TechPrecision (TPCS) 10-K 15 Jun 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Jun. 02, 2023	Sep. 30, 2022
Document and Entity Information
Document Type	10-K
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Document Annual Report	true
Entity File Number	000-51378
Entity Registrant Name	TechPrecision Corporation
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
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TPCS
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		8,613,408
Entity Central Index Key	0001328792
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Public Float			$ 43.8
ICFR Auditor Attestation Flag	false
Auditor Name	Marcum LLP
Auditor Firm ID	688
Auditor Location	Philadelphia, Pennsylvania

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 534,474	$ 1,052,139
Accounts receivable, net	2,336,481	3,009,249
Contract assets	8,947,811	8,350,231
Raw materials	1,692,852	874,538
Work-in-process	719,736	1,360,137
Other current assets	348,983	1,421,459
Total current assets	14,580,337	16,067,753
Property, plant and equipment, net	13,914,024	13,153,165
Right of use asset, net	5,660,938	6,383,615
Deferred income taxes	1,931,186	2,126,770
Other noncurrent assets, net	121,256	121,256
Total assets	36,207,741	37,852,559
Current liabilities:
Accounts payable	2,224,320	3,426,921
Accrued expenses	2,533,185	3,435,866
Contract liabilities	2,333,591	1,765,319
Current portion of long-term lease liability	711,727	593,808
Current portion of long-term debt, net	1,218,162	4,093,079
Total current liabilities	9,020,985	13,314,993
Long-term debt, net	4,749,139	3,114,936
Long-term lease liability	5,143,974	5,853,791
Other noncurrent liability	2,699,492	305,071
Total liabilities	21,613,590	22,588,791
Commitments and contingent liabilities
Stockholders' Equity:
Common stock - par value $.0001 per share, shares authorized: March 31, 2023 - 50,000,000; Shares issued and outstanding: March 31, 2023 - 8,613,408; March 31, 2022 - 8,576,862	861	858
Additional paid in capital	14,949,729	14,640,343
Retained earnings (accumulated deficit)	(356,439)	622,567
Total stockholders' equity	14,594,151	15,263,768
Total liabilities and stockholders' equity	$ 36,207,741	$ 37,852,559

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	90,000,000
Common stock, shares issued	8,613,408	8,576,862
Common stock, shares outstanding	8,613,408	8,576,862

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Net sales	$ 31,431,614	$ 22,282,495
Cost of sales	26,527,953	18,905,938
Gross profit	4,903,661	3,376,557
Selling, general and administrative	6,008,881	4,938,086
Loss from operations	(1,105,220)	(1,561,529)
Other income (expense), net	40,842	(28,385)
Interest expense	(355,608)	(269,375)
Refundable employee retention tax credits	636,564
PPP loan forgiveness		1,317,100
Total other income (expense), net	321,798	1,019,340
Loss before income taxes	(783,422)	(542,189)
Income tax provision (benefit)	195,584	(192,355)
Net loss	(979,006)	(349,834)
Other comprehensive loss before tax:
Foreign currency translation adjustments		(1,909)
Foreign currency translation reclassification		(19,929)
Other comprehensive loss, net of tax		(21,838)
Comprehensive loss	$ (979,006)	$ (371,672)
Net loss per share - basic	$ (0.11)	$ (0.04)
Net loss per share - diluted	$ (0.11)	$ (0.04)
Weighted average number of shares outstanding - basic	8,595,992	8,095,058
Weighted average number of shares outstanding - diluted	8,595,992	8,095,058

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock Outstanding	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total
Balance at Mar. 31, 2021	$ 737	$ 8,946,872	$ 21,838	$ 972,401	$ 9,941,848
Balance (in shares) at Mar. 31, 2021	7,374,665
Restricted stock award	$ 3	(3)
Restricted stock award (in shares)	30,000
Issuance of common stock	$ 1	34,999			35,000
Issuance of common stock (in shares)	5,000
Issuance of warrants		46,256			46,256
Common stock issued for acquired business	$ 37	2,268,963			2,269,000
Common stock issued for acquired business (shares)	366,515
Proceeds from sale of common stock, net	$ 80	3,187,502			3,187,582
Proceeds from sale of common stock, net (in shares)	800,682
Net loss				(349,834)	(349,834)
Foreign currency translation adjustment			$ (21,838)		(21,838)
Stock-based compensation		155,754			155,754
Balance at Mar. 31, 2022	$ 858	14,640,343		622,567	15,263,768
Balance (in shares) at Mar. 31, 2022	8,576,862
Net loss				(979,006)	(979,006)
Stock-based compensation		109,079			109,079
Stock issued for contingent consideration	$ 1	56,309			56,310
Stock issued for contingent consideration (in shares)	9,127
Stock award nonemployee directors	$ 2	143,998			144,000
Stock award nonemployee directors (in shares)	25,000
Stock split fractional share round up (in shares)	2,419
Balance at Mar. 31, 2023	$ 861	$ 14,949,729		$ (356,439)	$ 14,594,151
Balance (in shares) at Mar. 31, 2023	8,613,408

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (979,006)	$ (349,834)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,217,472	1,460,439
Amortization of debt issue costs	59,916	48,251
Gain on disposal of equipment	(468)
Stock based compensation expense	253,079	190,754
Change in contract loss provision	(237,318)	(223,111)
Deferred income taxes	195,584	(192,355)
PPP loan forgiveness		(1,317,100)
Stock based expense for contingent consideration	56,310
Change in fair value for contingent consideration	(63,436)	50,454
Changes in operating assets and liabilities:
Accounts receivable	672,768	(842,943)
Contract assets	(597,580)	1,012,783
Work-in-process and raw materials	(177,914)	(42,491)
Other current assets	1,072,476	354,993
Other noncurrent liabilities	2,394,420	(50,633)
Accounts payable	(1,202,601)	245,743
Accrued expenses and lease liabilities	(1,094,137)	(1,477,552)
Contract liabilities	568,273	1,390,441
Net cash provided by operating activities	3,137,838	257,839
CASH FLOWS FROM INVESTING ACTIVITIES
Business acquisition, net of cash acquired		(7,795,810)
Purchases of property, plant, and equipment	(2,325,301)	(939,004)
Proceeds from sale of fixed assets	7,000
Net cash used in investing activities	(2,318,301)	(8,734,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from term loan		4,000,000
Closing costs related to common stock sale		(335,418)
Proceeds from sale of common stock		3,523,000
Proceeds from revolver loan	10,885,150	4,612,002
Repayment of revolver loan	(11,522,152)	(3,325,000)
Debt issuance costs	(57,723)	(169,884)
Principal payments for leases	(36,572)	(508,806)
Repayment of long-term debt	(605,905)	(397,490)
Net cash (used in) provided by financing activities	(1,337,202)	7,398,404
Net decrease in cash and cash equivalents	(517,665)	(1,078,571)
Cash and cash equivalents, beginning of period	1,052,139	2,130,711
Cash and cash equivalents, end of period	534,474	1,052,139
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid during the year for interest (net of interest capitalized)	$ 288,085	$ 236,575

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Aug. 25, 2021 USD ($) shares
Stadco
SUPPLEMENTAL INFORMATION - NONCASH OPERATING, INVESTING AND FINANCING TRANSACTIONS:
Fair value of the consideration transferred	$ 2,269,000
Fair Value of Warrants	46,256
Noncash right of use asset and liability	$ 6,700,000
Common stock | Stadco
SUPPLEMENTAL INFORMATION - NONCASH OPERATING, INVESTING AND FINANCING TRANSACTIONS:
Number of shares of common stock and warrants issued for acquired business | shares	366,515

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2023
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. On February 24, 2006, we acquired all the issued and outstanding capital stock of our wholly owned subsidiary Ranor, Inc., or “Ranor.” Ranor, together with its predecessors, has been in continuous operation since 1956. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of 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. 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, the Company completed its acquisition of Stadco, pursuant to that certain stock purchase agreement with Acquisition Sub, Stadco Acquisition, LLC, Stadco and each equity holder of Stadco Acquisition, LLC. On the closing date, the Company, through Acquisition Sub, acquired all the issued and outstanding capital stock of Stadco from Stadco Acquisition, LLC in exchange for the issuance of shares of the Company’s common stock to Stadco Acquisition, LLC. As a result of the acquisition, Stadco is now our wholly owned indirect subsidiary. See Note 3 for additional disclosures related to this business combination. We manufacture large-scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical, and precision industrial. All our operations and customers are in the United States, or “U.S.”.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2023
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 - Use of Estimates in the Preparation of Financial Statements - Risks and Uncertainties - For the fiscal years ended March 31, 2023 and 2022, we reported a net loss of $979,006 We are subject to certain financial debt covenants and may not spend more than $1.5 million for new machinery and equipment during any single fiscal year, tested on an annual basis at the end of each fiscal year. On June 12, 2023, we executed a waiver with the lender under which the lender agreed to waive the Company’s noncompliance with this capital spending limit covenant, as it relates to the period ended March 31, 2023. The waiver document also contains an agreement by the parties to exclude from the calculation of capital expenditures for purposes of the Loan Agreement during the year ending March 31, 2024, any such expenditures made by the Company to the extent they are made using funds provided by customers of the Company for the purpose of making such capital expenditures. We estimate our spending on new machinery and equipment in fiscal 2024, which we expect will include expenditures for the installation and construction of equipment for contract project work with a certain customer, will again exceed the spending limitation. However, as a result of the agreement to exclude certain expenditures from the limitation imposed by the covenant, the Company does not anticipate this will result in noncompliance with the capital spending limit covenant for the period ended March 31, 2024. Cash and cash equivalents - Accounts receivable and allowance for doubtful accounts - Inventories - Contract Assets Property, plant and equipment, net - Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. In accordance with Accounting Standards Codification (ASC) 360, Property, Plant & Equipment Debt Issuance Costs - Contract Liabilities Fair Value Measurements - Fair Value Measurement The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts on March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Reported Amount Fair Value Reported Amount Fair Value Contingent consideration ​ $ — ​ $ — ​ $ 63,436 ​ $ 63,436 ​ The estimated liability associated with the above contingent consideration in connection with the Stadco acquisition was valued using a Monte Carlo model simulation. The fair value of the contingent consideration was estimated using closing stock prices and expected volatility of 50.0% based on the historical volatility of our common stock. To determine the value of the contingent consideration liability, we used a Monte Carlo simulation model, which takes into consideration the conversion target stock price, the stock market price of our common stock and historical volatility. Under this approach, a probability distribution is developed that reflects the what the stock price may be at a future date. The following table provides a summary of changes in our Level 3 fair value measurements: ​ ​ ​ ​ ​ Balance at March 31, 2021 $ — Initial measurement at fair value ​ ​ 113,890 Change in fair value recorded in the statement of operations and comprehensive loss ​ (50,454) Balance at March 31, 2022 ​ $ 63,436 Change in fair value recorded in the statement of operations and comprehensive loss ​ ​ (63,436) Balance at March 31, 2023 ​ $ — ​ The Company settled the obligation associated with the contingent consideration by issuing 9,127 shares of common stock valued at $56,310 on August 25, 2022. ASC 825 Financial Instruments Revenue Recognition Revenue from Contracts with Customers (Topic 606), . The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. 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, and 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 may 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 fiscal year ended March 31, 2023 and 2022, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company’s consolidated statements of operations and comprehensive loss for the fiscal year ended March 31, 2023 and 2022. 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 an expected value or 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 more than 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 are recorded in cost of sales in the consolidated statements of operations and comprehensive loss and are not considered a performance obligation to our customers. Contract Estimates 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 consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material. Selling, general and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Salaries and related expenses $ 2,823,979 $ 2,484,723 Professional fees ​ ​ 1,795,904 ​ ​ 1,630,151 Other general and administrative ​ 1,388,998 ​ 823,212 Total Selling, General and Administrative ​ $ 6,008,881 ​ $ 4,938,086 ​ Stock-based Compensation - Net Loss per Share of Common Stock - Foreign currency translation - Foreign Currency Matters Income Taxes - Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Consolidated Statements of Operations and Comprehensive Loss.

