TechPrecision (TPCS) 10-K 13 Sep 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Sep. 12, 2024	Sep. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity Registrant Name	TECHPRECISION CORP
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	No
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		9,619,232
Entity Central Index Key	0001328792
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 53
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Marcum LLP
Auditor Firm ID	688
Auditor Location	Philadelphia, Pennsylvania

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 138,402	$ 534,474
Accounts receivable, net	2,371,264	2,336,481
Contract assets	8,526,726	8,947,811
Raw materials	1,826,765	1,692,852
Work-in-process	1,422,938	719,736
Other current assets	563,688	348,983
Total current assets	14,849,783	14,580,337
Property, plant and equipment, net	14,797,991	13,914,024
Right of use asset, net	4,977,665	5,660,938
Deferred income taxes		1,931,186
Other noncurrent assets	121,256	121,256
Total assets	34,746,695	36,207,741
Current liabilities:
Accounts payable	1,408,356	2,224,320
Accrued expenses	4,262,486	2,533,185
Contract liabilities	3,787,933	2,333,591
Current portion of long-term lease liability	735,871	711,727
Current portion of long-term debt, net	7,558,683	1,218,162
Total current liabilities	17,753,329	9,020,985
Long-term debt, net		4,749,139
Long-term lease liability	4,408,103	5,143,974
Other noncurrent liability	4,782,372	2,699,492
Total liabilities	26,943,804	21,613,590
Commitments and contingent liabilities (see Note 15)
Stockholders' Equity:
Common stock - par value $.0001 per share, shares authorized: March 31, 2024 - 50,000,000; Shares issued and outstanding: March 31, 2024 - 8,777,432; March 31, 2023 - 8,613,408	878	861
Additional paid in capital	15,200,624	14,949,729
Retained earnings (accumulated deficit)	(7,398,611)	(356,439)
Total stockholders' equity	7,802,891	14,594,151
Total liabilities and stockholders' equity	$ 34,746,695	$ 36,207,741

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
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	8,777,432	8,613,408
Common stock, shares outstanding	8,777,432	8,613,408

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 31,591,059	$ 31,431,614
Cost of sales	27,472,883	26,527,953
Gross profit	4,118,176	4,903,661
Selling, general and administrative	8,750,376	6,008,881
Loss from operations	(4,632,200)	(1,105,220)
Other income (expense), net	43,363	40,842
Interest expense	(521,108)	(355,608)
Refundable employee retention tax credits		636,564
Total other (expense) income, net	(477,745)	321,798
Loss before income taxes	(5,109,945)	(783,422)
Income tax expense	1,932,227	195,584
Net loss	$ (7,042,172)	$ (979,006)
Net loss per share - basic (in dollars per share)	$ (0.81)	$ (0.11)
Net loss per share - diluted (in dollars per share)	$ (0.81)	$ (0.11)
Weighted average number of shares outstanding - basic (in shares)	8,717,160	8,595,992
Weighted average number of shares outstanding - diluted (in shares)	8,717,160	8,595,992

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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	8,576,862
Stock-based compensation		109,079		109,079
Stock issued for contingent consideration	$ 1	56,309		56,310
Stock issued for contingent consideration (in shares)	9,127
Stock award non-employee directors (in shares)	25,000
Stock award non-employee directors	$ 2	143,998		144,000
Stock split fractional share round up (in shares)	2,419
Net income (loss)			(979,006)	(979,006)
Balance at Mar. 31, 2023	$ 861	14,949,729	(356,439)	14,594,151
Balance (in shares) at Mar. 31, 2023	8,613,408
Stock award nonemployee directors	$ 11	(11)
Stock options exercised (in shares)	109,024
Tax withheld for exercised options		(34,013)		(34,013)
Restricted stock award	$ 3	107,172		107,175
Restricted stock award (in share)	30,000
Stock award non-employee directors (in shares)	25,000
Stock award non-employee directors	$ 3	177,747		177,750
Net income (loss)			(7,042,172)	(7,042,172)
Balance at Mar. 31, 2024	$ 878	$ 15,200,624	$ (7,398,611)	$ 7,802,891
Balance (in shares) at Mar. 31, 2024	8,777,432

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (7,042,172)	$ (979,006)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,429,377	2,217,472
Amortization of debt issue costs	106,840	59,916
Gain on disposal of equipment	(39,129)	(468)
Stock based compensation and restricted stock awards	284,925	253,079
Change in contract loss provision	190,370	(237,318)
Deferred income taxes	1,931,186	195,584
Stock based acquisition termination fee	1,116,800
Stock based expense for contingent consideration		56,310
Change in fair value for contingent consideration		(63,436)
Changes in operating assets and liabilities:
Accounts receivable	(34,783)	672,768
Contract assets	421,085	(597,580)
Work-in-process and raw materials	(837,115)	(177,914)
Other current assets	(214,705)	1,072,476
Accounts payable	(815,964)	(1,202,601)
Accrued expenses	388,116	(1,094,137)
Contract liabilities	1,454,342	568,273
Other noncurrent liabilities	1,965,691	2,394,420
Net cash provided by operating activities	1,304,864	3,137,838
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment	(3,230,237)	(2,325,301)
Proceeds from fixed assets insurance settlement	61,944
Proceeds from sale of fixed assets		7,000
Net cash used in investing activities	(3,168,293)	(2,318,301)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolver loan	7,160,000	10,885,150
Repayment of revolver loan	(5,025,000)	(11,522,152)
Debt issuance costs	(50,363)	(57,723)
Principal payments for leases	(17,185)	(36,572)
Repayment of long-term debt	(600,095)	(605,905)
Net cash provided by (used in) financing activities	1,467,357	(1,337,202)
Net decrease in cash and cash equivalents	(396,072)	(517,665)
Cash and cash equivalents, beginning of period	534,474	1,052,139
Cash and cash equivalents, end of period	138,402	534,474
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid during the year for interest (net of interest capitalized)	$ 414,268	$ 288,085

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (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	12 Months Ended
	Mar. 31, 2024
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1 - DESCRIPTION OF BUSINESS TechPrecision Corporation, or “TechPrecision”, is a Delaware corporation organized in February 2005 under the name Lounsberry Holdings II, Inc. On February 24, 2006, we acquired all the issued and outstanding capital stock of our wholly owned subsidiary Ranor, Inc., or “Ranor.” Ranor, together with its predecessors, has been in continuous operation since 1956. The name was changed to TechPrecision Corporation on March 6, 2006. TechPrecision is the parent company of Ranor, Westminster Credit Holdings, LLC, or “WCH”, Stadco New Acquisition, LLC, or “Acquisition Sub”, and Stadco. TechPrecision, Ranor, WCH, Acquisition Sub and Stadco are collectively referred to as the “Company”, “we”, “us” or “our”. On August 25, 2021, the Company completed its acquisition of Stadco, pursuant to that certain stock purchase agreement with Acquisition Sub, Stadco Acquisition, LLC, Stadco and each equity holder of Stadco Acquisition, LLC. On the closing date, the Company, through Acquisition Sub, acquired all the issued and outstanding capital stock of Stadco from Stadco Acquisition, LLC in exchange for the issuance of shares of the Company’s common stock to Stadco Acquisition, LLC. As a result of the acquisition, Stadco is now our wholly owned indirect subsidiary. We manufacture large-scale metal fabricated and machined precision components and equipment. These products are used in a variety of markets including defense and aerospace, nuclear, medical, and precision industrial. All our operations and customers are in the United States, or “U.S.”.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2024
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 Use of Estimates in the Preparation of Financial Statements - Going Concern, Risks and Uncertainties - As of March 31, 2024, we had $0.6 million in total available liquidity, consisting of $0.1 million in cash and cash equivalents, and approximately $0.5 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 March 20, 2024 (as defined below; see Note 11 – Debt On May 28, 2024, Ranor and certain affiliates of the Company entered into the Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note, or the “Eighth Amendment” (see Note 12 – Debt acceptable third-party consultant. The lender has acknowledged receipt of that operational assessment of Stadco as required pursuant to the Eighth Amendment. On September 4, 2024, Ranor and the other Borrowers entered into a Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note, or the “Ninth Amendment”, with Berkshire Bank. Effective August 30, 2024, the Ninth Amendment, among other things, (i) extends the maturity date of the Revolver Loan from August 30, 2024 to January 15, 2025. 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 March 31, 2024. 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. There was $7.6 million in total outstanding under the Loan Agreement on March 31, 2024. 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 consolidated balance sheet. The Company is exploring various means of strengthening its liquidity position and ensuring compliance with its debt financing covenants by making Stadco operations profitable, renewing our revolver loan, or entering into alternative debt facilities. On July 3, 2024, the Company entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which the Company agreed to sell in a private placement at an aggregate purchase price of approximately $2.3 million, (i) 666,100 shares of the Company’s common stock, par value $0.0001 per share, and (ii) common stock purchase warrants to purchase up to 666,100 shares of Common Stock. The combined purchase price for one Share and one Purchaser Warrant was $3.45. The purpose of the Securities sale under the Purchase Agreement is to raise working capital for use by the Company. The closing of the offering occurred on July 8, 2024. (see Note 17 – Subsequent Events 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 or seek alternative financing by August 30, 2024. We must mitigate our recurring operating losses at our Stadco subsidiary, efficiently increase utilization of our manufacturing capacity at Stadco 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, and compliance with debt covenants at subsequent measurement dates raise substantial doubt about our ability to continue as a going concern for at least one-year after the date the consolidated financial statements included in this Annual Report on Form 10-K are issued. We believe our available cash, proceeds from a private placement offering, plus cash expected to be provided by operations and borrowing capacity available under the Revolver Loan (until August 2024 when the Company expects to renew), will be sufficient to fund our operations, expected capital expenditures, and principal and interest payments under our lease and debt obligations through the next 12 months from the issuance date of our financial statements. The consolidated financial statements for the fiscal year ended March 31, 2024, 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 consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Cash and cash equivalents - Accounts receivable and allowance for credit losses - Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current industry trends, and changes in customer payment terms. Our normal collection cycle ranges between thirty and forty days. Estimated uncollectible amounts are charged to earnings and a credit to a valuation allowance. Balances which remain outstanding after reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Historically, the level of uncollectible accounts has not been significant. An allowance for credit losses of $22,000 was recorded at March 31, 2024 and 2023. Inventories - Contract Assets Property, plant and equipment, net - Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. In accordance with Accounting Standards Codification, or “ASC”, 360, Property, Plant & Equipment Leases - Leases Debt Issuance Costs - Contract Liabilities costs within a one-year period. Contract liability amounts are recognized as revenue once control over the underlying performance obligation has transferred to the customer. Fair Value Measurements - Fair Value Measurement ASC 825, Financial Instruments Revenue Recognition Revenue from Contracts with Customers (Topic 606), . The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. Otherwise, control to the promised goods or services transfers to customers at a point in time. Our customers make advance payments and progress payments under the terms of each manufacturing contract. The majority of the Company’s contracts have a single performance obligation and provide title to, or grant a security interest in, work-in-process to the customer. In addition, these contracts contain enforceable rights to payment, allowing the Company to recover both its cost and a reasonable margin on performance completed to date. The combination of these factors indicates that the customer controls the asset and revenue is recognized as the asset is created or enhanced. The Company measures progress for performance obligations satisfied over time using input methods (e.g., costs incurred, resources consumed, labor hours expended, and time elapsed). Under arrangements where the customer does not have title to, or a security interest in, the work-in-process, our evaluation of whether revenue should be recognized over time requires significant judgment about whether the asset has an alternative use and whether the entity has an enforceable right to payment for performance completed to date. When one or both of these factors is not present, the Company will recognize revenue at the point in time where control over the promised good or service transfers to the customer, i.e. when the customer has taken physical possession of the product the Company has built for the customer. The Company and its customers may occasionally enter into contract modifications, including change orders. The Company may account for the modification as a separate contract, the termination of an old contract and creation of a new contract, or as part of the original contract, depending on the nature and pricing of the goods or services included in the modification. In general, contract modifications - as well as other changes in estimates of sales, costs, and profits on a performance obligation - are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes in current and prior periods. A significant change in an estimate on one or more contracts in a period could have a material effect on the consolidated balance sheet or results of operations for that period. For the fiscal year ended March 31, 2024 and 2023, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company’s consolidated statements of operations loss for the fiscal year ended March 31, 2024 and 2023. If incentives and other contingencies are provided as part of the contract, the Company will include in the initial transaction price the consideration to which it expects to be entitled under the terms and conditions of the contract, generally estimated using an expected value or most likely amount approach. In the context of variable consideration, the Company limits, or constrains, the transaction price to amounts for which the Company believes a significant reversal of revenue is not probable. Adjustments to constrain the transaction price may be due to a portion of the transaction price being more than approved funding, a lack of history with the customer, a lack of history with the goods or services being provided, or other items. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in the consolidated statements of operations and are not considered a performance obligation to our customers. Contract Estimates The cost estimation process requires significant judgment and is based upon the professional knowledge and experience of the Company’s engineers, program managers, and financial professionals. Factors considered in estimating the work to be completed and ultimate contract recovery include the availability, productivity, and cost of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance, the availability and timing of funding from the customer, and the recoverability of any claims included in the estimates to complete. Costs allocable to undelivered units are reported as work in process, a component of inventory, in the consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material. Selling, general and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Salaries and related expenses $ 2,342,316 $ 2,823,979 Professional fees ​ ​ 1,721,487 ​ ​ 1,795,904 Other general and administrative ​ 1,719,615 ​ 1,388,998 Due diligence advisory and legal fees related to acquisition termination ​ ​ 1,850,158 ​ ​ — Stock based acquisition termination fee ​ 1,116,800 ​ — Total Selling, general and administrative ​ $ 8,750,376 ​ $ 6,008,881 ​ Stock-based Compensation - Net Loss per Share of Common Stock - Income Taxes - Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Consolidated Statements of Operations.

