ ​ — Prepaid taxes ​ ​ 43,866 ​ ​ — Other ​ 5,255 ​ 7,265 Total ​ $ 467,458 ​ $ 379,437 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	9 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NET ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,289,901 ​ 3,249,577 Machinery equipment ​ 18,477,075 ​ 10,113,670 Furniture, fixtures, auto equipment ​ 983,115 ​ 627,571 Total property, plant and equipment ​ 22,860,204 ​ 14,100,931 Less: accumulated depreciation ​ (10,788,674) ​ (10,037,722) Total property, plant and equipment, net ​ $ 12,071,530 ​ $ 4,063,209 ​

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 11 - ACCRUED EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Accrued compensation ​ $ 942,304 ​ $ 496,320 Provision for claims settlement ​ ​ — ​ ​ 495,000 Provision for contract losses ​ 392,016 ​ 164,164 Accrued professional fees ​ 300,561 ​ 213,213 Accrued project costs ​ 609,111 ​ 114,611 Other ​ 289,763 ​ 42,962 Total ​ $ 2,533,755 ​ $ 1,526,270 ​ Accrued compensation includes amounts for executive bonuses, payroll and vacation and holiday pay. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in the provision are recorded in cost of sales. Accrued project costs are estimates for certain project expenses during the reporting period.

