TechPrecision (TPCS) 10-Q 29 Feb 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2023	Feb. 28, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity Registrant Name	TechPrecision Corporation
Entity File Number	000-51378
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0539828
Entity Address, Address Line One	1 Bella Drive
Entity Address, City or Town	Westminster
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01473
City Area Code	978
Local Phone Number	874-0591
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 Shell Company	false
Entity Common Stock, Shares Outstanding		8,777,432
Entity Central Index Key	0001328792
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 391,245	$ 534,474
Accounts receivable, net	2,192,061	2,336,481
Contract assets	8,372,183	8,947,811
Raw materials	2,054,348	1,692,852
Work-in-process	1,586,187	719,736
Other current assets	653,603	348,983
Total current assets	15,249,627	14,580,337
Property, plant and equipment, net	15,429,441	13,914,024
Right-of-use assets, net	5,149,898	5,660,938
Deferred income taxes	2,494,544	1,931,186
Other noncurrent assets, net	121,256	121,256
Total assets	38,444,766	36,207,741
Current liabilities:
Accounts payable	1,727,108	2,224,320
Accrued expenses	2,716,088	2,533,185
Contract liabilities	4,035,384	2,333,591
Current portion of long-term lease liability	727,683	711,727
Current portion of long-term debt, net	7,434,623	1,218,162
Total current liabilities	16,640,886	9,020,985
Long-term debt, net		4,749,139
Long-term lease liability	4,595,170	5,143,974
Other noncurrent liability	4,373,494	2,699,492
Total liabilities	25,609,550	21,613,590
Commitments and contingencies (see Note 14)
Stockholders' Equity:
Common stock - par value $.0001 per share, shares authorized: 50,000,000; Shares issued and outstanding: 8,762,432 at December 31, 2023 and 8,613,408 at March 31, 2023	876	861
Additional paid in capital	15,111,901	14,949,729
Accumulated deficit	(2,277,561)	(356,439)
Total stockholders' equity	12,835,216	14,594,151
Total liabilities and stockholders' equity	$ 38,444,766	$ 36,207,741

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Mar. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	8,762,432	8,613,408
Common stock, shares outstanding	8,762,432	8,613,408

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Net sales	$ 7,649,663	$ 8,327,345	$ 22,990,989	$ 23,926,349
Cost of sales	6,488,859	6,828,458	20,101,221	19,870,572
Gross profit	1,160,804	1,498,887	2,889,768	4,055,777
Selling, general and administrative	2,156,866	1,224,572	5,062,983	4,426,894
(Loss) income from operations	(996,062)	274,315	(2,173,215)	(371,117)
Other income	1	254	40,877	40,590
Interest expense	(109,503)	(93,603)	(352,142)	(260,978)
Refundable employee retention tax credits				624,045
Total other (expense) income	(109,502)	(93,349)	(311,265)	403,657
(Loss) income before income taxes	(1,105,564)	180,966	(2,484,480)	32,540
Income tax (benefit) expense	(240,230)	46,991	(563,358)	8,786
Net (loss) income	$ (865,334)	$ 133,975	$ (1,921,122)	$ 23,754
Net (loss) earnings per share basic (in dollars per share)	$ (0.10)	$ 0.02	$ (0.22)	$ 0
Net (loss) earnings per share diluted (in dollars per share)	$ (0.10)	$ 0.01	$ (0.22)	$ 0
Weighted average shares outstanding - basic (in shares)	8,759,171	8,610,990	8,698,034	8,590,838
Weighted average shares outstanding - diluted (in shares)	8,759,171	9,033,677	8,698,034	9,009,867

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)	Common Stock Outstanding	Additional Paid in Capital	Retained Earnings (Accumulated Deficit)	Total
Balance at Mar. 31, 2022	$ 858	$ 14,640,343	$ 622,567	$ 15,263,768
Balance (in shares) at Mar. 31, 2022	8,576,863
Stock-based compensation		52,107		52,107
Net income (loss)			(501,165)	(501,165)
Balance at Jun. 30, 2022	$ 858	14,692,450	121,402	14,814,710
Balance (in shares) at Jun. 30, 2022	8,576,863
Stock award nonemployee directors	$ 2	143,998		144,000
Stock options exercised (in shares)	25,000
Stock-based compensation		46,539		46,539
Stock issued for contingent consideration	$ 1	56,309		56,310
Stock issued for contingent consideration (in shares)	9,127
Net income (loss)			390,944	390,944
Balance at Sep. 30, 2022	$ 861	14,939,296	512,346	15,452,503
Balance (in shares) at Sep. 30, 2022	8,610,990
Stock-based compensation		8,663		8,663
Net income (loss)			133,975	133,975
Balance at Dec. 31, 2022	$ 861	14,945,376	646,321	15,595,141
Balance (in shares) at Dec. 31, 2022	8,610,990
Balance at Mar. 31, 2023	$ 861	14,949,729	(356,439)	14,594,151
Balance (in shares) at Mar. 31, 2023	8,613,408
Net income (loss)			(527,455)	(527,455)
Balance at Jun. 30, 2023	$ 861	14,949,729	(883,894)	14,066,696
Balance (in shares) at Jun. 30, 2023	8,613,408
Stock award nonemployee directors	$ 11	(11)
Stock options exercised (in shares)	109,024
Stock used for tax withholding at exercise		(34,013)		(34,013)
Restricted stock award	$ 2	9,222		9,224
Restricted stock award (in share)	15,000
Net income (loss)			(528,333)	(528,333)
Balance at Sep. 30, 2023	$ 874	14,924,927	(1,412,227)	13,513,574
Balance (in shares) at Sep. 30, 2023	8,737,432
Stock-based compensation		9,226		9,226
Restricted stock award	$ 2	177,748		177,750
Restricted stock award (in share)	25,000
Net income (loss)			(865,334)	(865,334)
Balance at Dec. 31, 2023	$ 876	$ 15,111,901	$ (2,277,561)	$ 12,835,216
Balance (in shares) at Dec. 31, 2023	8,762,432

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (1,921,122)	$ 23,754
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	1,758,925	1,666,741
Amortization of debt issue costs	54,820	39,961
Stock-based compensation expense and restricted awards	196,200	307,619
Change in contract loss provision	155,317	100,880
Deferred income taxes	(563,358)	8,785
Gain on disposal of fixed assets	(40,399)	(468)
Change in fair value for contingent consideration		63,436
Changes in operating assets and liabilities:
Accounts receivable	144,420	81,842
Contract assets	575,628	(1,006,010)
Work-in-process and raw materials	(1,227,947)	(57,450)
Other current assets	(304,620)	435,435
Accounts payable	(497,212)	(166,749)
Accrued expenses	(526,899)	(1,741,606)
Contract liabilities	1,701,793	139,944
Other noncurrent liabilities	1,674,002	974,737
Net cash provided by operating activities	1,179,548	870,851
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from insurance claim and sale of fixed assets	61,944	7,000
Fixed asset deposit		(605,200)
Purchases of property, plant and equipment	(2,782,346)	(663,033)
Net cash used in investing activities	(2,720,402)	(1,261,233)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt issue costs	(39,963)	(43,945)
Revolver loan payments and borrowings, net	1,900,000	187,998
Payments of principal for leases	(14,877)	(31,058)
Repayments of long-term debt	(447,535)	(458,567)
Net cash provided by (used in) financing activities	1,397,625	(345,572)
Net decrease in cash and cash equivalents	(143,229)	(735,954)
Cash and cash equivalents, beginning of period	534,474	1,052,139
Cash and cash equivalents, end of period	391,245	316,185
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
Cash paid for interest, net of amounts capitalized	$ 297,322	$ 216,881

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical)	Jul. 13, 2023 shares
Chief Financial Officer
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Company common stock pursuant to option awards	125,000
Options exercised as a cashless net settlement transaction	109,024