ACCOUNTING STANDARDS UPDATE

ACCOUNTING STANDARDS UPDATE	12 Months Ended
	Mar. 31, 2024
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE	NOTE 3 – ACCOUNTING STANDARDS UPDATE New Accounting Standards Recently Adopted In June 2016, the Financial Accounting Standards Board, or “FASB”, issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments New Accounting Standards Not Yet Adopted In December 2023, the FASB issued 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

REVENUE

REVENUE	12 Months Ended
	Mar. 31, 2024
REVENUE
REVENUE	NOTE 4 – REVENUE The Company generates revenue primarily from performance obligations completed under contracts with customers in two main market sectors: defense and precision industrial. The period over which the Company performs its obligations can be between three thirty -six months ​ Revenue is recognized over-time or at a point-in-time given the terms and conditions of the related contracts. The Company utilizes an inputs methodology based on estimated labor hours to measure performance progress. This model best depicts the transfer of control to the customer. The Company’s contract portfolio is comprised of fixed-price contracts and provide for product type sales only. The following table presents net sales on a disaggregated basis by market and contract type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Year ended March 31, 2024 ​ $ 31,405,569 ​ $ 185,490 ​ $ 31,591,059 Year ended March 31, 2023 ​ $ 30,935,138 ​ $ 496,476 ​ $ 31,431,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Year ended March 31, 2024 ​ $ 30,412,981 ​ $ 1,178,078 ​ $ 31,591,059 Year ended March 31, 2023 ​ $ 29,785,799 ​ $ 1,645,815 ​ $ 31,431,614 ​ As of March 31, 2024, the Company had $50.0 million of remaining performance obligations, of which $41.4 million was less than 50% complete. The Company expects to recognize all its remaining performance obligations as revenue within the next thirty-six months We are dependent each year on a small number of customers who generate a significant portion of our business, and these customers change from year to year. The following table sets forth revenues from customers who accounted for more than 10% of our net sales for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Customer Amount Percent Amount Percent Customer A ​ $ 9,050,470 29 % $ 6,352,394 20 % Customer B ​ $ 3,257,616 10 % $ * * % Customer C ​ $ * * % $ 4,779,592 15 % Customer D ​ $ 3,830,958 ​ 12 % $ 3,248,773 ​ 10 % Customer E ​ $ 3,319,827 ​ 10 % $ 5,838,734 ​ 19 % * Less than 10% of total In our consolidated balance sheet, contract assets and contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ Contract assets Unbilled Payments Total March 31, 2024 ​ $ 19,254,512 ​ $ (10,727,786) ​ $ 8,526,726 March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 ​ In fiscal 2024 and 2023, we recognized revenue of $1.2 million and $1.8 million related to our contract liabilities at April 1, 2023 and 2022, respectively. Contract liabilities consist of the following at: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liabilities Deferred revenue Customer Deposits Total March 31, 2024 ​ $ 2,103,567 ​ $ 1,684,366 ​ $ 3,787,933 March 31, 2023 ​ $ 1,195,298 ​ $ 1,138,293 ​ $ 2,333,591 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	NOTE 5 – INCOME TAXES We account for income taxes under ASC 740, Income Taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Loss before income taxes ​ $ (5,109,945) ​ $ (783,422) Income tax expense ​ 1,932,227 ​ 195,584 Net loss ​ $ (7,042,172) ​ $ (979,006) ​ The components of the income tax provision consist of the following for the fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Current: ​ ​ Federal ​ $ — ​ $ — State ​ 1,041 ​ — Total Current ​ $ 1,041 ​ $ — Deferred: ​ ​ ​ ​ Federal ​ $ 2,087,627 ​ $ (261,372) State ​ (156,441) ​ 456,956 Total Deferred ​ $ 1,931,186 ​ $ 195,584 Income tax expense (benefit) ​ $ 1,932,227 ​ $ 195,584 ​ Our fiscal 2024 and 2023 taxes were measured at the U.S. statutory income tax rate of 21%. A reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax expense for income taxes reported in the Consolidated Statements of Operations follows for fiscal years ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 U.S. statutory income tax ​ $ (1,073,088) ​ $ (164,519) ​ State income tax, net of federal benefit ​ (164,433) ​ (151,878) ​ Nondeductible items related to business combination and dissolved foreign entity ​ ​ — ​ ​ 65,482 ​ Change in state NOLs ​ ​ — ​ ​ 239,622 ​ Change in valuation allowance ​ ​ 3,141,588 ​ ​ 216,485 ​ Stock-based compensation ​ — ​ (20,983) ​ Other ​ 28,160 ​ 11,375 ​ Income tax expense ​ $ 1,932,227 ​ $ 195,584 ​ Effective tax rate* ​ 37.8 % 25.0 % Effective tax rate is calculated by dividing the income tax provision by loss before income taxes. The following table summarizes the components of deferred income tax assets and liabilities at March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 6,302,402 ​ $ 5,839,915 Compensation ​ 142,232 ​ 213,308 Stock based compensation awards ​ ​ 7,525 ​ ​ 242,579 Operating leases ​ ​ 1,195,891 ​ ​ — Other items not currently deductible ​ 536,664 ​ 126,792 Total deferred tax assets ​ 8,184,714 ​ 6,422,594 Valuation allowance ​ ​ (5,311,680) ​ ​ (2,170,094) Net deferred tax assets ​ 2,873,034 ​ 4,252,500 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,562,744) ​ ​ (1,971,644) Operating leases ​ ​ (1,157,079) ​ ​ — Contract accounting methods ​ ​ (153,211) ​ ​ (349,670) Total deferred tax liabilities ​ (2,873,034) ​ (2,321,314) Deferred taxes, net ​ $ — ​ $ 1,931,186 ​ At December 31, 2023, the Company identified a need to increase the tax valuation allowance based on cumulative operating losses in recent years. Following an evaluation, we determined, however, that the required adjustments, recorded in the fourth quarter, were not material for the period ended December 31, 2023. In assessing the recoverability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We have determined that it is more likely than not that certain future tax benefits may not be realized. The assessment was based on the weight of negative evidence at the balance sheet date, our recent operating losses and unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels. Accordingly, a valuation allowance has been recorded against deferred tax assets that are unlikely to be realized. Realization of deferred tax assets will depend on the generation of sufficient taxable income in the appropriate jurisdictions, the reversal of deferred tax liabilities, tax planning strategies and other factors prior to the expiration date of the carryforwards. A change in the estimates used to make this determination could require an increase or a reduction the valuation allowance currently recorded against those deferred tax assets. The valuation allowance on deferred tax assets was approximately $5.3 million at March 31, 2024. We believe that it is more likely than not that the benefit from certain NOL carryforwards and other deferred tax assets will not be realized. At March 31, 2024 we had federal net operating losses of $19.3 million which begin to expire in 2026. The Internal Revenue Code provides for a limitation on the annual use of net operating loss carryforwards following certain ownership changes that could limit our ability to utilize these carryforwards on a yearly basis. Also, U.S. tax laws may limit the time during which these loss carryforwards may be applied against future taxes. As such, certain pre-2021 Stadco net operating loss carryforwards available for TechPrecision’s consolidated tax group may be limited. Our remaining pre-2021 net operating losses total approximately $9.9 million. We have not accrued any penalties with respect to uncertain tax positions. We file income tax returns in the U.S. federal jurisdiction and various U.S. state jurisdictions. Tax years 2021 and forward remain open for examination.