DEBT

DEBT	9 Months Ended
	Dec. 31, 2021
DEBT
DEBT	NOTE 12 – DEBT ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Stadco Term Loan at 3.79% interest, due August 2028 ​ $ 3,833,013 ​ $ — Ranor Term Loan at 5.21% interest, due March 2022 ​ ​ 2,389,885 ​ ​ 2,466,408 Revolver loan ​ ​ 1,978,221 ​ ​ — SBA PPP loan at 1% interest, due May 2022 ​ — ​ 1,317,100 Finance lease liability ​ — ​ 45,663 Total debt ​ $ 8,201,119 ​ $ 3,829,171 Less: debt issue costs unamortized ​ $ 108,195 ​ $ 12,270 Total debt, net ​ $ 8,092,924 ​ $ 3,816,901 Less: Current portion of long-term debt ​ $ 4,882,456 ​ $ 2,474,963 Total long-term debt, net ​ $ 3,210,468 ​ $ 1,341,938 ​ Amended and Restated Berkshire Loan Agreement On August 25, 2021, the Company entered into an amended and restated loan agreement with Berkshire Bank, or the Loan Agreement. Under the Loan Agreement, Berkshire Bank will continue to provide the Ranor Term Loan (as defined below) and the revolving line of credit, or the Revolver Loan. In addition Berkshire Bank provided the Stadco Term Loan (as defined below) in the original amount of $4,000,000. The proceeds of the original Ranor Term Loan of $2,850,000 were previously used to refinance existing mortgage debt of Ranor. The proceeds of the Revolver Loan are used for working capital and general corporate purposes of the Company. The proceeds of the Stadco Term Loan were to be used to support the acquisition of Stadco and refinance existing indebtedness of Stadco. For purposes of the discussion of the Loan Agreement, Ranor and Stadco are referred to together as the “Borrowers.” Stadco Term Loan On August 25, 2021, the Company borrowed $4,000,000 from Berkshire Bank, or the Stadco Term Loan. Interest on the Stadco Term Loan is due on unpaid balances beginning on August 25, 2021 at a fixed rate per annum equal to the 7 year Federal Home Loan Bank of Boston Classic Advance Rate plus 2.25%. Since September 25, 2021 and on the 25th day of each month thereafter, Stadco shall make monthly payments of principal and interest in the amount of $54,390 each, with all outstanding principal and accrued interest due and payable on August 25, 2028. Interest shall be calculated on the basis of actual days elapsed and a 360-day year. The Company shall pay a late charge in the amount of 5% of each payment due under the Stadco Term Loan (other than the balloon payment due at maturity) which is more than ten days in arrears. In addition, from and after the date on which the Stadco Term Loan becomes, or at Berkshire Bank’s option, could become due and payable (whether accelerated or not), at maturity, upon default or otherwise, interest shall accrue and shall be immediately due and payable at the default rate equal to 5% per annum greater than the interest rate otherwise in effect, but in no event higher than the maximum interest rate permitted by law. Ranor Term Loan A term loan was made to Ranor by Berkshire Bank in 2016 in the amount of $2,850,000, or the Ranor Term Loan. Payments began on January 20, 2017 and are 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 the maturity date. A balloon principal payment of approximately $2,400,000 was due on December 20, 2021 under the Term Loan. On December 17, 2021, Ranor and certain affiliates of the Company entered into a first amendment to the amended and restated loan agreement and to extend the maturity date of the Ranor Term Loan to March 18, 2022, to provide additional time to finalize the terms for refinancing and allow for completion of Berkshire Bank’s due diligence. A prepayment penalty will apply during the loan term but will not apply if a prepayment is made from either casualty loss insurance proceeds or a condemnation award applicable to any collateral or if a full prepayment is made during the 45-day period immediately preceding the maturity date. Revolver Loan In accordance with the amended loan agreement, the maximum amount that can now be borrowed under the Revolver loan is $5,000,000. Advances under the Revolver Loan are subject to a borrowing base equal to the lesser of (a) $5,000,000 or (b) the sum of (i)80% of the net outstanding amount of Base Accounts, plus plus The Company agrees to pay to Berkshire Bank, as consideration for Berkshire Bank’s agreement to make the Revolver Loan available, a nonrefundable Revolver Loan fee equal to 0.25% per annum (computed on the basis of a year of 360 days and actual days elapsed) on the difference between the amount of: (a) $5,000,000, and (b) the average daily outstanding balance of the Revolver Loan during the quarterly period then ended. All Revolver Loan fees are payable quarterly in arrears on the first day of each January, April, July and October and on the Revolver Maturity Date, or upon acceleration of the Revolver Loan, if earlier. Under the promissory note for the Revolver Loan, the Company can elect to pay interest at an adjusted LIBOR-based rate or an Adjusted Prime Rate. The minimum adjusted LIBOR-based rate is 2.75% and the Adjusted Prime Rate is the greater of (i) the Prime Rate minus 70 basis points or (ii) 2.75%. Interest-only payments on advances made under the Revolver Loan will continue to be payable monthly in arrears. The maturity date of the Revolver Loan is December 20, 2022. This agreement contains customary LIBOR replacement provisions. There was $1,978,221 outstanding under the Revolver Loan at December 31, 2021. Interest payments made under the Revolver Loan were $10,602 for the nine months ended December 31, 2021. Unused borrowing capacity at December 31, 2021 and March 31, 2021 was approximately $2.1 million and $2.7 million, respectively. The Ranor Term Loan, the Stadco Term Loan and the Revolver Loan, or together, the Berkshire Loans, may be accelerated upon the occurrence of an event of default as defined in the Berkshire Loan Agreement. Pursuant to the Berkshire Loan Agreement, the Company agrees to maintain a ratio of the Cash Flow (as defined below) of the Company to the Total Debt Service (as defined below) of the Company of not less than 1.20 to 1.00, measured quarterly on the last day of each fiscal quarter-annual period of the Company on a trailing twelve (12) month basis, commencing with the fiscal quarter ending as of December 31, 2021. Calculations will be based on the audited (year-end) and unaudited (quarterly) consolidated financial statements of the Company. Quarterly tests will be measured based on the Form 10-Q reports within ninety (90) days of the end of each quarter, and annual tests will be measured based on Form 10-K reports within one hundred twenty days (120) after the end of each fiscal annual period. Cash Flow means an amount, without duplication, equal to the sum of net income of the Company plus plus plus plus plus less The Company agrees to cause its Balance Sheet Leverage to be less than or equal 2.50 to 1.00. Compliance with the foregoing shall be tested quarterly, as of the last day of each fiscal quarter of the Company, commencing with the fiscal quarter ending September 30, 2021. Balance Sheet Leverage means, at any date of determination, the ratio of Borrowers’ (a) Total Liabilities, less Subordinated Debt, to (b) Net Worth, plus Subordinated Debt. The Borrowers agree to maintain a Loan to Value Ratio of not greater than 0.75 to 1.00. Loan to Value Ratio means the ratio of (a) the sum of the outstanding balance of the Ranor Term Loan and the Stadco Term Loan, to (b) the fair market value of the Company’s owned real property at Westminster MA, as determined by an appraisal obtained from time to time by Berkshire Bank, but not more frequently than one time during each 365 day period (provided that Berkshire Bank may obtain an appraisal at any time after either the Ranor Term Loan or the Stadco Term Loan has been accelerated), which appraisals shall be at the expense of the Borrowers. The Borrowers agree that their combined annual capital expenditures shall not exceed $1,500,000. Compliance shall be tested annually, commencing with the fiscal year ending March 31, 2022. The Company was in compliance with all of the financial covenants at December 31, 2021 and March 31, 2021. Unamortized debt issue costs at December 31, 2021 and March 31, 2021 were $108,195 and $26,272, respectively. Collateral securing the above obligations comprises all personal and real property of the Company, including cash, accounts receivable, inventories, equipment, and financial assets.The carrying value of short and long-term borrowings approximates their fair value. The Company’s short-term and long-term debt is all privately held with no public market for this debt and is considered to be Level 3 under the fair value hierarchy. Small Business Administration Loan On May 8, 2020, the Company, through its wholly owned subsidiary Ranor, issued a promissory note, or the PPP Note, evidencing an unsecured loan in the amount of $1,317,100 made to Ranor under the Paycheck Protection Program, or the PPP. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and is administered by the U.S. Small Business Administration, or the SBA. The loan to Ranor was made through Berkshire Bank. Principal and accrued interest were set to be payable monthly in equal installments commencing in September 2021 and continuing through the maturity date, unless the PPP Note was forgiven as described below. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loan granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs, certain group health care benefits and insurance premiums, and any payments of mortgage interest, rent, and utilities. On June 5, 2020, the PPP was amended to give borrowers more time to spend loan proceeds and still obtain loan forgiveness. The amendments extended the length of the covered period as defined in the CARES Act from eight to twenty-four weeks, while allowing borrowers that received PPP loans before June 5, 2020 to elect to use the original eight-week covered period. The Company applied for loan forgiveness with the SBA under the Paycheck Protection Program on March 26, 2021. On May 12, 2021, as authorized by Section 1106 of the CARES Act, the SBA remitted to Berkshire Bank, the lender of record, a payment of principal and interest in the amount of $1,317,100 and $13,207, respectively, for forgiveness of the Company’s PPP loan. The funds credited to the bank paid this loan off in full. Loan forgiveness is recorded as a gain under other income and expense in the condensed consolidated statement of operations.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2021
LEASES
LEASES	NOTE 13 – LEASES After we settled certain default amounts, Stadco became party to an amended building and property operating lease and recorded a right of use asset and liability of $6.6 million. Monthly base rent for the property is $78,233 per month, with a 20% discount through November 30, 2022. The term of the lease will expire on June 30, 2030. The lease contains customary default provisions allowing the Landlord to terminate the lease if the lessee fails to remedy a breach of its obligations under the lease within the time period specified in the lease, or upon certain events of bankruptcy or seizure or attachment of the lessee’s assets or interest in the lease. The lease also contains other customary provisions for real property leases of this type. ​ In December 2019, we signed a one-year operating lease for office space which expired in December 2020 and was amortized on a straight line basis. We leased the office month-to-month until December 31, 2021, and have not renewed the lease. The following table lists our right-of-use assets and lease liabilities in our condensed consolidated balance sheet at: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Right of use asset – operating lease ​ $ 6,655,724 ​ $ — Right of use asset – finance leases ​ ​ 98,704 ​ ​ 45,663 Amortization ​ (227,566) ​ — Right of use asset, net ​ $ 6,526,862 ​ $ 45,663 Lease liability – operating lease ​ $ 6,475,889 ​ $ — Lease liability – finance leases ​ $ 90,629 ​ $ 45,663 Total lease liability ​ $ 6,566,518 ​ $ 45,663 ​ Other supplemental information regarding our leases are contained in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the nine months ended: December 31, 2021 December 31, 2020 Operating lease amortization ​ $ 206,432 ​ $ 2,878 Finance lease amortization ​ $ 21,134 ​ $ 8,156 Finance lease interest ​ $ 2,415 ​ $ 1,102 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: December 31, 2021 December 31, 2020 ​ Lease term (years) – operating lease ​ 8.50 ​ — ​ Lease term (years) – finance leases 2.85 ​ 1.25 ​ Lease rate – operating lease ​ 4.5 % — ​ Lease rate – finance leases 3.9 % 8.0 % ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the nine months ended: December 31, 2021 December 31, 2020 Cash used in operating activities ​ $ 181,525 ​ $ 2,878 Cash used in financing activities ​ $ 493,015 ​ $ 8,798 ​ Maturities of lease liabilities at December 31, 2021 for the next five years and thereafter: ​ ​ ​ ​ ​ 2022 $ 816,665 2023 ​ ​ 965,843 2024 ​ ​ 957,060 2025 ​ ​ 951,171 2026 ​ ​ 941,276 Thereafter ​ ​ 3,224,985 Total lease payments ​ $ 7,857,000 Less: imputed interest ​ ​ 1,290,482 Total ​ $ 6,566,518 ​