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Dec. 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 of 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 company’s name was changed to TechPrecision Corporation on March 6, 2006. On August 25, 2021, the Company completed its previously announced acquisition of Stadco, pursuant to that certain stock purchase agreement with Stadco New Acquisition, LLC, or “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 of 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. TechPrecision is the parent company of Ranor, Westminster Credit Holdings, LLC, or “WCH”, Acquisition Sub, and Stadco. TechPrecision, Ranor, WCH, Acquisition Sub and Stadco are collectively referred to as the “Company”, “we”, “us” or “our”. We manufacture large-scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets, primarily defense and aerospace, and secondarily 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	9 Months Ended
	Dec. 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 - one These notes to the condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the “SEC”, for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with the consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the SEC on June 15, 2023. Use of Estimates in the Preparation of Financial Statements - Liquidity and Going Concern - As of December 31, 2023, we had approximately $2.8 million in total available liquidity, consisting of $0.4 million in cash and cash equivalents, and approximately $2.4 million in undrawn capacity under our revolver loan. As of March 31, 2023, we had $4.7 million in total available liquidity, consisting of $0.5 million in cash and cash equivalents, and $4.2 million in undrawn capacity under our revolver loan. The Company is the borrower under a Loan Agreement which was amended on December 20, 2023 (as defined below; see Note 11 – Debt). On that date, Ranor and certain affiliates of the Company entered into a Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note, or the “Sixth Amendment”. The original maturity date of the revolver loan under the Loan Agreement was December 20, 2023. Berkshire Bank is the lender under the Loan Agreement and agreed to extend the maturity date of the revolver loan to March 20, 2024. There was $7.6 million outstanding under the agreement on December 31, 2023. In addition to extending the maturity date of the revolver loan, the Sixth Amendment limits the amount of proceeds borrowed to $1.0 million in the aggregate for due diligence and professional costs incurred prior to March 20, 2024 in connection with any potential acquisitions. The Company acknowledges that a certain event of default has occurred and is continuing under the Loan Agreement as a result of the Company’s failure to satisfy the Debt Service Coverage Ratio, or DSCR, for the twelve-month period ending December 31, 2023. The lender reserves any and all rights and remedies available to it under the Loan Agreement, including, without limitation, its right to choose to accelerate and demand the outstanding indebtedness evidenced by the loan documents, and to seek immediate repayment in full. Without a waiver, the lender has the right, but not the obligation, to demand repayment from the Company for noncompliance with the debt covenants. In addition, the bank retains the right to act on covenant violations that occur after the date of delivery of any waiver. The lender has not granted us a waiver. As such, we need to seek alternative financing to pay these obligations as the Company does not have existing facilities or sufficient cash on hand to satisfy these obligations. It is also probable that the Company will not be in compliance with the same debt covenants at subsequent measurement dates within the next twelve months. As a result of the above, all of our long-term debt has been classified as current in our condensed consolidated balance sheet. The Company is exploring various means of strengthening its liquidity position and ensuring compliance with its debt financing covenants, amending our facility, renewing our revolver loan, or entering into one or more alternative facilities. In order for us to continue operations beyond the next twelve months from the date of issuance of the financial statements and to be able to discharge our liabilities and commitments in the normal course of business, we must renew our revolver loan by March 20, 2024 and mitigate our recurring operating losses at our Stadco subsidiary. We must efficiently increase utilization of our manufacturing capacity at our Stadco subsidiary and improve the manufacturing process. We plan to closely monitor our expenses and, if required, will reduce operating costs to enhance liquidity. The uncertainty associated with the recurring operating losses at Stadco, the revolver loan renewal, the need for alternative financing, compliance with debt covenants, and the expected debt covenant violation at subsequent compliance dates raise substantial doubt about our ability to continue as a going concern for at least one-year after the date the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements for the nine months ended December 31, 2023, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our current liabilities and to continue as a going concern is dependent upon the Company’s compliance with the debt covenants, renewing the revolver loan, and its ability to grow revenue and reduce costs at Stadco. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. New Accounting Standards Recently Adopted In December 2023, the Financial Accounting Standards Board, or “FASB”, issued Accounting Standards Update, or “ASU”, 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​

REVENUE

REVENUE	9 Months Ended
	Dec. 31, 2023
REVENUE
REVENUE	NOTE 3 – 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Three months ended December 31, 2023 ​ $ 7,649,663 ​ $ — ​ $ 7,649,663 Three months ended December 31, 2022 ​ $ 8,316,711 ​ $ 10,634 ​ $ 8,327,345 Nine months ended December 31, 2023 ​ $ 22,808,695 ​ $ 182,294 ​ $ 22,990,989 Nine months ended December 31, 2022 ​ $ 23,543,077 ​ $ 383,272 ​ $ 23,926,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Three months ended December 31, 2023 ​ $ 7,548,094 ​ $ 101,569 ​ $ 7,649,663 Three months ended December 31, 2022 ​ $ 7,813,273 ​ $ 514,072 ​ $ 8,327,345 Nine months ended December 31, 2023 ​ $ 21,763,438 ​ $ 1,227,551 ​ $ 22,990,989 Nine months ended December 31, 2022 ​ $ 22,672,048 ​ $ 1,254,301 ​ $ 23,926,349 ​ As of December 31, 2023, the Company had $50.8 million of remaining performance obligations, of which $43.9 million were less than 50% complete. The Company expects to recognize all of its remaining performance obligations as revenue within the next thirty-six months We are dependent each year on a small number of customers which generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenues from customers who accounted for more than 10% of our net sales. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ Nine months ended ​ Nine months ended ​ ​ ​ December 31, 2023 ​ December 31, 2022 December 31, 2023 ​ December 31, 2022 ​ Customer Amount Percent Amount Percent Amount Percent Amount Percent A ​ $ 1,904,403 25 % $ 1,448,547 17 % $ 6,749,881 ​ 29 % $ 4,182,984 ​ 18 % B ​ $ 942,199 12 % $ * * % $ 2,684,976 ​ 12 % $ * ​ * % C ​ $ * ​ * % $ 1,451,713 ​ 17 % $ * ​ * % $ 4,495,028 ​ 19 % D ​ $ 1,176,312 ​ 15 % $ 1,385,871 ​ 16 % $ 2,487,749 ​ 11 % $ 4,764,391 ​ 20 % E ​ $ 915,060 ​ 12 % $ * ​ * % $ 2,357,445 ​ 10 % $ * ​ * % F ​ $ 910,901 ​ 12 % $ * ​ * % $ 2,321,405 ​ 10 % $ * ​ * % * Less than 10% of total In our condensed consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. For the nine months ended December 31, 2023, we recognized revenue of $1.2 million related to our contract liabilities at April 1, 2023. Contract assets consisted of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ ​ Unbilled payments Total December 31, 2023 ​ $ 20,949,269 ​ $ (12,577,086) ​ $ 8,372,183 March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 4 – INCOME TAXES The Company accounts for income taxes under ASC 740, Income Taxes The valuation allowance on deferred tax assets was approximately $2.2 million at December 31, 2023. We believe that it is more likely than not that the benefit from certain state net operating losses, or “NOLs”, carryforwards and other deferred tax assets will not be realized. In the event future taxable income is below management’s estimates or is generated in tax jurisdictions different than projected, the Company could be required to increase the valuation allowance for deferred tax assets. This would result in an increase in the Company’s effective tax rate. ​