CAPITAL STOCK and EARNINGS PER

CAPITAL STOCK and EARNINGS PER SHARE	12 Months Ended
	Mar. 31, 2024
CAPITAL STOCK and EARNINGS PER SHARE
CAPITAL STOCK and EARNINGS PER SHARE	NOTE 6 – CAPITAL STOCK and EARNINGS PER SHARE Reverse Stock Split On February 23, 2023, the Company effected a one All share and per-share amounts have been affected retroactively for all years presented in our financial statements and notes thereto. The reverse stock split was primarily intended to prepare for the potential listing of the Company’s common stock on the Nasdaq Capital Market. The Company simultaneously affected a reduction in the number of authorized shares of common stock from 90,000,000 to 50,000,000. Common Stock We had 50,000,000 authorized shares of common stock at March 31, 2024 and 2023, respectively. There were 8,777,432 and 8,613,408 shares of common stock outstanding at March 31, 2024 and 2023, respectively. Preferred Stock We have 10,000,000 authorized shares of preferred stock and our board of directors has broad power to create one or more series of preferred stock and to designate the rights, preferences, privileges, and limitations of the holders of such series. There were no shares of preferred stock outstanding at March 31, 2024 and 2023. Earnings per Share All earnings per share amounts included in this annual report on Form 10-K are presented as if the one-for-four reverse stock split had been effective April 1, 2022. Basic EPS is computed by dividing reported earnings available to stockholders by the weighted average shares outstanding. Diluted EPS also includes the effect of stock options that would be dilutive. The following table provides a reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations, as required under FASB ASC 260. ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2024 ​ 2023 Basic EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (7,042,172) ​ $ (979,006) Weighted average shares ​ 8,717,160 ​ ​ 8,595,992 Net loss per share ​ $ (0.81) ​ $ (0.11) Diluted EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (7,042,172) ​ $ (979,006) Dilutive effect of stock options ​ — ​ ​ — Weighted average shares ​ 8,717,160 ​ ​ 8,595,992 Net loss per share ​ $ (0.81) ​ $ (0.11) ​ ​ All potential common stock equivalents that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS due to net loss for both periods. For the fiscal years ended March 31, 2024, and 2023, there were potential anti-dilutive stock options and warrants of 542,500 and 25,000, and 680,000 and 25,000, respectively, none of which were included in the EPS calculations above.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 7 – STOCK-BASED COMPENSATION Our board of directors, upon the recommendation of the compensation committee of our board of directors, approved the 2016 TechPrecision Equity Incentive Plan, or the “2016 Plan”, on November 10, 2016. Our stockholders approved the 2016 Plan at the Company’s Annual Meeting of Stockholders on December 8, 2016. The 2016 Plan succeeds the 2006 Plan (as defined below) and applies to awards granted after the 2016 Plan’s adoption by the Company’s stockholders. We have designed the 2016 Plan to reflect our commitment to having best practices in both compensation and corporate governance. Following the February 2023 reverse stock split, the 2016 Plan now provides for a share reserve of 1,250,000 shares of common stock. The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted and unrestricted stock awards, restricted stock units, and performance awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. The purpose of the 2016 Plan is to enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors, and consultants; and to provide those employees, directors, and consultants with an incentive for productivity, and an opportunity to share in the growth and value of the Company. Subject to adjustment as provided in the 2016 Plan, the maximum number of shares of common stock that may be issued with respect to awards under the 2016 Plan is 1,250,000 shares (inclusive of awards issued under the 2006 Long-Term Incentive Plan, or the “2006 Plan”, that remained outstanding as of the effective date of the 2016 Plan). Shares of our common stock subject to awards that expire unexercised or are otherwise forfeited shall again be available for awards under the 2016 Plan. The fair value of the options we grant is estimated using the Black-Scholes option-pricing model based on the closing stock prices at the grant date and the weighted average assumptions specific to the underlying options. Expected volatility assumptions are based on the historical volatility of our common stock. The average dividend yield over the historical period for which volatility was computed is zero. The risk-free interest rate was selected based upon yields of five-year U.S. Treasury issues. We used the simplified method for all grants to estimate the expected life of the option. We assume that stock options will be exercised evenly over the period from vesting until the awards expire. We account for award forfeitures as they occur. As such, the assumed period for each vesting tranche is computed separately and then averaged together to determine the expected term for the award. On March 31, 2024, there were 257,500 shares available for grant under the 2016 Plan. The following table summarizes information about options granted during the two most recently completed fiscal years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ Weighted ​ Aggregate ​ Remaining ​ ​ Number Of ​ Average ​ Intrinsic ​ Contractual Life ​ Options Exercise Price Value (in years) Outstanding at March 31, 2022 667,500 ​ $ 1.37 ​ $ 3,597,700 ​ 4.66 Canceled ​ — ​ ​ — ​ ​ — ​ — Outstanding at March 31, 2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Exercised ​ (125,000) ​ $ 0.68 ​ $ 846,250 ​ — Outstanding at March 31, 2024 ​ 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93 Vested or expected to vest at March 31, 2024 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93 Exercisable and vested at March 31, 2024 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93 ​ The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price and the exercise price multiplied by the number of in-the-money options on the measurement date) that would have been received by the option holders had all option holders exercised their options on March 31, 2024 and 2023. This amount changes based on the fair value of the Company’s common stock. At March 31, 2024, there was no remaining unrecognized compensation cost related to stock options. The maximum contractual term is ten years for option grants. Other information relating to stock options outstanding at March 31, 2024 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 ​ 1.36 ​ $ 0.32 ​ 192,500 ​ $ 0.32 $2.00-$2.99 350,000 ​ 3.16 ​ $ 2.19 ​ 350,000 ​ $ 2.19 Totals 542,500 ​ ​ 542,500 ​ ​ Common Stock Awards On September 15, 2022, we granted each non-employee director 6,250 shares of common stock for a total of 25,000 shares of common stock in the aggregate, of fully vested stock awards under the Plan in recognition of such directors’ service and in lieu of the annual grant to purchase Company common stock previously approved by the Board as annual director compensation. The fair value of the award was $144,000 based on the closing market price of the Company’s common stock on the grant date. On January 2, 2024, we granted 15,000 shares of the Company’s common stock pursuant to the 2016 Plan to the Company’s former CFO in connection with his consulting services agreement, which shares were fully vested on the grant date. The stock-based compensation expense of $79,500 was measured at fair value on the date of grant. Restricted Stock Awards Our board authorizes the issuance of restricted stock as service-based awards measured at fair value on the date of grant based on the number of shares expected to vest and the quoted market price of the Company’s common stock. The shares of restricted stock fully vested and ceased to be subject to forfeiture one year from the grant date. Each grantee is required to have been serving as a director on the vesting date and must have been continuously serving in such capacity from the grant date through the vesting date for the shares of restricted stock to vest. Prior to the vesting date, the grantee is not permitted to sell, transfer, pledge, assign or otherwise encumber the shares of restricted stock and if the grantee’s service with the Company has terminated prior to the vesting date, subject to certain exceptions, the grantee’s restricted stock is to have been forfeited automatically. On 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 employment with the Company continues 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. Total recognized compensation cost related to this award for the fiscal year ended March 31, 2024 was $27,675. On March 31, 2024, there was $83,025 of remaining unrecognized compensation cost related to this award which is expected to be recognized over the next three years. 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 restricted stock awards for the fiscal year ended March 31, 2024 and 2023 was $284,925 and $109,079, respectively.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Mar. 31, 2024
CONCENTRATION OF RISK
CONCENTRATION OF RISK	NOTE 8 - CONCENTRATION OF RISK We maintain bank account balances, which, at times, may exceed insured limits. We have not experienced any losses with these accounts and believe that we are not exposed to any significant credit risk on cash. In the fiscal years ended March 31, 2024 and 2023, one supplier accounted for 20% and 34%, respectively, of our purchased material. On March 31, 2024, there were trade accounts receivable balances outstanding from two customers comprising 58% of the total trade receivables balance. The following table sets forth information as to trade accounts receivable from customers who accounted for more than 10% of our accounts receivable balance as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ March 31, 2023 Customer Dollars Percent Dollars Percent A ​ $ 940,279 ​ 40 % $ 730,514 ​ 31 % B ​ $ * ​ * % $ 260,177 ​ 11 % C ​ $ 423,198 ​ 18 % $ * ​ * % D ​ $ * ​ * % $ 265,755 ​ 11 % * less than 10% of total

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2024
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	NOTE 9 - OTHER CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: March 31, 2024 March 31, 2023 Prepaid insurance ​ $ 336,578 ​ $ 162,075 Prepaid subscriptions ​ 119,983 ​ 120,570 Prepaid taxes ​ 27,266 ​ ​ 9,616 Supplier advances ​ ​ 26,142 ​ ​ — Deposits ​ ​ 19,800 ​ ​ 21,706 Employee advances ​ 16,978 ​ 4,561 Prepaid advisory fees, other ​ 16,941 ​ 30,455 Total ​ $ 563,688 ​ $ 348,983 ​

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2024
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NET ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net consisted of the following as of: March 31, 2024 March 31, 2023 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ 3,293,986 Machinery equipment, furniture, and fixtures ​ 25,590,644 ​ 23,018,713 Construction-in-progress ​ 148,606 ​ 149,576 Total property, plant, and equipment ​ 29,143,349 ​ 26,572,388 Less: accumulated depreciation ​ (14,345,358) ​ (12,658,364) Total property, plant and equipment, net ​ $ 14,797,991 ​ $ 13,914,024 ​ ​ In fiscal 2024 and 2023, we recorded depreciation expense of $1,746,103 and $1,557,910, respectively, in our cost of goods sold. We also recorded machinery and equipment disposals with a book value of $22,815. We also received $61,944 of proceeds from an insurance settlement related to certain fixed asset disposals abandoned by theft at our Stadco plant. We capitalize interest on borrowings during active construction period for major capital projects. Capitalized interest is added to the cost of the underlying assets and is amortized over the useful lives of the assets. Capitalized interest for the years ended March 31, 2024 and 2023 were $18,642 and $14,297, respectively. 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	12 Months Ended
	Mar. 31, 2024
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 11 - ACCRUED EXPENSES ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: March 31, 2024 March 31, 2023 Accrued compensation ​ $ 1,172,262 ​ $ 1,257,245 Provision for claims ​ ​ 516,972 ​ ​ 256,227 Provision for contract losses ​ 293,324 ​ 102,954 Accrued professional fees ​ 458,636 ​ 241,195 Accrued project costs ​ 560,428 ​ 440,550 Accrued breakup fee ​ ​ 1,116,800 ​ ​ — Other ​ 144,064 ​ 235,014 Total ​ $ 4,262,486 ​ $ 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. Due to a change in certain conditions and events, it became probable that on March 31, 2024, the Company would not be able to close on the acquisition of Votaw Technologies (see Note 17 - Subsequent Events