COMMITMENTS

COMMITMENTS	9 Months Ended
	Dec. 31, 2021
COMMITMENTS
COMMITMENTS	NOTE 14 - 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 December 31, 2021 for future executive salaries and bonus was approximately $1.2 million. The aggregate commitment at December 30, 2021 for accrued payroll, vacation and holiday pay was approximately $0.8 million for the remainder of our employees. Retirement Benefits Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $22,063 and $65,303 for the three and nine months ended December 31, 2021.

ACCOUNTING STANDARDS UPDATE

ACCOUNTING STANDARDS UPDATE	9 Months Ended
	Dec. 31, 2021
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE	NOTE 15 – ACCOUNTING STANDARDS UPDATE New Accounting Standards Recently Adopted In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Issued Standards Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. Earnings Per Share

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 16 – SUBSEQUENT EVENT On January 24, 2022, or the Grant Date, the board of directors of TechPrecision, in recognition of their special efforts in completing the previously disclosed acquisition of Stadco, granted (a) 10,000 On February 14, 2022, the Company’s board of directors approved an amendment, or the Plan Amendment, to the 2016 Plan. The Plan Amendment, which became effective upon its signature by an executive officer, amends the 2016 Plan to permit the Company to grant shares of fully vested common stock as a stock bonus award to eligible participants. Prior to the Plan Amendment, the 2016 Plan only permitted the board of directors to grant stock options, restricted stock, restricted stock units and performance-based awards. The committee designated to administer the 2016 Plan, or in the absence of such a committee, the full board of directors, will determine the number of shares, the restrictions, if any, and any other terms in connection with a stock bonus award. The recipient of a stock bonus award shall not have any rights as a stockholder of the Company with respect to the shares subject to such stock bonus award until the shares are actually issued thereunder. Stock bonus awards may be paid in the form of cash, whole shares of common stock or a combination thereof.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation - The accompanying 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, 2021, or the 2021 Form 10-K, filed with the SEC on June 10, 2021.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements - ​ Accounting for Goodwill – Goodwill of a reporting unit is not amortized, but tested for impairment at least annually, or on an interim basis whenever circumstances indicate that the carrying value of these assets may not be recoverable. A goodwill impairment charge would reflect the amount by which the carrying amount of the reporting unit exceeds its fair value, not to exceed the total amount of goodwill. The Company has not formed a conclusion on the issue of tax deductibility for goodwill. We are evaluating certain tax election options under the Stadco stock purchase agreement and will make a determination as soon as practicable.

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	9 Months Ended
	Dec. 31, 2021
BUSINESS COMBINATION
Schedule of assets acquired and liabilities assumed recognized at acquisition date	​ ​ ​ ​ ​ Total consideration transferred $ 10,163,164 Recognized amounts of identifiable assets acquired and liabilities assumed: ​ Accounts receivable ​ $ 1,247,015 Inventory and other current assets ​ 5,250,781 Property, plant and equipment including right of use assets ​ 15,074,273 Accounts payable, accrued expenses, and other current liabilities ​ (5,638,378) Lease obligations ​ (6,701,286) Net assets ​ $ 9,232,405 Goodwill ​ 930,759 Total ​ $ 10,163,164
Schedule of pro forma results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actual Stadco ​ Pro Forma ​ Pro Forma ​ ​ August 25, 2021 – ​ Nine months ended ​ Nine months ended ​ ​ December 31, ​ December 31, ​ December 31, ​ 2021 2021 2020 Net sales ​ $ 5,033,454 ​ $ 19,441,005 ​ $ 21,680,503 Operating loss ​ $ (150,362) ​ $ (2,793,821) ​ $ (1,408,893) Loss before income taxes ​ $ (217,208) ​ $ (1,880,903) ​ $ (1,893,203) Net loss ​ ​ ​ ​ $ (1,496,049) ​ $ (1,955,536) EPS basic ​ ​ ​ ​ $ (0.04) ​ $ (0.06) EPS dilutive ​ ​ ​ ​ $ (0.04) ​ $ (0.06) Weighted average shares outstanding: – basic and diluted ​ ​ ​ ​ ​ 34,212,032 ​ ​ 34,098,994