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	9 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS)	NOTE 5 – EARNINGS PER SHARE (EPS) Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average number of shares outstanding. Diluted EPS also includes the effect of stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations for the periods ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended Three Months ended Nine Months ended Nine Months ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2023 ​ December 31, 2022 Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (865,334) ​ $ 133,975 ​ $ (1,921,122) ​ $ 23,754 Weighted average shares ​ 8,759,171 ​ ​ 8,610,990 ​ ​ 8,698,034 ​ ​ 8,590,838 Net (loss) earnings per share ​ $ (0.10) ​ $ 0.02 ​ $ (0.22) ​ $ 0.00 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (865,334) ​ $ 133,975 ​ $ (1,921,122) ​ $ 23,754 Dilutive effect of stock options ​ — ​ ​ 422,687 ​ ​ — ​ ​ 419,029 Weighted average shares ​ 8,759,171 ​ ​ 9,033,677 ​ ​ 8,698,034 ​ ​ 9,009,867 Net (loss) earnings per share ​ $ (0.10) ​ $ 0.01 ​ $ (0.22) ​ $ 0.00 ​ ​ All potential common stock equivalents that have an anti-dilutive effect are excluded from the calculation of diluted EPS (i.e., those that increase income per share or decrease loss per share). For the three months and nine months ended December 31, 2023 there were anti-dilutive stock options and warrants of 567,500 and 567,500, respectively, none of which were included in the earnings per share calculations above.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2023
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 6 – STOCK-BASED COMPENSATION The 2016 TechPrecision Equity Incentive Plan, or the “2016 Plan”, is designed to reflect our commitment to having best practices in both compensation and corporate governance. The 2016 Plan provides for a share reserve of 1,250,000 shares of common stock. On July 13, 2023, our former CFO exercised an option to purchase 125,000 shares of the Company’s common stock pursuant to option awards previously granted under the 2016 Plan. The option was exercised as a cashless net settlement transaction and resulted in the delivery of 109,024 shares of common stock on July 13, 2023. The following table summarizes information about options granted during the most recently completed periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at March 31, 2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Exercised ​ (125,000) ​ $ 0.68 ​ ​ 846,250 ​ — Outstanding at December 31, 2023 ​ 542,500 ​ $ 1.53 ​ $ 1,980,550 ​ 3.16 Vested or expected to vest at December 31, 2023 542,500 ​ $ 1.53 ​ $ 1,980,550 3.16 Exercisable and vested at December 31, 2023 542,500 ​ $ 1.53 ​ $ 1,980,550 3.16 ​ The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the third quarter of fiscal 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. This amount changes based on the fair market value of the Company’s common stock. The maximum contractual term is ten years for option grants. Other information relating to stock options outstanding at December 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-$0.99 192,500 1.61 ​ $ 0.32 192,500 ​ $ 0.32 $2.00-$2.99 350,000 3.41 ​ $ 2.19 350,000 ​ $ 2.19 Totals 542,500 ​ ​ 542,500 ​ ​ On August 3, 2023 the Company issued 15,000 shares of restricted common stock to the Company’s new CFO. Under the terms of the employment agreement, provided she remains employed by the Company from the grant date through the applicable vesting dates, 5,000 shares of the restricted stock will vest on each of the first, second, and third anniversaries of the effective employment date of July 17, 2023. Fair value of $110,700 was measured 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. Stock-based compensation expense will be recognized ratably over the vesting period. On October 11, 2023, we granted a total of 25,000 shares of restricted common stock under the 2016 Plan to the board of directors. The stock-based compensation expense of $177,750 was measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. Total recognized compensation cost related to the restricted stock awards for the three and nine months ended December 31, 2023, was $186,975 and $196,200, respectively. On December 31, 2023, there was $92,250 of unrecognized compensation cost related to the restricted stock awards. Total recognized compensation cost related to the restricted stock awards for the three and nine months ended December 31, 2022, was $8,663 and $107,309, respectively. At December 31, 2023, there were 272,500 shares available for grant under the 2016 Plan.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Dec. 31, 2023
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK	NOTE 7 - 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. On December 31, 2023, there were trade accounts receivable balances outstanding from four customers comprising 67% of the total trade receivables balance. The following table sets forth information as to trade accounts receivable from customers which accounted for more than 10% of our accounts receivable balance as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ March 31, 2023 Customer Dollars Percent Dollars Percent A ​ $ * * % $ 730,514 31 % B ​ $ * * % $ 260,177 11 % C ​ $ 522,661 24 % $ * * % D ​ $ * * % $ 265,755 11 % E ​ $ 442,837 20 % $ * * % F ​ $ 253,437 ​ 12 % $ * ​ * % G ​ $ 233,685 ​ 11 % $ * ​ * % * less than 10% of total

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	9 Months Ended
	Dec. 31, 2023
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 8 - OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: December 31, 2023 March 31, 2023 Prepaid taxes ​ $ 86,983 ​ $ 9,616 Prepaid insurance ​ 352,431 ​ 162,075 Prepaid subscriptions ​ 73,770 ​ 120,570 Deposits ​ ​ 21,176 ​ ​ 21,706 Supplier advances ​ 109,554 ​ ​ 170 Other prepaid expenses ​ 9,689 ​ ​ 34,846 Total ​ $ 653,603 ​ $ 348,983 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	9 Months Ended
	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 9 - PROPERTY, PLANT AND EQUIPMENT, NET ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net consisted of the following as of: December 31, 2023 March 31, 2023 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ ​ 3,293,986 Machinery equipment, furniture, and fixtures ​ 25,759,540 ​ ​ 23,018,713 Construction-in-progress ​ 114,733 ​ ​ 149,576 Total property, plant, and equipment ​ 29,278,372 ​ ​ 26,572,388 Less: accumulated depreciation and amortization ​ (13,848,931) ​ ​ (12,658,364) Total property, plant and equipment, net ​ $ 15,429,441 ​ $ 13,914,024 ​ ​ We capitalize interest on borrowings during active construction periods 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. Interest capitalized for the nine months ended December 31, 2023 was $18,642. In September 2023, the Company signed an agreement to make additional equipment upgrades for a certain customer. We recognize new purchases as a fixed asset and billings for reimbursement from the customer as a contra-asset. Future depreciation of the asset will be offset directly by the amortization of the contra-asset on a net basis in the statement of operations. The amortization period will match the schedule of depreciation set forth under the fixed asset ledger.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 10 - ACCRUED EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: December 31, 2023 March 31, 2023 Accrued compensation ​ $ 1,035,521 ​ $ 1,257,245 Provision for claims ​ ​ 234,472 ​ ​ 256,227 Provision for contract losses ​ 258,271 ​ ​ 102,954 Accrued professional fees ​ 595,778 ​ ​ 241,195 Accrued project costs ​ 441,204 ​ ​ 440,550 Other ​ 150,842 ​ ​ 235,014 Total ​ $ 2,716,088 ​ $ 2,533,185 ​ Accrued compensation includes amounts for executive bonuses, payroll and vacation and holiday pay. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in the provision are recorded in cost of sales. Accrued project costs are estimates for certain project expenses during the reporting period.

DEBT

DEBT	9 Months Ended
	Dec. 31, 2023
DEBT
DEBT	NOTE 11 – DEBT ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: December 31, 2023 March 31, 2023 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 2,784,080 ​ $ 3,186,495 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,231,398 ​ ​ 2,276,518 Ranor Revolver Loan, at 7.72% interest, due December 2023 ​ ​ 2,550,000 ​ ​ 650,000 Total debt ​ $ 7,565,478 ​ $ 6,113,013 Less: debt issue costs unamortized ​ $ 130,855 ​ $ 145,712 Total debt, net ​ $ 7,434,623 ​ $ 5,967,301 Less: Current portion of long-term debt ​ $ 7,434,623 ​ $ 1,218,162 Total long-term debt, net ​ $ — ​ $ 4,749,139 ​ 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 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”, under the Loan Agreement. 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 is required to make monthly payments of principal and interest in the amount of $54,390 each, with all remaining 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. Unamortized debt issue costs on December 31, 2023 and March 31, 2023 were $33,376 and $44,482, 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, which was extended to December 20, 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 “Fifth Amendment”. Effective as of December 20, 2022, the Fifth 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 the Secured Overnight Financing Rate, or “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 the Revolver Loan, which has a maximum principal amount available of $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. On December 20, 2023, Ranor and certain affiliates of the Company entered into a Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note, or the “Sixth Amendment”. Effective December 20, 2023, the Sixth Amendment, among other things (i) extends the maturity date of the Revolver Loan from December 20, 2023 to March 20, 2024; (ii) limits the use of proceeds from the Revolver Loan by the Company or its affiliates to $1,000,000 in the aggregate for due diligence and related professional costs incurred on or prior to March 20, 2024 in connection with any acquisitions; and (iii) makes certain changes to the amount and methods of valuation of equipment securing repayment of the borrowed funds. There was approximately $2.6 million outstanding under the Revolver Loan at December 31, 2023. Interest paid and accrued under the Revolver Loan for the nine months ended December 31, 2023 and 2022 was $116,844 and $22,898, respectively. The weighted average interest rate for the first nine months of fiscal 2024 was 7.54%. Unused borrowing capacity at December 31, 2023 and March 31, 2023 was approximately $2.4 million and $4.2 million, respectively. Unamortized debt issue costs at December 31, 2023 and March 31, 2023 were $97,479 and $101,230, respectively. Berkshire Loan Covenants Ranor and Stadco are referred to together as the “Borrowers” under the Loan Agreement. 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 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 Berkshire Loans 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 to be not less than 1.10 to 1.00), measured quarterly on the last day of each fiscal quarter, or annual period of TechPrecision on a trailing 12-month basis, commencing with the fiscal quarter ending as of September 30, 2021. Calculations are 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 stockholders 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. For purposes of this covenant, “Balance Sheet Leverage” means, at any date of determination, the ratio of Borrowers’ (a) Total Liabilities, less Subordinated Debt, to (b) Net Worth, plus Subordinated Debt. The Borrowers agree to maintain a Loan-to-Value Ratio of not greater than 0.75 to 1.00. “Loan-to-Value Ratio” means the ratio of (a) the sum of the outstanding balance of the Ranor Term Loan and the Stadco Term Loan to (b) the fair market value of the 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 Borrowers agree that their combined annual capital expenditures shall not exceed $1.5 million, subject to certain agreed-upon exclusions. Compliance is tested annually. 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. As a result of the Borrowers’ failure to satisfy the required minimum Debt Service Coverage Ratio for the twelve (12) month period ending December 31, 2023 as set forth in the Loan Agreement, or the “Existing Default”, the borrowers acknowledge that a certain Event of Default has occurred and is continuing under the Loan Agreement. The borrowers further acknowledge that the Sixth Amendment to the Agreement constitutes written notice pursuant to the Loan Documents of such Existing Default. Regardless of entering into this Agreement or any discussions between Borrowers and Lender, Lender expressly reserves any and all rights and remedies available to it under the Loan Documents, the Collateral Documents, and under applicable law, including, without limitation, its right to choose to accelerate and demand the outstanding indebtedness evidenced by the Loan Documents and seek immediate repayment in full, and institute the default rate of interest as of the date of the occurrence of the default or at any time thereafter, as a result of any default or event of default, including, without limitation, the Existing Default, that have arisen or may arise. No such discussions or the entering into of this Agreement shall imply any course of conduct or any agreement on the part of Lender to waive any of its rights and remedies or to forbear from taking any action authorized by the Loan Documents, the Collateral Documents, or by applicable law while discussions continue. It is probable that the Company will not be in compliance with certain debt covenants at subsequent measurement dates. As a result of the above, all of our long-term debt has been classified as current in our condensed consolidated balance sheet as of December 31, 2023. 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.