DEBT

DEBT	12 Months Ended
	Mar. 31, 2024
DEBT
DEBT	NOTE 12 – DEBT ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: March 31, 2024 March 31, 2023 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 2,647,275 ​ $ 3,186,495 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,215,643 ​ ​ 2,276,518 Ranor Revolver Loan, at 7.69% interest, due August 2024 ​ ​ 2,785,000 ​ ​ 650,000 Total debt ​ $ 7,647,918 ​ $ 6,113,013 Less: debt issue costs unamortized ​ $ 89,235 ​ $ 145,712 Total debt, net ​ $ 7,558,683 ​ $ 5,967,301 Less: Current portion of long-term debt ​ $ 7,558,683 ​ $ 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 continue to provide the Ranor Term Loan (as defined below) and the revolving line of credit, or the Revolver Loan. In addition, Berkshire Bank provided the Stadco Term Loan (as defined below) in the original amount of $4.0 million. The proceeds of the original Ranor Term Loan of $2.85 million were previously used to refinance existing mortgage debt of Ranor. The proceeds of the Revolver Loan are used for working capital and general corporate purposes of the Company. The proceeds of the Stadco Term Loan were to be used to support the acquisition of Stadco and refinance existing indebtedness of Stadco. Stadco Term Loan On August 25, 2021, Stadco borrowed $4.0 million from Berkshire Bank, or the “Stadco Term Loan”. Interest on the Stadco Term Loan is due on unpaid balances at a fixed rate per annum equal to the 7-year Federal Home Loan Bank of Boston Classic Advance The Company shall pay a late charge in the amount of 5% of each payment due under the Stadco Term Loan (other than the balloon payment due at maturity) which is more than ten days in arrears. In addition, from and after the date on which the Stadco Term Loan becomes due, or at Berkshire Bank’s option, could become due and payable (whether accelerated or not), at maturity, upon default or otherwise, interest shall accrue and shall be immediately due and payable at the default rate equal to 5% per annum greater than the interest rate otherwise in effect, but in no event higher than the maximum interest rate permitted by law. Unamortized debt issue costs on March 31, 2024 and 2023 were $30,007 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. Since December 20, 2021, Ranor and certain affiliates of the Company entered into four separate amendments to the Amended and Restated Loan Agreement and First Amendment to Promissory Note to extend the maturity date of the Ranor Term Loan from December 20, 2021 to December 15, 2022. On December 23, 2022, Ranor and certain affiliates of the Company entered into a Fifth Amendment to Amended and Restated Loan Agreement, Fifth Amendment to Promissory Note and First Amendment to Second Amended and Restated Promissory Note, or the “Amendment”. Effective as of December 20, 2022, the Amendment, among other things (i) extended the maturity date of the Ranor Term Loan to December 15, 2027, (ii) extended the maturity date of the Revolver Loan from December 20, 2022 to December 20, 2023, (iii) increases the interest rate on the Ranor Term Loan from 5.21% to 6.05% per annum, (iv) decreases the monthly payment on the Ranor Term Loan from $19,260 to $16,601, (v) replaces LIBOR as an option for the benchmark interest rate for the Revolver Loan with SOFR, (vi) replaces LIBOR-based interest pricing conventions with SOFR-based pricing conventions, including benchmark replacement provisions, and (vii) solely with respect to the fiscal quarter ending December 31, 2022, lowers the debt service coverage ratio from at least 1.2 to 1.0 to 1.1 to 1.0. 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) extended the maturity date of the Revolver Loan from December 20, 2023 to March 20, 2024; (ii) limited 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. On March 20, 2024, Ranor and certain affiliates of the Company entered into a Seventh Amendment to Amended and Restated Loan Agreement and Third Amendment to Second Amended and Restated Promissory Note, or the “Seventh Amendment”. Effective March 20, 2024, the Seventh Amendment, among other things (i) extended the maturity date of the Revolver Loan from March 20, 2024 to May 20, 2024; (ii) limited the use of proceeds from the Revolver Loan by the Company or its affiliates to $2,000,000 in the aggregate for due diligence and related professional costs incurred on or prior to May 10, 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. Through May 20, 2024, Ranor utilized a revolving line of credit with, following certain modifications, 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. The Company agrees to pay to Berkshire Bank, as consideration for Berkshire Bank’s agreement to make the Revolver Loan available, a nonrefundable Revolver Loan fee equal to 0.25% per annum (computed based on a year of 360 days and actual days elapsed) on the difference between the amount of: (a) $5.0 million, and (b) the average daily outstanding balance of the Revolver Loan during the quarterly period then ended. All Revolver Loan fees are payable quarterly in arrears on the first day of each January, April, July and October and on the Revolver Maturity Date, or upon acceleration of the Revolver Loan, if earlier. Interest-only payments on advances made under the Revolver Loan will continue to be payable monthly in arrears. Under the amended promissory note for the Revolver Loan, the Company pays interest at the Term SOFR-based rate. On May 28, 2024, Ranor and the other Borrowers entered into an Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note with Berkshire Bank. Effective May 24, 2024, the Eighth Amendment, among other things, (i) extends the maturity date of the Revolver Loan from May 24, 2024 to August 30, 2024; (ii) amends the maximum principal amount of the Revolver Loan from $5,000,000 to $4,500,000; and (iii) effective on June 1, 2024, increases the Term SOFR Margin (as defined in the Amendment) used to calculate the interest rate from 2.25% per annum to 2.50% per annum. On September 4, 2024, Ranor and the other Borrowers entered into a Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note, or the “Ninth Amendment”, with Berkshire Bank. Effective August 30, 2024, the Ninth Amendment, among other things, (i) extends the maturity date of the Revolver Loan from August 30, 2024 to January 15, 2025. Interest payments made under the Revolver Loan for the fiscal year ended March 31, 2024 and 2023 were $171,073 and $33,156, respectively. The weighted average interest rate at March 31, 2024 and March 31, 2023 was 7.60% and 5.02%, respectively. There was $2.8 million outstanding under the Revolver Loan at March 31, 2024. Unused borrowing capacity at March 31, 2024 and 2023 was approximately $0.5 million and $4.2 million, respectively. Unamortized debt issue costs at March 31, 2024 and March 31, 2023 were $59,228 and $101,230, respectively. Berkshire Loan Covenants For purposes of this discussion, Ranor and Stadco are referred to together as the “Borrowers”. The Ranor Term Loan, the Stadco Term Loan and the Revolver Loan, or together, the “Berkshire Loans”, may be accelerated upon the occurrence of an event of default as defined in the Berkshire Loan Agreement. Upon the occurrence and during the continuance of certain default events, at the option of Berkshire Bank, or automatically without notice or any other action upon the occurrence of certain other events specified in the loan agreement, the unpaid principal amount of the Loans and the Notes together with accrued interest and all other obligations owing by the Borrowers to Berkshire Bank would become immediately due and payable without presentment, demand, protest, or further notice of any kind. The Company agreed to maintain compliance with certain financial covenants under the Loan Agreement. Namely, The Borrowers agree to maintain the ratio of the Cash Flow of TechPrecision to the Total Debt Service of TechPrecision of not less than 1.20 to 1.00, (except for the fiscal quarter ended December 31, 2022, in which case such ratio of Cash Flow to Total Debt Service was not to be less than 1.10 to 1.00), measured quarterly on the last day of each fiscal quarter-annual period of TechPrecision on a trailing 12-month basis, commencing with the fiscal quarter ending as of September 30, 2021. Calculations will be based on the audited (year-end) and unaudited (quarterly) consolidated financial statements of TechPrecision. Quarterly tests will be measured based on the financial statements included in the Company’s quarterly reports on Form 10-Q within 60 days of the end of each quarter, and annual tests will be measured based on the financial statements included in the Company’s annual reports on Form 10-K within 120 days after the end of each fiscal annual period. Cash Flow means an amount, without duplication, equal to the sum of net income of TechPrecision plus (i) interest expense, plus (ii) taxes, plus (iii) depreciation and amortization, plus (iv) stock based compensation expense taken by TechPrecision, plus (v) non-cash losses and charges and one time or non-recurring expenses at Berkshire Bank’s discretion, less (vi) the amount of cash distributions, if any, made to shareholders or owners of TechPrecision, less (vii) cash taxes paid by the TechPrecision, all as determined in accordance with U.S. GAAP. “Total Debt Service” means an amount, without duplication, equal to the sum of (i) all amounts of cash interest paid on liabilities, obligations and reserves of TechPrecision paid by TechPrecision, (ii) all amounts paid by TechPrecision in connection with current maturities of long-term debt and preferred dividends, and (iii) all payments on account of capitalized leases, all as determined in accordance with U.S. GAAP. The Borrowers agree to cause their Balance Sheet Leverage to be less than or equal 2.50 to 1.00. Compliance with the foregoing shall be tested quarterly, as of the last day of each fiscal quarter of the Borrowers, commencing with the fiscal quarter ending September 30, 2021. “Balance Sheet Leverage” means, at any date of determination, the ratio of Borrowers’ (a) Total Liabilities, less Subordinated Debt, to (b) Net Worth, plus Subordinated Debt. The Borrowers agree that their combined annual capital expenditures shall not exceed $1.5 million. Compliance shall be tested annually, commencing with the fiscal year ending March 31, 2022. The Borrowers agree to maintain a Loan-to-Value Ratio of not greater than 0.75 to 1.00. “Loan-to-Value Ratio” means the ratio of (a) the sum of the outstanding balance of the Ranor Term Loan and the Stadco Term Loan, to (b) the fair market value of the property pledged as collateral for the loan, as determined by an appraisal obtained from time to time by Berkshire Bank, but not more frequently than one time during each 365 day period (provided that Berkshire Bank may obtain an appraisal at any time after either the Ranor Term Loan or the Stadco Term Loan has been accelerated), which appraisals shall be at the expense of the Borrowers. The Company was in compliance with all of the financial covenants at March 31, 2023, except for the combined capital expenditures limit, as it exceeded the capital expenditure limit of $1.5 million as defined in the agreement. On June 12, 2023, the Company and Berkshire Bank executed a waiver under which Berkshire Bank waived the Company’s noncompliance with the capital expenditure limit on March 31, 2023. The waiver document also contains an agreement by the parties to exclude from the calculation of capital expenditures for purposes of the Loan Agreement during the year ending March 31, 2024 any such expenditures made by the Company to the extent they are made using funds provided by customers of the Company for the purpose of making such capital expenditures. For the twelve months ended March 31, 2024, approximately $2.6 million of capital expenditures were excluded from the calculation. 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 Company’s short-term and long-term debt is all privately held with no public market for this debt and is considered to be Level 3 under the fair value hierarchy. The carrying value of short and long-term borrowings approximates their fair value.

OTHER NONCURRENT LIABILITY

OTHER NONCURRENT LIABILITY	12 Months Ended
	Mar. 31, 2024
OTHER NONCURRENT LIABILITY
OTHER NONCURRENT LIABILITY	NOTE 13 - OTHER NONCURRENT LIABILITY 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 2024. 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 consolidated balance sheets as a noncurrent liability as of March 31, 2024 and 2023 for $3.5 million and $1.2 million, respectively. Stadco entered into the Payment Agreement with the LADWP to settle previously outstanding amounts for water, water service, electric energy and/or electric service in the aggregate amount of $1,770,201 that were delinquent and unpaid. Under the Payment Agreement, Stadco will make monthly installment payments on the unpaid balance beginning on December 15, 2022, in an aggregate amount of $18,439 per month until the earlier of November 15, 2030, or the amount due is paid in full. Late payments under the Payment Agreement accrue a late payment charge equal to an 18% annual rate on the unpaid balance. This liability amount was included in the Company’s balance sheet as a current and noncurrent liability as of March 31, 2024 and March 31, 2023 for $0.2 million and $1.3 million, and $0.2 million, and $1.5 million, respectively.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2024
LEASES
LEASES	NOTE 14 – LEASES On August 25, 2021, Stadco became party to an amended building and property operating lease and recorded a right of use asset and liability of $6.6 million. Monthly base rent for the property is $82,998 per month. The term of the lease will expire on June 30, 2030, and the lessee has no right of renewal beyond the expiration date. The lease contains customary default provisions allowing the landlord to terminate the lease if the lessee fails to remedy a breach of its obligations under the lease within the period specified in the lease, or upon certain events of bankruptcy or seizure or attachment of the lessee’s assets or interest in the lease. The lease also contains other customary provisions for real property leases of this type. The following table lists our right-of-use assets and liabilities on our consolidated balance sheets at: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 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 ​ ​ (1,716,747) ​ ​ (1,033,474) Right of use asset, net ​ $ 4,977,665 ​ $ 5,660,938 Lease liability – operating lease ​ $ 5,124,823 ​ $ 5,819,365 Lease liability – finance leases ​ ​ 19,151 ​ ​ 36,336 Total lease liability ​ $ 5,143,974 ​ $ 5,855,701 ​ Other supplemental information regarding our leases is contained in the following tables: ​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the year ended: March 31, 2024 March 31, 2023 Operating lease amortization ​ $ 668,058 ​ $ 638,732 Finance lease amortization ​ $ 15,215 ​ $ 20,829 Finance lease interest ​ $ 834 ​ $ 1,536 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: March 31, 2024 March 31, 2023 Lease term (years) – operating lease 6.25 ​ 7.25 ​ Lease term (years) – finance lease ​ 2.00 ​ 0.75 ​ 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 year ended: March 31, 2024 March 31, 2023 Cash used in operating activities ​ $ 938,801 ​ $ 851,806 Cash used in financing activities ​ $ 17,185 ​ $ 36,572 ​ Maturities of lease liabilities at March 31, 2024 for the next five years and thereafter: ​ ​ ​ ​ ​ 2025 $ 948,701 2026 ​ 948,701 2027 ​ 938,801 2028 ​ 938,801 2029 ​ 938,801 Thereafter ​ 1,095,270 Total lease payments ​ $ 5,809,075 Less: imputed interest ​ 665,101 Total ​ $ 5,143,974 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 15 – COMMITMENTS AND CONTINGENCIES Employment Agreements We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at March 31, 2024 for future executive salaries was approximately $0.6 million. The aggregate commitment at March 31, 2024 was approximately $1.0 million for accrued payroll, vacation and holiday pay for the remainder of our employees. Purchase Commitments As of March 31, 2024, we had approximately $5.8 million in purchase obligations outstanding, which primarily consisted of contractual commitments to purchase new materials and supplies. Retirement Benefits Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $86,026 and $84,889 for the years ended March 31, 2024 and 2023, 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 case has been stayed and was resolved in principle at mediation on June 26, 2024. The PAGA settlement must be approved at a court hearing at a future date that has not been determined. The former employee’s individual claims were also resolved at mediation, and final settlement payment on the individual claims was due and paid in August, 2024.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Mar. 31, 2024
SEGMENT INFORMATION.
SEGMENT INFORMATION	NOTE 16 – SEGMENT INFORMATION The Company has two wholly owned subsidiaries, Ranor and Stadco that are each reportable segments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All the Company’s operations, assets, and customers are located in the U.S. Each reportable segment focuses on the manufacture and assembly of specific components, primarily for defense, aerospace and other industrial customers. However, both segments have separate operating, engineering, and sales teams. The Chief Operating Decision Maker, or CODM, evaluates the performance of our segments based upon, among other things, segment net sales and operating profit. Segment operating profit excludes general corporate costs. Corporate costs include executive and director compensation, stock-based compensation, and other corporate and administrative expenses not allocated to the segments. The segment operating profit metric is what the CODM uses in evaluating our results of operations and the financial measure that provides insight into our overall performance and financial position. The following table provides summarized financial information for our segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 March 31, 2023 Ranor ​ $ 17,820,542 ​ $ 19,181,539 Stadco ​ 14,567,287 ​ 12,250,075 Eliminate intersegment revenue ​ (796,770) ​ — Net sales from external customers ​ $ 31,591,059 ​ $ 31,431,614 Ranor operating income ​ 3,070,440 ​ 5,328,186 Stadco operating loss ​ (1,981,316) ​ (3,905,324) Corporate and unallocated (1) ​ ​ (5,721,324) ​ ​ (2,528,082) Operating loss ​ $ (4,632,200) ​ $ (1,105,220) Interest expense, net ​ (521,108) ​ (355,608) Refundable employee retention tax credits ​ -- ​ 636,564 Other income ​ 43,363 ​ 40,842 Consolidated loss before income taxes ​ $ (5,109,945) ​ $ (783,422) Assets ​ ​ ​ ​ Ranor ​ 11,972,805 ​ 11,350,905 Stadco ​ 22,420,276 ​ 23,817,425 Corporate and unallocated ​ 353,614 ​ 1,039,411 Totals ​ $ 34,746,695 ​ $ 36,207,741 Depreciation and amortization ​ ​ ​ ​ Ranor ​ 700,499 ​ 523,683 Stadco ​ 1,728,878 ​ 1,693,789 Totals ​ $ 2,429,377 ​ $ 2,217,472 Capital expenditures ​ ​ ​ ​ Ranor ​ 3,197,668 ​ 1,599,966 Stadco ​ 32,569 ​ 725,335 Totals ​ $ 3,230,237 ​ $ 2,325,301 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments. Prior period segment data is restated to reflect changes in corporate and administrative expenses not allocated to the segments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17 – SUBSEQUENT EVENTS Termination of the Votaw Acquisition On November 22, 2023 we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Doerfer Corporation (the “Seller”), pursuant to which, we would acquire all of the issued and outstanding common stock of Votaw Precision Technologies, Inc. (“Votaw”), and after giving effect to such purchase, Votaw was to become a wholly owned subsidiary of the Company. Due to a change in certain conditions and events, it became probable that on March 31, 2024, the Company would be unable to close on the acquisition, and we accrued $1.1 million for a termination fee (see Note 11, Accrued Expenses Since the Seller validly terminated the Purchase Agreement pursuant to Section 7.01(f) therein, the Company was required to pay to the Seller a termination fee, as the Seller’s exclusive remedy, consisting of 320,000 shares of the Company’s common stock issued into the name of the Seller (the “Stock Termination Fee”) (see Note 11, Accrued Expenses On April 29, 2024, we issued 320,000 shares of the Company’s common stock as the Stock Termination Fee.On May 2, 2024, the Company filed a registration statement on Form S-1, related to the offer and resale by the Seller of up to 320,000 shares of our common stock that were issued to the Seller as the Stock Termination Fee, which cannot be declared effective by the Securities and Exchange Commission until we have filed all of the required financial statements, including our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, Amendment to Amended and Restated Loan Agreement and Promissory Note On May 28, 2024, the Company entered into an Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note with Berkshire Bank. Effective May 24, 2024, among other things extended the maturity date of the Revolver Loan from May 24, 2024 to August 30, 2024. On September 4, 2024, Ranor and the other Borrowers entered into a Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note, or the “Ninth Amendment”, with Berkshire Bank. Effective August 30, 2024, the Ninth Amendment, among other things, (i) extends the maturity date of the Revolver Loan from August 30, 2024 to January 15, 2025. (see Note 12 - Debt). Private Placement of Common Stock and Warrants On July 3, 2024, the Company entered into a Securities Purchase Agreement, or the “Purchase Agreement”, with certain accredited investors, or the “Purchasers”, pursuant to which the Company agreed to sell in a private placement at an aggregate purchase price of approximately $2.3 million (see Note 2 – Basis of Presentation and Significant Accounting Policies