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Dec. 31, 2021
Schedule of net sales on a disaggregated basis by market and contract type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Three months ended December 31, 2021 ​ $ 6,362,681 ​ $ 148,644 ​ $ 6,511,325 Three months ended December 31, 2020 ​ $ 2,885,753 ​ $ 683,965 ​ $ 3,569,718 Nine months ended December 31, 2021 ​ $ 13,868,968 ​ $ 851,996 ​ $ 14,720,964 Nine months ended December 31, 2020 ​ $ 9,314,846 ​ $ 2,251,330 ​ $ 11,566,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Three months ended December 31, 2021 ​ $ 6,378,592 ​ $ 132,733 ​ $ 6,511,325 Three months ended December 31, 2020 ​ $ 3,141,416 ​ $ 428,302 ​ $ 3,569,718 Nine months ended December 31, 2021 ​ $ 13,259,229 ​ $ 1,461,735 ​ $ 14,720,964 Nine months ended December 31, 2020 ​ $ 9,251,284 ​ $ 2,314,892 $ 11,566,176
Schedule of Contract Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ Contract Assets Unbilled payments Total December 31, 2021 ​ $ 14,853,999 ​ $ (4,619,646) ​ $ 10,234,353 March 31, 2021 ​ $ 11,392,948 ​ $ (5,860,540) ​ $ 5,532,408
Sales [Member]
Schedule of revenues from customers who accounted for more than 10% of our net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ Nine months ended ​ Nine months ended Customer December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 A ​ $ 967,846 15 % $ 609,114 17 % $ 3,447,511 23 % $ 1,679,814 15 % B ​ $ 793,910 12 % $ 530,583 15 % $ 2,454,171 ​ 17 % $ 1,871,256 16 % C ​ $ 937,620 14 % $ * * % $ * * % $ * * % D ​ $ 926,965 14 % $ * * % $ * * % $ * * % E ​ $ 913,501 ​ 14 % $ * ​ * % $ * ​ * % $ * ​ * % F ​ $ * ​ * % $ 398,011 ​ 11 % $ * ​ * % $ 2,106,998 ​ 18 % G ​ $ * ​ * % $ 550,096 ​ 15 % $ * ​ * % $ * ​ * % H ​ $ * ​ * % $ 682,337 ​ 19 % $ * ​ * % $ 1,631,010 ​ 14 % *Less than 10% of total

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
Schedule of basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended ​ Three Months ended ​ Nine Months ended ​ Nine Months ended Basic EPS December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net (loss) income ​ $ (904,680) ​ $ (48,172) ​ $ 245,999 ​ $ 106,358 Weighted average shares ​ 34,286,580 ​ 29,498,662 ​ 31,716,353 ​ 29,430,206 Net (loss) income per share ​ $ (0.03) ​ $ (0.00) ​ $ 0.01 ​ $ 0.00 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (904,680) ​ $ (48,172) ​ $ 245,999 ​ $ 106,358 Dilutive effect of stock options ​ — ​ — ​ 1,678,770 ​ 1,591,178 Weighted average shares ​ 34,286,580 ​ 29,498,662 ​ 33,395,123 ​ 31,021,384 Net (loss) income per share ​ $ (0.03) ​ $ (0.00) ​ $ 0.01 ​ $ 0.00

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
Schedule of information about options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at 3/31/2020 ​ 2,916,000 ​ $ 0.415 ​ $ 2,546,800 ​ 6.21 Exercised ​ (150,000) ​ ​ 0.800 ​ ​ ​ ​ ​ Canceled (47,000) ​ ​ ​ ​ ​ ​ ​ Outstanding at 3/31/2021 ​ 2,719,000 ​ $ 0.372 ​ $ 2,476,300 ​ 5.62 Canceled ​ (49,000) ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at 12/31/2021 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90 Vested or expected to vest at 12/31/2021 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90 Exercisable and vested at 12/31/2021 ​ 2,670,000 ​ $ 0.343 ​ $ 4,505,500 ​ 4.90
Schedule of exercise price range	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Weighted ​ ​ ​ Weighted ​ ​ Options ​ Contractual ​ Average ​ Options ​ Average Range of Exercise Prices: Outstanding Term Exercise Price Exercisable Exercise Price $0.01‑$0.49 ​ 1,270,000 ​ 3.85 ​ $ 0.12 ​ 1,270,000 ​ $ 0.12 $0.50‑$0.99 1,400,000 5.39 ​ $ 0.55 1,400,000 ​ $ 0.55 Totals 2,670,000 ​ ​ ​ 2,670,000 ​ ​

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Dec. 31, 2021
Accounts Receivable
Concentration of credit risk and major customers
Schedule of revenues from customers who accounted for more than 10% of our net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ March 31, 2021 Customer Amount Percent Amount Percent A ​ $ 809,448 ​ 33 % $ * ​ * % B ​ $ 559,214 23 % $ * * % C ​ $ * * % $ 399,692 66 % D ​ $ * ​ * % $ 193,368 ​ 32 % * less than 10% of total

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Dec. 31, 2021
OTHER CURRENT ASSETS
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Supplier advances ​ $ 18,283 ​ $ 17,010 Prepaid insurance ​ 322,896 ​ 312,669 Prepaid subscriptions ​ 50,260 ​ 25,967 Employee advances ​ 5,798 ​ 16,526 Deposits ​ ​ 21,100 ​ ​ — Prepaid taxes ​ ​ 43,866 ​ ​ — Other ​ 5,255 ​ 7,265 Total ​ $ 467,458 ​ $ 379,437

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	9 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of components of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,289,901 ​ 3,249,577 Machinery equipment ​ 18,477,075 ​ 10,113,670 Furniture, fixtures, auto equipment ​ 983,115 ​ 627,571 Total property, plant and equipment ​ 22,860,204 ​ 14,100,931 Less: accumulated depreciation ​ (10,788,674) ​ (10,037,722) Total property, plant and equipment, net ​ $ 12,071,530 ​ $ 4,063,209