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Mar. 31, 2023
BUSINESS COMBINATION
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION Stadco Acquisition 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, Stadco New Acquisition LLC, 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 Stadco New Acquisition LLC, 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 166,666 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 49,849 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 150,000 shares of the Company’s common stock and a warrant to purchase 25,000 shares of the Company’s common stock. The fair value of the 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 800,682 shares of the Company’s common stock at a purchase price of $4.40 per share. Costs directly attributable to this offering of securities totaled $0.3 million. Stadco’s assets and liabilities were measured at estimated fair values on August 25, 2021, primarily using Level 1 and Level 3 inputs. Estimates of fair value represent management’s best estimate and require a complex series of judgments about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. Included in the total consideration transferred is $113,890 related to a contingent provision in the agreements that could have required payment based on the difference between the TechPrecision stock price and contract target stock price. The contingent provision allowed 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 was less than the target stock price stated in each agreement, TechPrecision would have had to 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 were guaranteed and, only the number of shares issued could 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 have determined 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 have been required to be issued. In any case, the maximum value of the contingent consideration was $2,269,000, whether paid in shares of common stock or in cash, or both. The estimated liability associated with the contingent consideration was valued under a Monte Carlo simulation based on the closing stock prices at the period end date and expected volatility of 50.0% based on the historical volatility of our common stock and had a balance of $63,436 on March 31, 2022. The Company settled the obligation associated with the contingent consideration by issuing 9,127 shares of common stock valued at $56,310 on August 25, 2022. The fair value of the contingent consideration was based on the closing stock price on the issuance date. Measurement Period Adjustments The Company completed the process of measuring the fair value of assets acquired and liabilities assumed. In the third and fourth quarters of fiscal 2022, the Company made certain measurement period adjustments to reflect the facts and circumstances in existence at the acquisition date. These measurement period adjustments are related to changes in preliminary assumptions and initial estimates that would have been recognized if all the facts and circumstances had been known at the time of acquisition. The table below presents the 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 ASC 805. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted ​ ​ Totals ​ ERTC ​ Customer ​ Fixed ​ Totals ​ ​ August 25, ​ refundable ​ claim 2 ​ Asset ​ August 25, ​ ​ 2021 ​ credit 1 ​ Warrant 3 ​ Valuation 4 ​ 2021 Total consideration transferred ​ $ 10,163,164 ​ ​ — ​ $ 46,256 ​ ​ — ​ $ 10,209,420 Recognized amounts of identifiable assets acquired and liabilities assumed: ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ 1,247,015 ​ — ​ — ​ ​ — ​ 1,247,015 Inventory ​ ​ 927,188 ​ ​ — ​ ​ — ​ ​ — ​ ​ 927,188 Other current assets ​ 4,323,593 ​ 1,093,661 ​ — ​ — ​ 5,417,254 Property, plant, and equipment and right of use assets ​ 15,074,273 ​ — ​ — ​ ​ 897,488 ​ 15,971,761 Accounts payable, accrued expenses, and other current liabilities ​ (5,882,048) ​ (164,049) ​ (606,415) ​ — ​ (6,652,512) Lease obligations ​ (6,701,286) ​ — ​ — ​ ​ — ​ (6,701,286) Net assets ​ 8,988,735 ​ 929,612 ​ (606,415) ​ 897,488 ​ 10,209,420 Goodwill ​ 1,174,429 ​ (929,612) ​ 652,671 ​ (897,488) ​ — Total ​ $ 10,163,164 ​ $ — ​ $ 46,256 ​ $ — ​ $ 10,209,420 All measurement period adjustments were offset against goodwill: 1 In calendar year 2021 our Stadco subsidiary filed for a refund of tax credits for $1,093,661 from the IRS under the Employee Retention Credit, or ERC program. Fees associated with the filing totaled $164,049 . 2 Customer claim of $471,166 accrued for additional costs incurred in connection with a certain product manufacturing project. Other adjustments to current liabilities totaled $135,249 . 3 Warrant issued to former shareholder in connection with the acquisition valued at $46,256 . 4 Fixed asset adjustments related to changes in preliminary valuation assumptions and estimates, including estimates of asset useful lives. Acquisition related costs totaled approximately $320,000 and are included under general and administrative expenses in our statement of operations for the year ended March 31, 2022. Unaudited Supplemental Pro Forma Information The following table discloses the actual results of Stadco since the August 25, 2021 acquisition which are included in the Company’s 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stadco Actual Pro Forma ​ ​ August 25, 2021- ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2022 Net sales ​ $ 7,755,946 ​ $ 27,002,535 Operating loss ​ $ (1,124,542) ​ $ (2,937,391) Loss before income taxes ​ $ (1,233,925) ​ $ (2,151,614) Net loss ​ — ​ $ (1,393,987) EPS basic ​ — ​ $ (0.16) EPS dilutive ​ — ​ $ (0.16) Weighted average shares outstanding: – basic and diluted ​ — ​ 8,558,739 ​ 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: Adjustments to Unaudited Pro Forma Consolidated Statement of Operations for the fiscal year ended March 31, 2022 ● Excluded the net change in depreciation and amortization of $0.3 million from cost of goods sold, resulting from a valuation adjustment to Stadco’s property, plant and equipment and the recognition of the right-of-use asset for Stadco’s property lease against the reversal of historical rent expense. ● From selling, general and administrative, excluded non-recurring expense of $0.3 million related to consulting, legal, due diligence, bank fees, and nominal costs incurred during the fiscal year by TechPrecision related to the acquisition of Stadco. We also excluded $0.7 million of management fees due to then-preferred stockholders of Stadco. ● Excluded interest expense of $0.3 million which represents the net change in interest expense resulting from the reduction in Stadco’s bank debt and applicable interest rates, offset in part by estimated interest expense related to Stadco’s new debt obligation. ● Included an estimated tax benefit of $0.8 million at a tax rate equal to TechPrecision’s fiscal year 2022 statutory tax rate based on the proforma loss for the fiscal year ended March 31, 2022.

REVENUE

REVENUE	12 Months Ended
	Mar. 31, 2023
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. The period over which the Company performs its obligations can be between three thirty -six months 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 Year ended March 31, 2023 ​ $ 30,935,138 ​ $ 496,476 ​ $ 31,431,614 Year ended March 31, 2022 ​ $ 20,854,812 ​ $ 1,427,683 ​ $ 22,282,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Year ended March 31, 2023 ​ $ 29,785,799 ​ $ 1,645,815 ​ $ 31,431,614 Year ended March 31, 2022 ​ $ 19,992,438 ​ $ 2,290,057 ​ $ 22,282,495 ​ As of March 31, 2023, the Company had $44.0 million of remaining performance obligations, of which $37.7 million were less than 50% complete. The Company expects to recognize all 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 for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Customer Amount Percent Amount Percent Customer A ​ $ 6,352,394 20 % $ 4,448,624 20 % Customer B ​ $ * * % $ 3,534,619 16 % Customer C ​ $ 4,779,592 15 % $ * * % Customer D ​ $ 3,248,773 ​ 10 % $ * ​ * % Customer E ​ $ 5,838,734 ​ 19 % $ 2,505,205 ​ 11 % * Less than 10% of total In our 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. In fiscal 2023 and 2022, we recognized revenue of $1.8 and $0.2 million related to our contract liabilities at April 1, 2022 and 2021, respectively. Contract assets consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ ​ Unbilled Payments Total March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 March 31, 2022 ​ $ 14,216,187 ​ $ (5,865,955) ​ $ 8,350,231 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 5 – INCOME TAXES We account for income taxes under ASC 740, Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Loss before income taxes ​ $ (783,422) ​ $ (542,189) Income tax provision (benefit) ​ 195,584 ​ (192,355) Net loss ​ $ (979,006) ​ $ (349,834) ​ The components of the income tax provision (benefit) consists of the following for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Current: ​ ​ Federal ​ $ — ​ $ — State ​ — ​ — Total Current ​ $ — ​ $ — Deferred: ​ ​ ​ ​ Federal ​ $ (261,372) ​ $ (567,459) State ​ 456,956 ​ 375,104 Total Deferred ​ $ 195,584 ​ $ (192,355) Income tax provision (benefit) ​ $ 195,584 ​ $ (192,355) ​ Our fiscal 2023 and 2022 taxes were measured at the U.S. statutory income tax rate of 21%. A reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax expense for income taxes reported in the Consolidated Statements of Operations and Comprehensive Loss follows for fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 U.S. statutory income tax ​ $ (164,519) ​ $ (113,860) ​ State income tax, net of federal benefit ​ (151,878) ​ (70,130) ​ Nontaxable PPP loan forgiveness ​ ​ — ​ ​ (339,022) ​ Nondeductible items related to business combination and dissolved foreign entity ​ ​ 65,482 ​ ​ 294,232 ​ Change in state NOLs ​ ​ 239,622 ​ ​ 227,037 ​ Change in valuation allowance ​ ​ 216,485 ​ ​ (173,004) ​ Stock-based compensation ​ (20,983) ​ (4,620) ​ Other ​ 11,375 ​ (12,988) ​ Income tax provision (benefit) ​ $ 195,584 ​ $ (192,355) ​ Effective tax rate* ​ 25.0 % (35.5) % * Effective tax rate is calculated by dividing the income tax provision (benefit) by loss before income taxes. The following table summarizes the components of deferred income tax assets and liabilities at March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 5,839,915 ​ $ 6,099,169 Compensation ​ 213,308 ​ 191,976 Stock based compensation awards ​ ​ 242,579 ​ ​ 234,752 Other items not currently deductible ​ 126,792 ​ 322,463 Total deferred tax assets ​ 6,422,594 ​ 6,848,360 Valuation allowance ​ ​ (2,170,094) ​ ​ (1,953,609) Net deferred tax assets ​ 4,252,500 ​ 4,894,751 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,971,644) ​ ​ (2,259,094) Contract accounting methods ​ ​ (349,670) ​ ​ (508,887) Total deferred tax liabilities ​ (2,321,314) ​ (2,767,981) Deferred taxes, net ​ $ 1,931,186 ​ $ 2,126,770 ​ In assessing the recoverability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We have determined that it is more likely than not that certain future tax benefits may not be realized. Accordingly, a valuation allowance has been recorded against deferred tax assets that are unlikely to be realized. Realization of the remaining deferred tax assets will depend on the generation of sufficient taxable income in the appropriate jurisdictions, the reversal of deferred tax liabilities, tax planning strategies and other factors prior to the expiration date of the carryforwards. A change in the estimates used to make this determination could require an increase or a reduction the valuation allowance currently recorded against those deferred tax assets. The valuation allowance on deferred tax assets was approximately $2.2 million at March 31, 2023. We believe that it is more likely than not that the benefit from certain 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 or decrease the valuation allowance for those deferred tax assets. The following table summarizes carryforwards of net operating losses as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Begins to ​ Amount Expire: Federal net operating losses ​ $ 21,405,199 2026 State net operating losses ​ $ 36,832,273 2032 ​ The Internal Revenue Code provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis. We experienced an ownership change in connection with the acquisition of Ranor in 2006. Accordingly, our ability to utilize certain carryforwards relating to 2006 and prior is limited. Our remaining pre-2006 net operating losses total approximately $0.4 million. As of March 31, 2023, we have approximately $6.9 million of federal post-2006 losses available for carryforward, without limitation. U.S. tax laws limit the time during which these carryforwards may be applied against future taxes. Therefore, we may not be able to take full advantage of these carryforwards for Federal or state income tax purposes. Certain pre-2021 Stadco net operating loss carryforwards available for TechPrecision’s consolidated tax group may be limited. Also, U.S. tax laws limit the time during which these loss carryforwards may be applied against future taxes. Our remaining pre-2021 net operating losses total approximately $9.8 million. We have not accrued any penalties with respect to uncertain tax positions. We file income tax returns in the U.S. federal jurisdiction and various U.S. state jurisdictions. Tax years 2019 and forward remain open for examination.