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,042,172)	$ (979,006)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation - one
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements -
Risks and Uncertainties	Going Concern, Risks and Uncertainties - As of March 31, 2024, we had $0.6 million in total available liquidity, consisting of $0.1 million in cash and cash equivalents, and approximately $0.5 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 March 20, 2024 (as defined below; see Note 11 – Debt On May 28, 2024, Ranor and certain affiliates of the Company entered into the Eighth Amendment to Amended and Restated Loan Agreement and Fourth Amendment to Second Amended and Restated Promissory Note, or the “Eighth Amendment” (see Note 12 – Debt acceptable third-party consultant. The lender has acknowledged receipt of that operational assessment of Stadco as required pursuant to the Eighth Amendment. On September 4, 2024, Ranor and the other Borrowers entered into a Ninth Amendment to Amended and Restated Loan Agreement and Fifth Amendment to Second Amended and Restated Promissory Note, or the “Ninth Amendment”, with Berkshire Bank. Effective August 30, 2024, the Ninth Amendment, among other things, (i) extends the maturity date of the Revolver Loan from August 30, 2024 to January 15, 2025. 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 March 31, 2024. 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. There was $7.6 million in total outstanding under the Loan Agreement on March 31, 2024. 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 consolidated balance sheet. The Company is exploring various means of strengthening its liquidity position and ensuring compliance with its debt financing covenants by making Stadco operations profitable, renewing our revolver loan, or entering into alternative debt facilities. On July 3, 2024, the Company entered into a Securities Purchase Agreement with certain accredited investors, pursuant to which the Company agreed to sell in a private placement at an aggregate purchase price of approximately $2.3 million, (i) 666,100 shares of the Company’s common stock, par value $0.0001 per share, and (ii) common stock purchase warrants to purchase up to 666,100 shares of Common Stock. The combined purchase price for one Share and one Purchaser Warrant was $3.45. The purpose of the Securities sale under the Purchase Agreement is to raise working capital for use by the Company. The closing of the offering occurred on July 8, 2024. (see Note 17 – Subsequent Events 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 or seek alternative financing by August 30, 2024. We must mitigate our recurring operating losses at our Stadco subsidiary, efficiently increase utilization of our manufacturing capacity at Stadco 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, and compliance with debt covenants at subsequent measurement dates raise substantial doubt about our ability to continue as a going concern for at least one-year after the date the consolidated financial statements included in this Annual Report on Form 10-K are issued. We believe our available cash, proceeds from a private placement offering, plus cash expected to be provided by operations and borrowing capacity available under the Revolver Loan (until August 2024 when the Company expects to renew), will be sufficient to fund our operations, expected capital expenditures, and principal and interest payments under our lease and debt obligations through the next 12 months from the issuance date of our financial statements. The consolidated financial statements for the fiscal year ended March 31, 2024, 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 consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Cash and cash equivalents	Cash and cash equivalents -
Accounts receivable and allowance for credit losses	Accounts receivable and allowance for credit losses - Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current industry trends, and changes in customer payment terms. Our normal collection cycle ranges between thirty and forty days. Estimated uncollectible amounts are charged to earnings and a credit to a valuation allowance. Balances which remain outstanding after reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Historically, the level of uncollectible accounts has not been significant. An allowance for credit losses of $22,000 was recorded at March 31, 2024 and 2023.
Inventories	Inventories -
Contract Assets	Contract Assets
Property, plant and equipment, net	Property, plant and equipment, net - Interest is capitalized for assets that are constructed or otherwise produced for our own use, including assets constructed or produced for us by others for which deposits or progress payments have been made. Interest is capitalized to the date the assets are available and ready for use. When an asset is constructed in stages, interest is capitalized for each stage until it is available and ready for use. We use the interest rate incurred on funds borrowed specifically for the project. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. In accordance with Accounting Standards Codification, or “ASC”, 360, Property, Plant & Equipment
Leases	Leases - Leases
Debt Issuance Costs	Debt Issuance Costs -
Contract Liabilities	Contract Liabilities costs within a one-year period. Contract liability amounts are recognized as revenue once control over the underlying performance obligation has transferred to the customer.
Fair Value Measurements	Fair Value Measurements - Fair Value Measurement ASC 825, Financial Instruments
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers (Topic 606), . The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. Otherwise, control to the promised goods or services transfers to customers at a point in time. Our customers make advance payments and progress payments under the terms of each manufacturing contract. The majority of the Company’s contracts have a single performance obligation and provide title to, or grant a security interest in, work-in-process to the customer. In addition, these contracts contain enforceable rights to payment, allowing the Company to recover both its cost and a reasonable margin on performance completed to date. The combination of these factors indicates that the customer controls the asset and revenue is recognized as the asset is created or enhanced. The Company measures progress for performance obligations satisfied over time using input methods (e.g., costs incurred, resources consumed, labor hours expended, and time elapsed). Under arrangements where the customer does not have title to, or a security interest in, the work-in-process, our evaluation of whether revenue should be recognized over time requires significant judgment about whether the asset has an alternative use and whether the entity has an enforceable right to payment for performance completed to date. When one or both of these factors is not present, the Company will recognize revenue at the point in time where control over the promised good or service transfers to the customer, i.e. when the customer has taken physical possession of the product the Company has built for the customer. The Company and its customers may occasionally enter into contract modifications, including change orders. The Company may account for the modification as a separate contract, the termination of an old contract and creation of a new contract, or as part of the original contract, depending on the nature and pricing of the goods or services included in the modification. In general, contract modifications - as well as other changes in estimates of sales, costs, and profits on a performance obligation - are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes in current and prior periods. A significant change in an estimate on one or more contracts in a period could have a material effect on the consolidated balance sheet or results of operations for that period. For the fiscal year ended March 31, 2024 and 2023, net cumulative catch-up adjustments were not material. No individual adjustment was material to the Company’s consolidated statements of operations loss for the fiscal year ended March 31, 2024 and 2023. If incentives and other contingencies are provided as part of the contract, the Company will include in the initial transaction price the consideration to which it expects to be entitled under the terms and conditions of the contract, generally estimated using an expected value or most likely amount approach. In the context of variable consideration, the Company limits, or constrains, the transaction price to amounts for which the Company believes a significant reversal of revenue is not probable. Adjustments to constrain the transaction price may be due to a portion of the transaction price being more than approved funding, a lack of history with the customer, a lack of history with the goods or services being provided, or other items. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in the consolidated statements of operations and are not considered a performance obligation to our customers.
Contract Estimates	Contract Estimates The cost estimation process requires significant judgment and is based upon the professional knowledge and experience of the Company’s engineers, program managers, and financial professionals. Factors considered in estimating the work to be completed and ultimate contract recovery include the availability, productivity, and cost of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance, the availability and timing of funding from the customer, and the recoverability of any claims included in the estimates to complete. Costs allocable to undelivered units are reported as work in process, a component of inventory, in the consolidated balance sheet. Pre-contract fulfillment costs requiring capitalization are not material.
Selling, general and administrative	Selling, general and administrative ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Salaries and related expenses $ 2,342,316 $ 2,823,979 Professional fees ​ ​ 1,721,487 ​ ​ 1,795,904 Other general and administrative ​ 1,719,615 ​ 1,388,998 Due diligence advisory and legal fees related to acquisition termination ​ ​ 1,850,158 ​ ​ — Stock based acquisition termination fee ​ 1,116,800 ​ — Total Selling, general and administrative ​ $ 8,750,376 ​ $ 6,008,881
Stock-based Compensation	Stock-based Compensation -
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock -
Income Taxes	Income Taxes - Income Taxes . Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We recognize interest and penalties accrued related to income tax liabilities in selling, general and administrative expense in our Consolidated Statements of Operations.