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Accrued compensation ​ $ 942,304 ​ $ 496,320 Provision for claims settlement ​ ​ — ​ ​ 495,000 Provision for contract losses ​ 392,016 ​ 164,164 Accrued professional fees ​ 300,561 ​ 213,213 Accrued project costs ​ 609,111 ​ 114,611 Other ​ 289,763 ​ 42,962 Total ​ $ 2,533,755 ​ $ 1,526,270

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Dec. 31, 2021
DEBT
Schedule of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Stadco Term Loan at 3.79% interest, due August 2028 ​ $ 3,833,013 ​ $ — Ranor Term Loan at 5.21% interest, due March 2022 ​ ​ 2,389,885 ​ ​ 2,466,408 Revolver loan ​ ​ 1,978,221 ​ ​ — SBA PPP loan at 1% interest, due May 2022 ​ — ​ 1,317,100 Finance lease liability ​ — ​ 45,663 Total debt ​ $ 8,201,119 ​ $ 3,829,171 Less: debt issue costs unamortized ​ $ 108,195 ​ $ 12,270 Total debt, net ​ $ 8,092,924 ​ $ 3,816,901 Less: Current portion of long-term debt ​ $ 4,882,456 ​ $ 2,474,963 Total long-term debt, net ​ $ 3,210,468 ​ $ 1,341,938

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2021
LEASES
Schedule of right-of-use assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 March 31, 2021 Right of use asset – operating lease ​ $ 6,655,724 ​ $ — Right of use asset – finance leases ​ ​ 98,704 ​ ​ 45,663 Amortization ​ (227,566) ​ — Right of use asset, net ​ $ 6,526,862 ​ $ 45,663 Lease liability – operating lease ​ $ 6,475,889 ​ $ — Lease liability – finance leases ​ $ 90,629 ​ $ 45,663 Total lease liability ​ $ 6,566,518 ​ $ 45,663
Schedule of supplemental Information of leases	​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the nine months ended: December 31, 2021 December 31, 2020 Operating lease amortization ​ $ 206,432 ​ $ 2,878 Finance lease amortization ​ $ 21,134 ​ $ 8,156 Finance lease interest ​ $ 2,415 ​ $ 1,102 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: December 31, 2021 December 31, 2020 ​ Lease term (years) – operating lease ​ 8.50 ​ — ​ Lease term (years) – finance leases 2.85 ​ 1.25 ​ Lease rate – operating lease ​ 4.5 % — ​ Lease rate – finance leases 3.9 % 8.0 %
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the nine months ended: December 31, 2021 December 31, 2020 Cash used in operating activities ​ $ 181,525 ​ $ 2,878 Cash used in financing activities ​ $ 493,015 ​ $ 8,798
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ 2022 $ 816,665 2023 ​ ​ 965,843 2024 ​ ​ 957,060 2025 ​ ​ 951,171 2026 ​ ​ 941,276 Thereafter ​ ​ 3,224,985 Total lease payments ​ $ 7,857,000 Less: imputed interest ​ ​ 1,290,482 Total ​ $ 6,566,518

BUSINESS COMBINATION - Assets a

BUSINESS COMBINATION - Assets acquired and liabilities assumed recognized at the acquisition date (Details) - USD ($)	Aug. 25, 2021	Dec. 31, 2021
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill		$ 930,759
Stadco
Business Acquisition [Line Items]
Total consideration transferred	$ 10,163,164
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts receivable	1,247,015
Inventory and other current assets	5,250,781
Property, plant and equipment including right of use assets	15,074,273
Accounts payable, accrued expenses, and other current liabilities	(5,638,378)
Lease obligations	(6,701,286)
Net assets	9,232,405
Goodwill	930,759
Total	$ 10,163,164

BUSINESS COMBINATION - Proforma

BUSINESS COMBINATION - Proforma results (Details) - USD ($)	4 Months Ended	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Stadco actual
Net sales		$ 19,441,005	$ 21,680,503
Operating loss		(2,793,821)	(1,408,893)
Loss before income taxes		(1,880,903)	(1,893,203)
Net loss		$ (1,496,049)	$ (1,955,536)
EPS basic		$ (0.04)	$ (0.06)
EPS dilutive		$ (0.04)	$ (0.06)
Weighted average shares outstanding - basic		34,212,032	34,098,994
Weighted average shares outstanding - diluted		34,212,032	34,098,994
Stadco
Stadco actual
Net sales	$ 5,033,454
Operating loss	(150,362)
Loss before income taxes	$ (217,208)

BUSINESS COMBINATION - Addition

BUSINESS COMBINATION - Additional information (Details) - USD ($)	Aug. 25, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Liability estimated with contingent consideration				$ 0
Acquisition related costs					$ 320,000
Adjustments to goodwill and accrued expenses	$ 243,670
Depreciation and amortization				978,517	521,422
Common Stock
Business Acquisition [Line Items]
Aggregate shares of common stock issued for acquired business (in shares)		1,466,061
SPA
Business Acquisition [Line Items]
Shares to be purchased pursuant to agreements	3,202,727
Purchase price	$ 1.10
Securities offering costs	$ 300,000
Acquisition Sub | Amended and Restated Loan Purchase and Sale Agreement
Business Acquisition [Line Items]
Aggregate payment	$ 7,900,000
Stadco
Business Acquisition [Line Items]
Issuance of warrant	100,000
Consideration transferred amount	$ 10,163,164
Maximum value of contingent consideration				2,269,000
Depreciation and amortization			$ 200,000		1,200,000
Valuation adjustment to property, plant and equipment			7,100,000		7,100,000
Recognition of the right-of-use asset			6,600,000		6,600,000
Reduction of management fees to preferred shareholders			300,000	700,000	1,000,000
Reduction in interest expense due to reduction in bank debt and interest rates			$ 400,000	500,000	$ 900,000
Non-recurring expense				$ 300,000
Stadco | Common Stock
Business Acquisition [Line Items]
Aggregate shares of common stock issued for acquired business (in shares)	1,466,061
Consideration transferred amount	$ 2,300,000
Stadco | Common Stock | Holders Of Certain Other Non-Bank Indebtedness [Member]
Business Acquisition [Line Items]
Aggregate shares of common stock issued for acquired business (in shares)	199,395
Stadco | Common Stock | Other security holders
Business Acquisition [Line Items]
Aggregate shares of common stock issued for acquired business (in shares)	600,000
Issuance of warrant	100,000
Stadco | SPA
Business Acquisition [Line Items]
Consideration transferred amount	$ 113,890
Stadco | Holdco | Common Stock
Business Acquisition [Line Items]
Aggregate shares of common stock issued for acquired business (in shares)	666,666