CAPITAL STOCK and EARNINGS PER

CAPITAL STOCK and EARNINGS PER SHARE	12 Months Ended
	Mar. 31, 2023
CAPITAL STOCK and EARNINGS PER SHARE
CAPITAL STOCK and EARNINGS PER SHARE	NOTE 6 – CAPITAL STOCK and EARNINGS PER SHARE Reverse Stock Split On February 23, 2023, the Company effected a one All share and per-share amounts have been effected retroactively for all years presented in our financial statements and notes thereto. The reverse stock split was primarily intended to prepare for the potential listing of the Company’s common stock on the Nasdaq Capital Market. The Company simultaneously affected a reduction in the number of authorized shares of common stock from 90,000,000 to 50,000,000. Common Stock We had 50,000,000 and 90,000,000 authorized shares of common stock at March 31, 2023 and 2022, respectively. There were 8,613,408 and 8,576,862 shares of common stock outstanding at March 31, 2023 and 2022, respectively. Preferred Stock We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges, and limitations of the holders of such series. There were no shares of preferred stock outstanding at March 31, 2023 and 2022. Earnings per Share All earnings per share amounts included in this annual report on Form 10-K are presented as if the one-for-four reverse stock split had been effective April 1, 2022. Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2023 ​ 2022 Basic EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (979,006) ​ $ (349,834) Weighted average shares ​ 8,595,992 ​ ​ 8,095,058 Net loss per share ​ $ (0.11) ​ $ (0.04) Diluted EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (979,006) ​ $ (349,834) Dilutive effect of stock options ​ — ​ ​ — Weighted average shares ​ 8,595,992 ​ ​ 8,095,058 Net loss per share ​ $ (0.11) ​ $ (0.04) ​ ​ 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 due to net loss for both periods. For the fiscal years ended March 31, 2023 and 2022, there were potential anti-dilutive stock options and warrants, of 680,000 and 25,000, respectively, none of which were included in the EPS calculations above.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2023
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 Plan (as defined below), and applies to awards granted after the 2016 Plan’s adoption by the Company’s stockholders. We have designed the 2016 Plan to reflect our commitment to having best practices in both compensation and corporate governance. Following the February 2023 reverse stock split, the 2016 Plan now provides for a share reserve of 1,250,000 shares of common stock. The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted and unrestricted stock awards, restricted stock units, and performance awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. The purpose of the 2016 Plan is to enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors, and consultants; and to provide those employees, directors, and consultants with an incentive for productivity, and 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 1,250,000 shares (inclusive of awards issued under the 2006 Long-Term Incentive Plan, or 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. The fair value of the options we grant is estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The average dividend yield over the historical period for which volatility was computed is zero. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We used the simplified method for all grants to estimate the expected life of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. We account for award forfeitures as they occur. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. On March 31, 2023, there were 312,500 shares available for grant under the 2016 Plan. The following table summarizes information about options granted during the two most recently completed fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at 3/31/2021 679,750 ​ $ 1.49 ​ $ 3,597,700 5.62 Canceled ​ (12,250) ​ ​ — ​ ​ — ​ — Outstanding at 3/31/2022 ​ 667,500 ​ $ 1.37 ​ $ 3,597,700 ​ 4.66 Canceled ​ — ​ ​ — ​ ​ — ​ — Outstanding at 3/31/2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Vested or expected to vest at 3/31/2023 667,500 ​ $ 1.37 ​ $ 3,804,625 3.70 Exercisable and vested at 3/31/2023 667,500 ​ $ 1.37 ​ $ 3,804,625 3.70 ​ The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the fourth quarter of fiscal 2023 and 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 March 31, 2023 and 2022. This amount changes based on the fair value of the Company’s common stock. At March 31, 2023, 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 March 31, 2023 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-$0.99 317,500 2.61 ​ $ 0.46 317,500 ​ $ 0.46 $2.00-$2.99 350,000 4.15 ​ $ 2.19 350,000 ​ $ 2.19 Totals 667,500 ​ ​ 667,500 ​ ​ Board of Directors Common Stock Award On September 15, 2022, the board of directors granted each non-employee director 6,250 shares of common stock for a total of 25,000 shares of common stock in the aggregate, of fully vested stock awards under the Plan in recognition of such directors’ service and in lieu of the annual grant to purchase Company common stock previously approved by the Board as annual director compensation. The fair value of the award was $144,000 based on the closing market price of the Company’s common stock on the grant date. Restricted Stock Awards Our board authorizes the issuance of restricted stock as service-based awards 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 one year from the grant date. Each grantee is 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 is not permitted to sell, transfer, pledge, assign or otherwise encumber the shares of restricted stock and if the grantee’s service with the Company has terminated prior to the vesting date, subject to certain exceptions, the grantee’s restricted stock is to have been forfeited automatically. On September 17, 2021, we granted a total of 25,000 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. On January 24, 2022, the board of directors, in recognition of their special efforts in completing the previously disclosed acquisition of Stadco, granted (a) 5,000 shares of restricted stock under the 2016 Plan and (b) a cash award of $35,000, to each of Alexander Shen, the Company’s chief executive officer, and Thomas Sammons, the Company’s chief financial officer. The shares were measured at fair value at $34,000 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 January 24, 2023. Each grantee was required to have been serving as an executive officer 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, the grantee’s restricted stock would have been forfeited automatically, subject to certain exceptions. Total recognized compensation cost related to the restricted stock awards for the fiscal year ended March 31, 2023 and 2022 was $109,079 and $155,754, respectively. On March 31, 2023, there was no remaining unrecognized compensation cost related to the restricted stock awards. Nonemployee Stock Based Payment On October 5, 2021, the Company issued 5,000 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	12 Months Ended
	Mar. 31, 2023
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. In the fiscal year ended March 31, 2023, one supplier accounted for 10% or more of our purchased material. In the fiscal year ended March 31, 2022, two suppliers accounted for 10% or more of our purchased material. On March 31, 2023, there were trade accounts receivable balances outstanding from three customers comprising 53% 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Customer Dollars Percent Dollars Percent A ​ $ * * % $ 1,079,264 36 % B ​ $ * * % $ 436,051 14 % C ​ $ 730,514 31 % $ * * % D ​ $ 260,177 11 % $ 382,789 13 % E ​ $ * * % $ 309,500 10 % F ​ $ 265,755 ​ 11 % $ * ​ * % * less than 10% of total

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2023
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 9 - OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: March 31, 2023 March 31, 2022 Prepaid taxes ​ $ 9,616 ​ $ 26,497 ERC refundable credits ​ ​ — ​ ​ 1,093,661 Prepaid insurance ​ 162,075 ​ 184,275 Prepaid subscriptions ​ 120,570 ​ 66,098 Deposits ​ ​ 21,706 ​ ​ 21,100 Employee advances ​ 4,561 ​ 9,668 Prepaid advisory fees, other ​ 30,455 ​ 20,160 Total ​ $ 348,983 ​ $ 1,421,459 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NET ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net consisted of the following as of: March 31, 2023 March 31, 2022 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ 3,289,901 Machinery equipment, furniture, and fixtures ​ 23,018,713 ​ 20,860,152 Construction-in-progress ​ 149,576 ​ — Total property, plant, and equipment ​ 26,572,388 ​ 24,260,166 Less: accumulated depreciation ​ (12,658,364) ​ (11,107,001) Total property, plant and equipment, net ​ $ 13,914,024 ​ $ 13,153,165 ​ ​ We capitalize interest on borrowings during active construction period for 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 years ended March 31, 2023 and 2022 were $14,297 and $0, respectively.

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Mar. 31, 2023
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 11 - ACCRUED EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: March 31, 2023 March 31, 2022 Accrued compensation ​ $ 1,257,245 ​ $ 947,938 Provision for claims ​ ​ 256,227 ​ ​ 935,382 Provision for contract losses ​ 102,954 ​ 340,272 Accrued professional fees ​ 241,195 ​ 513,379 Accrued project costs ​ 440,550 ​ 487,869 Contingent consideration ​ ​ — ​ ​ 63,436 Other ​ 235,014 ​ 147,590 Total ​ $ 2,533,185 ​ $ 3,435,866 ​ 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. ​ A customer of our Stadco subsidiary provided notice for collection of additional costs incurred in connection with a certain product manufacturing project. In fiscal 2022, Stadco booked a contingent loss for approximately $0.8 million which is included on the provision for claims line in the above table. The claim was resolved to the satisfaction of both parties in fiscal 2023, and the accrual was reversed against related accounts receivable.

DEBT

DEBT	12 Months Ended
	Mar. 31, 2023
DEBT
DEBT	NOTE 12 – DEBT ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: March 31, 2023 March 31, 2022 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 3,186,495 ​ $ 3,705,792 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,276,518 ​ ​ 2,363,126 Ranor Revolver Loan, at 6.93% interest, due December 2023 ​ ​ 650,000 ​ ​ 1,287,002 Total debt ​ $ 6,113,013 ​ $ 7,355,920 Less: debt issue costs unamortized ​ $ 145,712 ​ $ 147,905 Total debt, net ​ $ 5,967,301 ​ $ 7,208,015 Less: Current portion of long-term debt ​ $ 1,218,162 ​ $ 4,093,079 Total long-term debt, net ​ $ 4,749,139 ​ $ 3,114,936 ​ Amended and Restated 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 $4.0 million. The proceeds of the original Ranor Term Loan of $2.85 million 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. Stadco Term Loan On August 25, 2021, Stadco borrowed $4.0 million 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 had made and will 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 based on 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 due, 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. Unamortized debt issue costs on March 31, 2023 and 2022 were $44,482 and $71,617, respectively. Ranor Term Loan and Revolver Loan A term loan was made to Ranor by Berkshire Bank in 2016 in the amount of $2.85 million, or the “Ranor Term Loan”. Payments began on January 20, 2017, and were made in 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 original maturity date, December 20, 2021. On December 17, 2021, Ranor and certain affiliates of the Company entered into a First Amendment to the Amended and Restated Loan Agreement and First Amendment to Promissory Note to extend the maturity date of the Ranor Term Loan from December 20, 2021 to March 18, 2022. On March 18, 2022, Ranor and certain affiliates of the Company entered into a Second Amendment to Amended and Restated Loan Agreement and Second Amendment to Promissory Note to further extend the maturity date of the Ranor Term Loan to June 16, 2022. On June 16, 2022, Ranor and certain affiliates of the Company entered into a Third Amendment to the Amended and Restated Loan Agreement and Third Amendment to the Promissory Note to further extend the maturity date of the Ranor Term Loan to September 16, 2022. On September 15, 2022, Ranor and certain affiliates of the Company entered into a Fourth Amendment to the Amended and Restated Loan Agreement and Fourth Amendment to the Promissory Note to further extend the maturity date of the Ranor Term Loan to December 15, 2022. On December 23, 2022, Ranor and certain affiliates of the Company entered into a Fifth Amendment to Amended and Restated Loan Agreement, Fifth Amendment to Promissory Note and First Amendment to Second Amended and Restated Promissory Note, or the “Amendment”. Effective as of December 20, 2022, the Amendment, among other things (i) extends the maturity date of the Ranor Term Loan to December 15, 2027, (ii) extends the maturity date of the Revolver Loan from December 20, 2022 to December 20, 2023, (iii) increases the interest rate on the Ranor Term Loan from 5.21% to 6.05% per annum, (iv) decreases the monthly payment on the Ranor Term Loan from $19,260 to $16,601, (v) replaces LIBOR as an option for the benchmark interest rate for the Revolver Loan with SOFR, (vi) replaces LIBOR-based interest pricing conventions with SOFR-based pricing conventions, including benchmark replacement provisions, and (vii) solely with respect to the fiscal quarter ending December 31, 2022, lowers the debt service coverage ratio from at least 1.2 to 1.0 to 1.1 to 1.0. Under the Loan Agreement, Berkshire Bank also makes available to Ranor a revolving line of credit with, following certain modifications, a maximum principal amount available of $5.0 million. In accordance with the amended loan agreement, the maximum amount that can now be borrowed under the Revolver loan is $5.0 million. Advances under the Revolver Loan are subject to a borrowing base equal to the lesser of (a) $5.0 million or (b) the sum of (i)80% of the net outstanding amount of Base Accounts, plus (ii) the lesser of (x) 25% of Eligible Raw Material Inventory, and (y) $250,000, plus (iii) 80% of the Appraised Value of the Eligible Equipment, as such terms are defined in the Loan Agreement. 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 based on a year of 360 days and actual days elapsed) on the difference between the amount of: (a) $5.0 million, 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 amended promissory note for the Revolver Loan, the Company can elect to pay interest at an adjusted SOFR-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 LIBOR-based rate expired on December 20, 2022. There was approximately $0.7 million outstanding under the Revolver Loan at March 31, 2023. Interest payments made under the Revolver Loan were $33,156 for the fiscal year ended March 31, 2023. The weighted average interest rate at March 31, 2023 and March 31, 2022 was 5.02% and 2.75%, respectively. Unused borrowing capacity at March 31, 2023 and March 31, 2022 was approximately $4.2 million and $2.8 million, respectively. Unamortized debt issue costs at March 31, 2023 and March 31, 2022 were $101,230 and $76,288, respectively. Berkshire Loan Covenants For purposes of this discussion, Ranor and Stadco are referred to together as the “Borrowers”. 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. Upon the occurrence and during the continuance of certain default events, at the option of Berkshire Bank, or automatically without notice or any other action upon the occurrence of certain other events specified in the loan agreement, the unpaid principal amount of the Loans and the Notes together with accrued interest and all other Obligations owing by the Borrowers to Berkshire Bank would become immediately due and payable without presentment, demand, protest, or further notice of any kind. The Company agreed to maintain compliance with certain financial covenants under the Loan Agreement. Namely, The Borrowers agree to maintain the ratio of the Cash Flow of TechPrecision to the Total Debt Service of TechPrecision of not less than 1.20 to 1.00, (except for the fiscal quarter ended December 31, 2022, in which case such ratio of Cash Flow to Total Debt Service was not to be less than 1.10 to 1.00), measured quarterly on the last day of each fiscal quarter-annual period of TechPrecision on a trailing 12-month basis, commencing with the fiscal quarter ending as of September 30, 2021. Calculations will be based on the audited (year-end) and unaudited (quarterly) consolidated financial statements of TechPrecision. Quarterly tests will be measured based on the financial statements included in the Company’s quarterly reports on Form 10-Q within 60 days of the end of each quarter, and annual tests will be measured based on the financial statements included in the Company’s annual reports on Form 10-K within 120 days after the end of each fiscal annual period. Cash Flow means an amount, without duplication, equal to the sum of net income of TechPrecision plus (i) interest expense, plus (ii) taxes, plus (iii) depreciation and amortization, plus (iv) stock based compensation expense taken by TechPrecision, plus (v) non-cash losses and charges and one time or non-recurring expenses at Berkshire Bank’s discretion, less (vi) the amount of cash distributions, if any, made to shareholders or owners of TechPrecision, less (vii) cash taxes paid by the TechPrecision, all as determined in accordance with U.S. GAAP. “Total Debt Service” means an amount, without duplication, equal to the sum of (i) all amounts of cash interest paid on liabilities, obligations and reserves of TechPrecision paid by TechPrecision, (ii) all amounts paid by TechPrecision in connection with current maturities of long-term debt and preferred dividends, and (iii) all payments on account of capitalized leases, all as determined in accordance with U.S. GAAP. The Borrowers agree to cause their 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 Borrowers, 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 that their combined annual capital expenditures shall not exceed $1.5 million. Compliance shall be tested annually, commencing with the fiscal year ending March 31, 2022. 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 property pledged as collateral for the loan, 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 Company was in compliance with all of the financial covenants at March 31, 2023, except for the combined capital expenditures limit. The Company was in violation of the Loan Agreement as it exceeded the capital expenditure limit of $1.5 million as defined in the agreement. On June 12, 2023, the Company and Berkshire Bank executed a waiver under which Berkshire Bank waived the Company’s noncompliance with the capital expenditure limit on March 31, 2023. The waiver document also contains an agreement by the parties to exclude from the calculation of capital expenditures for purposes of the Loan Agreement during the year ending March 31, 2024 any such expenditures made by the Company to the extent they are made using funds provided by customers of the Company for the purpose of making such capital expenditures. Collateral securing all 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. The scheduled principal maturities for our total debt by fiscal year are: ​ ​ ​ ​ ​ 2024 $ 1,250,200 2025 ​ 625,791 2026 ​ 651,827 2027 ​ 678,980 2028 ​ 2,636,854 Thereafter ​ 269,361 Total ​ $ 6,113,013 ​ Small Business Administration Loan On May 8, 2020, the Company, through its wholly owned subsidiary Ranor, issued a promissory note, or the “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 CARES Act and is administered by the U.S. Small Business Administration, or the “SBA”. The loan to Ranor was made through Berkshire Bank. In fiscal year 2022, 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 amounts of $1,317,000 and $13,207, respectively, for forgiveness of the Company’s PPP loan. The funds credited to the PPP loan pay this loan off in full. Loan forgiveness is recorded as a gain under other income and expense in the consolidated statement of operations and comprehensive loss.