OTHER NONCURRENT LIABILITIES

OTHER NONCURRENT LIABILITIES	9 Months Ended
	Dec. 31, 2023
OTHER NONCURRENT LIABILITIES
OTHER NONCURRENT LIABILITIES	NOTE 12 - OTHER NONCURRENT LIABILITIES Under an addendum to a contract purchase order, one of our customers agreed to reimburse the Company for the cost of certain new equipment. Payments are received as the Company’s incurs construction costs. We received the first payment in January 2022, with additional payments received during fiscal 2023 and the nine months ended December 31, 2023. 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. This liability amount was included in the Company’s condensed consolidated balance sheets as a noncurrent liability as of December 31, 2023 and March 31, 2023 for $3.1 million and $1.2 million, respectively. Stadco entered into the Payment Agreement with the Department of Water and Power of the City of Los Angeles, 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 the Company’s balance sheet as a current and noncurrent liability as of December 31, 2023 and March 31, 2023 for $0.2 million and $1.3 million, and $0.2 million, and $1.5 million, respectively.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2023
LEASES
LEASES	NOTE 13 – 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 condensed consolidated balance sheets at: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 March 31, 2023 Finance lease: ​ ​ ​ ​ Right of use asset – operating lease ​ $ 6,629,396 ​ $ 6,629,396 Right of use asset – finance leases ​ ​ 65,016 ​ ​ 65,016 Amortization ​ ​ (1,544,514) ​ ​ (1,033,474) Right of use asset, net ​ $ 5,149,898 ​ $ 5,660,938 Lease liability – operating lease ​ $ 5,301,394 ​ $ 5,819,365 Lease liability – finance leases ​ ​ 21,459 ​ ​ 36,336 Total lease liability ​ $ 5,322,853 ​ $ 5,855,701 ​ Other supplemental information regarding our leases is contained in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the nine months ended: December 31, 2023 December 31, 2022 Operating lease amortization ​ $ 498,108 ​ $ 480,817 Finance lease amortization ​ $ 12,932 ​ $ 16,334 Finance lease interest ​ $ 681 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: December 31, 2023 December 31, 2022 Lease term (years) – operating lease 6.50 ​ 7.58 ​ Lease term (years) – finance lease ​ 2.25 ​ 1.00 ​ Lease rate – operating lease ​ 4.5 % 4.5 % Lease rate – finance lease 3.2 % 4.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the nine months ended: December 31, 2023 December 31, 2022 Cash used in operating activities ​ $ 704,101 ​ $ 612,411 Cash used in financing activities ​ $ 14,877 ​ $ 31,058 ​ Maturities of lease liabilities at December 31, 2023 for the next five years and thereafter: ​ ​ ​ ​ ​ 2024 $ 948,701 2025 ​ 948,701 2026 ​ 941,276 2027 ​ 938,802 2028 ​ ​ 938,802 Thereafter ​ 1,407,542 Total lease payments ​ $ 6,123,824 Less: imputed interest ​ 800,971 Total ​ $ 5,322,853 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjustable annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at December 31, 2023 for future executive salaries and bonus was approximately $0.6 million. The aggregate commitment at December 31, 2023 for accrued payroll, vacation and holiday pay was approximately $0.9 million for the remainder of our employees. Retirement Benefits Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. For the three and nine months ended December 31, 2023, the Company contributed $21,194 and $64,191, respectively, and for the three and nine months ended December 31, 2022, the Company contributed $19,233 and $63,354, respectively. Legal Proceeding On October 30, 2023, a former employee filed suit against Stadco asserting individual wage and hour claims, claims for age and disability discrimination under California law, and a collective action on behalf of all non-exempt Stadco employees pursuant to the California Private Attorneys General Act of 2004 (“PAGA”) [Cal. Lab. Code, ss. 2698, et seq.], to impose civil penalties for certain violations of the California Labor Code. Stadco has retained outside legal counsel to defend this action. The claim is in early stages, and has been stayed pending completion of mediation, currently scheduled for June 26, 2024. The amount of any loss or exposure cannot be reasonably estimated at this date. The former employee’s individual claims will be subject to private arbitration, while the PAGA claim is not subject to arbitration.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION.
SEGMENT INFORMATION	NOTE 15 – SEGMENT INFORMATION The Company has two wholly owned subsidiaries, Ranor and Stadco, that are reportable segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All of 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 precision industrial customers. However, both segments have separate operating, engineering, and sales teams. The CODM, or our Chief Executive Officer, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ Decemebr 31, ​ Decemebr 31 ​ 2023 2022 2023 2022 Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ $ 4,296,471 ​ $ 4,735,459 ​ $ 13,291,315 ​ $ 14,395,043 Stadco ​ 3,369,497 ​ 3,591,886 ​ ​ 9,942,644 ​ ​ 9,531,306 Intersegment elimination ​ ​ (16,305) ​ ​ — ​ ​ (242,970) ​ ​ — Net sales from external customers ​ ​ 7,649,663 ​ ​ 8,327,345 ​ ​ 22,990,989 ​ ​ 23,926,349 Operating (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ 1,014,681 ​ 1,334,565 ​ ​ 2,561,885 ​ ​ 4,077,962 Stadco ​ (514,067) ​ (561,291) ​ ​ (1,741,331) ​ ​ (2,775,382) Corporate and unallocated (1) (2) ​ ​ (1,496,676) ​ ​ (498,959) ​ ​ (2,993,769) ​ ​ (1,673,697) Total operating (loss) income ​ ​ (996,062) ​ ​ 274,315 ​ ​ (2,173,215) ​ ​ (371,117) ERTC refundable credits ​ ​ — ​ ​ — ​ ​ — ​ ​ 624,045 Other income ​ ​ 1 ​ ​ 254 ​ ​ 40,877 ​ ​ 40,590 Interest expense ​ (109,503) ​ (93,603) ​ ​ (352,142) ​ ​ (260,978) Consolidated (loss) income before income taxes ​ $ (1,105,564) ​ $ 180,966 ​ $ (2,484,480) ​ $ 32,540 Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ ​ ​ ​ ​ ​ ​ $ 481,029 ​ $ 391,172 Stadco ​ ​ ​ ​ ​ ​ ​ 1,277,896 ​ 1,275,569 Totals ​ ​ ​ ​ ​ ​ ​ $ 1,758,925 ​ $ 1,666,741 Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ ​ ​ ​ ​ ​ ​ $ 2,755,886 ​ $ 175,873 Stadco ​ ​ ​ ​ ​ ​ ​ 26,460 ​ 487,160 Totals ​ ​ ​ ​ ​ ​ ​ $ 2,782,346 ​ $ 663,033 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments. Prior period segment data is revised to reflect current period updates to unallocated corporate administrative expense. (2) For the three and nine months ended December 31, 2023, includes $1.0 million of expenditures for outside advisory services in connection with a potential acquisition.