REVENUE - Disaggregated Basis (

REVENUE - Disaggregated Basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer, Including Assessed Tax	$ 6,511,325	$ 3,569,718	$ 14,720,964	$ 11,566,176
Over-time
Revenue from Contract with Customer, Including Assessed Tax	6,378,592	3,141,416	13,259,229	9,251,284
Point-in-time
Revenue from Contract with Customer, Including Assessed Tax	132,733	428,302	1,461,735	2,314,892
Defense
Revenue from Contract with Customer, Including Assessed Tax	6,362,681	2,885,753	13,868,968	9,314,846
Industrial
Revenue from Contract with Customer, Including Assessed Tax	$ 148,644	$ 683,965	$ 851,996	$ 2,251,330

REVENUE - Net Sales from Custom

REVENUE - Net Sales from Customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 6,511,325	$ 3,569,718	$ 14,720,964	$ 11,566,176
Customer A | Customer Concentration Risk | Sales Revenue, Net
Revenues	$ 967,846	$ 609,114	$ 3,447,511	$ 1,679,814
Concentration risk percentage	15.00%	17.00%	23.00%	15.00%
Customer B | Customer Concentration Risk | Sales Revenue, Net
Revenues	$ 793,910	$ 530,583	$ 2,454,171	$ 1,871,256
Concentration risk percentage	12.00%	15.00%	17.00%	16.00%
Customer C | Customer Concentration Risk | Sales Revenue, Net
Revenues	$ 937,620
Concentration risk percentage	14.00%
Customer D | Customer Concentration Risk | Sales Revenue, Net
Revenues	$ 926,965
Concentration risk percentage	14.00%
Customer E | Customer Concentration Risk | Sales Revenue, Net
Revenues	$ 913,501
Concentration risk percentage	14.00%
Customer F | Customer Concentration Risk | Sales Revenue, Net
Revenues		$ 398,011		$ 2,106,998
Concentration risk percentage		11.00%		18.00%
Customer G | Customer Concentration Risk | Sales Revenue, Net
Revenues		$ 550,096
Concentration risk percentage		15.00%
Customer H | Customer Concentration Risk | Sales Revenue, Net
Revenues		$ 682,337		$ 1,631,010
Concentration risk percentage		19.00%		14.00%

REVENUE - Contract Assets and C

REVENUE - Contract Assets and Contract Liabilities (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Contract assets	$ 10,234,353	$ 5,532,408
Unbilled
Contract assets	14,853,999	11,392,948
Progress payments
Contract assets	$ (4,619,646)	$ (5,860,540)

REVENUE - Additional informatio

REVENUE - Additional information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2021USD ($)
REVENUE
Remaining Performance Obligation Amount	$ 35.2
Revenue Remaining Performance Obligation Completed Less Than 50	$ 22.3
Revenue, Remaining Performance Obligation, Percentage	50.00%
Revenue Recognized By Contract Liabilities	$ 0.2

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Income tax (benefit) expense	$ (333,867)	$ (13,369)	$ (385,749)	$ 60,573
Effective tax rate	27.00%
Loan forgiveness			1,317,100
Deferred Tax Assets, Valuation Allowance, Total	$ 1,800,000		$ 1,800,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Basic EPS
Net (loss) income	$ (904,680)	$ (48,172)	$ 245,999	$ 106,358
Weighted average shares	34,286,580	29,498,662	31,716,353	29,430,206
Net (loss) income per share	$ (0.03)	$ 0	$ 0.01	$ 0
Diluted EPS
Net (loss) income	$ (904,680)	$ (48,172)	$ 245,999	$ 106,358
Dilutive effect of stock options			1,678,770	1,591,178
Weighted average shares	34,286,580	29,498,662	33,395,123	31,021,384
Net (loss) income per share	$ (0.03)	$ 0	$ 0.01	$ 0
Antidilutive securities excluded from computation of earnings per share amount (in shares)	2,820,000	2,814,000

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Number Of Options
Outstanding at the beginning of the period (in shares)	2,719,000	2,916,000
Exercised (in shares)		(150,000)
Canceled (in shares)	(49,000)	(47,000)
Outstanding at the end of the period (in shares)	2,670,000	2,719,000	2,916,000
Vested or expected to vest at the end of the period (in shares)	2,670,000
Exercisable and vested at the end of the period (in shares)	2,670,000
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 0.372	$ 0.415
Exercised (in shares)		0.800
Outstanding at the end of the period (in dollars per share)	0.343	$ 0.372	$ 0.415
Vested or expected to vest at the end of the period (in dollars per share)	0.343
Exercisable and vested at the end of the period (in dollars per share)	$ 0.343
Aggregate Intrinsic Value
Outstanding Value at the beginning of the period	$ 2,476,300	$ 2,546,800
Outstanding Value at the end of the period	4,505,500	$ 2,476,300	$ 2,546,800
Vested or expected to vest at the end of the period	4,505,500
Exercisable and vested at the end of the period	$ 4,505,500
Weighted Average Remaining Contractual Life (in years)
Outstanding at the end of the period	4 years 10 months 24 days	5 years 7 months 13 days	6 years 2 months 15 days
Vested or expected to vest at the end of the period	4 years 10 months 24 days
Exercisable and vested at the end of the period	4 years 10 months 24 days