OTHER NONCURRENT LIABILITY

OTHER NONCURRENT LIABILITY	12 Months Ended
	Mar. 31, 2023
OTHER NONCURRENT LIABILITY
OTHER NONCURRENT LIABILITY	NOTE 13 - OTHER NONCURRENT LIABILITY The Company purchased new equipment in fiscal 2022 for contract project work with a certain customer. Under an addendum to the contract purchase orders, that customer agreed to reimburse the Company for the cost of the new equipment. We received the first payment in January 2022 and two additional payments in April 2022. In case of a contract breach, at the time of the breach, the customer may claw back the funds based on a prorated ten-year straight-line annual declining balance recovery period. Customer payments received of $1.0 million and $0.3 million are recorded as a noncurrent liability in the condensed consolidated balance sheets at March 31, 2023 and March 31, 2022, respectively. Stadco entered into the Payment Agreement with the LADWP to settle previously outstanding amounts for water, water service, electric energy and/or electric service in the aggregate amount of $1,770,201 that were delinquent and unpaid. Under the Payment Agreement, Stadco will make monthly installment payments on the unpaid balance beginning on December 15, 2022, in an aggregate amount of $18,439 per month until the earlier of November 15, 2030, or the amount due is paid in full. Late payments under the Payment Agreement accrue a late payment charge equal to an 18% annual rate on the unpaid balance. This liability amount was included in accounts payable on the Company’s balance sheet as of March 31, 2022, and was reclassified to accrued expenses as a current liability for $0.2 million, and to noncurrent liability for $1.5 million as of March 31, 2023.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2023
LEASES
LEASES	NOTE 14 – LEASES On August 25, 2021, 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 $82,998 per month. The term of the lease will expire on June 30, 2030, and the lessee has no right of renewal beyond the expiration date. 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 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. The following table lists our right-of-use assets and liabilities on our consolidated balance sheets at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Finance lease: ​ ​ ​ ​ Right of use asset – operating lease ​ $ 6,629,396 ​ $ 6,649,744 Right of use asset – finance leases ​ ​ 65,016 ​ 125,032 Amortization ​ ​ (1,033,474) ​ ​ (391,161) Right of use asset, net ​ $ 5,660,938 ​ $ 6,383,615 Lease liability – operating lease ​ $ 5,819,365 ​ $ 6,374,691 Lease liability – finance leases ​ ​ 36,336 ​ ​ 72,908 Total lease liability ​ $ 5,855,701 ​ $ 6,447,599 ​ Other supplemental information regarding our leases is contained in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the year ended: March 31, 2023 March 31, 2022 Operating lease amortization ​ $ 638,732 ​ $ 363,206 Finance lease amortization ​ $ 20,829 ​ $ 27,955 Finance lease interest ​ $ 1,536 ​ $ 1,851 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: March 31, 2023 March 31, 2022 Lease term (years) – operating lease 7.25 ​ 8.25 ​ Lease term (years) – finance lease ​ 0.75 ​ 2.48 ​ Lease rate – operating lease ​ 4.5 % 4.5 % Lease rate – finance lease 4.5 % 3.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the year ended: March 31, 2023 March 31, 2022 Cash used in operating activities ​ $ 851,806 ​ $ 448,206 Cash used in financing activities ​ $ 36,572 ​ $ 508,806 ​ Maturities of lease liabilities at March 31, 2023 for the next five years and thereafter: ​ ​ ​ ​ ​ 2023 $ 957,495 2024 ​ 948,701 2025 ​ 948,702 2026 ​ 938,801 2027 ​ 938,802 Thereafter ​ 2,111,578 Total lease payments ​ $ 6,844,079 Less: imputed interest ​ 988,378 Total ​ $ 5,855,701 ​

COMMITMENTS

COMMITMENTS	12 Months Ended
	Mar. 31, 2023
COMMITMENTS
COMMITMENTS	NOTE 15 - 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 March 31, 2023 for future executive salaries was approximately $0.6 million. The aggregate commitment at March 31, 2023 was approximately $1.0 million for accrued payroll, vacation and holiday pay for the remainder of our employees. Purchase Commitments As of March 31, 2023, we had approximately $5.7 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies. 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 $84,889 and $89,316 for the years ended March 31, 2023 and 2022, respectively. Provision for claims settlement On March 15, 2021, the court approved the final class action settlement for all outstanding claims related to a civil class action brought by former employees for past wages claimed under a paid time-off program. As such, the plaintiffs’ claims have been fully and finally dismissed, and the $495,000 payment to the plaintiffs’ counsel was paid on May 10, 2021.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION.
SEGMENT INFORMATION	NOTE 16 – SEGMENT INFORMATION The Company has two wholly owned subsidiaries, Ranor and Stadco that are each reportable segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All the Company’s operations, assets, and customers are located in the U.S. Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other industrial customers. However, both segments have separate operating, engineering, and sales teams. The Chief Operating Decision Maker, or CODM, evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs. Corporate costs include executive and director compensation, stock-based compensation, and other corporate and administrative expenses not allocated to the segments. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position. ​ ​ ​ ​ ​ ​ ​ ​ The following table provides summarized financial information for our segments: March 31, 2023 March 31, 2022 Ranor ​ $ 19,181,539 ​ $ 14,580,306 Stadco ​ 12,250,075 ​ 7,755,946 Eliminate intersegment revenue ​ — ​ (53,757) Net sales from external customers ​ $ 31,431,614 ​ $ 22,282,495 Ranor operating income ​ 5,150,821 ​ 1,514,790 Stadco operating loss ​ (3,905,323) ​ (1,124,542) Corporate and unallocated (1) ​ ​ (2,350,718) ​ ​ (1,951,777) Operating loss ​ $ (1,105,220) ​ $ (1,561,529) Interest expense and other expense ​ (314,766) ​ (297,761) Refundable employee retention tax credits ​ 636,564 ​ — Unallocated PPP loan forgiveness ​ — ​ 1,317,100 Consolidated loss before income taxes ​ $ (783,422) ​ $ (542,189) Assets ​ ​ ​ ​ Ranor ​ 11,350,905 ​ 10,654,579 Stadco ​ 23,817,425 ​ 24,907,656 Corporate and unallocated ​ 1,039,411 ​ 2,290,324 Totals ​ $ 36,207,741 ​ $ 37,852,559 Depreciation and amortization ​ ​ ​ ​ Ranor ​ 523,683 ​ 595,536 Stadco ​ 1,693,789 ​ 864,903 Totals ​ $ 2,217,472 ​ $ 1,460,439 Capital expenditures ​ ​ ​ ​ Ranor ​ 1,599,966 ​ 825,608 Stadco ​ 725,335 ​ 113,396 Totals ​ $ 2,325,301 ​ $ 939,004 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments. Prior period segment data is restated to reflect changes in corporate and administrative expenses not allocated to the segments.