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2024
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Schedule of selling, general, and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Salaries and related expenses $ 2,342,316 $ 2,823,979 Professional fees ​ ​ 1,721,487 ​ ​ 1,795,904 Other general and administrative ​ 1,719,615 ​ 1,388,998 Due diligence advisory and legal fees related to acquisition termination ​ ​ 1,850,158 ​ ​ — Stock based acquisition termination fee ​ 1,116,800 ​ — Total Selling, general and administrative ​ $ 8,750,376 ​ $ 6,008,881

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Mar. 31, 2024
REVENUE
Schedule of net sales on a disaggregated basis by market and contract type	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by market Defense Industrial Totals Year ended March 31, 2024 ​ $ 31,405,569 ​ $ 185,490 ​ $ 31,591,059 Year ended March 31, 2023 ​ $ 30,935,138 ​ $ 496,476 ​ $ 31,431,614 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales by contract type Over-time Point-in-time Totals Year ended March 31, 2024 ​ $ 30,412,981 ​ $ 1,178,078 ​ $ 31,591,059 Year ended March 31, 2023 ​ $ 29,785,799 ​ $ 1,645,815 ​ $ 31,431,614
Schedule of contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Progress ​ ​ ​ Contract assets Unbilled Payments Total March 31, 2024 ​ $ 19,254,512 ​ $ (10,727,786) ​ $ 8,526,726 March 31, 2023 ​ $ 19,485,914 ​ $ (10,538,103) ​ $ 8,947,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liabilities Deferred revenue Customer Deposits Total March 31, 2024 ​ $ 2,103,567 ​ $ 1,684,366 ​ $ 3,787,933 March 31, 2023 ​ $ 1,195,298 ​ $ 1,138,293 ​ $ 2,333,591 ​
Sales
REVENUE
Schedule of trade accounts receivable from customers who accounted for more than 10%	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Customer Amount Percent Amount Percent Customer A ​ $ 9,050,470 29 % $ 6,352,394 20 % Customer B ​ $ 3,257,616 10 % $ * * % Customer C ​ $ * * % $ 4,779,592 15 % Customer D ​ $ 3,830,958 ​ 12 % $ 3,248,773 ​ 10 % Customer E ​ $ 3,319,827 ​ 10 % $ 5,838,734 ​ 19 % * Less than 10% of total

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2024
INCOME TAXES
Schedule of income and loss from continuing operations by location	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Loss before income taxes ​ $ (5,109,945) ​ $ (783,422) Income tax expense ​ 1,932,227 ​ 195,584 Net loss ​ $ (7,042,172) ​ $ (979,006)
Schedule of components of income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Current: ​ ​ Federal ​ $ — ​ $ — State ​ 1,041 ​ — Total Current ​ $ 1,041 ​ $ — Deferred: ​ ​ ​ ​ Federal ​ $ 2,087,627 ​ $ (261,372) State ​ (156,441) ​ 456,956 Total Deferred ​ $ 1,931,186 ​ $ 195,584 Income tax expense (benefit) ​ $ 1,932,227 ​ $ 195,584
Schedule of reconciliation between income taxes computed at the U.S. federal statutory rate to the actual tax expense for income taxes reported in the consolidated statements of operations and comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 U.S. statutory income tax ​ $ (1,073,088) ​ $ (164,519) ​ State income tax, net of federal benefit ​ (164,433) ​ (151,878) ​ Nondeductible items related to business combination and dissolved foreign entity ​ ​ — ​ ​ 65,482 ​ Change in state NOLs ​ ​ — ​ ​ 239,622 ​ Change in valuation allowance ​ ​ 3,141,588 ​ ​ 216,485 ​ Stock-based compensation ​ — ​ (20,983) ​ Other ​ 28,160 ​ 11,375 ​ Income tax expense ​ $ 1,932,227 ​ $ 195,584 ​ Effective tax rate* ​ 37.8 % 25.0 % Effective tax rate is calculated by dividing the income tax provision by loss before income taxes.
Schedule of the components of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Deferred tax assets: ​ ​ Net operating loss carryforward ​ $ 6,302,402 ​ $ 5,839,915 Compensation ​ 142,232 ​ 213,308 Stock based compensation awards ​ ​ 7,525 ​ ​ 242,579 Operating leases ​ ​ 1,195,891 ​ ​ — Other items not currently deductible ​ 536,664 ​ 126,792 Total deferred tax assets ​ 8,184,714 ​ 6,422,594 Valuation allowance ​ ​ (5,311,680) ​ ​ (2,170,094) Net deferred tax assets ​ 2,873,034 ​ 4,252,500 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,562,744) ​ ​ (1,971,644) Operating leases ​ ​ (1,157,079) ​ ​ — Contract accounting methods ​ ​ (153,211) ​ ​ (349,670) Total deferred tax liabilities ​ (2,873,034) ​ (2,321,314) Deferred taxes, net ​ $ — ​ $ 1,931,186

CAPITAL STOCK and EARNINGS PE_2

CAPITAL STOCK and EARNINGS PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2024
CAPITAL STOCK and EARNINGS PER SHARE
Schedule of reconciliation of the numerators and denominators reflected in the basic and diluted earnings per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2024 ​ 2023 Basic EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (7,042,172) ​ $ (979,006) Weighted average shares ​ 8,717,160 ​ ​ 8,595,992 Net loss per share ​ $ (0.81) ​ $ (0.11) Diluted EPS ​ ​ ​ ​ ​ ​ Net loss ​ $ (7,042,172) ​ $ (979,006) Dilutive effect of stock options ​ — ​ ​ — Weighted average shares ​ 8,717,160 ​ ​ 8,595,992 Net loss per share ​ $ (0.81) ​ $ (0.11)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2024
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, 2022 667,500 ​ $ 1.37 ​ $ 3,597,700 ​ 4.66 Canceled ​ — ​ ​ — ​ ​ — ​ — Outstanding at March 31, 2023 ​ 667,500 ​ $ 1.37 ​ $ 3,804,625 ​ 3.70 Exercised ​ (125,000) ​ $ 0.68 ​ $ 846,250 ​ — Outstanding at March 31, 2024 ​ 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93 Vested or expected to vest at March 31, 2024 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93 Exercisable and vested at March 31, 2024 542,500 ​ $ 1.53 ​ $ 1,128,825 ​ 2.93
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 ​ 1.36 ​ $ 0.32 ​ 192,500 ​ $ 0.32 $2.00-$2.99 350,000 ​ 3.16 ​ $ 2.19 ​ 350,000 ​ $ 2.19 Totals 542,500 ​ ​ 542,500 ​

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	12 Months Ended
	Mar. 31, 2024
Accounts Receivable
CONCENTRATION OF RISK
Schedule of trade accounts receivable from customers who accounted for more than 10%	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ March 31, 2023 Customer Dollars Percent Dollars Percent A ​ $ 940,279 ​ 40 % $ 730,514 ​ 31 % B ​ $ * ​ * % $ 260,177 ​ 11 % C ​ $ 423,198 ​ 18 % $ * ​ * % D ​ $ * ​ * % $ 265,755 ​ 11 % * less than 10% of total

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2024
OTHER CURRENT ASSETS
Schedule of other current assets	​ ​ ​ ​ ​ ​ ​ ​ Other current assets included the following as of: March 31, 2024 March 31, 2023 Prepaid insurance ​ $ 336,578 ​ $ 162,075 Prepaid subscriptions ​ 119,983 ​ 120,570 Prepaid taxes ​ 27,266 ​ ​ 9,616 Supplier advances ​ ​ 26,142 ​ ​ — Deposits ​ ​ 19,800 ​ ​ 21,706 Employee advances ​ 16,978 ​ 4,561 Prepaid advisory fees, other ​ 16,941 ​ 30,455 Total ​ $ 563,688 ​ $ 348,983 ​

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2024
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of components of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net consisted of the following as of: March 31, 2024 March 31, 2023 Land ​ $ 110,113 ​ $ 110,113 Building and improvements ​ 3,293,986 ​ 3,293,986 Machinery equipment, furniture, and fixtures ​ 25,590,644 ​ 23,018,713 Construction-in-progress ​ 148,606 ​ 149,576 Total property, plant, and equipment ​ 29,143,349 ​ 26,572,388 Less: accumulated depreciation ​ (14,345,358) ​ (12,658,364) Total property, plant and equipment, net ​ $ 14,797,991 ​ $ 13,914,024

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Mar. 31, 2024
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses included the following as of: March 31, 2024 March 31, 2023 Accrued compensation ​ $ 1,172,262 ​ $ 1,257,245 Provision for claims ​ ​ 516,972 ​ ​ 256,227 Provision for contract losses ​ 293,324 ​ 102,954 Accrued professional fees ​ 458,636 ​ 241,195 Accrued project costs ​ 560,428 ​ 440,550 Accrued breakup fee ​ ​ 1,116,800 ​ ​ — Other ​ 144,064 ​ 235,014 Total ​ $ 4,262,486 ​ $ 2,533,185

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Mar. 31, 2024
DEBT
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ Long-term debt included the following as of: March 31, 2024 March 31, 2023 Stadco Term Loan, at 3.79% interest, due August 2028 ​ $ 2,647,275 ​ $ 3,186,495 Ranor Term Loan, at 6.05% interest, due December 2027 ​ ​ 2,215,643 ​ ​ 2,276,518 Ranor Revolver Loan, at 7.69% interest, due August 2024 ​ ​ 2,785,000 ​ ​ 650,000 Total debt ​ $ 7,647,918 ​ $ 6,113,013 Less: debt issue costs unamortized ​ $ 89,235 ​ $ 145,712 Total debt, net ​ $ 7,558,683 ​ $ 5,967,301 Less: Current portion of long-term debt ​ $ 7,558,683 ​ $ 1,218,162 Total long-term debt, net ​ $ — ​ $ 4,749,139

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2024
LEASES
Schedule of right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 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 ​ ​ (1,716,747) ​ ​ (1,033,474) Right of use asset, net ​ $ 4,977,665 ​ $ 5,660,938 Lease liability – operating lease ​ $ 5,124,823 ​ $ 5,819,365 Lease liability – finance leases ​ ​ 19,151 ​ ​ 36,336 Total lease liability ​ $ 5,143,974 ​ $ 5,855,701
Schedule of other supplemental information regarding our leases	​ ​ ​ ​ ​ ​ ​ ​ Components of lease expense for the year ended: March 31, 2024 March 31, 2023 Operating lease amortization ​ $ 668,058 ​ $ 638,732 Finance lease amortization ​ $ 15,215 ​ $ 20,829 Finance lease interest ​ $ 834 ​ $ 1,536 ​ ​ ​ ​ ​ ​ ​ Weighted average lease term and discount rate at: March 31, 2024 March 31, 2023 Lease term (years) – operating lease 6.25 ​ 7.25 ​ Lease term (years) – finance lease ​ 2.00 ​ 0.75 ​ 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 year ended: March 31, 2024 March 31, 2023 Cash used in operating activities ​ $ 938,801 ​ $ 851,806 Cash used in financing activities ​ $ 17,185 ​ $ 36,572 ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ 2025 $ 948,701 2026 ​ 948,701 2027 ​ 938,801 2028 ​ 938,801 2029 ​ 938,801 Thereafter ​ 1,095,270 Total lease payments ​ $ 5,809,075 Less: imputed interest ​ 665,101 Total ​ $ 5,143,974 ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2024
SEGMENT INFORMATION.
Summary of financial information for segments	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 March 31, 2023 Ranor ​ $ 17,820,542 ​ $ 19,181,539 Stadco ​ 14,567,287 ​ 12,250,075 Eliminate intersegment revenue ​ (796,770) ​ — Net sales from external customers ​ $ 31,591,059 ​ $ 31,431,614 Ranor operating income ​ 3,070,440 ​ 5,328,186 Stadco operating loss ​ (1,981,316) ​ (3,905,324) Corporate and unallocated (1) ​ ​ (5,721,324) ​ ​ (2,528,082) Operating loss ​ $ (4,632,200) ​ $ (1,105,220) Interest expense, net ​ (521,108) ​ (355,608) Refundable employee retention tax credits ​ -- ​ 636,564 Other income ​ 43,363 ​ 40,842 Consolidated loss before income taxes ​ $ (5,109,945) ​ $ (783,422) Assets ​ ​ ​ ​ Ranor ​ 11,972,805 ​ 11,350,905 Stadco ​ 22,420,276 ​ 23,817,425 Corporate and unallocated ​ 353,614 ​ 1,039,411 Totals ​ $ 34,746,695 ​ $ 36,207,741 Depreciation and amortization ​ ​ ​ ​ Ranor ​ 700,499 ​ 523,683 Stadco ​ 1,728,878 ​ 1,693,789 Totals ​ $ 2,429,377 ​ $ 2,217,472 Capital expenditures ​ ​ ​ ​ Ranor ​ 3,197,668 ​ 1,599,966 Stadco ​ 32,569 ​ 725,335 Totals ​ $ 3,230,237 ​ $ 2,325,301 (1) Corporate general costs include executive and director compensation, and other corporate administrative expenses not allocated to the segments.