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock Options Outstanding By Exercise Price (Details)	9 Months Ended
	Dec. 31, 2021$ / sharesshares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	2,670,000
Options Exercisable | shares	2,670,000
Range One
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 0.49
Options Outstanding | shares	1,270,000
Options Outstanding, Weighted Average Remaining Contractual Term	3 years 10 months 6 days
Options Outstanding, Weighted Average Exercise Price	$ 0.12
Options Exercisable | shares	1,270,000
Options Exercisable, Weighted Average Exercise Price	$ 0.12
Range Two
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	0.50
Exercise Price, Upper Range	$ 0.99
Options Outstanding | shares	1,400,000
Options Outstanding, Weighted Average Remaining Contractual Term	5 years 4 months 20 days
Options Outstanding, Weighted Average Exercise Price	$ 0.55
Options Exercisable | shares	1,400,000
Options Exercisable, Weighted Average Exercise Price	$ 0.55

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)	Oct. 05, 2021	Sep. 17, 2021	Sep. 01, 2020	Jun. 16, 2020	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Aug. 25, 2021
Share based compensation
Exercised ( in shares)									150,000
Common stock, par value (in dollars per share)					$ 0.0001		$ 0.0001		$ 0.0001
Maximum contractual term (in years)							4 years 10 months 24 days		5 years 7 months 13 days	6 years 2 months 15 days
Stock based compensation expense							$ 141,176	$ 146,417
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term							3 years
Warrants expiration term											3 years
Exercise price of warrants											$ 1.43
Warrant valuation						$ 46,256	$ 46,256
Expected volatility							46.70%
Risk-free interest rate							0.40%
Expected life - years							3 years
Stock issued for finder's fee (in shares)	20,000
Stock issued for finder's fee	$ 35,000
Stadco
Share based compensation
Warrants issued to purchase common stock											100,000
Restricted Stock [Member]
Share based compensation
Granted a total of shares of restricted stock		100,000	100,000
Stock based compensation cost		$ 175,000	$ 134,000
Stock based compensation expense					$ 44,109		$ 106,176
Total unrecognized compensation cost related to restricted stock awards					124,658		124,658
Stock option [Member]
Share based compensation
Unrecognized compensation cost related to stock options					$ 0		$ 0
2016 Plan
Share based compensation
Number of shares of common stock					5,000,000		5,000,000
Shares available for grant					1,370,000		1,370,000
Maximum
Share based compensation
Maximum contractual term (in years)							10 years
Executive Officers | 2016 Plan
Share based compensation
Exercised ( in shares)				150,000
Common stock, par value (in dollars per share)				$ 0.0001

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Concentration of credit risk and major customers
Accounts receivable	$ 2,430,255	$ 608,059
Accounts Receivable | Customer Concentration Risk | Customer A
Concentration of credit risk and major customers
Accounts receivable	$ 809,448
Concentration risk percentage	33.00%
Accounts Receivable | Customer Concentration Risk | Customer B
Concentration of credit risk and major customers
Accounts receivable	$ 559,214
Concentration risk percentage	23.00%
Accounts Receivable | Customer Concentration Risk | Customer C
Concentration of credit risk and major customers
Accounts receivable		$ 399,692
Concentration risk percentage		66.00%
Accounts Receivable | Customer Concentration Risk | Customer D
Concentration of credit risk and major customers
Accounts receivable		$ 193,368
Concentration risk percentage		32.00%
Accounts Receivable | Customer Concentration Risk | Customers
Concentration of credit risk and major customers
Concentration risk percentage	10.00%
Trade Receivables
Concentration of credit risk and major customers
Number of significant customers	4
Trade Receivables | Customer Concentration Risk | Customer A,C,D
Concentration of credit risk and major customers
Concentration risk percentage	76.00%

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
OTHER CURRENT ASSETS
Supplier advances	$ 18,283	$ 17,010
Prepaid insurance	322,896	312,669
Prepaid subscriptions	50,260	25,967
Employee advances	5,798	16,526
Deposits	21,100
Prepaid taxes	43,866
Other	5,255	7,265
Total	$ 467,458	$ 379,437

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Property, Plant and Equipment, Net
Total property, plant and equipment	$ 22,860,204	$ 14,100,931
Less: accumulated depreciation	(10,788,674)	(10,037,722)
Total property, plant and equipment, net	12,071,530	4,063,209
Land
Property, Plant and Equipment, Net
Property, Plant and Equipment, Gross	110,113	110,113
Building and improvements
Property, Plant and Equipment, Net
Property, Plant and Equipment, Gross	3,289,901	3,249,577
Machinery and equipment
Property, Plant and Equipment, Net
Property, Plant and Equipment, Gross	18,477,075	10,113,670
Furniture, fixtures, auto equipment
Property, Plant and Equipment, Net
Property, Plant and Equipment, Gross	$ 983,115	$ 627,571

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
ACCRUED EXPENSES
Accrued compensation	$ 942,304	$ 496,320
Provision for claims settlement		495,000
Provision for contract losses	392,016	164,164
Accrued professional fees	300,561	213,213
Accrued project costs	609,111	114,611
Other	289,763	42,962
Total	$ 2,533,755	$ 1,526,270

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Long-term Debt
Total debt	$ 8,201,119	$ 3,829,171
Less: debt issue costs unamortized	108,195	12,270
Total debt, net	8,092,924	3,816,901
Less: Current portion of long-term debt	4,882,456	2,474,963
Total long-term debt, net	3,210,468	1,341,938
Revolver loan
Long-term Debt
Total debt	1,978,221
Stadco Term Loan at 3.79% interest, due August 2028
Long-term Debt
Total debt	$ 3,833,013
Interest rate (as a percent)	3.79%
Ranor Term Loan at 5.21% interest, due December 2021
Long-term Debt
Total debt	$ 2,389,885	$ 2,466,408
Interest rate (as a percent)	5.21%	5.21%
SBA PPP loan at 1% interest, due May 2022
Long-term Debt
Total debt		$ 1,317,100
Interest rate (as a percent)		1.00%
Finance lease liability
Long-term Debt
Total debt		$ 45,663