ACCOUNTING STANDARDS UPDATE

ACCOUNTING STANDARDS UPDATE	12 Months Ended
	Mar. 31, 2023
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE	NOTE 17 – ACCOUNTING STANDARDS UPDATE New Accounting Standards Recently Adopted In November 2021, the Financial Accounting Standards Board, or the “FASB”, issued Accounting Standards Update (“ASU”) No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities About Government Assistance 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 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended subsequently by ASUs 2018-19, 2019-04, 2019-05, 2019-10, 2019-11 and 2020-03. The guidance in these ASUs requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used. The standard also establishes additional disclosures related to credit risks. This standard is effective for fiscal years beginning after December 15, 2022. The Company is in the process of determining the impact adoption of the amendment may have on the Company’s financial statements and disclosures.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation -
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements -
Risks and Uncertainties	Risks and Uncertainties - For the fiscal years ended March 31, 2023 and 2022, we reported a net loss of $979,006 We are subject to certain financial debt covenants and may not spend more than $1.5 million for new machinery and equipment during any single fiscal year, tested on an annual basis at the end of each fiscal year. On June 12, 2023, we executed a waiver with the lender under which the lender agreed to waive the Company’s noncompliance with this capital spending limit covenant, as it relates to the period ended March 31, 2023. The waiver document also contains an agreement by the parties to exclude from the calculation of capital expenditures for purposes of the Loan Agreement during the year ending March 31, 2024, any such expenditures made by the Company to the extent they are made using funds provided by customers of the Company for the purpose of making such capital expenditures. We estimate our spending on new machinery and equipment in fiscal 2024, which we expect will include expenditures for the installation and construction of equipment for contract project work with a certain customer, will again exceed the spending limitation. However, as a result of the agreement to exclude certain expenditures from the limitation imposed by the covenant, the Company does not anticipate this will result in noncompliance with the capital spending limit covenant for the period ended March 31, 2024.
Cash and cash equivalents	Cash and cash equivalents -
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts -
Inventories	Inventories -
Contract Assets	Contract Assets
Property, plant and equipment, net	Property, plant and equipment, net - Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. In accordance with Accounting Standards Codification (ASC) 360, Property, Plant & Equipment
Debt Issuance Costs	Debt Issuance Costs -
Contract Liabilities	Contract Liabilities
Fair Value Measurements	Fair Value Measurements - Fair Value Measurement The following table provides the estimated fair values of the Company’s financial instrument liabilities, for which fair value is measured for disclosure purposes only, compared to the recorded amounts on March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Reported Amount Fair Value Reported Amount Fair Value Contingent consideration ​ $ — ​ $ — ​ $ 63,436 ​ $ 63,436 ​ The estimated liability associated with the above contingent consideration in connection with the Stadco acquisition was valued using a Monte Carlo model simulation. The fair value of the contingent consideration was estimated using closing stock prices and expected volatility of 50.0% based on the historical volatility of our common stock. To determine the value of the contingent consideration liability, we used a Monte Carlo simulation model, which takes into consideration the conversion target stock price, the stock market price of our common stock and historical volatility. Under this approach, a probability distribution is developed that reflects the what the stock price may be at a future date. The following table provides a summary of changes in our Level 3 fair value measurements: ​ ​ ​ ​ ​ Balance at March 31, 2021 $ — Initial measurement at fair value ​ ​ 113,890 Change in fair value recorded in the statement of operations and comprehensive loss ​ (50,454) Balance at March 31, 2022 ​ $ 63,436 Change in fair value recorded in the statement of operations and comprehensive loss ​ ​ (63,436) Balance at March 31, 2023 ​ $ — ​ The Company settled the obligation associated with the contingent consideration by issuing 9,127 shares of common stock valued at $56,310 on August 25, 2022. ASC 825 Financial Instruments
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers (Topic 606), . The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. 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, and 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 may 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 fiscal year ended March 31, 2023 and 2022, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company’s consolidated statements of operations and comprehensive loss for the fiscal year ended March 31, 2023 and 2022. 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 an expected value or 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 more than 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 are recorded in cost of sales in the consolidated statements of operations and comprehensive loss and are not considered a performance obligation to our customers.
Contract Estimates	Contract Estimates 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 consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material.
Selling, general and administrative	Selling, general and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Salaries and related expenses $ 2,823,979 $ 2,484,723 Professional fees ​ ​ 1,795,904 ​ ​ 1,630,151 Other general and administrative ​ 1,388,998 ​ 823,212 Total Selling, General and Administrative ​ $ 6,008,881 ​ $ 4,938,086
Stock-based Compensation	Stock-based Compensation -
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock -
Foreign currency translation	Foreign currency translation - Foreign Currency Matters
Income Taxes	Income Taxes - Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Consolidated Statements of Operations and Comprehensive Loss.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 ​ Reported Amount Fair Value Reported Amount Fair Value Contingent consideration ​ $ — ​ $ — ​ $ 63,436 ​ $ 63,436
Schedule of changes in Level 3 fair value measurements	​ ​ ​ ​ ​ Balance at March 31, 2021 $ — Initial measurement at fair value ​ ​ 113,890 Change in fair value recorded in the statement of operations and comprehensive loss ​ (50,454) Balance at March 31, 2022 ​ $ 63,436 Change in fair value recorded in the statement of operations and comprehensive loss ​ ​ (63,436) Balance at March 31, 2023 ​ $ —
Schedule of selling, general, and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Salaries and related expenses $ 2,823,979 $ 2,484,723 Professional fees ​ ​ 1,795,904 ​ ​ 1,630,151 Other general and administrative ​ 1,388,998 ​ 823,212 Total Selling, General and Administrative ​ $ 6,008,881 ​ $ 4,938,086

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Mar. 31, 2023
BUSINESS COMBINATION
Schedule of assets acquired and liabilities assumed on the acquisition date	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted ​ ​ Totals ​ ERTC ​ Customer ​ Fixed ​ Totals ​ ​ August 25, ​ refundable ​ claim 2 ​ Asset ​ August 25, ​ ​ 2021 ​ credit 1 ​ Warrant 3 ​ Valuation 4 ​ 2021 Total consideration transferred ​ $ 10,163,164 ​ ​ — ​ $ 46,256 ​ ​ — ​ $ 10,209,420 Recognized amounts of identifiable assets acquired and liabilities assumed: ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ 1,247,015 ​ — ​ — ​ ​ — ​ 1,247,015 Inventory ​ ​ 927,188 ​ ​ — ​ ​ — ​ ​ — ​ ​ 927,188 Other current assets ​ 4,323,593 ​ 1,093,661 ​ — ​ — ​ 5,417,254 Property, plant, and equipment and right of use assets ​ 15,074,273 ​ — ​ — ​ ​ 897,488 ​ 15,971,761 Accounts payable, accrued expenses, and other current liabilities ​ (5,882,048) ​ (164,049) ​ (606,415) ​ — ​ (6,652,512) Lease obligations ​ (6,701,286) ​ — ​ — ​ ​ — ​ (6,701,286) Net assets ​ 8,988,735 ​ 929,612 ​ (606,415) ​ 897,488 ​ 10,209,420 Goodwill ​ 1,174,429 ​ (929,612) ​ 652,671 ​ (897,488) ​ — Total ​ $ 10,163,164 ​ $ — ​ $ 46,256 ​ $ — ​ $ 10,209,420 All measurement period adjustments were offset against goodwill: 1 In calendar year 2021 our Stadco subsidiary filed for a refund of tax credits for $1,093,661 from the IRS under the Employee Retention Credit, or ERC program. Fees associated with the filing totaled $164,049 . 2 Customer claim of $471,166 accrued for additional costs incurred in connection with a certain product manufacturing project. Other adjustments to current liabilities totaled $135,249 . 3 Warrant issued to former shareholder in connection with the acquisition valued at $46,256 . 4 Fixed asset adjustments related to changes in preliminary valuation assumptions and estimates, including estimates of asset useful lives.
Schedule of pro forma results	​ ​ ​ ​ ​ ​ ​ ​ ​ Stadco Actual Pro Forma ​ ​ August 25, 2021- ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2022 Net sales ​ $ 7,755,946 ​ $ 27,002,535 Operating loss ​ $ (1,124,542) ​ $ (2,937,391) Loss before income taxes ​ $ (1,233,925) ​ $ (2,151,614) Net loss ​ — ​ $ (1,393,987) EPS basic ​ — ​ $ (0.16) EPS dilutive ​ — ​ $ (0.16) Weighted average shares outstanding: – basic and diluted ​ — ​ 8,558,739

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Mar. 31, 2023
Schedule of net sales on a disaggregated basis by market and contract type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Year ended March 31, 2023 ​ $ 30,935,138 ​ $ 496,476 ​ $ 31,431,614 Year ended March 31, 2022 ​ $ 20,854,812 ​ $ 1,427,683 ​ $ 22,282,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Year ended March 31, 2023 ​ $ 29,785,799 ​ $ 1,645,815 ​ $ 31,431,614 Year ended March 31, 2022 ​ $ 19,992,438 ​ $ 2,290,057 ​ $ 22,282,495
Schedule of contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ ​ Unbilled Payments Total March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 March 31, 2022 ​ $ 14,216,187 ​ $ (5,865,955) ​ $ 8,350,231
Sales
Schedule of revenues from customers who accounted for more than 10% of our net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Customer Amount Percent Amount Percent Customer A ​ $ 6,352,394 20 % $ 4,448,624 20 % Customer B ​ $ * * % $ 3,534,619 16 % Customer C ​ $ 4,779,592 15 % $ * * % Customer D ​ $ 3,248,773 ​ 10 % $ * ​ * % Customer E ​ $ 5,838,734 ​ 19 % $ 2,505,205 ​ 11 % * Less than 10% of total

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2023
INCOME TAXES
Schedule of income (loss) from continuing operations by location	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Loss before income taxes ​ $ (783,422) ​ $ (542,189) Income tax provision (benefit) ​ 195,584 ​ (192,355) Net loss ​ $ (979,006) ​ $ (349,834)
Schedule of components of income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Current: ​ ​ Federal ​ $ — ​ $ — State ​ — ​ — Total Current ​ $ — ​ $ — Deferred: ​ ​ ​ ​ Federal ​ $ (261,372) ​ $ (567,459) State ​ 456,956 ​ 375,104 Total Deferred ​ $ 195,584 ​ $ (192,355) Income tax provision (benefit) ​ $ 195,584 ​ $ (192,355)
Schedule of reconciliation between federal statutory income tax rate and effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 U.S. statutory income tax ​ $ (164,519) ​ $ (113,860) ​ State income tax, net of federal benefit ​ (151,878) ​ (70,130) ​ Nontaxable PPP loan forgiveness ​ ​ — ​ ​ (339,022) ​ Nondeductible items related to business combination and dissolved foreign entity ​ ​ 65,482 ​ ​ 294,232 ​ Change in state NOLs ​ ​ 239,622 ​ ​ 227,037 ​ Change in valuation allowance ​ ​ 216,485 ​ ​ (173,004) ​ Stock-based compensation ​ (20,983) ​ (4,620) ​ Other ​ 11,375 ​ (12,988) ​ Income tax provision (benefit) ​ $ 195,584 ​ $ (192,355) ​ Effective tax rate* ​ 25.0 % (35.5) % * Effective tax rate is calculated by dividing the income tax provision (benefit) by loss before income taxes.
Schedule of the components of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 5,839,915 ​ $ 6,099,169 Compensation ​ 213,308 ​ 191,976 Stock based compensation awards ​ ​ 242,579 ​ ​ 234,752 Other items not currently deductible ​ 126,792 ​ 322,463 Total deferred tax assets ​ 6,422,594 ​ 6,848,360 Valuation allowance ​ ​ (2,170,094) ​ ​ (1,953,609) Net deferred tax assets ​ 4,252,500 ​ 4,894,751 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,971,644) ​ ​ (2,259,094) Contract accounting methods ​ ​ (349,670) ​ ​ (508,887) Total deferred tax liabilities ​ (2,321,314) ​ (2,767,981) Deferred taxes, net ​ $ 1,931,186 ​ $ 2,126,770
Summary of carryforwards of net operating losses	The following table summarizes carryforwards of net operating losses as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Begins to ​ Amount Expire: Federal net operating losses ​ $ 21,405,199 2026 State net operating losses ​ $ 36,832,273 2032

CAPITAL STOCK and EARNINGS PE_2

CAPITAL STOCK and EARNINGS PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2023
CAPITAL STOCK and EARNINGS PER SHARE
Schedule of basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2023 ​ 2022 Basic EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (979,006) ​ $ (349,834) Weighted average shares ​ 8,595,992 ​ ​ 8,095,058 Net loss per share ​ $ (0.11) ​ $ (0.04) Diluted EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (979,006) ​ $ (349,834) Dilutive effect of stock options ​ — ​ ​ — Weighted average shares ​ 8,595,992 ​ ​ 8,095,058 Net loss per share ​ $ (0.11) ​ $ (0.04)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2023
STOCK-BASED COMPENSATION
Summary of information about options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at 3/31/2021 679,750 ​ $ 1.49 ​ $ 3,597,700 5.62 Canceled ​ (12,250) ​ ​ — ​ ​ — ​ — Outstanding at 3/31/2022 ​ 667,500 ​ $ 1.37 ​ $ 3,597,700 ​ 4.66 Canceled ​ — ​ ​ — ​ ​ — ​ — Outstanding at 3/31/2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Vested or expected to vest at 3/31/2023 667,500 ​ $ 1.37 ​ $ 3,804,625 3.70 Exercisable and vested at 3/31/2023 667,500 ​ $ 1.37 ​ $ 3,804,625 3.70
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-$0.99 317,500 2.61 ​ $ 0.46 317,500 ​ $ 0.46 $2.00-$2.99 350,000 4.15 ​ $ 2.19 350,000 ​ $ 2.19 Totals 667,500 ​ ​ 667,500 ​