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)			12 Months Ended
	Jul. 03, 2024 USD ($) $ / shares shares	Feb. 23, 2023	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	May 28, 2024 USD ($)	May 24, 2024 USD ($)	May 23, 2024 USD ($)	Mar. 20, 2024 USD ($)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Reverse stock split conversion ratio		0.25
Pre-tax losses			$ (5,109,945)	$ (783,422)
Total available liquidity			600,000	4,700,000
Cash and cash equivalents			138,402	534,474
Undrawn capacity under revolving loan			$ 500,000	$ 4,200,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001
Accounts Receivable, Allowance for Credit Loss			$ 22,000	$ 22,000
Subsequent event | Private placement
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Aggregate purchase price	$ 2,300,000
Issuance of common stock (in shares) | shares	666,100
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Warrants issued to purchase common stock | shares	666,100
Combined purchase price of share and warrant | $ / shares	$ 3.45
Placement agent's fees	$ 126,014
Revolver loan
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Revolver loan, commitment amount			5,000,000
Revolver loan | Subsequent event
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Revolver loan, commitment amount					$ 4,500,000	$ 4,500,000	$ 5,000,000
Berkshire Loan
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Revolving credit, limitations in use of proceeds								$ 2,000,000
Amount of total debt outstanding			7,600,000
Berkshire Loan | Revolver loan
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Amount of total debt outstanding			$ 2,800,000
Machinery And Equipment [Member] | Minimum [Member]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life			5 years
Machinery And Equipment [Member] | Maximum [Member]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life			15 years
Building [Member]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life			30 years
Leasehold Improvements [Member] | Minimum [Member]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life			2 years
Leasehold Improvements [Member] | Maximum [Member]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Property, Plant and Equipment, Useful Life			5 years

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SG&A, Stock Based Compensation (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Selling, General, and Administrative
Salaries and related expenses	$ 2,342,316	$ 2,823,979
Professional fees	1,721,487	1,795,904
Other general and administrative	1,719,615	1,388,998
Due diligence advisory and legal fees related to acquisition termination	1,850,158
Stock based acquisition termination fee	1,116,800
Total Selling, General and Administrative	8,750,376	6,008,881
Selling, general and administrative expenses
Stock Based Compensation
Stock based compensation cost	$ 284,925	$ 253,079

REVENUE - Disaggregated basis (

REVENUE - Disaggregated basis (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Net Sales	$ 31,591,059	$ 31,431,614
Over-time
REVENUE
Net Sales	30,412,981	29,785,799
Point-in-time
REVENUE
Net Sales	1,178,078	1,645,815
Defense
REVENUE
Net Sales	31,405,569	30,935,138
Industrial
REVENUE
Net Sales	$ 185,490	$ 496,476

REVENUE - Net sales from custom

REVENUE - Net sales from customers (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Revenues	$ 31,591,059	$ 31,431,614
Customer A | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 9,050,470	$ 6,352,394
Concentration risk percentage	29%	20%
Customer A | Customer concentration risk | Accounts Receivable
REVENUE
Concentration risk percentage	40%	31%
Customer B | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 3,257,616
Concentration risk percentage	10%
Customer B | Customer concentration risk | Accounts Receivable
REVENUE
Concentration risk percentage		11%
Customer C | Customer concentration risk | Sales revenue, net
REVENUE
Revenues		$ 4,779,592
Concentration risk percentage		15%
Customer C | Customer concentration risk | Accounts Receivable
REVENUE
Concentration risk percentage	18%
Customer D | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 3,830,958	$ 3,248,773
Concentration risk percentage	12%	10%
Customer D | Customer concentration risk | Accounts Receivable
REVENUE
Concentration risk percentage		11%
Customer E | Customer concentration risk | Sales revenue, net
REVENUE
Revenues	$ 3,319,827	$ 5,838,734
Concentration risk percentage	10%	19%

REVENUE - Contract assets and c

REVENUE - Contract assets and contract liabilities (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Contract assets	$ 8,526,726	$ 8,947,811
Contract liabilities	3,787,933	2,333,591
Deferred revenue
REVENUE
Contract liabilities	2,103,567	1,195,298
Customer Deposits
REVENUE
Contract liabilities	1,684,366	1,138,293
Unbilled
REVENUE
Contract assets	19,254,512	19,485,914
Progress Payments
REVENUE
Contract assets	$ (10,727,786)	$ (10,538,103)

REVENUE - Additional informatio

REVENUE - Additional information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Remaining performance obligation amount	$ 50
Revenue remaining performance obligation completed less than 50%	$ 41.4
Revenue, remaining performance obligation, percentage	50%
Revenue recognized by contract liabilities	$ 1.2	$ 1.8
Minimum
REVENUE
Remaining performance obligation expected timing of satisfaction period	3 months
Maximum
REVENUE
Remaining performance obligation expected timing of satisfaction period	36 months

INCOME TAXES - Income tax provi

INCOME TAXES - Income tax provision (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Loss before income taxes	$ (5,109,945)	$ (783,422)
Income tax expense	1,932,227	195,584
Net loss	(7,042,172)	(979,006)
Current:
State	1,041
Total Current	1,041
Deferred:
Federal	2,087,627	(261,372)
State	(156,441)	456,956
Total Deferred	1,931,186	195,584
Income tax expense	$ 1,932,227	$ 195,584

INCOME TAXES - U.S. Federal Sta

INCOME TAXES - U.S. Federal Statutory Rate To Actual Tax Provision (Benefit) For Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
U.S. statutory income tax	$ (1,073,088)	$ (164,519)
State income tax, net of federal benefit	(164,433)	(151,878)
Nondeductible items related to business combination and dissolved foreign entity		65,482
Change in state NOLs		239,622
Change in valuation allowance	3,141,588	216,485
Stock-based compensation		(20,983)
Other	28,160	11,375
Income tax expense	$ 1,932,227	$ 195,584
Effective tax rate	37.80%	25%

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Net operating loss carryforward	$ 6,302,402	$ 5,839,915
Compensation	142,232	213,308
Stock based compensation awards	7,525	242,579
Operating leases	1,195,891	0
Other items not currently deductible	536,664	126,792
Total deferred tax assets	8,184,714	6,422,594
Valuation allowance	(5,311,680)	(2,170,094)
Net deferred tax assets	2,873,034	4,252,500
Deferred tax liabilities:
Depreciation	(1,562,744)	(1,971,644)
Operating leases	(1,157,079)	0
Contract accounting methods	(153,211)	(349,670)
Total deferred tax liabilities	$ (2,873,034)	(2,321,314)
Deferred taxes, net		$ 1,931,186

INCOME TAXES - Carryforwards an

INCOME TAXES - Carryforwards and Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Carryforwards of net operating losses and tax credits
Income tax rate	21%	21%
Valuation allowance on deferred tax assets	$ 5,311,680	$ 2,170,094
Tax Years Prior to 2021
Carryforwards of net operating losses and tax credits
Net operating losses	9,900,000
Federal
Carryforwards of net operating losses and tax credits
Net operating losses	$ 19,300,000

CAPITAL STOCK and EARNINGS PE_3

CAPITAL STOCK and EARNINGS PER SHARE - (EPS) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic EPS
Net loss	$ (7,042,172)	$ (979,006)
Weighted average shares	8,717,160	8,595,992
Net loss per share	$ (0.81)	$ (0.11)
Diluted EPS
Net loss	$ (7,042,172)	$ (979,006)
Weighted average shares	8,717,160	8,595,992
Net loss per share	$ (0.81)	$ (0.11)
Employee Stock Option
Diluted EPS
Antidilutive securities excluded from computation of earnings per share amount (in shares)	542,500	680,000
Warrant [Member]
Diluted EPS
Antidilutive securities excluded from computation of earnings per share amount (in shares)	25,000	25,000

CAPITAL STOCK and EARNINGS PE_4

CAPITAL STOCK and EARNINGS PER SHARE - Additional Information (Details)	Feb. 23, 2023 shares	Mar. 31, 2024 series shares	Mar. 31, 2023 shares	Feb. 22, 2023 shares
CAPITAL STOCK and EARNINGS PER SHARE
Reverse stock split conversion ratio	0.25
Number of authorized common shares	50,000,000	50,000,000	50,000,000	90,000,000
Number of outstanding common shares		8,777,432	8,613,408
Preferred Stock, Shares Authorized		10,000,000
Number of series of preferred stock | series		1
Shares of preferred stock outstanding		0	0

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock option activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Number Of Options
Outstanding at the beginning of the period (in shares)	667,500	667,500
Exercised (in shares)	(125,000)
Outstanding at the end of the period (in shares)	542,500	667,500	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	$ 1.37
Exercised (in dollars per share)	0.68
Outstanding at the end of the period (in dollars per share)	1.53	$ 1.37	$ 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	$ 3,597,700
Exercised	846,250
Outstanding value at the end of the period	1,128,825	$ 3,804,625	$ 3,597,700
Vested or expected to vest at the end of the period	1,128,825
Exercisable and vested at the end of the period	$ 1,128,825
Weighted Average Remaining Contractual Life (in years)
Outstanding at the end of the period	2 years 11 months 4 days	3 years 8 months 12 days	4 years 7 months 28 days
Vested or expected to vest at the end of the period	2 years 11 months 4 days
Exercisable and vested at the end of the period	2 years 11 months 4 days

STOCK-BASED COMPENSATION - St_2

STOCK-BASED COMPENSATION - Stock options outstanding by exercise price (Details)	12 Months Ended
	Mar. 31, 2024 $ / 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 4 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 1 month 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 ($)			12 Months Ended
	Jan. 02, 2024	Aug. 03, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
STOCK-BASED COMPENSATION
Maximum contractual term (in years)			2 years 11 months 4 days	3 years 8 months 12 days	4 years 7 months 28 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			5 years
Stock based compensation and restricted stock awards			$ 284,925	$ 253,079
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 and restricted stock awards			284,925	$ 109,079
Compensation cost			27,675
Unrecognized compensation cost			$ 83,025
2016 Plan
STOCK-BASED COMPENSATION
Shares reserved			1,250,000
Shares available for grant			257,500
Maximum | 2016 Plan
STOCK-BASED COMPENSATION
Number of shares of common stock			1,250,000
Former chief financial officer | 2016 Plan
STOCK-BASED COMPENSATION
Restricted stock award (in shares)	15,000
Stock Issued For Finder Fee	$ 79,500

STOCK-BASED COMPENSATION - Boar

STOCK-BASED COMPENSATION - Board of directors common stock award (Details) - USD ($)	Oct. 11, 2023	Sep. 15, 2022
Service-based restricted stock two
STOCK-BASED COMPENSATION
Fair value estimated on grant date	$ 177,750
2016 Plan | Service-based restricted stock one
STOCK-BASED COMPENSATION
Granted a total of shares of restricted stock	25,000
Non-employee director | Employee Stock Option
STOCK-BASED COMPENSATION
Common stock shares granted to each non-employee director (in shares)		6,250
Aggregate common stock shares granted to non-employee director (in shares)		25,000
Fair value of the award		$ 144,000

CONCENTRATION OF RISK (Details)