STOCK PURCHASE AGREEMENT

STOCK PURCHASE AGREEMENT	9 Months Ended
	Dec. 31, 2023
STOCK PURCHASE AGREEMENT
STOCK PURCHASE AGREEMENT	NOTE 16 – STOCK PURCHASE AGREEMENT On November 22, 2023, the Company entered into a Stock Purchase Agreement, the “Purchase Agreement” with Doerfer Corporation, an Iowa corporation, or the “Seller”, pursuant to which the Seller has agreed to sell, and the Company has agreed to purchase, all of the issued and outstanding common stock of Votaw Precision Technologies, Inc., an Iowa corporation with all of its operations in Southern California and a wholly owned subsidiary of the Seller, or “Votaw” the “Acquisition”. The Company’s board of directors unanimously approved the Purchase Agreement, the Acquisition and the other transactions contemplated by the Purchase Agreement. The total consideration payable by the Company to the Seller in connection with the Acquisition is comprised of: (i) $70,000,000, less plus less plus The Purchase Agreement may be terminated by, among other things, (i) written notice from the Company to the Seller delivered on or prior to the date that is 45 days after the date of the Purchase Agreement, if the Company is dissatisfied, in its sole and absolute discretion, with the results of its ongoing financial, legal or other due diligence investigation of Votaw and (ii) by the Company or the Seller if the Closing has not occurred on or prior to March 31, 2024, or the “Outside Date Termination”, subject to the party terminating having complied with the other required closing conditions. If the Seller terminates the Purchase Agreement pursuant to the Outside Date Termination, the Company must pay to the Seller a termination fee, as the Seller’s exclusive remedy, consisting of 320,000 shares of the Company’s common stock to be issued into the name of the Seller, or the “Stock Termination Fee”; provided, however, that the Stock Termination Fee will increase by 48,000 additional shares of the Company’s common stock, if the Company fails to (i) issue the Stock Termination Fee to the Seller within 30 calendar days following the Seller’s proper termination of the Purchase Agreement pursuant to the Outside Date Termination, and (ii) file a registration statement to effect the resale of such shares of the Company’s common stock included in the Stock Termination Fee within 30 calendar days following the Seller’s proper termination of the Purchase Agreement pursuant to the Outside Date Termination and/or thereafter use commercially reasonable efforts to cause such registration to become effective as soon as practicable.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation - one These notes to the condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the “SEC”, for Quarterly Reports on Form 10-Q. Certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements and related notes should be read in conjunction with the consolidated financial statements included with our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed with the SEC on June 15, 2023.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements -
Liquidity and Going Concern	Liquidity and Going Concern - As of December 31, 2023, we had approximately $2.8 million in total available liquidity, consisting of $0.4 million in cash and cash equivalents, and approximately $2.4 million in undrawn capacity under our revolver loan. As of March 31, 2023, we had $4.7 million in total available liquidity, consisting of $0.5 million in cash and cash equivalents, and $4.2 million in undrawn capacity under our revolver loan. The Company is the borrower under a Loan Agreement which was amended on December 20, 2023 (as defined below; see Note 11 – Debt). On that date, Ranor and certain affiliates of the Company entered into a Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note, or the “Sixth Amendment”. The original maturity date of the revolver loan under the Loan Agreement was December 20, 2023. Berkshire Bank is the lender under the Loan Agreement and agreed to extend the maturity date of the revolver loan to March 20, 2024. There was $7.6 million outstanding under the agreement on December 31, 2023. In addition to extending the maturity date of the revolver loan, the Sixth Amendment limits the amount of proceeds borrowed to $1.0 million in the aggregate for due diligence and professional costs incurred prior to March 20, 2024 in connection with any potential acquisitions. The Company acknowledges that a certain event of default has occurred and is continuing under the Loan Agreement as a result of the Company’s failure to satisfy the Debt Service Coverage Ratio, or DSCR, for the twelve-month period ending December 31, 2023. The lender reserves any and all rights and remedies available to it under the Loan Agreement, including, without limitation, its right to choose to accelerate and demand the outstanding indebtedness evidenced by the loan documents, and to seek immediate repayment in full. Without a waiver, the lender has the right, but not the obligation, to demand repayment from the Company for noncompliance with the debt covenants. In addition, the bank retains the right to act on covenant violations that occur after the date of delivery of any waiver. The lender has not granted us a waiver. As such, we need to seek alternative financing to pay these obligations as the Company does not have existing facilities or sufficient cash on hand to satisfy these obligations. It is also probable that the Company will not be in compliance with the same debt covenants at subsequent measurement dates within the next twelve months. As a result of the above, all of our long-term debt has been classified as current in our condensed consolidated balance sheet. The Company is exploring various means of strengthening its liquidity position and ensuring compliance with its debt financing covenants, amending our facility, renewing our revolver loan, or entering into one or more alternative facilities. In order for us to continue operations beyond the next twelve months from the date of issuance of the financial statements and to be able to discharge our liabilities and commitments in the normal course of business, we must renew our revolver loan by March 20, 2024 and mitigate our recurring operating losses at our Stadco subsidiary. We must efficiently increase utilization of our manufacturing capacity at our Stadco subsidiary and improve the manufacturing process. We plan to closely monitor our expenses and, if required, will reduce operating costs to enhance liquidity. The uncertainty associated with the recurring operating losses at Stadco, the revolver loan renewal, the need for alternative financing, compliance with debt covenants, and the expected debt covenant violation at subsequent compliance dates raise substantial doubt about our ability to continue as a going concern for at least one-year after the date the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements for the nine months ended December 31, 2023, were prepared on the basis of a going concern which contemplates that we will be able to realize assets and discharge liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should we be required to liquidate assets. Our ability to satisfy our current liabilities and to continue as a going concern is dependent upon the Company’s compliance with the debt covenants, renewing the revolver loan, and its ability to grow revenue and reduce costs at Stadco. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
New Accounting Standards Recently Adopted	New Accounting Standards Recently Adopted In December 2023, the Financial Accounting Standards Board, or “FASB”, issued Accounting Standards Update, or “ASU”, 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ​

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Dec. 31, 2023
REVENUE
Schedule of net sales on a disaggregated basis by market and contract type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Three months ended December 31, 2023 ​ $ 7,649,663 ​ $ — ​ $ 7,649,663 Three months ended December 31, 2022 ​ $ 8,316,711 ​ $ 10,634 ​ $ 8,327,345 Nine months ended December 31, 2023 ​ $ 22,808,695 ​ $ 182,294 ​ $ 22,990,989 Nine months ended December 31, 2022 ​ $ 23,543,077 ​ $ 383,272 ​ $ 23,926,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Three months ended December 31, 2023 ​ $ 7,548,094 ​ $ 101,569 ​ $ 7,649,663 Three months ended December 31, 2022 ​ $ 7,813,273 ​ $ 514,072 ​ $ 8,327,345 Nine months ended December 31, 2023 ​ $ 21,763,438 ​ $ 1,227,551 ​ $ 22,990,989 Nine months ended December 31, 2022 ​ $ 22,672,048 ​ $ 1,254,301 ​ $ 23,926,349
Schedule of contract assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ ​ Unbilled payments Total December 31, 2023 ​ $ 20,949,269 ​ $ (12,577,086) ​ $ 8,372,183 March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 ​
Sales
REVENUE
Schedule of trade accounts receivable from customers who accounted for more than 10%	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ Nine months ended ​ Nine months ended ​ ​ ​ December 31, 2023 ​ December 31, 2022 December 31, 2023 ​ December 31, 2022 ​ Customer Amount Percent Amount Percent Amount Percent Amount Percent A ​ $ 1,904,403 25 % $ 1,448,547 17 % $ 6,749,881 ​ 29 % $ 4,182,984 ​ 18 % B ​ $ 942,199 12 % $ * * % $ 2,684,976 ​ 12 % $ * ​ * % C ​ $ * ​ * % $ 1,451,713 ​ 17 % $ * ​ * % $ 4,495,028 ​ 19 % D ​ $ 1,176,312 ​ 15 % $ 1,385,871 ​ 16 % $ 2,487,749 ​ 11 % $ 4,764,391 ​ 20 % E ​ $ 915,060 ​ 12 % $ * ​ * % $ 2,357,445 ​ 10 % $ * ​ * % F ​ $ 910,901 ​ 12 % $ * ​ * % $ 2,321,405 ​ 10 % $ * ​ * % * Less than 10% of total

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	9 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE (EPS)
Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended Three Months ended Nine Months ended Nine Months ended ​ ​ December 31, 2023 ​ December 31, 2022 ​ December 31, 2023 ​ December 31, 2022 Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (865,334) ​ $ 133,975 ​ $ (1,921,122) ​ $ 23,754 Weighted average shares ​ 8,759,171 ​ ​ 8,610,990 ​ ​ 8,698,034 ​ ​ 8,590,838 Net (loss) earnings per share ​ $ (0.10) ​ $ 0.02 ​ $ (0.22) ​ $ 0.00 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (865,334) ​ $ 133,975 ​ $ (1,921,122) ​ $ 23,754 Dilutive effect of stock options ​ — ​ ​ 422,687 ​ ​ — ​ ​ 419,029 Weighted average shares ​ 8,759,171 ​ ​ 9,033,677 ​ ​ 8,698,034 ​ ​ 9,009,867 Net (loss) earnings per share ​ $ (0.10) ​ $ 0.01 ​ $ (0.22) ​ $ 0.00