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	12 Months Ended
	Mar. 31, 2023
Accounts Receivable
Concentration of credit risk and major customers
Schedule of revenues from customers who accounted for more than 10% of our net sales	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Customer Dollars Percent Dollars Percent A ​ $ * * % $ 1,079,264 36 % B ​ $ * * % $ 436,051 14 % C ​ $ 730,514 31 % $ * * % D ​ $ 260,177 11 % $ 382,789 13 % E ​ $ * * % $ 309,500 10 % F ​ $ 265,755 ​ 11 % $ * ​ * % * less than 10% of total

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2023
OTHER CURRENT ASSETS
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: March 31, 2023 March 31, 2022 Prepaid taxes ​ $ 9,616 ​ $ 26,497 ERC refundable credits ​ ​ — ​ ​ 1,093,661 Prepaid insurance ​ 162,075 ​ 184,275 Prepaid subscriptions ​ 120,570 ​ 66,098 Deposits ​ ​ 21,706 ​ ​ 21,100 Employee advances ​ 4,561 ​ 9,668 Prepaid advisory fees, other ​ 30,455 ​ 20,160 Total ​ $ 348,983 ​ $ 1,421,459

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of components of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net consisted of the following as of: March 31, 2023 March 31, 2022 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ 3,289,901 Machinery equipment, furniture, and fixtures ​ 23,018,713 ​ 20,860,152 Construction-in-progress ​ 149,576 ​ — Total property, plant, and equipment ​ 26,572,388 ​ 24,260,166 Less: accumulated depreciation ​ (12,658,364) ​ (11,107,001) Total property, plant and equipment, net ​ $ 13,914,024 ​ $ 13,153,165

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2023
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: March 31, 2023 March 31, 2022 Accrued compensation ​ $ 1,257,245 ​ $ 947,938 Provision for claims ​ ​ 256,227 ​ ​ 935,382 Provision for contract losses ​ 102,954 ​ 340,272 Accrued professional fees ​ 241,195 ​ 513,379 Accrued project costs ​ 440,550 ​ 487,869 Contingent consideration ​ ​ — ​ ​ 63,436 Other ​ 235,014 ​ 147,590 Total ​ $ 2,533,185 ​ $ 3,435,866

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Mar. 31, 2023
DEBT
Schedule of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: March 31, 2023 March 31, 2022 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 3,186,495 ​ $ 3,705,792 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,276,518 ​ ​ 2,363,126 Ranor Revolver Loan, at 6.93% interest, due December 2023 ​ ​ 650,000 ​ ​ 1,287,002 Total debt ​ $ 6,113,013 ​ $ 7,355,920 Less: debt issue costs unamortized ​ $ 145,712 ​ $ 147,905 Total debt, net ​ $ 5,967,301 ​ $ 7,208,015 Less: Current portion of long-term debt ​ $ 1,218,162 ​ $ 4,093,079 Total long-term debt, net ​ $ 4,749,139 ​ $ 3,114,936
Scheduled principal maturities for our total debt	The scheduled principal maturities for our total debt by fiscal year are: ​ ​ ​ ​ ​ 2024 $ 1,250,200 2025 ​ 625,791 2026 ​ 651,827 2027 ​ 678,980 2028 ​ 2,636,854 Thereafter ​ 269,361 Total ​ $ 6,113,013

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2023
LEASES
Schedule of right-of-use assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Finance lease: ​ ​ ​ ​ Right of use asset – operating lease ​ $ 6,629,396 ​ $ 6,649,744 Right of use asset – finance leases ​ ​ 65,016 ​ 125,032 Amortization ​ ​ (1,033,474) ​ ​ (391,161) Right of use asset, net ​ $ 5,660,938 ​ $ 6,383,615 Lease liability – operating lease ​ $ 5,819,365 ​ $ 6,374,691 Lease liability – finance leases ​ ​ 36,336 ​ ​ 72,908 Total lease liability ​ $ 5,855,701 ​ $ 6,447,599
Schedule of supplemental Information of leases	​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the year ended: March 31, 2023 March 31, 2022 Operating lease amortization ​ $ 638,732 ​ $ 363,206 Finance lease amortization ​ $ 20,829 ​ $ 27,955 Finance lease interest ​ $ 1,536 ​ $ 1,851 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: March 31, 2023 March 31, 2022 Lease term (years) – operating lease 7.25 ​ 8.25 ​ Lease term (years) – finance lease ​ 0.75 ​ 2.48 ​ Lease rate – operating lease ​ 4.5 % 4.5 % Lease rate – finance lease 4.5 % 3.9 %
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the year ended: March 31, 2023 March 31, 2022 Cash used in operating activities ​ $ 851,806 ​ $ 448,206 Cash used in financing activities ​ $ 36,572 ​ $ 508,806 ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ 2023 $ 957,495 2024 ​ 948,701 2025 ​ 948,702 2026 ​ 938,801 2027 ​ 938,802 Thereafter ​ 2,111,578 Total lease payments ​ $ 6,844,079 Less: imputed interest ​ 988,378 Total ​ $ 5,855,701

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2023
SEGMENT INFORMATION.
Summary of financial information for segments	​ ​ ​ ​ ​ ​ ​ The following table provides summarized financial information for our segments: March 31, 2023 March 31, 2022 Ranor ​ $ 19,181,539 ​ $ 14,580,306 Stadco ​ 12,250,075 ​ 7,755,946 Eliminate intersegment revenue ​ — ​ (53,757) Net sales from external customers ​ $ 31,431,614 ​ $ 22,282,495 Ranor operating income ​ 5,150,821 ​ 1,514,790 Stadco operating loss ​ (3,905,323) ​ (1,124,542) Corporate and unallocated (1) ​ ​ (2,350,718) ​ ​ (1,951,777) Operating loss ​ $ (1,105,220) ​ $ (1,561,529) Interest expense and other expense ​ (314,766) ​ (297,761) Refundable employee retention tax credits ​ 636,564 ​ — Unallocated PPP loan forgiveness ​ — ​ 1,317,100 Consolidated loss before income taxes ​ $ (783,422) ​ $ (542,189) Assets ​ ​ ​ ​ Ranor ​ 11,350,905 ​ 10,654,579 Stadco ​ 23,817,425 ​ 24,907,656 Corporate and unallocated ​ 1,039,411 ​ 2,290,324 Totals ​ $ 36,207,741 ​ $ 37,852,559 Depreciation and amortization ​ ​ ​ ​ Ranor ​ 523,683 ​ 595,536 Stadco ​ 1,693,789 ​ 864,903 Totals ​ $ 2,217,472 ​ $ 1,460,439 Capital expenditures ​ ​ ​ ​ Ranor ​ 1,599,966 ​ 825,608 Stadco ​ 725,335 ​ 113,396 Totals ​ $ 2,325,301 ​ $ 939,004 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments.

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Accounts receivable and allowance for doubtful accounts, Property, plant and equipment, net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (979,006)	$ (349,834)
Maximum spending limit on machinery and equipment	1,500,000
Accounts receivable and allowance for doubtful accounts	$ 22,000	$ 0
Buildings
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful Lives	30 years
Machinery and equipment | Maximum
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful Lives	15 years
Machinery and equipment | Minimum
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful Lives	5 years
Leasehold Improvements | Maximum
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful Lives	5 years
Leasehold Improvements | Minimum
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful Lives	2 years

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Estimated fair values of the Company's financial instrument liabilities (Details)	12 Months Ended
	Mar. 31, 2022 USD ($)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Contingent consideration	$ 63,436
Stadco
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Expected volatility	50%
Reported Amount
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Contingent consideration	$ 63,436
Fair Value
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Contingent consideration	$ 63,436

BASIS OF PRESENTATION AND SIG_6

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Level 3 fair value measurements (Details) - USD ($)		12 Months Ended
	Aug. 25, 2022	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning		$ 63,436	$ 0
Initial measurement at fair value			113,890
Change in fair value recorded in the statement of operations and comprehensive loss		$ (63,436)	$ (50,454)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (Loss) from Contingent Consideration	Gain (Loss) from Contingent Consideration
Balance at the ending		$ 0	$ 63,436
Stock issued contingent consideration		$ 56,310
Stadco
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Stock issued contingent consideration (in shares)	9,127
Stock issued contingent consideration	$ 56,310

BASIS OF PRESENTATION AND SIG_7

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SG&A, Stock Based Compensation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Selling, General, and Administrative
Salaries and related expenses	$ 2,823,979	$ 2,484,723
Professional fees	1,795,904	1,630,151
Other general and administrative	1,388,998	823,212
Total Selling, General and Administrative	6,008,881	4,938,086
Stock Based Compensation
Stock based compensation cost	$ 253,079	$ 190,754

BASIS OF PRESENTATION AND SIG_8

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Foreign currency translation (Details)	12 Months Ended
	Mar. 31, 2022 USD ($)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Amount reclassified from Accumulated Other Comprehensive (Loss) Income to the other (expense) income, net	$ 19,929

BUSINESS COMBINATION - Addition

BUSINESS COMBINATION - Additional information (Details)			1 Months Ended	12 Months Ended
	Aug. 25, 2022 USD ($) shares	Aug. 25, 2021 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($) $ / shares shares
BUSINESS COMBINATION
Antidilutive securities excluded from computation of earnings per share amount (in shares) | shares		25,000
Exercise price of warrants or rights | $ / shares			$ 5.72		$ 5.72
Fair value of warrants					$ 46,256
Stock issued contingent consideration				$ 56,310
Other adjustments to current liabilities					135,249
Acquisition related costs					320,000
Liability estimated with contingent consideration			$ 63,436		$ 63,436
Expected volatility			50		50
Selling, general and administrative non-recurring expense				6,008,881	$ 4,938,086
Interest expense				355,608	269,375
Income tax (benefit) provision				195,584	(192,355)
Depreciation and amortization				$ 2,217,472	$ 1,460,439
Volatility
BUSINESS COMBINATION
Warrants and rights outstanding, measurement input			46.7		46.7
Risk free interest rate
BUSINESS COMBINATION
Warrants and rights outstanding, measurement input			0.4		0.4
Common stock
BUSINESS COMBINATION
Number of shares of common stock and warrants issued for acquired business | shares					366,515
Proceeds from sale of common stock, net (in shares) | shares					800,682
Stock issued contingent consideration (in shares) | shares				9,127
Stock issued contingent consideration				$ 1
SPA
BUSINESS COMBINATION
Shares to be purchased pursuant to agreements | shares		800,682
Purchase price | $ / shares		$ 4.40
Securities offering costs		$ 300,000
Acquisition Sub | Amended and restated loan purchase and sale agreement
BUSINESS COMBINATION
Aggregate payment		7,900,000
Stadco
BUSINESS COMBINATION
Consideration transferred amount		10,163,164
Fair value of warrants		46,256			$ 46,256
Maximum value of contingent consideration		2,269,000
Stock issued contingent consideration (in shares) | shares	9,127
Stock issued contingent consideration	$ 56,310
Rebate of tax credits					164,049
Stadco | ERTC refundable credit
BUSINESS COMBINATION
Refund of tax credits			$ 1,093,661		1,093,661
Stadco | Customer claim and warrant
BUSINESS COMBINATION
Consideration transferred amount		$ 46,256
Additional costs accrued with certain product manufacturing project			471,166		$ 471,166
Stadco | Pro Forma
BUSINESS COMBINATION
Management fee expense			$ 700,000
Cost, Product and Service [Extensible Enumeration]			Depreciation and amortization
Selling, general and administrative non-recurring expense			$ 300,000
Interest expense			300,000
Income tax (benefit) provision			800,000
Depreciation and amortization			$ 300,000
Stadco | Common stock
BUSINESS COMBINATION
Number of shares of common stock and warrants issued for acquired business | shares		366,515
Consideration transferred amount		$ 2,300,000
Stadco | Common stock | Holders of certain other non-bank indebtness
BUSINESS COMBINATION
Number of shares of common stock and warrants issued for acquired business | shares		49,849
Stadco | Common stock | Other security holders
BUSINESS COMBINATION
Number of shares of common stock and warrants issued for acquired business | shares		150,000
Stadco | SPA
BUSINESS COMBINATION
Consideration transferred amount		$ 113,890
Stadco | Holdco | Common stock
BUSINESS COMBINATION
Number of shares of common stock and warrants issued for acquired business | shares		166,666