CONCENTRATION OF RISK (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) customer	Mar. 31, 2023 USD ($)
CONCENTRATION OF RISK
Accounts receivable	$ 2,371,264	$ 2,336,481
Accounts Receivable | Customer concentration risk | Customer A
CONCENTRATION OF RISK
Accounts receivable	$ 940,279	$ 730,514
Concentration risk percentage	40%	31%
Accounts Receivable | Customer concentration risk | Customer B
CONCENTRATION OF RISK
Accounts receivable		$ 260,177
Concentration risk percentage		11%
Accounts Receivable | Customer concentration risk | Customer C
CONCENTRATION OF RISK
Accounts receivable	$ 423,198
Concentration risk percentage	18%
Accounts Receivable | Customer concentration risk | Customer D
CONCENTRATION OF RISK
Accounts receivable		$ 265,755
Concentration risk percentage		11%
Accounts Receivable | Customer concentration risk | Customers
CONCENTRATION OF RISK
Concentration risk percentage	10%
Accounts Receivable | Customer concentration risk | One supplier
CONCENTRATION OF RISK
Concentration risk percentage	20%	34%
Trade Receivables
CONCENTRATION OF RISK
Number of significant customers | customer	2
Trade Receivables | Customer concentration risk | Customers ACD
CONCENTRATION OF RISK
Concentration risk percentage	58%

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
OTHER CURRENT ASSETS
Prepaid insurance	$ 336,578	$ 162,075
Prepaid subscriptions	119,983	120,570
Prepaid taxes	27,266	9,616
Supplier advances	26,142
Deposits	19,800	21,706
Employee advances	16,978	4,561
Prepaid advisory fees, other	16,941	30,455
Total	$ 563,688	$ 348,983

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Total property, plant, and equipment	$ 29,143,349	$ 26,572,388
Less: accumulated depreciation and amortization	(14,345,358)	(12,658,364)
Total property, plant and equipment, net	14,797,991	13,914,024
Depreciation expense	1,746,103	1,557,910
Proceeds from fixed assets insurance settlement	61,944
Capitalized interest	18,642	14,297
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	25,590,644	23,018,713
Construction-in-progress
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, Gross	148,606	$ 149,576
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Book value	$ 22,815

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
ACCRUED EXPENSES
Accrued compensation	$ 1,172,262	$ 1,257,245
Provision for claims	516,972	256,227
Provision for contract losses	293,324	102,954
Accrued professional fees	458,636	241,195
Accrued project costs	560,428	440,550
Accrued breakup fee	1,116,800
Other	144,064	235,014
Total	$ 4,262,486	$ 2,533,185

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
DEBT
Total debt	$ 7,647,918	$ 6,113,013
Less: debt issue costs unamortized	89,235	145,712
Total debt, net	7,558,683	5,967,301
Less: Current portion of long-term debt	7,558,683	1,218,162
Total long-term debt, net		4,749,139
Stadco Term Loan, at 3.79% interest, due August 2028
DEBT
Total debt	$ 2,647,275	3,186,495
Interest rate (as a percent)	3.79%
Ranor Term Loan, at 6.05% interest, due December 2027
DEBT
Total debt	$ 2,215,643	2,276,518
Interest rate (as a percent)	6.05%
Ranor Revolver Loan, at 7.69% interest, due August 2024
DEBT
Total debt	$ 2,785,000	$ 650,000
Interest rate (as a percent)	7.69%

DEBT - Additional Information (

DEBT - Additional Information (Details)

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 01, 2024

May 31, 2024

Dec. 30, 2022

Dec. 23, 2022 USD ($)

Aug. 25, 2021 USD ($)

Dec. 21, 2016 USD ($)

Dec. 21, 2016 USD ($)

Dec. 31, 2022

Mar. 31, 2024 USD ($)

Mar. 31, 2023 USD ($)

May 28, 2024 USD ($)

May 24, 2024 USD ($)

May 23, 2024 USD ($)

DEBT

Proceeds from term loan

$ 7,160,000

$ 10,885,150

Default interest rate

5

Unused borrowing capacity

$ 500,000

4,200,000

Capital expenditures

3,230,237

2,325,301

Subsequent event

DEBT

Basis spread on variable rate (as a percent)

2.50%

2.25%

Revolver loan

DEBT

Maximum principal amount

5,000,000

Interest payments

171,073

33,156

Revolver loan | Subsequent event

DEBT

Maximum principal amount

$ 4,500,000

$ 4,500,000

$ 5,000,000

Ranor, Inc.

DEBT

Unamortized closing costs

$ 59,228

101,230

Minimum

DEBT

Interest rate (as a percent)

5.21%

Maximum

DEBT

Interest rate (as a percent)

6.05%

Stadco Term Loan, at 3.79% interest, due August 2028

DEBT

Interest rate (as a percent)

3.79%

Stadco Term Loan, at 3.79% interest, due August 2028 | Ranor, Inc. | Revolver loan

DEBT

Principal amount of debt

$ 4,000,000

Debt Instrument, Face Amount

4,000,000

Stadco Term Loan at 3.79% interest, due August 2028.

DEBT

Principal amount of debt

$ 4,000,000

Maturity term

7 years

Monthly payments of principal and interest amount

$ 54,390

Debt Instrument, Face Amount

$ 4,000,000

Basis spread on variable rate (as a percent)

2.25%

Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]

tpcs:FederalHomeLoanBankOfBostonClassicAdvanceRateMember

Stadco Term Loan at 2.25% interest, due August 2028

DEBT

Unamortized debt issuance expense

$ 30,007

$ 44,482

Ranor term loan

DEBT

Required minimum debt service coverage ratio, solely with respect to the fiscal quarter ending December 31, 2022

1.2

1.1

Weighted average interest rate (as a percent)

7.60%

5.02%

Unused borrowing capacity

$ 500,000

$ 4,200,000

Ranor term loan | Revolving Credit Facility

DEBT

Maximum amount of borrowing base required to grant loan advance

$ 5,000,000

$ 5,000,000

Ranor term loan | Revolver loan

DEBT

Maximum principal amount

$ 5,000,000

5,000,000

Ranor term loan | Ranor, Inc.

DEBT

Proceeds from term loan

$ 2,850,000

Ranor term loan | Minimum

DEBT

Monthly payments of principal and interest amount

$ 16,601

Ranor term loan | Maximum

DEBT

Monthly payments of principal and interest amount

$ 19,260

Stadco Term Loan

DEBT

Late fee (in percent)

5

Berkshire Loan

DEBT

Amount of debt outstanding

7,600,000

Annual capital expenditure

1,500,000

Capital expenditures

2,600,000

Berkshire Loan | Revolving Credit Facility

DEBT

Debt instrument percentage of accounts receivable used for determination of aggregate amount of advances

80%

Debt instrument percentage of eligible raw material used for determination of aggregate amount of advances

25%

Amount included in sum to calculate maximum borrowing base

$ 250,000

250,000

Berkshire Loan | Revolver loan

DEBT

Proceeds from term loan

1,000,000

Maximum amount of borrowing base required to grant loan advance

5,000,000

Amount of debt outstanding

$ 2,800,000

Nonrefundable commitment fee percentages

0.25%

Berkshire Loan | Secured Term Loan

DEBT

Monthly payments of principal and interest amount

$ 19,260

Interest rate (as a percent)

5.21%

5.21%

Berkshire Loan | Notes payables

DEBT

Debt Instrument percentage of appraised value Of equipment for determination of aggregate amount of advances

80%

Berkshire Loan | Ranor, Inc.

DEBT

Debt instrument covenant trailing period for measurement of loan to value ratio

365 days

Berkshire Loan | Ranor, Inc. | Secured Term Loan

DEBT

Principal amount of debt

$ 2,850,000

$ 2,850,000

Debt Instrument, Face Amount

$ 2,850,000

$ 2,850,000

Berkshire Loan | Minimum

DEBT

Cash flow ratio of debt service

1

Cash flow to total debt service

1

Debt instrument covenant leverage ratio year one

1

Loan-to-Value Ratio

0.75

Berkshire Loan | Maximum

DEBT

Cash flow ratio of debt service

1.20

Cash flow to total debt service

1.10

Debt instrument covenant leverage ratio year one

2.50

Loan-to-Value Ratio

1

Berkshire Loan | Maximum | Revolver loan

DEBT

Proceeds from term loan

$ 2,000,000

OTHER NONCURRENT LIABILITY (Det

OTHER NONCURRENT LIABILITY (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OTHER NONCURRENT LIABILITY
Customer payments received recorded as noncurrent liability	$ 3,500,000	$ 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	Mar. 31, 2024	Mar. 31, 2023
LEASES
Right of use asset - finance leases		$ 4,977,665	$ 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		(1,716,747)	(1,033,474)
Right of use asset, net		4,977,665	5,660,938
Lease liability - operating lease		5,124,823	5,819,365
Lease liability - finance leases		19,151	36,336
Total lease liability		$ 5,143,974	$ 5,855,701

LEASES - Other supplemental inf

LEASES - Other supplemental information of Leases (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LEASES
Operating lease amortization	$ 668,058	$ 638,732
Finance lease amortization	15,215	20,829
Finance lease interest	$ 834	$ 1,536
Lease term (years) - operating lease	6 years 3 months	7 years 3 months
Lease term (years) - finance lease	2 years	9 months
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 ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LEASES
Cash used in operating activities	$ 938,801	$ 851,806
Cash used in financing activities	$ 17,185	$ 36,572

LEASES - Maturities of lease li

LEASES - Maturities of lease liabilities (Details)	Mar. 31, 2024 USD ($)
Maturities of lease liabilities
2025	$ 948,701
2026	948,701
2027	938,801
2028	938,801
2029	938,801
Thereafter	1,095,270
Total lease payments	5,809,075
Less: imputed interest	665,101
Total	$ 5,143,974

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES.
Aggregate commitment for future executive salaries and bonus	$ 600,000
Aggregate commitment for accrued payroll, vacation and holiday	1,000,000
Purchase Obligation	5,800,000
Retirement Benefits	$ 86,026	$ 84,889

SEGMENT INFORMATION - Financial

SEGMENT INFORMATION - Financial information for segments (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($)
SEGMENT INFORMATION
Number of reportable segment | item	2
Net sales from external customers	$ 31,591,059	$ 31,431,614
Operating income (loss)	(4,632,200)	(1,105,220)
Interest expense, net	(521,108)	(355,608)
Refundable employee retention tax credits		636,564
Other income (expense), net	43,363	40,842
Loss before income taxes	(5,109,945)	(783,422)
Assets	34,746,695	36,207,741
Depreciation and amortization	2,429,377	2,217,472
Capital expenditures	3,230,237	2,325,301
Eliminate intersegment revenue
SEGMENT INFORMATION
Net sales from external customers	(796,770)
Corporate and unallocated
SEGMENT INFORMATION
Operating income (loss)	(5,721,324)	(2,528,082)
Assets	353,614	1,039,411
Ranor
SEGMENT INFORMATION
Depreciation and amortization	700,499	523,683
Capital expenditures	3,197,668	1,599,966
Ranor | Operating segments
SEGMENT INFORMATION
Net sales from external customers	17,820,542	19,181,539
Operating income (loss)	3,070,440	5,328,186
Assets	11,972,805	11,350,905
Stadco
SEGMENT INFORMATION
Depreciation and amortization	1,728,878	1,693,789
Capital expenditures	32,569	725,335
Stadco | Operating segments
SEGMENT INFORMATION
Net sales from external customers	14,567,287	12,250,075
Operating income (loss)	(1,981,316)	(3,905,324)
Assets	$ 22,420,276	$ 23,817,425

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jul. 03, 2024	May 02, 2024	Apr. 29, 2024	Apr. 02, 2024	Mar. 31, 2024
SUBSEQUENT EVENTS
Accrued breakup fee					$ 1,116,800
Subsequent event
SUBSEQUENT EVENTS
Stock termination fee - number of shares			320,000	320,000
Stock termination fee - number of additional shares		320,000		48,000
Subsequent event | Private placement
SUBSEQUENT EVENTS
Aggregate purchase price	$ 2,300,000