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 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 March 31, 2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Exercised ​ (125,000) ​ $ 0.68 ​ ​ 846,250 ​ — Outstanding at December 31, 2023 ​ 542,500 ​ $ 1.53 ​ $ 1,980,550 ​ 3.16 Vested or expected to vest at December 31, 2023 542,500 ​ $ 1.53 ​ $ 1,980,550 3.16 Exercisable and vested at December 31, 2023 542,500 ​ $ 1.53 ​ $ 1,980,550 3.16
Summary of information relating to stock options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ Remaining Weighted ​ ​ Weighted ​ ​ Options Contractual ​ Average ​ Options ​ Average Range of Exercise Prices: Outstanding Term Exercise Price Exercisable Exercise Price $0.01-$0.99 192,500 1.61 ​ $ 0.32 192,500 ​ $ 0.32 $2.00-$2.99 350,000 3.41 ​ $ 2.19 350,000 ​ $ 2.19 Totals 542,500 ​ ​ 542,500 ​

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Dec. 31, 2023
Accounts Receivable
CONCENTRATION OF CREDIT RISK
Schedule of trade accounts receivable from customers who accounted for more than 10%	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ March 31, 2023 Customer Dollars Percent Dollars Percent A ​ $ * * % $ 730,514 31 % B ​ $ * * % $ 260,177 11 % C ​ $ 522,661 24 % $ * * % D ​ $ * * % $ 265,755 11 % E ​ $ 442,837 20 % $ * * % F ​ $ 253,437 ​ 12 % $ * ​ * % G ​ $ 233,685 ​ 11 % $ * ​ * % * less than 10% of total

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Dec. 31, 2023
OTHER CURRENT ASSETS
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: December 31, 2023 March 31, 2023 Prepaid taxes ​ $ 86,983 ​ $ 9,616 Prepaid insurance ​ 352,431 ​ 162,075 Prepaid subscriptions ​ 73,770 ​ 120,570 Deposits ​ ​ 21,176 ​ ​ 21,706 Supplier advances ​ 109,554 ​ ​ 170 Other prepaid expenses ​ 9,689 ​ ​ 34,846 Total ​ $ 653,603 ​ $ 348,983 ​

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	9 Months Ended
	Dec. 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: December 31, 2023 March 31, 2023 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ ​ 3,293,986 Machinery equipment, furniture, and fixtures ​ 25,759,540 ​ ​ 23,018,713 Construction-in-progress ​ 114,733 ​ ​ 149,576 Total property, plant, and equipment ​ 29,278,372 ​ ​ 26,572,388 Less: accumulated depreciation and amortization ​ (13,848,931) ​ ​ (12,658,364) Total property, plant and equipment, net ​ $ 15,429,441 ​ $ 13,914,024

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: December 31, 2023 March 31, 2023 Accrued compensation ​ $ 1,035,521 ​ $ 1,257,245 Provision for claims ​ ​ 234,472 ​ ​ 256,227 Provision for contract losses ​ 258,271 ​ ​ 102,954 Accrued professional fees ​ 595,778 ​ ​ 241,195 Accrued project costs ​ 441,204 ​ ​ 440,550 Other ​ 150,842 ​ ​ 235,014 Total ​ $ 2,716,088 ​ $ 2,533,185

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Dec. 31, 2023
DEBT
Schedule of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: December 31, 2023 March 31, 2023 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 2,784,080 ​ $ 3,186,495 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,231,398 ​ ​ 2,276,518 Ranor Revolver Loan, at 7.72% interest, due December 2023 ​ ​ 2,550,000 ​ ​ 650,000 Total debt ​ $ 7,565,478 ​ $ 6,113,013 Less: debt issue costs unamortized ​ $ 130,855 ​ $ 145,712 Total debt, net ​ $ 7,434,623 ​ $ 5,967,301 Less: Current portion of long-term debt ​ $ 7,434,623 ​ $ 1,218,162 Total long-term debt, net ​ $ — ​ $ 4,749,139

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2023
LEASES
Schedule of right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 March 31, 2023 Finance lease: ​ ​ ​ ​ Right of use asset – operating lease ​ $ 6,629,396 ​ $ 6,629,396 Right of use asset – finance leases ​ ​ 65,016 ​ ​ 65,016 Amortization ​ ​ (1,544,514) ​ ​ (1,033,474) Right of use asset, net ​ $ 5,149,898 ​ $ 5,660,938 Lease liability – operating lease ​ $ 5,301,394 ​ $ 5,819,365 Lease liability – finance leases ​ ​ 21,459 ​ ​ 36,336 Total lease liability ​ $ 5,322,853 ​ $ 5,855,701
Schedule of supplemental information of leases	​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the nine months ended: December 31, 2023 December 31, 2022 Operating lease amortization ​ $ 498,108 ​ $ 480,817 Finance lease amortization ​ $ 12,932 ​ $ 16,334 Finance lease interest ​ $ 681 ​ $ 1,171 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: December 31, 2023 December 31, 2022 Lease term (years) – operating lease 6.50 ​ 7.58 ​ Lease term (years) – finance lease ​ 2.25 ​ 1.00 ​ Lease rate – operating lease ​ 4.5 % 4.5 % Lease rate – finance lease 3.2 % 4.5 %
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases for the nine months ended: December 31, 2023 December 31, 2022 Cash used in operating activities ​ $ 704,101 ​ $ 612,411 Cash used in financing activities ​ $ 14,877 ​ $ 31,058 ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ 2024 $ 948,701 2025 ​ 948,701 2026 ​ 941,276 2027 ​ 938,802 2028 ​ ​ 938,802 Thereafter ​ 1,407,542 Total lease payments ​ $ 6,123,824 Less: imputed interest ​ 800,971 Total ​ $ 5,322,853 ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION.
Summary of financial information for segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ Decemebr 31, ​ Decemebr 31 ​ 2023 2022 2023 2022 Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ $ 4,296,471 ​ $ 4,735,459 ​ $ 13,291,315 ​ $ 14,395,043 Stadco ​ 3,369,497 ​ 3,591,886 ​ ​ 9,942,644 ​ ​ 9,531,306 Intersegment elimination ​ ​ (16,305) ​ ​ — ​ ​ (242,970) ​ ​ — Net sales from external customers ​ ​ 7,649,663 ​ ​ 8,327,345 ​ ​ 22,990,989 ​ ​ 23,926,349 Operating (loss) income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ 1,014,681 ​ 1,334,565 ​ ​ 2,561,885 ​ ​ 4,077,962 Stadco ​ (514,067) ​ (561,291) ​ ​ (1,741,331) ​ ​ (2,775,382) Corporate and unallocated (1) (2) ​ ​ (1,496,676) ​ ​ (498,959) ​ ​ (2,993,769) ​ ​ (1,673,697) Total operating (loss) income ​ ​ (996,062) ​ ​ 274,315 ​ ​ (2,173,215) ​ ​ (371,117) ERTC refundable credits ​ ​ — ​ ​ — ​ ​ — ​ ​ 624,045 Other income ​ ​ 1 ​ ​ 254 ​ ​ 40,877 ​ ​ 40,590 Interest expense ​ (109,503) ​ (93,603) ​ ​ (352,142) ​ ​ (260,978) Consolidated (loss) income before income taxes ​ $ (1,105,564) ​ $ 180,966 ​ $ (2,484,480) ​ $ 32,540 Depreciation and amortization: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ ​ ​ ​ ​ ​ ​ $ 481,029 ​ $ 391,172 Stadco ​ ​ ​ ​ ​ ​ ​ 1,277,896 ​ 1,275,569 Totals ​ ​ ​ ​ ​ ​ ​ $ 1,758,925 ​ $ 1,666,741 Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ranor ​ ​ ​ ​ ​ ​ ​ $ 2,755,886 ​ $ 175,873 Stadco ​ ​ ​ ​ ​ ​ ​ 26,460 ​ 487,160 Totals ​ ​ ​ ​ ​ ​ ​ $ 2,782,346 ​ $ 663,033 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments. Prior period segment data is revised to reflect current period updates to unallocated corporate administrative expense. (2) For the three and nine months ended December 31, 2023, includes $1.0 million of expenditures for outside advisory services in connection with a potential acquisition.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended		9 Months Ended
	Feb. 23, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Reverse stock split conversion ratio	0.25
Net loss		$ (865,334)	$ 133,975	$ (1,921,122)	$ 23,754
Total available liquidity		2,800,000		2,800,000		$ 4,700,000
Revolver loan capacity		2,400,000		2,400,000		4,200,000
Cash and cash equivalents		391,245		391,245		$ 534,474
Berkshire Loan
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Amount of debt outstanding		$ 7,600,000		7,600,000
Proceeds from revolver loan				$ 1,000,000