BUSINESS COMBINATION - Assets a

BUSINESS COMBINATION - Assets acquired and liabilities assumed on the acquisition date (Details) - Stadco	Aug. 25, 2021 USD ($)
BUSINESS COMBINATION
Total consideration transferred	$ 10,163,164
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts receivable	1,247,015
Inventory	927,188
Other current assets	4,323,593
Property, plant, and equipment and right of use assets	15,074,273
Accounts payable, accrued expenses, and other current liabilities	(5,882,048)
Lease obligations	(6,701,286)
Net assets	8,988,735
Goodwill	1,174,429
Total consideration transferred	10,163,164
Adjustments
BUSINESS COMBINATION
Total consideration transferred	10,209,420
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts receivable	1,247,015
Inventory	927,188
Other current assets	5,417,254
Property, plant, and equipment and right of use assets	15,971,761
Accounts payable, accrued expenses, and other current liabilities	(6,652,512)
Lease obligations	(6,701,286)
Net assets	10,209,420
Total consideration transferred	10,209,420
ERTC refundable credit
Recognized amounts of identifiable assets acquired and liabilities assumed:
Other current assets	1,093,661
Accounts payable, accrued expenses, and other current liabilities	(164,049)
Net assets	929,612
Goodwill	(929,612)
Customer claim and warrant
BUSINESS COMBINATION
Total consideration transferred	46,256
Recognized amounts of identifiable assets acquired and liabilities assumed:
Accounts payable, accrued expenses, and other current liabilities	(606,415)
Net assets	(606,415)
Goodwill	652,671
Total consideration transferred	46,256
Fixed Asset Valuation
Recognized amounts of identifiable assets acquired and liabilities assumed:
Property, plant, and equipment and right of use assets	897,488
Other
Recognized amounts of identifiable assets acquired and liabilities assumed:
Net assets	897,488
Goodwill	$ (897,488)

BUSINESS COMBINATION - Proforma

BUSINESS COMBINATION - Proforma results (Details) - USD ($)	7 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2023
Stadco actual
Net sales		$ 27,002,535
Operating loss		(2,937,391)
Loss before income taxes		(2,151,614)
Net loss		$ (1,393,987)
EPS basic		$ (0.16)
EPS dilutive		$ (0.16)
Weighted average shares outstanding: - basic		8,558,739
Weighted average shares outstanding - diluted		8,558,739
Stadco
Stadco actual
Net sales	$ 7,755,946
Operating loss	(1,124,542)
Loss before income taxes	$ (1,233,925)

REVENUE - Disaggregated basis (

REVENUE - Disaggregated basis (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Revenue	$ 31,431,614	$ 22,282,495
Over-time
REVENUE
Revenue	29,785,799	19,992,438
Point-in-time
REVENUE
Revenue	1,645,815	2,290,057
Defense
REVENUE
Revenue	30,935,138	20,854,812
Industrial
REVENUE
Revenue	$ 496,476	$ 1,427,683

REVENUE - Net sales from custom

REVENUE - Net sales from customers (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Revenues	$ 31,431,614	$ 22,282,495
Customer A | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 6,352,394	$ 4,448,624
Concentration risk percentage	20%	20%
Customer B | Customer concentration risk | Sales revenue, net
REVENUE
Revenues		$ 3,534,619
Concentration risk percentage		16%
Customer C | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 4,779,592
Concentration risk percentage	15%
Customer D | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 3,248,773
Concentration risk percentage	10%
Customer E | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 5,838,734	$ 2,505,205
Concentration risk percentage	19%	11%

REVENUE - Contract assets and c

REVENUE - Contract assets and contract liabilities (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Contract assets	$ 8,947,811	$ 8,350,231
Unbilled
REVENUE
Contract assets	19,485,914	14,216,187
Progress Payments
REVENUE
Contract assets	$ (10,538,103)	$ (5,865,955)

REVENUE - Additional informatio

REVENUE - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE
Remaining performance obligation amount	$ 44
Revenue remaining performance obligation completed less than 50%	$ 37.7
Revenue, remaining performance obligation, percentage	50%
Revenue recognized by contract liabilities	$ 1.8	$ 0.2
Minimum
REVENUE
Remaining performance obligation expected timing of satisfaction period	3 months
Maximum
REVENUE
Remaining performance obligation expected timing of satisfaction period	36 months

INCOME TAXES - Income tax provi

INCOME TAXES - Income tax provision (benefit) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
Loss before income taxes	$ (783,422)	$ (542,189)
Income tax provision (benefit)	195,584	(192,355)
Net loss	(979,006)	(349,834)
Deferred:
Federal	(261,372)	(567,459)
State	456,956	375,104
Total Deferred	195,584	(192,355)
Income tax provision (benefit)	$ 195,584	$ (192,355)

INCOME TAXES - U.S. Federal Sta

INCOME TAXES - U.S. Federal Statutory Rate To Actual Tax Provision (Benefit) For Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES
U.S. statutory income tax	$ (164,519)	$ (113,860)
State income tax, net of federal benefit	(151,878)	(70,130)
Nontaxable PPP loan forgiveness		(339,022)
Nondeductible items related to business combination and dissolved foreign entity	65,482	294,232
Change in state NOLs	239,622	227,037
Change in valuation allowance	216,485	(173,004)
Stock-based compensation	(20,983)	(4,620)
Other	11,375	(12,988)
Income tax provision (benefit)	$ 195,584	$ (192,355)
Effective tax rate	25%	(35.50%)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets:
Net operating loss carryforward	$ 5,839,915	$ 6,099,169
Compensation	213,308	191,976
Stock based compensation awards	242,579	234,752
Other items not currently deductible	126,792	322,463
Total deferred tax assets	6,422,594	6,848,360
Valuation allowance	(2,170,094)	(1,953,609)
Net deferred tax assets	4,252,500	4,894,751
Deferred tax liabilities:
Depreciation	(1,971,644)	(2,259,094)
Contract accounting methods	(349,670)	(508,887)
Total deferred tax liabilities	(2,321,314)	(2,767,981)
Deferred taxes, net	$ 1,931,186	$ 2,126,770

INCOME TAXES - Carryforwards an

INCOME TAXES - Carryforwards and Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Carryforwards of net operating losses and tax credits
Income tax rate	21%
Deferred tax assets, valuation allowance	$ 2,170,094	$ 1,953,609
Tax Years Prior to 2021
Carryforwards of net operating losses and tax credits
Net operating losses	9,800,000
Tax years 2007 to current
Carryforwards of net operating losses and tax credits
Net operating losses	6,900,000
Tax years 2006 and prior | Ranor, Inc.
Carryforwards of net operating losses and tax credits
Net operating losses	400,000
Federal
Carryforwards of net operating losses and tax credits
Net operating losses	21,405,199
State
Carryforwards of net operating losses and tax credits
Net operating losses	$ 36,832,273

CAPITAL STOCK and EARNINGS PE_3

CAPITAL STOCK and EARNINGS PER SHARE (Details) - USD ($)		12 Months Ended
	Aug. 25, 2021	Mar. 31, 2023	Mar. 31, 2022
Basic EPS
Net loss		$ (979,006)	$ (349,834)
Weighted average shares		8,595,992	8,095,058
Net loss per share		$ (0.11)	$ (0.04)
Diluted EPS
Weighted average shares		8,595,992	8,095,058
Net loss per share		$ (0.11)	$ (0.04)
Antidilutive securities excluded from computation of earnings per share amount (in shares)	25,000
Options
Diluted EPS
Antidilutive securities excluded from computation of earnings per share amount (in shares)		680,000	680,000
Warrants
Diluted EPS
Antidilutive securities excluded from computation of earnings per share amount (in shares)		25,000	25,000

CAPITAL STOCK and EARNINGS PE_4

CAPITAL STOCK and EARNINGS PER SHARE - Additional Information (Details)	Feb. 23, 2023 shares	Mar. 31, 2023 series shares	Feb. 22, 2023 shares	Mar. 31, 2022 shares
CAPITAL STOCK and EARNINGS PER SHARE
Reverse stock split conversion ratio	0.25
Number of authorized common shares	50,000,000	50,000,000	90,000,000	90,000,000
Number of outstanding common shares		8,613,408		8,576,862
Preferred Stock, Shares Authorized		10,000,000
Number of series of preferred stock | series		1
Shares of preferred stock outstanding		0

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Number Of Options
Outstanding at the beginning of the period (in shares)	667,500	679,750
Canceled (in shares)		(12,250)
Outstanding at the end of the period (in shares)	667,500	667,500	679,750
Vested or expected to vest at the end of the period (in shares)	667,500
Exercisable and vested at the end of the period (in shares)	667,500
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 1.37	$ 1.49
Outstanding at the end of the period (in dollars per share)	1.37	$ 1.37	$ 1.49
Vested or expected to vest at the end of the period (in dollars per share)	1.37
Exercisable and vested at the end of the period (in dollars per share)	$ 1.37
Aggregate Intrinsic Value
Outstanding Value at the beginning of the period	$ 3,597,700	$ 3,597,700
Outstanding Value at the end of the period	3,804,625	$ 3,597,700	$ 3,597,700
Vested or expected to vest at the end of the period	3,804,625
Exercisable and vested at the end of the period	$ 3,804,625
Weighted Average Remaining Contractual Life (in years)
Outstanding at the end of the period	3 years 8 months 12 days	4 years 7 months 28 days	5 years 7 months 13 days
Vested or expected to vest at the end of the period	3 years 8 months 12 days
Exercisable and vested at the end of the period	3 years 8 months 12 days

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock options outstanding by exercise price (Details)	12 Months Ended
	Mar. 31, 2023 $ / shares shares
Stock Based Compensation By Exercise Price Range
Options Outstanding | shares	667,500
Options Exercisable | shares	667,500
Range One
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 0.99
Options Outstanding | shares	317,500
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 7 months 9 days
Options Outstanding, Weighted Average Exercise Price	$ 0.46
Options Exercisable | shares	317,500
Options Exercisable, Weighted Average Exercise Price	$ 0.46
Range Two
Stock Based Compensation By Exercise Price Range
Exercise Price, Lower Range	2
Exercise Price, Upper Range	$ 2.99
Options Outstanding | shares	350,000
Options Outstanding, Weighted Average Remaining Contractual Term	4 years 1 month 24 days
Options Outstanding, Weighted Average Exercise Price	$ 2.19
Options Exercisable | shares	350,000
Options Exercisable, Weighted Average Exercise Price	$ 2.19

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional information (Details) - USD ($)				12 Months Ended
	Jan. 24, 2022	Oct. 05, 2021	Sep. 17, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
STOCK-BASED COMPENSATION
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term				5 years
Unrecognized compensation cost related to stock options				$ 0
Maximum contractual term (in years)				3 years 8 months 12 days	4 years 7 months 28 days	5 years 7 months 13 days
Stock based compensation cost				$ 253,079	$ 190,754
Stock based compensation expense				$ 253,079	190,754
Fair value of shares expected to vest	$ 34,000
Warrant valuation					$ 46,256
Expected life - years				5 years
Stock issued for finder's fee (in shares)		5,000
Stock issued for finder's fee		$ 35,000
Common stock
STOCK-BASED COMPENSATION
Restricted stock award (in shares)					30,000
Stadco
STOCK-BASED COMPENSATION
Expected volatility					50%
Restricted Stock
STOCK-BASED COMPENSATION
Stock based compensation expense				$ 109,079	$ 155,754
Total unrecognized compensation cost related to restricted stock awards				$ 0
Service-based restricted stock one
STOCK-BASED COMPENSATION
Granted a total of shares of restricted stock			25,000
Service-based restricted stock two
STOCK-BASED COMPENSATION
Stock based compensation cost			$ 175,000
2016 Plan
STOCK-BASED COMPENSATION
Shares reserved				1,250,000
Shares available for grant				312,500
Maximum
STOCK-BASED COMPENSATION
Maximum contractual term (in years)				10 years
Maximum | 2016 Plan
STOCK-BASED COMPENSATION
Number of shares of common stock				1,250,000
Executive Officers | 2016 Plan
STOCK-BASED COMPENSATION
Restricted stock award (in shares)	5,000
Stock issued for finder's fee	$ 35,000