DEBT - Berkshire Bank & Trust C

DEBT - Berkshire Bank & Trust Company Loan Facility (Details)	Aug. 25, 2021USD ($)	Dec. 21, 2016USD ($)	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Proceeds from term loan			$ 4,000,000
Revolver loan
Debt Instrument [Line Items]
Interest payments			10,602
Unused borrowing capacity			2,100,000	$ 2,700,000
Berkshire Loan
Debt Instrument [Line Items]
Debt Instrument Covenant Maximum Capital Expenditures To Be Incurred Year Four And Thereafter			1,500,000
Unamortized Debt Issuance Expense			108,195	$ 26,272
Berkshire Loan | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Amount Of Borrowing Base Required To Grant Loan Advance	$ 5,000,000
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 | Revolver loan
Debt Instrument [Line Items]
Maximum Amount Of Borrowing Base Required To Grant Loan Advance			5,000,000
Amount outstanding			$ 1,978,221
Nonrefundable Commitment Fee percentages			0.25%
Adjusted interest rate (as a percent)	2.75%
Berkshire Loan | Revolver loan | Prime Rate
Debt Instrument [Line Items]
Adjusted interest rate (as a percent)	2.75%
Basis spread on variable rate (as a percent)	0.70%
Berkshire Loan | Secured Term Loan
Debt Instrument [Line Items]
Principal amount of debt		$ 2,400,000
Maturity term		60 months
Debt instrument, Periodic Payment		$ 19,260
Interest rate (as a percent)		5.21%
Prepayment period		45 days
Berkshire Loan | Restated Promissory Note
Debt Instrument [Line Items]
Debt Instrument Percentage Of Appraised Value Of Equipment For Determination Of Aggregate Amount Of Advances	80.00%
Berkshire Loan | Ranor, Inc. | Secured Term Loan
Debt Instrument [Line Items]
Principal amount of debt		$ 2,850,000
Berkshire Loan | Minimum
Debt Instrument [Line Items]
Debt Instrument Covenant Leverage Ratio Year One			2.50	2.50
Debt Instrument Covenant Loan To Value Ratio			0.75	0.75
Berkshire Loan | Minimum | Revolver loan
Debt Instrument [Line Items]
Debt Instrument Debt Service Coverage Ratio Threshold			1.20	1.20
Stadco Term Loan at 3.79% interest, due August 2028
Debt Instrument [Line Items]
Principal amount of debt	$ 4,000,000
Maturity term	7 years
Debt instrument, Periodic Payment	$ 54,390
Interest rate (as a percent)			3.79%
Stadco Term Loan at 3.79% interest, due August 2028 | Ranor, Inc. | Revolver loan
Debt Instrument [Line Items]
Principal amount of debt	$ 4,000,000
Ranor term loan | Ranor, Inc. | Revolver loan
Debt Instrument [Line Items]
Proceeds from term loan		$ 2,850,000

DEBT - Small Business Administr

DEBT - Small Business Administrative PPP loan (Details) - Paycheck Protection Program - USD ($)	May 12, 2021	May 08, 2020
Debt
Face amount of debt		$ 1,317,100
Principal amount forgiven	$ 1,317,100
Interest amount for forgiveness	$ 13,207

DEBT - Additional information (

DEBT - Additional information (Details)	Aug. 25, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Late fee (in percent)		5
Default interest rate		5
Berkshire Loan | Revolver loan
Debt Instrument [Line Items]
Quarterly tests threshold		90 days
Annual tests threshold		120 days
Berkshire Loan | Prime Rate | Revolver loan
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.70%
Stadco Term Loan at 3.79% interest, due August 2028 | FHLBBC advance rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%

LEASES (Details)

LEASES (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2019
Other lease assets and liabilities	$ 6,600,000
Lessee operating lease renewal term			1 year
Right of use asset - finance lease	6,526,862
Lease liability - finance lease	6,566,518
Building and property lease
Monthly payments	$ 78,233
Percentage of discount on base rent	20.00%
Right of use asset - operating lease	$ 6,655,724
Right of use asset - finance lease	98,704	$ 45,663
Finance lease amortization	(227,566)
Right of use asset, net	6,526,862	45,663
Lease liability - operating lease	6,475,889
Lease liability - finance lease	90,629	45,663
Total lease liability	$ 6,566,518	$ 45,663

LEASES - Other supplemental inf

LEASES - Other supplemental information of Leases (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Operating lease amortization	$ 206,432	$ 2,878
Finance lease amortization	21,134	8,156
Finance lease interest	$ 2,415	$ 1,102
Lease term (years) - operating lease	8 years 6 months
Lease term (years) - finance lease	2 years 10 months 6 days	1 year 3 months
Lease rate - operating lease	4.50%
Lease rate - finance lease	3.90%	8.00%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
LEASES
Cash used in operating activities	$ 181,525	$ 2,878
Cash used in financing activities	$ 493,015	$ 8,798

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details)	Dec. 31, 2021USD ($)
Maturities of lease liabilities
2022	$ 816,665
2023	965,843
2024	957,060
2025	951,171
2026	941,276
Thereafter	3,224,985
Total lease payments	7,857,000
Less: imputed interest	1,290,482
Total	$ 6,566,518

COMMITMENTS (Details)

COMMITMENTS (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Contractual commitments
Aggregate commitment for future executive salaries and bonus	$ 1,200,000	$ 1,200,000
Aggregate commitment for accrued payroll, vacation and holiday	800,000	800,000
Defined Contribution Plan, Cost	$ 22,063	$ 65,303

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($)	Jan. 24, 2022	Oct. 05, 2021
Subsequent Event [Line Items]
Cash award		$ 35,000
Subsequent event | Executive Officers | 2016 Plan
Subsequent Event [Line Items]
Restricted stock award (in shares)	20,000
Cash award	$ 35,000