REVENUE - Disaggregated basis (

REVENUE - Disaggregated basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Net Sales	$ 7,649,663	$ 8,327,345	$ 22,990,989	$ 23,926,349
Over-time
REVENUE
Net Sales	7,548,094	7,813,273	21,763,438	22,672,048
Point-in-time
REVENUE
Net Sales	101,569	514,072	1,227,551	1,254,301
Defense
REVENUE
Net Sales	$ 7,649,663	8,316,711	22,808,695	23,543,077
Industrial
REVENUE
Net Sales		$ 10,634	$ 182,294	$ 383,272

REVENUE - Net sales from custom

REVENUE - Net sales from customers (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Revenues	$ 7,649,663	$ 8,327,345	$ 22,990,989	$ 23,926,349
Customer A | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 1,904,403	$ 1,448,547	$ 6,749,881	$ 4,182,984
Concentration risk percentage	25%	17%	29%	18%
Customer B | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 942,199		$ 2,684,976
Concentration risk percentage	12%		12%
Customer C | Customer concentration risk | Sales revenue, net
REVENUE
Revenues		$ 1,451,713		$ 4,495,028
Concentration risk percentage		17%		19%
Customer D | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 1,176,312	$ 1,385,871	$ 2,487,749	$ 4,764,391
Concentration risk percentage	15%	16%	11%	20%
Customer E | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 915,060		$ 2,357,445
Concentration risk percentage	12%		10%
Customer F | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 910,901		$ 2,321,405
Concentration risk percentage	12%		10%

REVENUE - Contract assets and c

REVENUE - Contract assets and contract liabilities (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
REVENUE
Contract assets	$ 8,372,183	$ 8,947,811
Unbilled
REVENUE
Contract assets	20,949,269	19,485,914
Progress Payments
REVENUE
Contract assets	$ (12,577,086)	$ (10,538,103)

REVENUE - Additional informatio

REVENUE - Additional information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2023 USD ($)
REVENUE
Remaining performance obligation amount	$ 50.8
Revenue remaining performance obligation completed less than 50%	$ 43.9
Revenue, remaining performance obligation, percentage	50%
Revenue recognized by contract liabilities	$ 1.2
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 - (Details)

INCOME TAXES - (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Income tax (benefit) expense	$ (240,230)	$ 46,991	$ (563,358)	$ 8,786
Effective tax rate			22.70%	27%
Valuation allowance on deferred tax assets	$ 2,200,000		$ 2,200,000

EARNINGS PER SHARE (EPS) (Detai

EARNINGS PER SHARE (EPS) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Basic EPS
Net (loss) income	$ (865,334)	$ 133,975	$ (1,921,122)	$ 23,754
Weighted average shares	8,759,171	8,610,990	8,698,034	8,590,838
Net (loss) earnings per share	$ (0.10)	$ 0.02	$ (0.22)	$ 0
Diluted EPS
Net (loss) income	$ (865,334)	$ 133,975	$ (1,921,122)	$ 23,754
Dilutive effect of stock options		422,687		419,029
Weighted average shares	8,759,171	9,033,677	8,698,034	9,009,867
Net (loss) earnings per share	$ (0.10)	$ 0.01	$ (0.22)	$ 0
Employee Stock Option
Diluted EPS
Antidilutive securities excluded from computation of earnings per share amount (in shares)	567,500		567,500

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Number Of Options
Outstanding at the beginning of the period (in shares)	667,500
Exercised (in shares)	(125,000)
Outstanding at the end of the period (in shares)	542,500	667,500
Vested or expected to vest at the end of the period (in shares)	542,500
Exercisable and vested at the end of the period (in shares)	542,500
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 1.37
Exercised (in dollars per share)	0.68
Outstanding at the end of the period (in dollars per share)	1.53	$ 1.37
Vested or expected to vest at the end of the period (in dollars per share)	1.53
Exercisable and vested at the end of the period (in dollars per share)	$ 1.53
Aggregate Intrinsic Value
Outstanding value at the beginning of the period	$ 3,804,625
Exercised	846,250
Outstanding value at the end of the period	1,980,550	$ 3,804,625
Vested or expected to vest at the end of the period	1,980,550
Exercisable and vested at the end of the period	$ 1,980,550
Weighted Average Remaining Contractual Life (in years)
Outstanding at the end of the period	3 years 1 month 28 days	3 years 8 months 12 days
Vested or expected to vest at the end of the period	3 years 1 month 28 days
Exercisable and vested at the end of the period	3 years 1 month 28 days

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock options outstanding by exercise price (Details)	9 Months Ended
	Dec. 31, 2023 $ / shares shares
STOCK-BASED COMPENSATION
Options Outstanding | shares	542,500
Options Exercisable | shares	542,500
Range One
STOCK-BASED COMPENSATION
Exercise Price, Lower Range	$ 0.01
Exercise Price, Upper Range	$ 0.99
Options Outstanding | shares	192,500
Options Outstanding, Weighted Average Remaining Contractual Term	1 year 7 months 9 days
Options Outstanding, Weighted Average Exercise Price	$ 0.32
Options Exercisable | shares	192,500
Options Exercisable, Weighted Average Exercise Price	$ 0.32
Range Two
STOCK-BASED COMPENSATION
Exercise Price, Lower Range	2
Exercise Price, Upper Range	$ 2.99
Options Outstanding | shares	350,000
Options Outstanding, Weighted Average Remaining Contractual Term	3 years 4 months 28 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 ($)				3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 11, 2023	Aug. 03, 2023	Jul. 13, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
STOCK-BASED COMPENSATION
Maximum contractual term (in years)						3 years 1 month 28 days		3 years 8 months 12 days
Stock-based compensation expense and restricted awards						$ 196,200	$ 307,619
Fair value of shares expected to vest						110,700
Restricted Shares
STOCK-BASED COMPENSATION
Granted a total of shares of restricted stock		15,000
Number of shares will vest on each of the first, second, and third anniversaries		5,000
Stock-based compensation expense and restricted awards				$ 186,975	$ 8,663	196,200	$ 107,309
Unrecognized compensation cost				$ 92,250		$ 92,250
Service-based restricted stock two
STOCK-BASED COMPENSATION
Stock based compensation cost	$ 177,750
2016 Plan
STOCK-BASED COMPENSATION
Shares reserved				1,250,000		1,250,000
Number of shares of common stock			109,024
Shares available for grant				272,500		272,500
2016 Plan | Service-based restricted stock one
STOCK-BASED COMPENSATION
Granted a total of shares of restricted stock	25,000
Maximum
STOCK-BASED COMPENSATION
Maximum contractual term (in years)						10 years
Chief Financial Officer | 2016 Plan
STOCK-BASED COMPENSATION
Stock options exercised (in shares)			125,000

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Mar. 31, 2023 USD ($)
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 2,192,061	$ 2,336,481
Accounts Receivable | Customer concentration risk | Customer A
CONCENTRATION OF CREDIT RISK
Accounts receivable		$ 730,514
Concentration risk percentage		31%
Accounts Receivable | Customer concentration risk | Customer B
CONCENTRATION OF CREDIT RISK
Accounts receivable		$ 260,177
Concentration risk percentage		11%
Accounts Receivable | Customer concentration risk | Customer C
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 522,661
Concentration risk percentage	24%
Accounts Receivable | Customer concentration risk | Customer D
CONCENTRATION OF CREDIT RISK
Accounts receivable		$ 265,755
Concentration risk percentage		11%
Accounts Receivable | Customer concentration risk | Customer E
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 442,837
Concentration risk percentage	20%
Accounts Receivable | Customer concentration risk | Customer F
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 253,437
Concentration risk percentage	12%
Accounts Receivable | Customer concentration risk | Customer G
CONCENTRATION OF CREDIT RISK
Accounts receivable	$ 233,685
Concentration risk percentage	11%
Trade Receivables
CONCENTRATION OF CREDIT RISK
Number of significant customers | customer	4
Trade Receivables | Customer concentration risk | Customers
CONCENTRATION OF CREDIT RISK
Concentration risk percentage	67%

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
OTHER CURRENT ASSETS
Prepaid taxes	$ 86,983	$ 9,616
Prepaid insurance	352,431	162,075
Prepaid subscriptions	73,770	120,570
Deposits	21,176	21,706
Supplier advances	109,554	170
Other prepaid expenses	9,689	34,846
Total	$ 653,603	$ 348,983

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Total property, plant, and equipment	$ 29,278,372	$ 26,572,388
Less: accumulated depreciation and amortization	(13,848,931)	(12,658,364)
Total property, plant and equipment, net	15,429,441	13,914,024
Capitalized interest	18,642
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	3,293,986
Machinery equipment, furniture, and fixtures
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, Gross	25,759,540	23,018,713
Construction-in-progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, Gross	$ 114,733	$ 149,576