STOCK-BASED COMPENSATION - Boar

STOCK-BASED COMPENSATION - Board of directors common stock award (Details) - USD ($)		12 Months Ended
	Sep. 15, 2022	Mar. 31, 2023
STOCK-BASED COMPENSATION
Fair value of the award		$ 144,000
Common Stock [Member]
STOCK-BASED COMPENSATION
Aggregate common stock shares granted to non-employee director (in shares)		25,000
Fair value of the award		$ 2
Non-employee director | Options
STOCK-BASED COMPENSATION
Common stock shares granted to each non-employee director (in shares)	6,250
Aggregate common stock shares granted to non-employee director (in shares)	25,000
Fair value of the award	$ 144,000

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) customer	Mar. 31, 2022 USD ($)
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 2,336,481	$ 3,009,249
Accounts Receivable | Customer concentration risk | Customer A
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		36%
Accounts receivable		$ 1,079,264
Accounts Receivable | Customer concentration risk | Customer B
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		14%
Accounts receivable		$ 436,051
Accounts Receivable | Customer concentration risk | Customer C
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	31%
Accounts receivable	$ 730,514
Accounts Receivable | Customer concentration risk | Customer D
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11%	13%
Accounts receivable	$ 260,177	$ 382,789
Accounts Receivable | Customer concentration risk | Customer E
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		10%
Accounts receivable		$ 309,500
Accounts Receivable | Customer concentration risk | Customer F
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	11%
Accounts receivable	$ 265,755
Accounts Receivable | Customer concentration risk | Customers
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	10%
Accounts Receivable | Customer concentration risk | One supplier
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	10%
Accounts Receivable | Customer concentration risk | Two supplier
CONCENTRATION OF CREDIT RISK
Concentration risk percentage		10%
Trade Receivables
CONCENTRATION OF CREDIT RISK
Number of significant customers | customer	3
Trade Receivables | Customer concentration risk | Customers ACD
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	53%

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
OTHER CURRENT ASSETS
Prepaid taxes	$ 9,616	$ 26,497
ERC refundable credits		1,093,661
Prepaid insurance	162,075	184,275
Prepaid subscriptions	120,570	66,098
Deposits	21,706	21,100
Employee advances	4,561	9,668
Prepaid advisory fees, other	30,455	20,160
Total	$ 348,983	$ 1,421,459

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Total property, plant and equipment	$ 26,572,388	$ 24,260,166
Less: accumulated depreciation	(12,658,364)	(11,107,001)
Total property, plant and equipment, net	13,914,024	13,153,165
Capitalized interest	14,297	0
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	3,293,986	3,289,901
Machinery equipment, furniture, and fixtures
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, Gross	23,018,713	$ 20,860,152
Construction in progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, Gross	$ 149,576

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
ACCRUED EXPENSES
Accrued compensation	$ 1,257,245	$ 947,938
Provision for claims	256,227	935,382
Provision for contract losses	102,954	340,272
Accrued professional fees	241,195	513,379
Accrued project costs	440,550	487,869
Contingent consideration		63,436
Other	235,014	147,590
Total	$ 2,533,185	3,435,866
Contingent loss		$ 800,000

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
DEBT
Total debt	$ 6,113,013	$ 7,355,920
Less: debt issue costs unamortized	145,712	147,905
Total debt, net	5,967,301	7,208,015
Less: Current portion of long-term debt	1,218,162	4,093,079
Total long-term debt, net	4,749,139	3,114,936
Stadco Term Loan, at 3.79% interest, due August 2028.
DEBT
Total debt	$ 3,186,495	3,705,792
Interest rate (as a percent)	3.79%
Ranor Term Loan, at 6.05% interest, due December 2027
DEBT
Total debt	$ 2,276,518	2,363,126
Interest rate (as a percent)	6.05%
Ranor Revolver Loan due December 2023
DEBT
Total debt	$ 650,000	$ 1,287,002
Ranor Revolver Loan, at 6.93% interest, due December 2023
DEBT
Interest rate (as a percent)	6.93%

DEBT - Scheduled principal matu

DEBT - Scheduled principal maturities for our total debt (Details)	Mar. 31, 2023 USD ($)
Scheduled principal maturities for our total debt
2024	$ 1,250,200
2025	625,791
2026	651,827
2027	678,980
2028	2,636,854
Thereafter	269,361
Total	$ 6,113,013

DEBT - Additional Information (

DEBT - Additional Information (Details)					1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 30, 2022	Dec. 23, 2022 USD ($)	Aug. 25, 2021 USD ($)	Dec. 21, 2016 USD ($)	Dec. 21, 2016 USD ($)	Dec. 31, 2022	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
DEBT
Proceeds from term loan								$ 4,000,000
Late fee (in percent)							5
Default interest rate							5
Revolver loan
DEBT
Interest payments							$ 33,156
Ranor, Inc.
DEBT
Unamortized closing costs							$ 101,230	76,288
Minimum
DEBT
Interest rate (as a percent)		5.21%
Maximum
DEBT
Interest rate (as a percent)		6.05%
Stadco Term Loan, at 3.79% interest, due August 2028.
DEBT
Interest rate (as a percent)							3.79%
Stadco Term Loan, at 3.79% interest, due August 2028. | Ranor, Inc. | Revolver loan
DEBT
Principal amount of debt			$ 4,000,000
Stadco Term Loan at 3.79% interest, due August 2028
DEBT
Principal amount of debt			$ 4,000,000
Maturity term			7 years
Monthly payments of principal and interest amount			$ 54,390
Stadco Term Loan at 3.79% interest, due August 2028 | FHLBBC advance rate
DEBT
Basis spread on variable rate (as a percent)			2.25%
Stadco Term Loan at 2.25% interest, due August 2028
DEBT
Unamortized debt issuance expense							$ 44,482	$ 71,617
Ranor term loan
DEBT
Required minimum debt service coverage ratio, solely with respect to the fiscal quarter ending December 31, 2022	1.2					1.1
Weighted average interest rate (as a percent)							5.02%	2.75%
Unused borrowing capacity							$ 4,200,000	$ 2,800,000
Ranor term loan | Revolving Credit Facility
DEBT
Maximum amount of borrowing base required to grant loan advance				$ 5,000,000	$ 5,000,000
Ranor term loan | Revolver loan
DEBT
Maximum principal amount available				$ 5,000,000	5,000,000
Ranor term loan | Ranor, Inc.
DEBT
Proceeds from term loan					2,850,000
Ranor term loan | Minimum
DEBT
Monthly payments of principal and interest amount		$ 19,260
Ranor term loan | Maximum
DEBT
Monthly payments of principal and interest amount		$ 16,601
Berkshire Loan
DEBT
Annual capital expenditure							1,500,000
Berkshire Loan | Revolving Credit Facility
DEBT
Debt instrument percentage of accounts receivable used for determination of aggregate amount of advances				80%
Debt instrument percentage of eligible raw material used for determination of aggregate amount of advances				25%
Amount included in sum to calculate maximum borrowing base				$ 250,000	$ 250,000
Berkshire Loan | Revolver loan
DEBT
Maximum amount of borrowing base required to grant loan advance							5,000,000
Amount outstanding							$ 700,000
Nonrefundable commitment fee percentages							0.25%
Adjusted interest rate (as a percent)				2.75%	2.75%
Berkshire Loan | Revolver loan | Prime Rate
DEBT
Adjusted interest rate (as a percent)				2.75%	2.75%
Basis spread on variable rate (as a percent)				70%
Berkshire Loan | Secured Term Loan
DEBT
Monthly payments of principal and interest amount					$ 19,260
Interest rate (as a percent)				5.21%	5.21%
Berkshire Loan | Notes payables
DEBT
Debt Instrument percentage of appraised value Of equipment for determination of aggregate amount of advances				80%
Berkshire Loan | Ranor, Inc.
DEBT
Debt instrument covenant trailing period for measurement of loan to value ratio							365 days
Berkshire Loan | Ranor, Inc. | Secured Term Loan
DEBT
Principal amount of debt				$ 2,850,000	$ 2,850,000
Berkshire Loan | Minimum
DEBT
Cash flow ratio of debt service							1
Cash flow to total debt service							1
Debt instrument covenant leverage ratio year one							1
Loan-to-Value Ratio							0.75
Berkshire Loan | Maximum
DEBT
Cash flow ratio of debt service							1.20
Cash flow to total debt service							1.10
Debt instrument covenant leverage ratio year one							2.50
Loan-to-Value Ratio							1

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	$ 1,317,000
Interest amount for forgiveness	$ 13,207

OTHER NONCURRENT LIABILITY (Det

OTHER NONCURRENT LIABILITY (Details)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
OTHER NONCURRENT LIABILITY
Customer payments received recorded as noncurrent liability	$ 1,000,000		$ 300,000
Current liability	200,000
Noncurrent liability	1,500,000
Stadco's payment agreement with the LADWP
OTHER NONCURRENT LIABILITY
Aggregate delinquent and unpaid outstanding amounts for water, water service, electric energy and/or electric service	1,770,201
Monthly installment payments to be made	$ 18,439
Late payment charge, annual rate	18
Current liability		$ 221,272
Noncurrent liability		$ 1,548,929

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Aug. 25, 2021
LEASES
Right of use asset - finance leases	$ 5,660,938	$ 6,383,615
Building and property lease
LEASES
Other lease assets and liabilities			$ 6,600,000
Monthly payments	82,998
Right of use asset - operating lease	6,629,396	6,649,744
Right of use asset - finance leases	65,016	125,032
Accumulated amortization	(1,033,474)	(391,161)
Right of use asset, net	5,660,938	6,383,615
Lease liability - operating lease	5,819,365	6,374,691
Lease liability - finance leases	36,336	72,908
Total lease liability	$ 5,855,701	$ 6,447,599

LEASES - Other supplemental inf

LEASES - Other supplemental information of Leases (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES
Operating lease amortization	$ 638,732	$ 363,206
Finance lease amortization	20,829	27,955
Finance lease interest	$ 1,536	$ 1,851
Lease term (years) - operating lease	7 years 3 months	8 years 3 months
Lease term (years) - finance lease	9 months	2 years 5 months 23 days
Lease rate - operating lease	4.50%	4.50%
Lease rate - finance lease	4.50%	3.90%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
LEASES
Cash used in operating activities	$ 851,806	$ 448,206
Cash used in financing activities	$ 36,572	$ 508,806

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details)	Mar. 31, 2023 USD ($)
Maturities of lease liabilities
2023	$ 957,495
2024	948,701
2025	948,702
2026	938,801
2027	938,802
Thereafter	2,111,578
Total lease payments	6,844,079
Less: imputed interest	988,378
Total	$ 5,855,701

COMMITMENTS (Details)

COMMITMENTS (Details) - USD ($)		12 Months Ended
	May 10, 2021	Mar. 31, 2023	Mar. 31, 2022
COMMITMENTS
Aggregate commitment for future executive salaries and bonus		$ 600,000
Purchase obligation		5,700,000
Retirement Benefits		84,889	$ 89,316
plaintiffs payment	$ 495,000
Aggregate commitment for accrued payroll, vacation and holiday		$ 1,000,000

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial information for segments (Details)	12 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segment | item	2
Net sales from external customers	$ 31,431,614	$ 22,282,495
Operating loss	(1,105,220)	(1,561,529)
Refundable employee retention tax credits	636,564
Unallocated PPP loan forgiveness		1,317,100
Other income (expense), net	40,842	(28,385)
Interest expense and other expense	(314,766)	(297,761)
Consolidated (loss) income before income taxes	(783,422)	(542,189)
Assets	36,207,741	37,852,559
Depreciation and amortization	2,217,472	1,460,439
Capital expenditures	2,325,301	939,004
Eliminate intersegment revenue
SEGMENT INFORMATION
Net sales from external customers		(53,757)
Corporate and unallocated
SEGMENT INFORMATION
Operating loss	(2,350,718)	(1,951,777)
Assets	1,039,411	2,290,324
Ranor
SEGMENT INFORMATION
Net sales from external customers	19,181,539	14,580,306
Operating loss	5,150,821	1,514,790
Assets	11,350,905	10,654,579
Depreciation and amortization	523,683	595,536
Capital expenditures	1,599,966	825,608
Stadco
SEGMENT INFORMATION
Net sales from external customers	12,250,075	7,755,946
Operating loss	(3,905,323)	(1,124,542)
Assets	23,817,425	24,907,656
Depreciation and amortization	1,693,789	864,903
Capital expenditures	$ 725,335	$ 113,396