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
ACCRUED EXPENSES
Accrued compensation	$ 1,035,521	$ 1,257,245
Provision for claims	234,472	256,227
Provision for contract losses	258,271	102,954
Accrued professional fees	595,778	241,195
Accrued project costs	441,204	440,550
Other	150,842	235,014
Total	$ 2,716,088	$ 2,533,185

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023
DEBT
Total debt	$ 7,565,478	$ 6,113,013
Less: debt issue costs unamortized	130,855	145,712
Total debt, net	7,434,623	5,967,301
Less: Current portion of long-term debt	7,434,623	1,218,162
Total long-term debt, net		4,749,139
Stadco Term Loan, at 3.79% interest, due August 2028
DEBT
Total debt	$ 2,784,080	3,186,495
Interest rate (as a percent)	3.79%
Ranor Term Loan, at 6.05% interest, due December 2027
DEBT
Total debt	$ 2,231,398	2,276,518
Interest rate (as a percent)	6.05%
Ranor Revolver Loan, at 7.72% interest, due December 2023
DEBT
Total debt	$ 2,550,000	$ 650,000
Interest rate (as a percent)	7.72%

DEBT - Additional Information (

DEBT - Additional Information (Details)				3 Months Ended	9 Months Ended
	Aug. 25, 2021 USD ($)	Jan. 20, 2017 USD ($)	Dec. 21, 2016 USD ($)	Dec. 31, 2022	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 20, 2022	Mar. 31, 2016 USD ($)
Revolver loan
DEBT
Weighted average interest rate (as a percent)					7.54%
Unused borrowing capacity					$ 2,400,000		$ 4,200,000
Ranor, Inc. | Revolver loan
DEBT
Interest payments					$ 116,844	$ 22,898
Stadco Term Loan, at 3.79% interest, due August 2028
DEBT
Maturity term	7 years
Monthly payments of principal and interest amount	$ 54,390
Interest rate (as a percent)					3.79%
Unamortized debt issuance expense					$ 33,376		44,482
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 3.79% interest, due August 2028 | Ranor, Inc. | Revolver loan
DEBT
Principal amount of debt	$ 4,000,000
Ranor Term Loan, 6.05% due December 2027 [Member]
DEBT
Proceeds from term loan	$ 2,850,000
Ranor term loan
DEBT
Interest rate (as a percent)			5.21%					6.05%
Ranor term loan | Revolver loan
DEBT
Maximum principal amount available			$ 5,000,000
Ranor term loan | Ranor, Inc.
DEBT
Unamortized debt issuance expense					97,479		$ 101,230
Ranor term loan | Minimum
DEBT
Monthly payments of principal and interest amount					16,601
Required minimum debt service coverage ratio, solely with respect to the fiscal quarter ending December 31, 2022				1.1
Ranor term loan | Maximum
DEBT
Monthly payments of principal and interest amount					19,260
Required minimum debt service coverage ratio, solely with respect to the fiscal quarter ending December 31, 2022				1.2
Berkshire Loan
DEBT
Amount of debt outstanding					7,600,000
Annual capital expenditure					1,500,000
Berkshire Loan | Revolving Credit Facility
DEBT
Maximum amount of borrowing base required to grant loan advance			$ 5,000,000
Debt instrument percentage of accounts receivable used for determination of aggregate amount of advances			80%
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
Berkshire Loan | Revolver loan
DEBT
Proceeds from term loan					1,000,000
Amount of debt outstanding					$ 2,600,000
Berkshire Loan | Secured Term Loan
DEBT
Monthly payments of principal and interest amount		$ 19,260
Interest rate (as a percent)		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
Berkshire Loan | Minimum
DEBT
Cash flow ratio of debt service					1
Debt instrument covenant leverage ratio year one					1
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					0.75

OTHER NONCURRENT LIABILITIES (D

OTHER NONCURRENT LIABILITIES (Details)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OTHER NONCURRENT LIABILITY
Customer payments received recorded as noncurrent liability	$ 3,100,000	$ 1,200,000
Current liability	200,000	200,000
Noncurrent liability	1,300,000	$ 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		$ 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 ($)	Aug. 25, 2021	Dec. 31, 2023	Mar. 31, 2023
LEASES
Right of use asset - finance leases		$ 5,149,898	$ 5,660,938
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	6,629,396
Right of use asset - finance leases		65,016	65,016
Amortization		(1,544,514)	(1,033,474)
Right of use asset, net		5,149,898	5,660,938
Lease liability - operating lease		5,301,394	5,819,365
Lease liability - finance leases		21,459	36,336
Total lease liability		$ 5,322,853	$ 5,855,701

LEASES - Other supplemental inf

LEASES - Other supplemental information of Leases (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Operating lease amortization	$ 498,108	$ 480,817
Finance lease amortization	12,932	16,334
Finance lease interest	$ 681	$ 1,171
Lease term (years) - operating lease	6 years 6 months	7 years 6 months 29 days
Lease term (years) - finance lease	2 years 3 months	1 year
Lease rate - operating lease	4.50%	4.50%
Lease rate - finance lease	3.20%	4.50%

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($)	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Cash used in operating activities	$ 704,101	$ 612,411
Cash used in financing activities	$ 14,877	$ 31,058

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details)	Dec. 31, 2023 USD ($)
Maturities of lease liabilities
2024	$ 948,701
2025	948,701
2026	941,276
2027	938,802
2028	938,802
Thereafter	1,407,542
Total lease payments	6,123,824
Less: imputed interest	800,971
Total	$ 5,322,853

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Aggregate commitment for future executive salaries and bonus	$ 600,000		$ 600,000
Aggregate commitment for accrued payroll, vacation and holiday	900,000		900,000
Retirement Benefits	$ 21,194	$ 19,233	$ 64,191	$ 63,354

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial information for segments (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
SEGMENT INFORMATION
Number of reportable segment | item			2
Net sales from external customers	$ 7,649,663	$ 8,327,345	$ 22,990,989	$ 23,926,349
Total operating (loss) income	(996,062)	274,315	(2,173,215)	(371,117)
Other income	1	254	40,877	40,590
Interest expense	109,503	93,603	352,142	260,978
Consolidated (loss) income before income taxes	(1,105,564)	180,966	(2,484,480)	32,540
Depreciation and amortization			1,758,925	1,666,741
Capital expenditures			2,782,346	663,033
Operating segments
SEGMENT INFORMATION
ERTC refundable credits				624,045
Other income	1	254	40,877	40,590
Interest expense	(109,503)	(93,603)	(352,142)	(260,978)
Intersegment elimination
SEGMENT INFORMATION
Net sales from external customers	(16,305)		(242,970)
Corporate and unallocated
SEGMENT INFORMATION
Total operating (loss) income	(1,496,676)	(498,959)	(2,993,769)	(1,673,697)
Ranor
SEGMENT INFORMATION
Depreciation and amortization			481,029	391,172
Capital expenditures			2,755,886	175,873
Ranor | Operating segments
SEGMENT INFORMATION
Net sales from external customers	4,296,471	4,735,459	13,291,315	14,395,043
Total operating (loss) income	1,014,681	1,334,565	2,561,885	4,077,962
Stadco
SEGMENT INFORMATION
Depreciation and amortization			1,277,896	1,275,569
Capital expenditures			26,460	487,160
Stadco | Operating segments
SEGMENT INFORMATION
Net sales from external customers	3,369,497	3,591,886	9,942,644	9,531,306
Total operating (loss) income	(514,067)	$ (561,291)	(1,741,331)	$ (2,775,382)
Advisory services
SEGMENT INFORMATION
Expenditures	$ 1,000,000		$ 1,000,000

STOCK PURCHASE AGREEMENT - Addi

STOCK PURCHASE AGREEMENT - Additional Information (Details) - Stock Purchase Agreement - USD ($)		1 Months Ended
	Nov. 22, 2023	Oct. 31, 2024
Stock Purchase Agreement
Transaction expenses	$ 200,000
Earnout	$ 25,000,000
Maximum
Stock Purchase Agreement
Earnings before income tax depreciation amortization (EBITDA)		$ 11,175,000
Common stock
Stock Purchase Agreement with Termination Fee
Number of shares issued	320,000
Additional shares issued	48,000
Promissory note
Stock Purchase Agreement
Debt amount	$ 15,000,000
Sixth payments of debt	2,500,000
Doerfer Corporation & Iowa corporation
Stock Purchase Agreement
Total consideration transferred	$ 70,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (865,334)	$ (528,333)	$ (527,455)	$ 133,975	$ 390,944	$ (501,165)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false